20,569 Shares in Liquidia Corporation $LQDA Bought by State of New Jersey Common Pension Fund D

Key Points

• State of New Jersey Common Pension Fund D bought 20,569 shares of Liquidia in the fourth quarter, a stake valued at about $709,000.
• Liquidia also saw continued institutional interest from several other hedge funds, and 64.54% of the stock is now owned by institutional investors and hedge funds.
• The company reported a strong first quarter, with EPS of $0.52 and revenue of $132.87 million both beating estimates, while analysts such as Needham and BTIG raised price targets and kept bullish ratings.

State of New Jersey Common Pension Fund D purchased a new stake in Liquidia Corporation (NASDAQ:LQDA - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 20,569 shares of the company's stock, valued at approximately $709,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Farallon Capital Management LLC lifted its holdings in shares of Liquidia by 102.1% in the 3rd quarter. Farallon Capital Management LLC now owns 8,565,638 shares of the company's stock valued at $194,783,000 after buying an additional 4,326,876 shares during the period. TCG Crossover Management LLC acquired a new stake in Liquidia during the third quarter worth about $38,887,000. Caprock Group LLC purchased a new position in Liquidia during the third quarter valued at approximately $37,114,000. Voloridge Investment Management LLC acquired a new position in Liquidia in the third quarter valued at approximately $12,571,000. Finally, Apis Capital Advisors LLC acquired a new position in Liquidia in the third quarter valued at approximately $9,569,000. 64.54% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Liquidia

In related news, CFO Michael Kaseta sold 139,390 shares of Liquidia stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $40.14, for a total value of $5,595,114.60. Following the sale, the chief financial officer directly owned 353,356 shares in the company, valued at approximately $14,183,709.84. The trade was a 28.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Roger Jeffs sold 32,744 shares of the stock in a transaction that occurred on Monday, April 13th. The shares were sold at an average price of $38.37, for a total value of $1,256,387.28. Following the transaction, the chief executive officer directly owned 1,137,599 shares of the company's stock, valued at $43,649,673.63. The trade was a 2.80% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 628,820 shares of company stock valued at $24,801,008. 25.60% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

LQDA has been the topic of a number of analyst reports. Jefferies Financial Group reaffirmed a "buy" rating and set a $60.00 price objective on shares of Liquidia in a research note on Monday. HC Wainwright increased their price target on shares of Liquidia from $50.00 to $55.00 and gave the stock a "buy" rating in a report on Friday, March 6th. Raymond James Financial restated a "strong-buy" rating on shares of Liquidia in a research report on Thursday, March 5th. Lifesci Capital raised shares of Liquidia to a "strong-buy" rating in a report on Thursday, March 5th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Liquidia in a research report on Tuesday, April 21st. Three research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $46.78.

Liquidia News Roundup

Here are the key news stories impacting Liquidia this week:

• Positive Sentiment: Liquidia reported first-quarter 2026 earnings of $0.52 per share, well above estimates, while revenue of $132.87 million also topped forecasts. The company said YUTREPIA generated about $130 million in net product sales, helping deliver a third consecutive quarter of profitability and another cash increase. Article: Liquidia Corporation Reports First Quarter 2026 Financial Results
• Positive Sentiment: Needham & Company raised its price target on Liquidia to $70 from $54 and reiterated a buy rating, signaling confidence in further upside after the earnings beat. Article: Needham price target increase
• Positive Sentiment: BTIG Research also lifted its price target to $59 from $50 and kept a buy rating, adding to the bullish analyst momentum around the stock. Article: BTIG price target increase
• Neutral Sentiment: Liquidia’s earnings call transcript and presentation may provide more detail on YUTREPIA sales, launch trends, and upcoming pipeline programs, but they are not new catalysts by themselves. Article: Q1 2026 Earnings Call Transcript Article: Q1 2026 Results Presentation
• Neutral Sentiment: The company also disclosed a short-interest update showing 0 shares reported short, which does not appear to be a meaningful market driver. Article: Short interest update
• Negative Sentiment: Recent insider selling by the CEO could create some caution for investors, even though it does not offset the stronger operational news. Article: Insider selling

Liquidia Price Performance

Shares of NASDAQ LQDA opened at $53.13 on Tuesday. The company has a debt-to-equity ratio of 2.97, a quick ratio of 1.84 and a current ratio of 2.01. The firm has a fifty day moving average of $37.66 and a 200 day moving average of $35.04. The firm has a market cap of $4.72 billion, a PE ratio of -64.01 and a beta of 0.41. Liquidia Corporation has a one year low of $11.85 and a one year high of $53.93.

Liquidia (NASDAQ:LQDA - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.11. Liquidia had a negative net margin of 43.53% and a negative return on equity of 209.33%. The business had revenue of $132.87 million for the quarter, compared to the consensus estimate of $119.44 million. The firm's revenue was up 4187.1% on a year-over-year basis. As a group, research analysts predict that Liquidia Corporation will post 1.75 EPS for the current fiscal year.

Liquidia Company Profile

Liquidia Technologies, Inc is a clinical-stage biopharmaceutical company headquartered in Research Triangle Park, North Carolina. The company leverages its proprietary PRINT® (Particle Replication In Non-wetting Templates) platform to engineer precisely shaped and sized drug particles, with the goal of improving delivery, efficacy and safety profiles. By controlling particle characteristics at the nanoscale, Liquidia seeks to enhance respiratory and other therapies that depend on targeted delivery.

The company's lead product candidate, LIQ861, is a dry powder formulation of treprostinil designed for inhalation in patients with pulmonary arterial hypertension (PAH).

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