Liquidia

LQDA · NASDAQ

$36.35+$2.22 (+6.50%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $34.13

LQDA analyst rating

BuyConsensus of 9 analysts over the last 12 months. 67% rate it a buy.

Strong buy0
Buy6
Hold2
Underperform1
Sell0

12-month price target · 10 analysts

Average $78.40 (+115.7% upside)

Low: $40.40
Now: $36.35
High: $136.50

Upgrades and downgrades

The latest rating actions, newest first

LQDA analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
HC Wainwright & Co.	Oct 15, 2026	Maintains	Buy	$58.00 → $65.00	54%
LifeSci Capital	Oct 14, 2026	Upgrade	Market Perform → Outperform	$59.00	100%
Wells Fargo	Oct 14, 2026	Maintains	Equal-Weight	$30.00 → $33.00	29%
Needham	Oct 14, 2026	Maintains	Buy	$72.00 → $58.00	53%
BTIG	Oct 14, 2026	Upgrade	Neutral → Buy	$70.00	34%
Wells Fargo	Oct 2, 2026	Downgrade	Overweight → Equal-Weight	$108.00 → $30.00	29%
HC Wainwright & Co.	Oct 2, 2026	Maintains	Buy	$130.00 → $58.00	54%
Raymond James	Oct 1, 2026	Downgrade	Strong Buy → Outperform	$106.00 → $53.00	70%
BTIG	Oct 1, 2026	Downgrade	Buy → Neutral	—	34%
Needham	Oct 1, 2026	Maintains	Buy	$110.00 → $72.00	53%

The case for and against

Updated Oct 21, 2026

Bull case

Liquidia is better positioned after the global settlement with United Therapeutics, because it removes the litigation overhang, avoids an immediate stop to YUTREPIA, and secures freedom to focus on PAH, a franchise that represents roughly three-quarters of branded prostacyclin sales. The company also posted prelim 3Q26 YUTREPIA sales of $222.7M, up 31% Q/Q and 331% Y/Y, with a cash balance of about $396M as of 9/30/26, supporting the view that operating cash flow can help fund the $380.7M payment in installments. Beyond the core launch, management’s ability to pursue L606 and other studies provides a credible second growth leg, while the PAH-only label and clearer operating framework improve visibility into margins and execution.

Bear case

Liquidia is viewed negatively because its commercialization path is burdened by intense competition in PAH from larger, better-resourced players such as United Therapeutics and Actelion, leaving Yutrepia vulnerable to slower-than-expected penetration and pricing pressure. The company also faces significant execution and financing risk, with ever-increasing operating expenses to support Yutrepia and L606, and a likely need for substantial capital or future dilutive equity financing to sustain development and commercialization. Even though projected Yutrepia revenue was raised to $753.9M in 2026 and $999.2M in 2027, the thesis remains fragile given the legal overhang, dependency on peak revenue assumptions, and the possibility that capital constraints could impair operations.

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