NEW YORK, January 3, 2026, 20:03 ET — Market closed
- Liquidia shares fell about 9% in the last session as options traders piled into downside protection.
- A burst of put-option volume clustered around the $30 strike, a level traders often treat as near-term support.
- Investors now turn to mid-January options expiry and the next earnings update window in March. MarketBeat
Liquidia Corp shares ended sharply lower on Friday, retreating about 9% to $31.40 and giving back ground after trading near a fresh 52-week high earlier in the session.
The drop matters because it came on the first U.S. trading day of 2026, a period when investors often reset risk and rebalance exposure in small- and mid-cap healthcare names. Liquidia’s move was far larger than the broader biotech tape.
Derivatives positioning added to the focus. Options activity flagged unusually heavy demand for bearish protection tied to $30, a strike that sits just below Friday’s close and near the stock’s session low.
Liquidia opened at $34.54 on Friday, hit an intraday high of $34.97, then slid to a low of $30.76 before finishing at $31.40, data showed. The stock’s 52-week range is $9.49 to $35.00.
Nasdaq options data showed 21,762 Liquidia contracts traded on Friday — the equivalent of about 2.2 million shares — with particularly heavy volume in the $30 strike put option expiring January 16, 2026.
A put option gives the holder the right to sell shares at a set price before expiration, and it is often used as insurance against losses or as a bet that a stock will fall.
The broader market tone was steadier. The Dow and S&P 500 ended higher on Friday, a Reuters report said, with Charles Schwab’s Joe Mazzola describing a “buy the dip, sell the rip” trading mentality. Reuters
Biotech benchmarks were comparatively muted: the SPDR S&P Biotech ETF slipped about 0.3% while the iShares Biotechnology ETF was little changed, underscoring how stock-specific Liquidia’s swing looked on the day.
Liquidia is a U.S. biopharmaceutical company focused on pulmonary hypertension, and its lead product is YUTREPIA (treprostinil) inhalation powder, according to company descriptions carried by financial data services. GuruFocus
In competitive terms, United Therapeutics — a key player in pulmonary hypertension therapies — rose about 2% in the last session, highlighting a divergence inside the niche as Liquidia sold off.
Before next session, traders are likely to watch whether Liquidia holds the $30 area, which was both Friday’s most active put strike and near the day’s low. A large options position around a round-number strike can amplify moves as expiration approaches.
Before next session, macro catalysts are also back on the calendar. A Reuters report flagged next week’s U.S. labor-market data as a key focus for investors gauging the Federal Reserve’s path for 2026. Reuters
Before next session, investors will also look toward the company’s next earnings window. Liquidia has not confirmed a date, but third-party earnings calendars peg the next report for mid-March, with one estimate pointing to March 18. MarketBeat
