Oppenheimer analyst Hartaj Singh lowered his price target for United Therapeutics to $155 from $160 after the company reported negative results from its Phase 3 BEAT study of oral esuberaprost in combination with Tyvaso. The analyst notes that the study did not meet its primary endpoint of delayed time to first clinical worsening event, leading to United Therapeutics' discontinuation of esuberaprost development. Despite the disappointing results, Singh continue to see United Therapeutics in a trough year for sales/earnings with an emerging pipeline highlighted from his 2019 OPCO Healthcare Conference Update. He reiterates an Outperform rating on the shares.