Campbell & CO Investment Adviser LLC Buys New Position in Liquidia Corporation $LQDA

Campbell & CO Investment Adviser LLC bought a new stake in Liquidia Corporation (NASDAQ:LQDA) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 89,086 shares of the company’s stock, valued at approximately $2,026,000.

A number of other institutional investors have also modified their holdings of LQDA. NewEdge Advisors LLC acquired a new stake in Liquidia during the second quarter worth approximately $25,000. Steward Partners Investment Advisory LLC lifted its stake in shares of Liquidia by 24.0% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 6,200 shares of the company’s stock worth $77,000 after purchasing an additional 1,200 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Liquidia by 281.2% during the second quarter. Tower Research Capital LLC TRC now owns 6,679 shares of the company’s stock worth $83,000 after purchasing an additional 4,927 shares during the last quarter. Blueshift Asset Management LLC purchased a new stake in shares of Liquidia in the second quarter valued at $127,000. Finally, Ballentine Partners LLC grew its position in shares of Liquidia by 10.2% in the second quarter. Ballentine Partners LLC now owns 12,139 shares of the company’s stock valued at $151,000 after purchasing an additional 1,119 shares during the period. Institutional investors and hedge funds own 64.54% of the company’s stock.

Liquidia Price Performance

Shares of NASDAQ LQDA opened at $37.93 on Friday. The company has a debt-to-equity ratio of 6.19, a current ratio of 2.20 and a quick ratio of 1.96. Liquidia Corporation has a 1-year low of $11.26 and a 1-year high of $41.57. The company has a market capitalization of $3.30 billion, a price-to-earnings ratio of -26.34, a PEG ratio of 0.66 and a beta of 0.48. The business has a 50-day moving average of $32.91 and a 200-day moving average of $25.94.

Liquidia (NASDAQ:LQDA) last announced its earnings results on Monday, November 3rd. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.41. The business had revenue of $54.34 million for the quarter, compared to the consensus estimate of $18.86 million. Liquidia had a negative return on equity of 296.78% and a negative net margin of 176.04%.The firm’s revenue was up 1106.7% on a year-over-year basis. On average, equities analysts anticipate that Liquidia Corporation will post -1.51 EPS for the current fiscal year.

Insider Activity at Liquidia

In other news, CFO Michael Kaseta sold 36,932 shares of the business’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $37.43, for a total transaction of $1,382,364.76. Following the transaction, the chief financial officer directly owned 350,919 shares of the company’s stock, valued at approximately $13,134,898.17. The trade was a 9.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jason Adair sold 13,548 shares of the firm’s stock in a transaction on Monday, January 12th. The shares were sold at an average price of $37.43, for a total transaction of $507,101.64. Following the sale, the insider directly owned 184,174 shares of the company’s stock, valued at approximately $6,893,632.82. The trade was a 6.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 323,354 shares of company stock valued at $11,046,731. 26.50% of the stock is currently owned by corporate insiders.

Key Headlines Impacting Liquidia

Here are the key news stories impacting Liquidia this week:

• Positive Sentiment: Unusually large call-option activity: investors bought roughly 54,585 call options on Friday (about +375% vs. average call volume), which can indicate bullish bets or hedging by traders expecting upside in the near term.
• Positive Sentiment: Zacks upgraded LQDA from “hold” to “strong-buy,” a catalyst that can attract momentum-oriented investors and buy-side interest. Read More.
• Neutral Sentiment: Laughing Water Capital mentioned Liquidia in its Q4 2025 investor letter; the hedge fund reported modest positive returns for the quarter and year but the update does not directly signal a change in corporate fundamentals. Read More.
• Neutral Sentiment: Liquidia presented at the 44th Annual J.P. Morgan Healthcare Conference (transcript available); investor takeaways depend on specifics from the presentation (pipeline, commercial progress, guidance). Presentation transcripts tend to be informational until new data or guidance is revealed. Read More.
• Negative Sentiment: Multiple sizable insider sales were reported today across several filings — these include trades totaling roughly $507k, $768k, $493k and $791k (individual links below). Large, clustered insider selling can create near-term selling pressure and raise investor concern about insiders reducing exposure. Read More. Read More. Read More. Read More.
• Negative Sentiment: Additional insider transactions: the CAO sold shares worth ~$413k. Separate filing: director/executive Roger Jeffs sold 66,610 shares — both filings can be perceived negatively by the market. Read More. Read More.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Needham & Company LLC increased their target price on Liquidia from $36.00 to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Jefferies Financial Group upped their price objective on shares of Liquidia from $45.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday. Wells Fargo & Company assumed coverage on shares of Liquidia in a research report on Monday, October 20th. They issued an “overweight” rating and a $31.00 target price on the stock. HC Wainwright boosted their target price on shares of Liquidia from $35.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Finally, Wall Street Zen raised shares of Liquidia from a “hold” rating to a “buy” rating in a research report on Saturday, January 10th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.67.

Liquidia Profile

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).