UPDATE: Canaccord Downgrades United Therapeutics; Lowers PT

According to a research report published this morning, Canaccord has downgraded United Therapeutics

from Buy to Hold, and lowered PT from $56 to $44. In the report, Canaccord commented, "While the company continues to be a solid cash-generation story, it faces the following challenges: 1) generic threats to Remodulin and Adcirca; 2) the uncertainty of oral treprostinil securing FDA approval in a monotherapy setting on its October 27 PDUFA (one positive P3 monotherapy and two failed P3 combination studies); 3) even if approved, the market potential of oral treprostinil is likely to be limited given physicians' concern on the magnitude of benefit and their preference for combination use; 4) potential competition from ATLN's macitentan (P3 SERAPHIN data expected in Q2/12; mortality/morbidity); and 5) a lack of near-term value-driving catalysts." United Therapeutics is currently trading at $44.51.