United Therapeutics (UTHR) presents a favorable risk-reward profile ahead of a data readout of Tyvaso in idiopathic pulmonary fibrosis trial in September, Oppenheimer said in a report Monday.
"TETON-2 is a major late-stage catalyst for the IPF space which
has seen many failures," the report said. "Our analysis suggests that shares are currently pricing in ~$65/share for Tyvaso/IPF, far below our estimate, likely assuming a mixed outcome."
A clear positive outcome could push the stock to $450, with a 70% probability, Oppenheimer analysts said, adding that they have "strong conviction" that Tyvaso can beat expectations.
They assigned a 20% likelihood of mixed results, bringing the stock down to $285 per share, implying some 5% downside from current levels, and a 10% likelihood of a clear miss scenario that could bring the stock down about 22%.
Oppenheimer has an outperform rating on the stock with a price target of $510.
Price: 294.71, Change: -0.81, Percent Change: -0.28
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