MORRISVILLE, NC – Roger Jeffs, Chief Executive Officer of Liquidia Corp (NASDAQ:LQDA), sold common stock valued at approximately $2.52 million on July 13, 2026, according to a recent Form 4 filing with the Securities and Exchange Commission. The transactions involved the sale of 35,249 shares at prices ranging from $71.39 to $71.52 per share. 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%.
The sales were executed pursuant to a Rule 10b5-1 trading plan, which Mr. Jeffs adopted on December 15, 2023. These shares were sold to cover tax obligations associated with the settlement of restricted stock units (RSUs) and performance stock units (PSUs) that were initially granted to Mr. Jeffs between January 2023 and January 2025.
Prior to these sales, on July 10, 2026, Mr. Jeffs acquired a total of 28,167 shares of Liquidia common stock through the conversion of performance stock units. These PSUs convert into common stock on a one-for-one basis. Specifically, 13,834 shares were acquired from PSUs granted in January 2024 that had vested, and an additional 14,333 shares were acquired from PSUs granted in January 2025 that had 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.
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.
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