Positive IPF Trial Results Boost United Therapeutics' Pre-Market Surge but Shares Fall 3.3% as Trading Volume Ranks 137th

On September 3, 2025, United Therapeutics (UTHR) reported a trading volume of $660 million, a 49.39% decline from the prior day, ranking 137th in market activity. The stock closed at a 3.30% loss for the session.

Positive late-stage clinical results from United Therapeutics’ TETON-2 study of nebulized Tyvaso for idiopathic pulmonary fibrosis (IPF) drove pre-market trading gains earlier in the week. The trial met its primary endpoint, demonstrating a statistically significant improvement in forced vital capacity (FVC) compared to placebo. The company plans to use these findings to support a supplemental New Drug Application to the FDA and aims to expedite regulatory review by meeting with the agency before year-end. Analysts highlighted the potential for Tyvaso to capture a substantial share of the IPF market, with over 100,000 U.S. patients representing untapped revenue opportunities. UTHR shares surged over 33% in pre-market trading following the announcement, reaching an all-time high of $436.95.

The stock’s recent performance reflects strong investor confidence in the company’s pipeline and market potential. Tyvaso, a key revenue driver, generated $470 million in sales during Q2 2025, up 18% year-over-year, driven by patient demand. While competitive pressures exist—such as Insmed’s TPIP and Liquidia’s Yutrepia—the focus remains on UTHR’s IPF expansion. Analysts have raised price targets, with Jefferies and TD Cowen setting new benchmarks above $500, reinforcing bullish sentiment. However, short interest increased by 82.2% in August, indicating some bearish positioning amid the rally.

Backtest results from historical data show that UTHR’s 52-week high reached $436.95, with a 15% year-to-date gain outperforming the 12% industry average. The stock’s technical signal currently holds a “Hold” rating, reflecting a balance between growth optimism and regulatory risks. Market capitalization stands at $13.78 billion, with average trading volume of 647,048 shares.