11:17 AM EDT, 07/29/2025 (MT Newswires) -- Liquidia's ( LQDA ) drug Yutrepia is not yet "meaningfully differentiated enough" to warrant switching from United Therapeutics' (UTHR) Tyvaso DPI, and expectations remain "overly optimistic," Oppenheimer said in a Tuesday note.

Yutrepia is an inhalation powder for adults with pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease.

Shares of the company rallied over the past month by 51% compared with the XBI biotech index's 4% on news that the 327 patent lawsuit did not result in a summary judgment against Liquidia ( LQDA ), in addition to positive physician feedback pointing to a strong early launch for Yutrepia, Oppenheimer analysts said.

The analysts said that, at a $1.7 billion market cap, investors can see the drug attaining over $600 million in sales by 2030, equating to an approximately 30% market share of treprostinil, a class of drugs treating pulmonary hypertension.

However, the analysts said that in their poll of 21 doctors, two-thirds think "it's either too early to establish differentiation or not meaningfully differentiated from Tyvaso."

The analysts said they see Yutrepia's launch underperforming, with a combination of factors limiting its uptake, including cash constraints to support a new launch and limited commercial infrastructure to compete within a competitive market.

Oppenheimer maintained the company's stock rating at underperform and price target of $6.

Price: 19.88, Change: +0.06, Percent Change: +0.28