Engineers Gate Manager LP Sells 17,412 Shares of Liquidia Corporation $LQDA

Key Points

• Engineers Gate Manager LP reduced its Liquidia stake by 32.5% in the second quarter, selling 17,412 shares and retaining 36,213 shares valued at approximately $2.89 million. Institutional investors collectively own 64.54% of LQDA.
• Liquidia insiders sold 705,027 shares worth approximately $54.5 million over the past three months, including significant sales by directors Stephen M. Bloch and Katherine Rielly-Gauvin.
• Analyst sentiment is mixed, with an overall “Hold” rating and an average price target of $98.08. Liquidia reported quarterly revenue of $171.68 million, up 1,842.1% year over year, but narrowly missed earnings expectations.

Engineers Gate Manager LP lessened its stake in shares of Liquidia Corporation (NASDAQ:LQDA - Free Report) by 32.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 36,213 shares of the company's stock after selling 17,412 shares during the quarter. Engineers Gate Manager LP's holdings in Liquidia were worth $2,887,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Liquidia in the fourth quarter worth $25,000. NewEdge Advisors LLC bought a new stake in Liquidia during the 2nd quarter valued at $25,000. Covestor Ltd boosted its position in Liquidia by 41.9% during the 4th quarter. Covestor Ltd now owns 1,216 shares of the company's stock valued at $42,000 after buying an additional 359 shares during the period. Tower Research Capital LLC TRC boosted its position in Liquidia by 281.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,679 shares of the company's stock valued at $83,000 after buying an additional 4,927 shares during the period. Finally, Globeflex Capital L P bought a new stake in Liquidia in the 2nd quarter worth $175,000. Institutional investors own 64.54% of the company's stock.

Insider Transactions at Liquidia

In related news, Director Stephen M. Bloch sold 100,000 shares of Liquidia stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $75.74, for a total transaction of $7,574,000.00. Following the sale, the director directly owned 880,073 shares in the company, valued at $66,656,729.02. The trade was a 10.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Katherine Rielly-Gauvin sold 36,789 shares of the company's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $74.99, for a total value of $2,758,807.11. Following the completion of the sale, the director directly owned 44,637 shares in the company, valued at approximately $3,347,328.63. The trade was a 45.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 705,027 shares of company stock worth $54,473,044. 25.60% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on LQDA. Wells Fargo & Company boosted their price objective on shares of Liquidia from $62.00 to $108.00 and gave the company an "overweight" rating in a research report on Thursday, August 13th. Stephens set a $130.00 target price on shares of Liquidia in a report on Friday, July 24th. Royal Bank Of Canada set a $130.00 target price on Liquidia in a research note on Friday, July 24th. Zacks Research downgraded Liquidia from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Finally, Piper Sandler set a $129.00 price target on Liquidia in a research report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $98.08.

Liquidia Price Performance

Shares of NASDAQ LQDA opened at $66.74 on Monday. Liquidia Corporation has a 1 year low of $21.15 and a 1 year high of $93.61. The stock has a market capitalization of $5.97 billion, a P/E ratio of 48.72 and a beta of 0.53. The company's 50-day moving average is $77.47 and its 200 day moving average is $59.45. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.31 and a quick ratio of 2.12.

Liquidia (NASDAQ:LQDA - Get Free Report) last issued its quarterly earnings data on Wednesday, August 12th. The company reported $0.74 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.02). The company had revenue of $171.68 million during the quarter, compared to analysts' expectations of $168.48 million. Liquidia had a return on equity of 149.65% and a net margin of 30.74%.The business's quarterly revenue was up 1842.1% on a year-over-year basis. During the same quarter last year, the business earned ($0.49) earnings per share. On average, sell-side analysts expect that Liquidia Corporation will post 2.57 earnings per share for the current year.

About Liquidia

Liquidia Corporation is a biopharmaceutical company focused on developing and commercializing medicines for patients with serious cardiopulmonary conditions, including pulmonary arterial hypertension (PAH). The company is headquartered in Research Triangle Park, North Carolina, and serves healthcare providers and patients primarily in the United States.

Liquidia's lead product is Yutrepia, an inhaled formulation of treprostinil designed for the treatment of PAH. The company has also developed treprostinil injection products and is pursuing additional therapies for rare cardiopulmonary diseases.

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