Liquidia price target raised to $47 from $41 at Raymond James

Raymond James raised the firm’s price target on Liquidia (LQDA) to $47 from $41 and keeps a Strong Buy rating on the shares. Liquidia’s Q3 earnings were driven by strong Yutrepia performance in pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease, with net sales of $51.7M, over triple consensus estimates, and profitability achieved ahead of schedule, the analyst tells investors in a research note. Yutrepia accounted for roughly 75% of revenue growth in its market, aided by major PBM contracts and easing new-patient restrictions. Unadjusted peak sales estimates have been raised to about $2B from $1.1B, reflecting exceptional early launch momentum.