- Liquidia shares slid about 8% in afternoon trade, with the stock swinging more than $4 on the day.
- Options activity tilted bearish, with an unusual burst of put buying flagged in the name.
- Investors are watching for the next earnings update and any developments tied to the company’s patent fight around its lead product.
Liquidia Corp shares slid about 8% in afternoon trade on Friday, giving back earlier gains and underperforming the broader biotech group. The stock was down $2.79 at $31.70, after trading between $30.76 and $34.97. Volume topped 1.88 million shares.
The move matters because Liquidia has become a high-volatility bet on sales of Yutrepia, its inhaled treprostinil therapy for pulmonary hypertension. On its Nov. 3 earnings call, the company said third-quarter net product sales were $51.7 million, and chief operating officer and CFO Michael Kaseta told investors, “We expect this positive trend to extend into 2026.” 1
Liquidia entered 2026 after a sharp run higher, and the stock had hit a new 12-month high in early December, before Friday’s slide. That setup can make the shares sensitive to fast shifts in positioning when volatility rises. 2
Options activity added to the churn. MarketBeat reported traders bought 15,696 put options on Liquidia on Friday, about 56% above typical volume; a put is a contract that gives the right to sell shares at a set price and is often used to hedge downside risk. 3
The selloff outpaced peers tied to the same corner of rare lung disease. The SPDR S&P Biotech ETF was down about 1% in afternoon trade, while United Therapeutics — whose Tyvaso franchise competes in inhaled treprostinil — rose about 1% and Insmed gained about 0.4%.
Liquidia is a biopharmaceutical company focused on rare cardiopulmonary diseases and commercializing products built on its PRINT particle-engineering technology, according to its Reuters company profile. 4
Yutrepia’s U.S. prescribing label lists an indication for pulmonary hypertension associated with interstitial lung disease (PH-ILD), a condition that raises blood pressure in the lungs and can limit exercise ability. 5
Investors also continue to track the company’s long-running legal dispute with United Therapeutics tied to inhaled treprostinil, which Liquidia has warned could lead to outcomes ranging from royalties to an injunction affecting sales, according to a company filing. 6
Near-term, the next scheduled catalyst is the company’s next quarterly report. Zacks’ earnings calendar lists Liquidia’s next report as expected on March 18. 7
Another sector-wide focus is the annual J.P. Morgan Healthcare Conference in San Francisco, set for Jan. 12–15, where biotech executives often reset the narrative for the year and investors look for updated commercial and pipeline signals. 8
From a trading perspective, Friday’s low of $30.76 is the first level many short-term traders will watch; a break below it would extend the day’s downtrend. A move back above Thursday’s close near $34.49 would narrow the drop.
