United Therapeutics’ Price Target From Wedbush Boosted to $253

United Therapeutics (UTHR) received a price-target increase late Wednesday from Wedbush after the biotechnology company reported Q2 results well above analysts’ expectations earlier in the day.

The new price target on the stock from Wedbush is $253 per share, up from $234. The shares closed Wednesday at $116.66 and edged down 0.6% after hours to $116.00. Wedbush kept its investment rating on the shares at outperform.

In a note to clients, Wedbush described United Therapeutics’ Q2 as strong, highlighting that both the top and bottom lines beat analysts’ expectations. “We attribute this to the fact that expected launches of generics for Adcirca and Remodulin are occurring later in the year than originally expected,” the firm said.

Wedbush said while it anticipates “rapid erosion” for Adcirca, which is used to treat pulmonary arterial hypertension, the firm expects Remodulin, another treatment for pulmonary arterial hypertension, to retain significant market share.

“As a staple of late-stage [pulmonary arterial hypertension] therapy, Remodulin (approved in 2002) is well-understood and trusted so we anticipate doctors may be reluctant to experiment with generics in this fragile, severe patient group,” the firm said.

Wednesday morning, United Therapeutics reported Q2 adjusted earnings per share of $4.36, down slightly from the year-earlier period’s $4.37 but handily surpassing analysts’ mean estimate according to Capital IQ of $3.42. Revenue edged down to $444.5 million from $444.6 million a year earlier but topped analysts’ mean estimate of $368.6 million.