Liquidia (NASDAQ:LQDA) Sets New 52-Week High on Analyst Upgrade

Key Points

• Liquidia shares hit a new 52-week high after BTIG Research sharply raised its price target from $59 to $109 and kept a buy rating. The stock traded as high as $76.66, well above its prior close of $71.07.
• Other analysts have also turned more bullish on LQDA, with multiple firms lifting targets or ratings, giving the stock a current consensus of Moderate Buy and an average target price of $67.43.
• The company recently reported better-than-expected quarterly results, posting EPS of $0.52 versus estimates of $0.41 and revenue of $132.87 million versus $119.44 million expected. Insider selling has also been notable, including large share sales by directors Paul B. Manning and Stephen M. Bloch.

Shares of Liquidia Corporation (NASDAQ:LQDA - Get Free Report) reached a new 52-week high on Monday after BTIG Research raised their price target on the stock from $59.00 to $109.00. BTIG Research currently has a buy rating on the stock. Liquidia traded as high as $76.66 and last traded at $74.64, with a volume of 227170 shares trading hands. The stock had previously closed at $71.07.

A number of other equities analysts have also recently commented on LQDA. Oppenheimer set a $75.00 target price on shares of Liquidia in a report on Friday, June 5th. Lifesci Capital raised shares of Liquidia to a "strong-buy" rating in a research report on Thursday, March 5th. Needham & Company LLC lifted their price objective on shares of Liquidia from $54.00 to $70.00 and gave the company a "buy" rating in a research note on Monday, May 11th. Zacks Research raised shares of Liquidia from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 5th. Finally, HC Wainwright increased their target price on shares of Liquidia from $67.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday, June 5th. Three analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $67.43.

Insiders Place Their Bets

In other news, Director Paul B. Manning sold 200,000 shares of the firm's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $63.91, for a total value of $12,782,000.00. Following the completion of the sale, the director owned 716,311 shares in the company, valued at approximately $45,779,436.01. This trade represents a 21.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen M. Bloch sold 318,893 shares of Liquidia stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $50.23, for a total transaction of $16,017,995.39. Following the completion of the sale, the director directly owned 1,870,042 shares in the company, valued at approximately $93,932,209.66. The trade was a 14.57% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 2,264,580 shares of company stock worth $127,670,941. 25.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Liquidia

Several institutional investors and hedge funds have recently added to or reduced their stakes in LQDA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Liquidia by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,681 shares of the company's stock valued at $556,000 after buying an additional 1,700 shares during the period. Goldman Sachs Group Inc. grew its holdings in Liquidia by 10.7% during the first quarter. Goldman Sachs Group Inc. now owns 861,231 shares of the company's stock worth $12,703,000 after acquiring an additional 82,955 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Liquidia by 15.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 121,756 shares of the company's stock worth $1,796,000 after acquiring an additional 16,022 shares in the last quarter. Creative Planning raised its position in Liquidia by 40.7% in the second quarter. Creative Planning now owns 26,840 shares of the company's stock worth $334,000 after acquiring an additional 7,765 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in Liquidia by 13.4% in the second quarter. Legal & General Group Plc now owns 94,152 shares of the company's stock valued at $1,174,000 after acquiring an additional 11,111 shares during the period. Institutional investors and hedge funds own 64.54% of the company's stock.

Liquidia Trading Up 3.6%

The company has a market cap of $6.55 billion, a price-to-earnings ratio of 523.75 and a beta of 0.57. The business has a fifty day simple moving average of $53.10 and a 200 day simple moving average of $42.31. The company has a quick ratio of 2.03, a current ratio of 2.22 and a debt-to-equity ratio of 1.18.

Liquidia (NASDAQ:LQDA - Get Free Report) last posted its quarterly earnings results on Monday, May 11th. The company reported $0.52 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.11. The business had revenue of $132.87 million for the quarter, compared to analysts' expectations of $119.44 million. Liquidia had a net margin of 7.74% and a return on equity of 46.82%. The firm's revenue for the quarter was up 4187.1% on a year-over-year basis. On average, equities analysts anticipate that Liquidia Corporation will post 2.97 EPS for the current fiscal year.

About Liquidia

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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