Liquidia Ownership

Who are the major shareholders and have insiders been buying or selling?

Recent Insider Transactions

BST:LT4 Recent Insider Transactions by Companies or Individuals
Date	Value	Name	Entity	Shares	Max Price
27 Apr 26	Sell€50,753	Dana Boyle	Individual	1,576	€32.20
27 Apr 26	Sell€24,426	Jason Adair	Individual	688	€35.50
13 Mar 26	Sell€540,122	Sarah Krepp	Individual	16,261	€33.22
13 Mar 26	Sell€1,122,200	Rajeev Saggar	Individual	35,365	€31.73
07 Nov 25	Sell€628,420	Dana Boyle	Individual	29,004	€21.73
05 Nov 25	Sell€1,679,052	Rajeev Saggar	Individual	71,381	€23.52
13 Oct 25	Sell€36,258	Scott Moomaw	Individual	1,792	€20.23
03 Sep 25	Sell€188,943	Ramandeep Singh	Individual	7,500	€25.19
02 Sep 25	Sell€16,257,931	Paul Manning	Individual	670,837	€24.99
19 Aug 25	Sell€116,396	Joanna Horobin	Individual	5,000	€23.28

Insider Trading Volume

Insider Buying: LT4 insiders have only sold shares in the past 3 months.

Ownership Breakdown

What is the ownership structure of LT4?
Owner Type	Number of Shares	Ownership Percentage
Private Companies	1,860,371	2.09%
Individual Insiders	8,103,553	9.11%
General Public	15,680,325	17.6%
Hedge Funds	16,774,930	18.9%
Institutions	46,508,920	52.3%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 64.45% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
9.73%	Farallon Capital Management, L.L.C.	8,656,038	€454.8m	0%	2.83%
9.13%	Caligan Partners, LP	8,118,892	€426.6m	0%	29.41%
6.17%	BlackRock, Inc.	5,489,119	€288.4m	0.01%	no data
5.26%	Paul Manning	4,679,729	€245.9m	0%	no data
4.63%	The Vanguard Group, Inc.	4,120,319	€216.5m	2.65%	no data
3.94%	Findell Capital Management LLC	3,502,112	€184.0m	22.8%	46.04%
2.86%	Opaleye Management Inc.	2,545,000	€133.7m	4.52%	18.32%
2.54%	Roger Jeffs	2,260,603	€118.8m	-0.45%	no data
2.17%	Geode Capital Management, LLC	1,928,969	€101.3m	19%	0.01%
2.12%	State Street Global Advisors, Inc.	1,881,599	€98.9m	4.02%	no data
2.09%	Legend Aggregator Advisors, LLC	1,860,371	€97.7m	0%	no data
1.58%	MPM BioImpact LLC	1,405,158	€73.8m	0.31%	6.27%
1.54%	The Caprock Group, LLC	1,367,235	€71.8m	-23.4%	1.82%
1.13%	Susquehanna International Group, LLP	1,001,081	€52.6m	282%	0.06%
1.12%	Merrill Lynch, Pierce, Fenner & Smith Incorporated	995,413	€52.3m	147%	0.02%
1.07%	T. Rowe Price Group, Inc.	953,151	€50.1m	2,470%	no data
1.02%	Bank of America Corporation	903,482	€47.5m	-16.7%	0.01%
0.98%	D. E. Shaw & Co., L.P.	873,065	€45.9m	-47.6%	0.04%
0.92%	Tiger Lily Capital	816,311	€42.9m	0%	51.5%
0.89%	Jane Street Group, LLC	795,884	€41.8m	90.6%	0.04%
0.76%	Eversept Partners, L.P.	677,392	€35.6m	33%	2.78%
0.73%	The Goldman Sachs Group, Inc.	652,406	€34.3m	36.4%	0.01%
0.7%	Boothbay Fund Management, LLC	625,048	€32.8m	1.87%	0.84%
0.7%	Buckley Capital Advisors, LLC	624,844	€32.8m	-3.78%	24.58%
0.65%	FMR LLC	582,003	€30.6m	53.9%	no data

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/05/24 15:10
End of Day Share Price	2026/05/22 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Liquidia Corporation is covered by 16 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Jason Matthew Gerberry	BofA Global Research
Julian Harrison	BTIG
Andrew Fein	H.C. Wainwright & Co.