UPDATE: Citadel Upgrades United Therapeutics to Add (UTHR)

Citi is out with its report today on United Therapeutics (NASDAQ: UTHR), upgrading UTHR from Neutral to Add.

In a note to clients, Citi writes, "We are upgrading UTHR to Add (from Neutral) and raising our 12-month price target to $70 (from $65) based on our expectations for a positive outcome from the FREEDOM-M trial testing oral treprostinil in Pulmonary Arterial Hypertension. We anticipate top-line data for FREEDOM-M in mid-June, and we expect details including average dose at 12 weeks, drop-out rate, and clinical worsening to also be presented. Although the upside/downside risk looks challenging, we believe FREEDOM-M will ultimately be successful, resulting in upside potential to the current share price."

Shares of UTHR closed Thursday at $65.27, down 0.37% from Wednesday's close.