13FPulse
LQ

LQDA LIQUIDIA CORP

2026Q2 · CUSIP 53635D202 · Sector: Healthcare & Biotech

Piling in

Net holder growth ranks near the top of the market

Funds that own it
329
Institutions that reported holding it to the SEC
Net increase in holders
+87
Last quarter 242 → now 329
How unusual is that
Top 5%
Stronger buying than 98% of US stocks
What the filings say, in one paragraph

329 funds held LQDA at the end of 2026Q2, up 87 from the quarter before. That is stronger buying than 97.7% of US stocks — among the most piled-into names this quarter. On the business itself, revenue over the last 12 months was $451M(YoY +2233.7%), the P/E is 48.7x, return on equity is 71.0%. LQDA has had 7 buying rushes in its history, and the price moved +6.3% on average over the six months after (that is the raw price move, not how much it beat the market by). It sits in the Healthcare & Biotech sector.

How many funds owned it, quarter by quarter

Bars = net change in institutional holders, positive (green) or negative (red). Line = total institutional holders.

2018Q4: holders=33 2019Q1: holders=47 2019Q2: holders=44 2019Q3: holders=44 2019Q4: holders=51 2020Q1: holders=48 2020Q2: holders=79 2020Q3: holders=63 2020Q4: holders=54 2021Q1: holders=56 2021Q2: holders=51 2021Q3: holders=41 2021Q4: holders=47 2022Q1: holders=64 2022Q2: holders=80 2022Q3: holders=89 2022Q4: holders=85 2023Q1: holders=92 2023Q2: holders=102 2023Q3: holders=102 2023Q4: holders=116 2024Q1: holders=139 2024Q2: holders=137 2024Q3: holders=154 2024Q4: holders=165 2025Q1: holders=168 2025Q2: holders=177 2025Q3: holders=200 2025Q4: holders=226 2026Q1: holders=242 2026Q2: holders=329 -87 -43.5 +0 +43.5 +87 29188346 18Q419Q320Q221Q121Q422Q323Q224Q124Q425Q326Q2 Net change in holders (bars) Total funds holding (line)

What happened after each past buying rush 7 times in its history

Quarter of the rush How unusual then Price, next 3 months Price, next 6 months
2026Q2 Top 5%
2025Q3 Top 20% +13.2% +23.4%
2024Q1 Top 20% -3.8% -23.0%
2022Q3 Top 20% +27.0% +64.2%
2022Q2 Top 10% -23.3% -32.4%
2022Q1 Top 20% -25.1% +37.3%
2020Q2 Top 20% -7.8% -31.9%

These are the raw price moves, not how much it beat the market by. Compare them against the market over the same months — in a strong bull market almost everything is up.

Show all the numbers (large funds, value held, options…) ▾
Of them, large funds
153
Change in large funds
+45
Total value they hold
$5.7B
Funds buying for the first time
127
Funds that sold out entirely
40
Price change that quarter
+19.7%
Funds holding puts (bearish)
13
Funds holding calls (bullish)
15

These are for people who want to dig. Skip them if they do not mean anything to you — the three numbers above are enough.

8,697 institutions have filed for this quarter. 13F permits late filing and a small number arrive in the weeks after the deadline, so the holder counts and changes below may tick up.

Fundamentals

PE (TTM)
48.7
EPS (TTM)
$1.40
EPS YoY
Revenue (TTM)
$0.5B
Revenue YoY
+2233.7%
Net margin
30.7%
ROE
71.0%
Debt ratio
62.6%
FCF (TTM)
$151M
Dividend (TTM)
No dividend
Quarterly Revenue & EPS
2021-09-30: EPS -0.14 2021-12-31: EPS -0.22 2022-03-31: EPS -0.30 2022-06-30: EPS -0.15 2022-09-30: EPS -0.14 2022-12-31: EPS -0.08 2023-03-31: EPS -0.18 2023-06-30: EPS -0.36 2023-09-30: EPS -0.24 2023-12-31: EPS -0.43 2024-03-31: EPS -0.40 2024-06-30: EPS -0.38 2024-09-30: EPS -0.40 2024-12-31: EPS -0.45 2025-03-31: EPS -0.45 2025-06-30: EPS -0.49 2025-09-30: EPS -0.04 2025-12-31: EPS 0.18 2026-03-31: EPS 0.52 2026-06-30: EPS 0.74 0M 86M 172M $M -0.54 0.14 0.81 202020212022202320242025202606/26 Revenue EPS

Quarterly figures, revenue up to 10 years back; EPS split-adjusted, early quarters hidden when not calibrable

P/E (TTM) over time
48 200 352 2026

P/E = close around day 47 after quarter-end ÷ TTM EPS then; this is a consistent valuation date, not the company’s actual filing date; loss quarters hidden

Quarterly free cash flow
-41M5M50M 2020202120222023202420252026
Latest quarter $50M (2026-03-31)

FCF = operating cash flow − capex, computed from SEC XBRL; banks/insurers have no standard cash-flow structure and are hidden

As of 2026-06-30 · SEC filings (XBRL)

Email me the next update

2026 Q3 holdings are due 2026-11-16. We will email you when the refreshed lists are live.