MORRISVILLE, NC – Roger Jeffs, Chief Executive Officer of Liquidia Corp (NASDAQ:LQDA), executed the sale of approximately $2.52 million in common stock on July 13, 2026, according to a Form 4 filing submitted to the Securities and Exchange Commission. The divestment involved 35,249 shares traded at prices ranging from $71.39 to $71.52 per share. The transaction was facilitated through a Rule 10b5-1 trading plan that Mr. Jeffs established on December 15, 2023. These specific shares were sold to satisfy tax obligations related to the settlement of restricted stock units and performance stock units that were initially granted to Mr. Jeffs between January 2023 and January 2025.
Before completing these sales, Mr. Jeffs acquired a total of 28,167 shares of Liquidia common stock on July 10, 2026. This acquisition resulted from the conversion of performance stock units, which convert into common stock on a one-for-one basis. Specifically, 13,834 shares were acquired from performance stock units granted in January 2024 that had vested, and an additional 14,333 shares were acquired from performance stock units granted in January 2025 that also vested. Following these transactions, Mr. Jeffs directly holds 1,130,426 shares of Liquidia Corp common stock. Additionally, he holds 46,595 shares indirectly through the Roger A. Jeffs Living Trust, for which he serves as trustee, and 1,041,667 shares indirectly through Serendipity BioPharma LLC, where he is a manager with sole voting and dispositive power over the shares.
The stock has surged 427% over the past year, currently trading at $76.47 with a market cap of $6.83 billion. According to InvestingPro analysis, Liquidia appears undervalued at current levels, with the company earning a "GREAT" financial health score and boasting gross profit margins above 91%.
In other recent news, Liquidia Corporation reported significant developments that could impact its future performance. BofA Securities downgraded Liquidia from Buy to Neutral, citing a more balanced risk-reward profile after a strong stock performance. Despite the downgrade, BofA increased its price target for Liquidia to $79, driven by higher sales estimates for its drug, Yutrepia, which exceeded expectations. Additionally, Liquidia will be added to the S&P SmallCap 600 Index, a move that reflects its market capitalization and liquidity criteria.
Meanwhile, H.C. Wainwright raised its price target for Liquidia to $75, maintaining a Buy rating. The firm based this decision on favorable legal outcomes, particularly a Supreme Court ruling that has positive implications for Liquidia’s ongoing legal case. Raymond James also reiterated a Strong Buy rating with a $68 price target, aligning with the positive sentiment from the recent Supreme Court decision. These developments highlight a period of strategic growth and legal victories for Liquidia.