Liquidia (NASDAQ:LQDA) Shares Gap Down Following Weak Earnings

Liquidia Corporation (NASDAQ:LQDA)’s share price gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $34.38, but opened at $32.00. Liquidia shares last traded at $33.32, with a volume of 946,647 shares trading hands.

The company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.18). The firm had revenue of $92.02 million during the quarter. Liquidia had a negative return on equity of 296.78% and a negative net margin of 176.04%.The business’s revenue was up 3072.4% on a year-over-year basis.

Key Liquidia News

Here are the key news stories impacting Liquidia this week:

• Positive Sentiment: Strong commercial traction for YUTREPIA — Liquidia reported YUTREPIA net product sales of $148.3M for full‑year 2025 and $90.1M in Q4, with >3,600 unique prescriptions and ~2,900 patients started since launch; management highlighted high prescription‑to‑start conversion and expanding prescriber adoption. This supports revenue growth expectations and de‑risking of the commercial story. GlobeNewswire Release
• Positive Sentiment: Improving profitability and balance sheet — the company reported its second consecutive profitable quarter (Q4 net income $14.6M; adjusted EBITDA $27.3M) and ended 2025 with ~$190.7M cash, giving Liquidia capacity to fund commercialization and development from operations. Quiver Quant / Release
• Positive Sentiment: Earnings context — Q4 EPS was $0.15. That beat the Zacks estimate ($0.08) and came with $92.0M total revenue for the quarter (huge YoY growth), which may calm concerns despite mixed consensus comparisons. Zacks
• Positive Sentiment: Bullish analyst revisions — HC Wainwright materially raised near‑ and long‑term EPS forecasts (including FY2026–FY2029 upside), signaling that some brokers are now modeling strong multi‑year earnings leverage from YUTREPIA and pipeline programs. That can support higher price targets. MarketBeat / HC Wainwright note
• Neutral Sentiment: Valuation debate — coverage pieces are asking whether it’s “too late” to buy after the recent share surge; these articles reflect elevated expectations and may increase short‑term volatility as investors debate whether price already prices in rapid growth. Yahoo: Is It Too Late?
• Negative Sentiment: High SG&A and full‑year loss — selling, general & administrative costs jumped 93% (to $157.2M) as the company built commercial infrastructure; Liquidia still reported a 2025 net loss of $68.9M (improved vs. 2024), so margin expansion depends on continuing strong product uptake. GlobeNewswire Release
• Negative Sentiment: Insider and institutional selling — multiple insiders have sold shares and a manager recently sold ~$5.1M worth of LQDA, while some large institutions trimmed positions; heavy insider/institutional selling can weigh on sentiment despite operational progress. The Motley Fool
• Negative Sentiment: Ongoing litigation risk — the company notes litigation with United Therapeutics that could threaten product availability in some indications; this remains a material binary risk for revenue sustainability. GlobeNewswire Release

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Jefferies Financial Group increased their price objective on Liquidia from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Liquidia in a research note on Thursday. Needham & Company LLC reiterated a “buy” rating and set a $52.00 price target on shares of Liquidia in a research report on Wednesday, February 25th. Wall Street Zen cut Liquidia from a “buy” rating to a “hold” rating in a research note on Sunday, January 18th. Finally, Zacks Research cut shares of Liquidia from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $39.67.

Insider Activity at Liquidia

In other news, insider Rajeev Saggar sold 21,142 shares of Liquidia stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $37.43, for a total value of $791,345.06. Following the transaction, the insider owned 176,883 shares of the company’s stock, valued at $6,620,730.69. The trade was a 10.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Roger Jeffs sold 66,610 shares of the firm’s stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $37.43, for a total transaction of $2,493,212.30. Following the sale, the chief executive officer owned 1,037,528 shares of the company’s stock, valued at $38,834,673.04. The trade was a 6.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 212,534 shares of company stock worth $7,964,719. Company insiders own 26.50% of the company’s stock.

Hedge Funds Weigh In On Liquidia

Institutional investors have recently bought and sold shares of the stock. Covestor Ltd raised its position in Liquidia by 41.9% during the fourth quarter. Covestor Ltd now owns 1,216 shares of the company’s stock valued at $42,000 after acquiring an additional 359 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Liquidia by 7.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,304 shares of the company’s stock worth $217,000 after acquiring an additional 422 shares in the last quarter. Whitcomb & Hess Inc. increased its stake in shares of Liquidia by 2.0% during the 3rd quarter. Whitcomb & Hess Inc. now owns 28,385 shares of the company’s stock worth $645,000 after purchasing an additional 558 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Liquidia during the 4th quarter worth $25,000. Finally, ProShare Advisors LLC raised its holdings in shares of Liquidia by 7.1% during the 4th quarter. ProShare Advisors LLC now owns 11,756 shares of the company’s stock valued at $405,000 after purchasing an additional 775 shares in the last quarter. Hedge funds and other institutional investors own 64.54% of the company’s stock.

Liquidia Stock Performance

The firm has a market cap of $3.00 billion, a price-to-earnings ratio of -23.97, a price-to-earnings-growth ratio of 0.60 and a beta of 0.52. The firm’s 50 day moving average is $37.07 and its 200-day moving average is $30.84. The company has a debt-to-equity ratio of 6.19, a quick ratio of 1.96 and a current ratio of 2.20.

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).