Taking aside the fact that we think it is 80% probability of a clean ruling for $LQDA, it is hard to fathom at this point a ruling that kicks people off Yurepia who have ILD. There are over a thousand patients at this point who have switched or started it and have titrated up to

For those worried about the '782 patent, which is the latest nonsense that $UTHR threw against the wall. The reality is that this patent expires in May of 2027, which is well before this trial would occur let alone decision. The only real threat would be some damages during that

Hard to guess a stock's intra-day trading price, but would guess that $LQDA ends the day green here.

This is what Claude put out for $LQDA -

$LQDA put out a brief to oppose $UTHR's attempt to consolidate the North Carolina docket. The stock went down 20% because of a simple brief that $LQDA put out! This has nothing to do with '327 and is illustrative of how algos trade this thing. Can find the brief here.

Here is Claude's output - Given all of Judge Andrew’s prior rulings and what we know of his way of thinking, as well as the full case, what decision is Andrews likely to make on the 327 patent? The short answer: Andrews most likely rules for Liquidia $LQDA, and I'd put that at

To further clarify on $SGHC, they own the subsidiary in question. It is their charity and those dollars flow through their marketing. So @sprucepointcap was just entirely wrong on their thesis.

As a non $LQDA aside, $SGHC is a great set up here. The stock has gotten killed on fears of prediction markets, but their core business is i-casinos and sports betting outside of the US - neither of which will be exposed to that. @Spruce just put out a very silly short piece -

It seems very hard to imagine that this Judge waits until March to deliver a ruling on $LQDA and if he did it seems very unlikely that he would deliver an infringing ruling. The upside here is $60 on a positive ruling and the downside is $20-30 on a negative one.

I have a feeling we will get a positive ruling this week for $LQDA...

Sell side now saying that they see $1bn from just PAH Group 1 patients alone for $LQDA. At $1 billion in revenue, $LQDA does $6-7 in EPS. This is with no consideration to ILD which is under threat from this '327 litigation. With ILD that $1 billion number becomes $2 billion and

The recent Novartis vs. MSN ruling that Andrews put out last week is important for $LQDA. Andrews found a prior claim construction ruling to have created an estoppel in this case. Why does this matter for '327? As those who are following are aware, Andrews already ruled that

Jefferies declared $LQDA a top pick into 2026. They believe that there is low risk that the product gets taken off the market at this point. We are seeing continued feedback from doctors who unequivocally believe that Yutrepia is the better choice. We can also see evidence of

Judge Andrews appears to be taking his time with $LQDA, which would in our view be indicative of him not feeling rushed to render a decision. He would be rushed if he felt like $LQDA was violating a valid patent by $UTHR. If he thought that $UTHR had the winning argument, he

It is not some great wonder at this point with the commercialization of Yutrepia, what $LQDA will be worth absent a legal over hang - it will be north of $70 and likely north of $100. That is your near term upside. That is where $VRNA went with these launch numbers and where it

We saw this exact same reaction to $LQDA after they released their Q3 numbers. They crushed expectations. The stock was up pre-market to $27 in premarket and then opened at $26 and then fell to $22, but would rally as the day went on. It would in 30 days with no additional news

$VRNA and $LQDA are almost replicas of each other. They are in the same treatment space, their CEO's worked together at $UTHR, they have similar share count of roughly 100mm, similar gross margins in the high 90s and a very similar launch trajectory. For $VRNA's first three

I misspoke Skerlow who is very bearish $LQDA had originally said a 30% chance that they win and now says a 40% chance so his odds of $LQDA prevailing have improved. This guy has done several of these sellside calls in the past with the bullish $UTHR analysts at Oppenheimer and