Liquidia: Robust Yutrepia Launch Trajectory and Market Leadership Prospects Justify Buy Rating Despite Patent Overhang

Serge Belanger, an analyst from Needham, maintained the Buy rating on Liquidia Technologies. The associated price target remains the same with $52.00.

Serge Belanger has given his Buy rating due to a combination of factors tied to Liquidia’s strong commercial momentum and market opportunity. He highlights that preliminary fourth-quarter 2025 Yutrepia sales materially exceeded consensus expectations, supported by robust prescription growth, new patient starts, and an expanding prescriber base. These launch dynamics underpin his view that Yutrepia is on a solid trajectory, prompting an upward revision to 2026 revenue forecasts. He also notes the company’s intention to expand its sales infrastructure, which he believes should further enhance product uptake and market penetration.
At the same time, Belanger underscores a strategic rationale: he expects Yutrepia to emerge as the leading inhaled therapy standard for patients with pulmonary arterial hypertension and PH-ILD. This anticipated standard-of-care status is central to his positive long‑term outlook and supports his $52 price target, even as increased R&D spending is directed toward new Yutrepia clinical programs. He does, however, acknowledge that pending and upcoming patent litigation introduces near-term uncertainty for the stock. Overall, the strong commercial performance, favorable market positioning, and long-term growth potential of Yutrepia outweigh these legal risks in his investment view, justifying the Buy recommendation.