United Therapeutics Falls As Barclays Downgrades

NEW YORK (AP) — Shares of United Therapeutics Corp. fell Monday with the broader market while a Barclays Capital analyst downgraded the stock over concerns of potential regulatory delays for the inhaled version of the hypertension drug Remodulin.

The stock fell $3.03, or 5 percent, to $57.14 in morning trading. Broader stock measurements, including the Dow Jones industrial average and Nasdaq, fell more than 2 percent early in the trading session.

Barclay's analyst Dr. Jim Birchenough voiced concern over the timeline for inhaled Remodulin. In March, the company said it agreed to conduct an additional small study on the drug after meeting with the Food and Drug Administration. The tests are being done to validate the revised instructions for using the drug.

The FDA is scheduled to make a decision by April 30. Birchenough downgraded shares to "Equal Weight" from "Overweight" and cut his price target to $67 from $98, citing the potential for delays.

Silver Spring, Md.-based United Therapeutics already sells an injectable version of Remodulin.