Stocks making the biggest moves midday: Rogers, United Therapeutics, Moderna, FormFactor & more

United Therapeutics stock experienced a substantial surge of 13.7% during afternoon trading after a federal court in Delaware ruled in favor of the company in a crucial intellectual property dispute against rival Liquidia Corporation. The ruling determined that Liquidia infringed on United Therapeutics' U.S. Patent No. 11,826,327, which pertains to the treatment of pulmonary hypertension associated with interstitial lung disease using inhaled treprostinil, the key component of United Therapeutics' Tyvaso therapy.

Liquidia's shares were suspended and declined significantly in response to the news, while United Therapeutics' shares peaked at $556.20 before slightly retracting. The victory carries substantial commercial significance as it curtails Liquidia's capacity to market its competing YUTREPIA inhalation powder in the PH-ILD indication.

Liquidia has announced intentions to revise its drug label to exclude this indication and is contemplating an appeal. This court win comes at a pivotal juncture for United Therapeutics, as the company is also concluding a $477.6 million accelerated share repurchase with Citibank, the concluding segment of a $2 billion buyback authorization, which has been progressively diminishing its share count.

Furthermore, the FDA's approval of United Therapeutics' supplemental New Drug Application (NDA) for nebulized Tyvaso in idiopathic pulmonary fibrosis, with a review decision anticipated in late April 2027, provides a noteworthy pipeline catalyst to the narrative. On the broader market front, U.S. equity markets demonstrated modest optimism, with the Nasdaq climbing 0.8% and the S&P 500 increasing 0.3%, propelled by more favorable-than-anticipated Personal Consumption Expenditures (PCE) inflation data that alleviated concerns about additional Federal Reserve rate hikes.

Nevertheless, the Pharmaceuticals & Medical Research sector exhibited slight negativity on the day, highlighting the extent to which United Therapeutics surpassed its peer group. Analyst sentiment had been equivocal prior to today, with a recent Goldman Sachs Sell initiation targeting $321 in contrast to a prevailing analyst consensus of Moderate Buy and an average price target of $621.

The convergence of a definitive legal triumph that fortifies the Tyvaso franchise, ongoing share buyback reducing float, and an encouraging regulatory calendar for the pipeline contributed to one of United Therapeutics' most robust single-session moves in recent history, driving shares above their 52-week low of $409.07 and nearer to the higher segment of their annual trading range.