BofA lowered the firm’s price target on Liquidia (LQDA) to $23 from $25 and keeps a Buy rating on the shares. The firm updated its pulmonary arterial hypertension/ILD market model to reflect strong Phase 2 clinical data reported by Insmed’s (INSM) treprostinil palmitil inhalation powder — inhaled prostanoid — in PAH. In BofA’s market model, the firm had prior assumed 15%-20% inhaled prostanoid share for innovative disrupter starting in 2030 and based on the update, it increased that share to 40% peak. While the data could warrant higher TPIP adoption rates, BofA believes that step-up is warranted post-Phase 3. For Liquidia, the firm remains bullish on the name on Yutrepia launch/runway plus L606 as longer-term competitive play.
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