BTIG reiterate a Buy rating and $45 price target on Liquidia (LQDA) after Insmed (INSM) reported topline Phase 2b pulmonary arterial hypertension data of treprostinil palmitil inhalation powder with a strong pulmonary vascular resistance reduction, consistent with the blinded/blended results from the first 40 patients disclosed last year. The firm sees the pulmonary hypertension and interstitial lung disease opportunity for Liquidia’s Yutrepia as unchcanged following Insmed’s latest data, adding that it believes weakness in Liquidia shares looks overdone. Yutrepia is expecte dto “take over” in PH-ILD, and the new TPIP data from Insmed “raised eyebrows,” the analyst tells investors in a research note.
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