Ebb & Flow

A deal with Eli Lilly (NYSE:LLY) for exclusive U.S. rights to commercialize tadalafil for pulmonary arterial hypertension last week couldn't preventUnited Therapeutics (NASDAQ:UTHR) from getting hosed after its oral treprostinil missed the primary endpoint in a Phase III trial in PAH.

Investors sent the shares down $31.90 (35%) to $58.62 on Monday, and the stock closed the week off $40.64 (45%) to $49.88. The company's market cap finished Friday at $1.2 billion, off $942 million...