Just caught an interesting SEC filing from Opaleye Management - looks like this investment manager trimmed their Liquidia position by 180k shares, offloading about $5.1 million worth. LQDA is up over 100% in the past year, so probably taking some profits there. What caught my eye is that even after the sale, they're still holding 2.4 million shares valued at $85 million. So this investment manager clearly still believes in the story, just rebalancing. Liquidia focuses on inhaled treatments for pulmonary hypertension - niche pharma play. The stock's been a solid performer, up 105.7% YoY as of mid-February. After this trade, the position dropped to 11.2% of their fund's assets, outside their top 5 holdings. Interesting to see an investment manager scale back but not exit completely. Pharma can be volatile with regulatory risks, so maybe they're just managing concentration. Worth watching how other funds are positioning here.