Piper Jaffray Upgrades United Therapeutics (UTHR) to Neutral, Sees Limited Downside

November 19, 2008 7:55 AM EST

Piper Jaffray & Co. upgrades United Therapeutics (Nasdaq: UTHR) from Sell to Neutral. Price target reduced from $71 to $60.

Piper analyst says, "With the failure of oral Remodulin, there is clearly more pressure on UTHR to make a success out of the commercialization of inhaled Remodulin. We think the onus remains on the company to find a more user-friendly delivery form. Until a second iteration device is introduced, we think sales of inhaled Remodulin, assuming successful commercialization, are likely to be modest, as Actelion has proven themselves worthy defenders of existing franchises in the past. That being said, based on recent conversations with physicians close to the regulatory process, whereas we had previously believed that a second trial of inhaled Remodulin would most assuredly be necessary prior to approval, we now believe there is at least a 50/50 chance that the FDA approves the drug without additional clinical work."

United Therapeutics Corporation is a biotechnology company focused on the development and commercialization of products to address the medical needs of patients with chronic and cardiovascular, and infectious diseases and cancer.

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