Insider transactions
Roger Jeffs, the Chief Executive Officer of Liquidia Corp (NASDAQ:LQDA), disposed of 53,300 shares of the company’s common stock across three days in mid-April 2026, according to a Form 4 filed with the Securities and Exchange Commission. The cumulative proceeds from the sales totaled $2.14 million, with trade prices spanning from $40.00 to $40.312 per share.
Those transactions took place as follows: on April 14, Jeffs sold 3,300 shares at $40.00 per share; on April 15, he sold 25,000 shares at a weighted average price of $40.1409, with individual trades ranging from $40.00 to $40.39; and on April 16, he sold another 25,000 shares at a weighted average price of $40.312, with individual prices between $40.00 and $40.72.
Post-sale holdings and ownership structure
After completing these sales, Jeffs retains direct ownership of 1,137,599 shares of Liquidia common stock. That figure includes unvested restricted stock units. In addition to his direct holdings, Jeffs indirectly holds 46,595 shares through the Roger A. Jeffs Living Trust and owns further shares via Serendipity BioPharma LLC, as disclosed in the filing.
Market context and valuation notes
At the time of the filing details, Liquidia shares were trading at $41.40. The stock has delivered a notable 202% return over the prior 12 months and an 84% gain over the past six months, and was trading near its 52-week high of $46.67. Market capitalization stood at $3.66 billion. An InvestingPro analysis referenced in the filing indicates that the stock was trading below its Fair Value, according to that service.
Company results and analyst reactions
Liquidia’s fourth-quarter 2025 earnings release painted a mixed picture. The company reported that fourth-quarter revenue for its Yutrepia product reached $90.1 million, representing 74% quarter-over-quarter growth. However, earnings per share missed expectations, a factor identified as weighing on investor sentiment.
Analysts have adjusted their assessments in response to the company’s recent performance. H.C. Wainwright raised its price target to $55, citing what it describes as the company’s shift toward profitability. BTIG increased its target to $50, noting the strong performance of the Yutrepia launch. BofA Securities maintained a Buy rating with a $44 target, pointing to Liquidia’s competitive position in the prostacyclin treatment market. Raymond James reiterated a Strong Buy rating and set a $47 target, remarking that Yutrepia’s sales trajectory is comparable to the early launch of Tyvaso DPI, according to the same disclosures. The company has also published revenue guidance exceeding $1 billion for 2027.
Regulatory and plan details
The insider sales were executed pursuant to a Rule 10b5-1 trading plan that Jeffs adopted on November 5, 2025. The filing also notes that InvestingPro provides additional research and tips on LQDA, including a set of 13 items specific to the company.
What the filings show and what remains unchanged
The Form 4 documents the specific volumes and prices of the CEO’s stock sales and confirms continued executive ownership of more than one million shares after the transactions. The company’s recent revenue strength for Yutrepia and the mix of analyst reactions are reflected in the public filings and disclosures cited above.
Relevant sectors
- Biotechnology and pharmaceuticals - company product performance and revenue guidance
- Equity markets - insider selling, stock performance, and valuation metrics
- Healthcare - prostacyclin treatment market dynamics