Key Points
Sold 180,000 shares of Liquidia; estimated transaction value ~$5.12 million based on quarterly average price
Quarter-end Liquidia position value rose by $25.52 million, reflecting both trading and stock price movement
Sale equaled 0.68% of fund’s 13F assets under management
Post-trade holding: 2,435,000 shares, valued at $84.98 million
Liquidia now represents 11.21% of fund AUM, which places it outside the fund's top five holdings
Opaleye Management Inc. disclosed in a February 17, 2026, SEC filing that it sold 180,000 shares of Liquidia(NASDAQ:LQDA), an estimated $5.12 million trade based on quarterly average pricing.
What Happened
According to a SEC filing dated February 17, 2026, Opaleye Management Inc. sold 180,000 shares of Liquidia during the fourth quarter of 2025. The estimated value of the trade was approximately $5.12 million, based on the average closing price for the quarter. The fund ended the period with 2,435,000 shares, with the quarter-end value of the stake increasing by $25.52 million due to both trade activity and stock appreciation.
What Else to Know
Opaleye Management Inc. trimmed its Liquidia position, which now accounts for 11.21% of reportable AUM.
Top holdings after the filing:
- NASDAQ:HROW: $191.34 million (25.2% of AUM)
- NASDAQ:LQDA: $84.98 million (11.2% of AUM)
- NASDAQ:ETON: $48.36 million (6.4% of AUM)
- NASDAQ:RYTM: $35.32 million (4.7% of AUM)
- NASDAQ:APGE: $29.31 million (3.9% of AUM)
As of February 17, 2026, shares were priced at $33.84, up 105.7% over the past year, outperforming the S&P 500 by 97.0 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close 2/17/26) | $33.84 |
| Market capitalization | $2.94 billion |
| Revenue (TTM) | $69.22 million |
| Net income (TTM) | ($121.85 million) |
Company Snapshot
- Products include YUTREPIA, an inhaled dry powder formulation of treprostinil for pulmonary arterial hypertension, and distribution of generic treprostinil injection in the United States.
- Revenue is primarily generated through the development, manufacturing, and commercialization of proprietary and generic therapies targeting unmet needs in pulmonary arterial hypertension.
- The company targets healthcare providers and patients in the United States requiring advanced therapies for pulmonary arterial hypertension and related conditions.
Liquidia is a biopharmaceutical company focused on innovative therapies for pulmonary arterial hypertension, leveraging proprietary drug delivery technologies. The company's strategy centers on addressing unmet medical needs through differentiated product formulations and expanding its portfolio in the United States market. Liquidia's competitive advantage lies in its specialized expertise in inhaled drug delivery and its ability to commercialize both branded and generic therapies within a highly regulated sector.
What This Transaction Means for Investors
Opaleye Management, a Massachusetts-based investment manager, recently disclosed a sale of approximately $5.1 million worth of Liquidia stock. Here’s how investors may want to think about it.
First off, Liquidia is a pharmaceutical stock. The company is focused on treatments for hypertension (high blood pressure). Specifically, the company makes inhalable medicine to treat the disease.
Overall, the pharmaceutical industry landscape is extraordinarily complex. There are big and small players, and not just in private industry. The sector is highly regulated, both in terms of drug approvals by the Food and Drug Administration (FDA), and in terms of insurance reimbursement, overseen by both private insurers and government entities.
In other words, this sector can be exceedingly difficult for retail investors to navigate. Therefore, in my opinion, the pharmaceuticals sector is the perfect area for an average investor to turn to exchange-traded funds (ETFs).
By spreading their exposure across a wide array of stocks in the industry, biotech, pharmaceutical, and healthcare ETFs give investors some protection against over-concentration in a single company whose products could fall victim to a regulatory hurdle or a negative coverage decision by a major insurer or government program.
Should you buy stock in Liquidia right now?
Before you buy stock in Liquidia, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Liquidia wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $526,889!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,103,743!*
Now, it’s worth noting Stock Advisor’s total average return is 947% — a market-crushing outperformance compared to 192% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of March 4, 2026.
Jake Lerch has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Rhythm Pharmaceuticals. The Motley Fool has a disclosure policy.
