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

Shares of Liquidia Co. (NASDAQ:LQDA) gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $14.74, but opened at $14.38. Liquidia shares last traded at $14.50, with a volume of 53,504 shares changing hands.

The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.07). Liquidia had a negative return on equity of 163.21% and a negative net margin of 765.38%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on LQDA. Needham & Company LLC reaffirmed a “buy” rating and set a $19.00 price objective on shares of Liquidia in a research note on Thursday, January 9th. Wells Fargo & Company began coverage on shares of Liquidia in a research report on Friday, December 20th. They set an “overweight” rating and a $20.00 price target on the stock. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $25.38.

Insiders Place Their Bets

In related news, insider Rajeev Saggar sold 2,445 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $13.00, for a total transaction of $31,785.00. Following the transaction, the insider now owns 267,943 shares in the company, valued at $3,483,259. This represents a 0.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Russell Schundler sold 16,393 shares of the stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $11.78, for a total transaction of $193,109.54. Following the transaction, the general counsel now owns 573,478 shares in the company, valued at approximately $6,755,570.84. This trade represents a 2.78 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 71,245 shares of company stock worth $843,326. 30.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System raised its position in Liquidia by 17.5% in the fourth quarter. California State Teachers Retirement System now owns 51,928 shares of the company’s stock worth $611,000 after acquiring an additional 7,725 shares during the period. Toronto Dominion Bank bought a new position in Liquidia in the fourth quarter worth approximately $235,000. Alpine Global Management LLC raised its position in shares of Liquidia by 50.0% during the 4th quarter. Alpine Global Management LLC now owns 150,000 shares of the company’s stock valued at $1,764,000 after purchasing an additional 50,000 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Liquidia by 26.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 105,734 shares of the company’s stock valued at $1,243,000 after purchasing an additional 22,445 shares during the period. Finally, Whitefort Capital Management LP raised its position in shares of Liquidia by 16.8% during the 4th quarter. Whitefort Capital Management LP now owns 1,987,245 shares of the company’s stock valued at $23,370,000 after purchasing an additional 285,220 shares during the period. 64.54% of the stock is currently owned by institutional investors.

Liquidia Stock Performance

The stock has a market capitalization of $1.23 billion, a P/E ratio of -8.96 and a beta of 0.07. The company’s 50-day moving average price is $14.62 and its 200 day moving average price is $12.10.

About Liquidia

Liquidia Corporation, a biopharmaceutical company, develops, manufactures, and commercializes various products for unmet patient needs in the United States. Its lead product candidates include YUTREPIA, an inhaled dry powder formulation of treprostinil for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD).