Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Buckley Capital Zack Buckley | “Liquidia continues to be the gift that keeps on giving. At our average cost, we bought LQDA at around 1.5x our estimates for 2027 earnings and ~1x 2028 earnings. We originally purchased LQDA at $5.00/share; our average cost is around $9.00, and today the shares trade at around $78. We have continually adjusted our delta-adjusted position size using options as a risk management tool, but LQDA has still been our largest contributor YTD, up over 100% so far this year. We are still waiting on Judge Andrews' decision on whether LQDA will be able to sell its Yutrepia product for PH-ILD (pulmonary hypertension associated with interstitial lung disease), a ruling that is likely to occur sometime soon. Despite the stock's appreciation, we still feel there is 50%+ upside to what an acquirer would pay for the business today. We believe Andrews will rule in LQDA's favor, and that an acquirer is likely to come in shortly after the ruling.” | BULL | Q2 2026 Jul 25, 2026 | View Pitch |
Arquitos Capital Management Steven Kiel | “Liquidia's commercial launch of Yutrepia has been highly successful, driving strong revenue growth. While the upcoming judicial decision in its patent trial against United Therapeutics will create short-term volatility, the manager anticipates a favorable outcome that could value the shares at up to $140.” | NEUTRAL | Q2 2026 Jul 22, 2026 | View Pitch |
Laughing Water Capital Matthew Sweeney | “Liquidia makes YUTREPIA, a drug that launched one year ago to treat Pulmonary Arterial Hypertension (PAH) and Pulmonary Hypertension Interstitial Lung Diseases (PH-ILD). The launch has been nothing short of fantastic, and more recently the company has shared that they plan to pursue additional indications, which will greatly increase the addressable market and revenue potential. However, the company remains mired in litigation with United Therapeutics (UTHR), who has alleged patent infringement. The litigation concluded almost a year ago, but the judge has still not issued his ruling. Several details of the case – as well as the long-delayed ruling – suggest that a worst-case outcome where the drug could be pulled from the market for treatment of PH-ILD is off the table. I believe that at this point a bad outcome would likely be a royalty payment of ~10% of PH-ILD linked sales. This would approximate a 5% decline in total sales, which while unfortunate, would be far from catastrophic. In my view, Liquidia can earn somewhere between $6 and $8 per share next year. Given the pace of the launch, competitive environment, and likely future indications, normally one would think a company like this would trade at 20-30x+ EPS. However, at present shares trade for a forward P/E of 10-12x, likely due to the legal overhang. This suggests that even if a royalty payment is imposed there should be plenty of remaining upside for LQDA shareholders, despite some likely near-term volatility. The timing on the judge's ruling is unknowable, but court watchers believe that the judge had been waiting for a previous case that he oversaw to be ruled on by the Supreme Court. This ruling came down in early June, and appears favorable to Liquidia. I thus expect Judge Andrews to rule on Liquidia any day now. Following the ruling I expect shares to re-rate significantly higher.” | NEUTRAL | Q2 2026 Jul 17, 2026 | View Pitch |
Arquitos Capital Management Steven Kiel | “Liquidia represents the manager's highest-conviction holding, with substantial upside driven by the successful launch of its Yutrepia product. Even under various patent litigation outcomes, the calculated stock value under worst-case scenarios remains far above current market levels, supported by the massive addressable market for treprostinil.” | BULL | Q1 2026 Apr 30, 2026 | View Pitch |
Buckley Capital Zack Buckley | “Liquidia recently pre-announced very strong results and is on track for $600–700m in sales this year. The primary overhang is a patent dispute with United Therapeutics, which we believe will be resolved favorably. Even in an adverse outcome, the downside is hedged, while upside from litigation success and a potential sale is substantial. BSD Analysis: Liquidia is a specialty pharma company built around reformulating known drugs to compete on delivery and economics. Its inhaled treprostinil program targets a real market with entrenched incumbents. The risk isn't science — it's legal, regulatory, and commercial execution. Patent disputes and launch timing dominate the narrative more than clinical data. If approved and commercialized successfully, margins can scale fast due to focused distribution. Cash burn and dilution remain live risks. This is not biotech moonshot investing. It's asymmetric litigation-plus-launch risk. Liquidia is binary, but not imaginary.” | BULL | Q4 2025 Jan 27, 2026 | View Pitch |
Arquitos Capital Management Steven Kiel | “Liquidia was the fund's largest contributor in 2025. The fund holds long-dated, in-the-money call options. Liquidia successfully launched its medication, Yutrepia, capturing 25% market share. The CEO ” | BULL | Q4 2025 Jan 22, 2026 | View Pitch |
Laughing Water Capital Matthew Sweeney | “Liquidia was first introduced anonymously in the YE'24 letter to LPs. At the time, the company was a pre-approval biopharmaceutical company that was mired in patent lawsuits filed by an incumbent that was seeking to defend their market position. Since that time, Liquidia's drug – Yutrepia – has been approved for treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease. Early sales of Yutrepia have crushed expectations as patients and prescribers seem to prefer Yutrepia versus the incumbent due to superior delivery and tolerability. Liquidia has won many patent battles already, but litigation continues with a resolution expected soon. If they win the patent battle, in my view the stock could easily double or triple as they continue to penetrate the market. BSD Analysis: Liquidia is a litigation-driven biotech with optionality tied to pulmonary hypertension products. The moat is IP positioning, not commercial scale—yet. Outcomes hinge on regulatory and legal decisions as much as science. Cash burn and timing risk dominate the equity. Commercial execution comes second to approval outcomes. The failure mode is delay plus dilution. The bull case is successful approval unlocking real revenue. Liquidia is binary until proven otherwise.” | BULL | Q4 2025 Jan 1, 2026 | View Pitch |
Arquitos Capital Management Steven Kiel | “Liquidia's share price rose to $22.74 at the end of the third quarter, up from $11.76 at the start of the year. Our exposure is primarily through long-dated call options, reflecting my conviction in the company's long-term potential. In May, Liquidia received FDA approval for its flagship product, Yutrepia, an inhaled formulation of generic treprostinil used to treat Pulmonary Arterial Hypertension (PAH) and Pulmonary Hypertension associated with Interstitial Lung Disease (PH-ILD). Yutrepia utilizes Liquidia's patented PRINT® production technology, which creates precise, uniform drug particles. Clinical studies and now real-world experience show that PRINT improves treatment efficacy by delivering treprostinil more effectively to the deep lung with less patient effort and fewer side effects. Yutrepia's commercial launch has been exceptional. FDA approval came in late May 2025, and Liquidia's Q2 2025 corporate update reported more than 900 unique patient prescriptions and more than 550 patient starts within the first 11 weeks. CEO Roger Jeffs, who has previously stated that he believes Liquidia could capture 80% to 90% of the market, said that “initial demand has exceeded even [his] own high expectations.” My own channel checks, corroborated by other investment managers, suggest that Yutrepia's launch has significantly outpaced sell-side analyst forecasts. At this stage, there is little for us to do but wait for the official data to validate what we are already seeing in the field. Despite this progress, Liquidia shares remain mispriced. The disconnect stems from two factors: 1. Overly conservative patient adoption estimates from sell-side analysts 2. Uncertainty surrounding ongoing litigation with United Therapeutics over the '327 patent The next month should be particularly interesting for Liquidia's share price as the company has several corporate updates scheduled, including their Q3 report. I also expect a ruling in the '327 case shortly. Regarding the '327 patent dispute, the outcome will affect only Yutrepia's PH-ILD indication, not its PAH sales. The most likely scenario is a complete win for Liquidia. Other potential outcomes include a modification to Yutrepia's label or a royalty arrangement. While a favorable verdict is expected, and the judge already denied United Therapeutics' attempts to block the PH-ILD launch at the preliminary injunction stage, legal outcomes are inherently unpredictable. Back in early 2024, I estimated a bull case of $100 per share and a base case of $75 per share by 2027. I continue to stand by those targets. Once the litigation is resolved and patient data are publicly confirmed, the door opens further for potential M&A activity. BSD Analysis: The manager's case hangs on rapid Yutrepia uptake (900+ Rx / 550+ starts in 11 weeks) and favorable IP resolution—both tangible catalysts. With PRINT® enabling better lung deposition and tolerability, share capture against legacy nebulized treprostinil is plausible. Near term, Q3 data and the '327 verdict should reset sell-side adoption curves; downside is cushioned by PAH sales being unaffected by PH-ILD label risk. Valuation could inflect quickly if royalties or label tweaks replace injunction risk, and optionality includes strategic interest once litigation clears. Focus on gross-to-net dynamics and manufacturing scale as volumes ramp.” | BULL | Q3 2025 Oct 20, 2025 | View Pitch |
Arquitos Capital Management Steven Kiel | “Liquidia has navigated a complex landscape for years, marked by patent disputes and FDA approval delays for their flagship drug, Yutrepia. Today, everything is about Yutrepia's product launch and their prospects to penetrate a previously monopolistic market. For Liquidia, that uncertainty has always been a buying opportunity. Shares are 200% higher today than our original purchase price more than three years ago. Yutrepia finally received FDA approval in late May and officially launched soon thereafter. Interestingly, despite this significant milestone, Liquidia's stock price experienced a dramatic but temporary dip, falling from over $19 in early June to $12.46 by the end of the second quarter. Initial reports for Yutrepia's June prescription numbers are exceptionally strong and well above expectations. While it's still early days, this robust start validates our confidence in Liquidia management's sales force and their go-to-market strategy. Competition fears increased after Insmed announced strong Phase 2 results for its PAH therapy, but analysts have questioned the trial design and patients' baseline conditions. Even if Insmed succeeds, its product is years away from commercialization and Liquidia's next-generation L606 is expected to be available sooner. We remain optimistic in the company and its leadership as Yutrepia's rollout continues. BSD Analysis: Liquidia's successful FDA approval and strong initial prescription figures reinforce its competitive position in the PAH market. Despite volatility from competing trial headlines, Liquidia's near-term fundamentals appear strong, and its unhedged exposure to Yutrepia's early traction provides meaningful upside optionality. The company trades at a high sales multiple typical of emerging biotech, but future revenue visibility improves materially with initial adoption trends. Legal overhang from United Therapeutics is diminishing and unlikely to affect commercialization. Key catalysts include continued prescription growth, payer coverage expansion, and clinical progress for L606.” | BULL | Q2 2025 Jul 24, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
