Oppenheimer says the firm’s proprietary upside/downside scenario analysis of potential stock moves and Oppenheimer’s implied valuation for United Therapeutics (UTHR) point to a favorable risk-reward ahead of TYVASO Phase 3 TETON-2 readout in IPF in September. TETON-2 is a major late-stage catalyst for the IPF space, which has seen many failures. The firm’s analysis suggests that shares are currently pricing in $65/share for TYVASO/IPF, far below its estimate, likely assuming a mixed outcome. Overall, depending on the outcome, Oppenheimer sees the setup skewed to the upside with shares trading to $450/share with $235 as the floor supported by ralinepag/PAH as a near-term catalyst cushion. The firm has an Outperform rating on the shares with a price target of $510.
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