Liquidia Corp (NASDAQ:LQDA) disclosed that Dana Boyle, the company's Chief Accounting Officer, sold 5,101 shares of common stock on April 13, 2026. The stock was disposed of at $38.37 per share, producing gross proceeds of approximately $195,725. The sale was carried out pursuant to a Rule 10b5-1 trading arrangement that Boyle established on December 15, 2023.
Earlier in the same week, on April 10, Boyle exercised 3,179 Performance Stock Units (PSUs). Those PSUs convert to common shares on a one-for-one basis, increasing the number of shares Boyle can immediately hold or later sell.
After accounting for the April transactions, Boyle's direct ownership in Liquidia stands at 176,918 shares. That total includes restricted stock units (RSUs) that remain unvested from multiple grant dates - January 25, 2023; January 11, 2024; January 11, 2025; July 1, 2025; and January 16, 2026 - along with shares acquired through the company’s employee stock purchase plan.
Liquidia's share price has climbed markedly over the past year, rising 181% year-over-year, and was trading at $38.71 around the time of these filings. Market commentary noted in the company filing referenced an InvestingPro analysis that assesses Liquidia as trading below its Fair Value, and indicated that 12 additional ProTips are available for subscribers evaluating the company’s $3.41 billion market capitalization.
Separately, the company reported fourth-quarter 2025 financial results that featured stronger-than-expected top-line performance for its Yutrepia drug. Liquidia recorded fourth-quarter revenue of $90.1 million for Yutrepia, a 74% increase quarter-over-quarter, though earnings per share missed expectations. Management also provided revenue guidance that projects more than $1 billion in revenue for 2027.
Those operational and financial disclosures drew positive reactions from several sell-side analysts. H.C. Wainwright increased its price target to $55 while keeping a Buy rating. BTIG raised its price objective to $50, pointing to the strength of Yutrepia’s launch. BofA Securities reiterated a Buy rating with a $44 target, noting Liquidia’s positioning in the prostacyclin treatment market. Raymond James maintained a Strong Buy stance and set a $47 price target, citing early sales performance for Yutrepia that it sees as comparable to Tyvaso DPI.
The combination of insider transactions, recent operational results, forward guidance, and analyst adjustments presents a mixed but active picture for Liquidia ahead of future reporting periods.
Summary
Dana Boyle, Liquidia’s Chief Accounting Officer, sold 5,101 shares on April 13, 2026 under a Rule 10b5-1 plan for about $195,725 and exercised 3,179 PSUs on April 10. Boyle now directly holds 176,918 shares, which include multiple unvested RSU grants and employee purchase plan shares. Liquidia reported Q4 2025 revenue of $90.1 million for Yutrepia, up 74% sequentially, and provided revenue guidance above $1 billion for 2027. Several analysts raised price targets despite an EPS miss.