What to Know About This Fund’s $15.5 Million Sale of Liquidia as Shares Skyrocket Nearly 260%

On May 11, 2026, Caprock Group disclosed in a Securities and Exchange Commission filing that it sold 416,686 shares of Liquidia (LQDA 0.26%) in the first quarter, an estimated $15.46 million transaction based on quarterly average pricing.

What happened

According to a filing with the Securities and Exchange Commission dated May 11, 2026, Caprock Group sold 416,686 shares of Liquidia during the first quarter. The estimated transaction value was $15.46 million, calculated using the period’s average closing price. After the trade, Caprock Group’s position stood at 1,367,235 shares, valued at $51.60 million at quarter-end. The net position change, including price movement, was a decrease of $9.93 million.

What else to know

• Caprock Group reduced its Liquidia stake, which now represents 1.25% of reported 13F assets under management, placing it outside the fund’s top five holdings.
• Top holdings after the filing:
  • NYSEMKT: VTI: $285.87 million (6.9% of AUM)
  • NASDAQ: NVDA: $155.22 million (3.8% of AUM)
  • NASDAQ: AAPL: $144.73 million (3.5% of AUM)
  • NASDAQ: GOOGL: $139.84 million (3.4% of AUM)
  • NYSEMKT: VOO: $114.67 million (2.8% of AUM)
• As of May 12, 2026, Liquidia shares were priced at $56.60, up nearly 260% over the past year and vastly outperforming the S&P 500’s roughly 26% gain in the same period.

Company overview

Company snapshot

• Liquidia develops and commercializes pharmaceutical products, including YUTREPIA (an inhaled dry powder formulation of treprostinil), and distributes generic treprostinil injection in the United States.
• The company generates revenue through the sale of proprietary and generic therapies for pulmonary arterial hypertension and related rare diseases, leveraging proprietary drug delivery technologies.
• Primary customers include healthcare providers and institutions treating patients with pulmonary arterial hypertension and related conditions in the U.S. market.

Liquidia is a biopharmaceutical company focused on addressing unmet patient needs in pulmonary arterial hypertension through innovative drug formulations and delivery platforms. With a growing portfolio of both proprietary and generic products, the company leverages advanced technology to enhance treatment options for rare cardiopulmonary diseases.

What this transaction means for investors

Even after reducing its Liquidia position, Caprock still held more than $51 million worth of shares at quarter-end, suggesting the fund may simply be managing exposure amid the stock’s pretty staggering surge.

The company’s latest earnings release, which came out on Monday, actually showed the commercial story accelerating. Liquidia generated about $130 million in first-quarter YUTREPIA sales while recording its third consecutive profitable quarter. Net income reached approximately $53 million, adjusted EBITDA climbed to $71 million, and cash balances increased to $222.8 million.

Adoption trends also remain strong. Since its launch in June 2025, the company said YUTREPIA has received more than 4,500 unique patient prescriptions, with approximately 3,750 patients started on treatment, and prescription-to-start conversion rates have remained above 85%. Liquidia is also expanding beyond pulmonary arterial hypertension into broader pulmonary disease indications through additional Phase 4 studies and its Phase 3 Re-Spire trial.

Going forward, the key question is whether Liquidia can sustain this pace of commercialization while defending its position against ongoing litigation and competition in pulmonary hypertension therapies. So far, the launch trajectory looks far stronger than many investors expected a year ago.