Liquidia Corporation (LQDA): Hedge Fund Ownership & Smart Money Signals (Q1 2026)

Q: Is it too late to buy Liquidia Corporation (LQDA) following the 2026 Q1 hedge fund 13F filings?

As of today, LQDA has moved +24.8% since the 2026 Q1 13F filing date (May 15, 2026), compared to +3.0% for the XLV sector ETF — an outperformance of +21.8%. Since the quarter end (March 31, 2026), LQDA gained +88.3% vs +1.9% for XLV. The stock has meaningfully outrun its sector. The trade has partially played out; entry is at a premium to the fund's implied reference.

Liquidia Corporation (LQDA)

251 + Investors. Track Smart Money conviction in LQDA. See who's accumulating, reducing, or initiating positions.

Smart Money Signals — LQDA

Based on 251 hedge funds · latest filing: 2026 Q1 · updated quarterly

📈

Buying streak — 10 quarters in a row

last 6Q

For 10 consecutive quarters, more hedge funds added LQDA than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

🏔️

At the ownership peak (100% of max)

100% of all-time peak

251 hedge funds hold LQDA right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.

🚀

Fast accumulation — +48% more funds vs a year ago

fund count last 6Q

+81 new funds entered over the past year (+48% YoY). That's a rapid rush of institutional money. Fast accumulation often signals a major thesis — but it also means the stock could fall quickly if that thesis breaks.

🟡

Slight buying edge — 54% buying

138 buying118 selling

Last quarter: 138 funds bought or added vs 118 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

⚠️

Fewer new buyers each quarter (-6 vs last Q)

new funds entering per quarter

Funds opening this position for the first time: 38 → 57 → 61 → 55. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.

📌

Mixed — 34% long-term, 35% new

■ 34% conviction (2yr+) ■ 31% medium ■ 35% new

Of the 251 current holders: 86 (34%) held >2 years, 77 held 1–2 years, and 88 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.

📈

Growing discovery — still being found

29 → 38 → 57 → 61 → 55 new funds/Q

New funds entering each quarter: 38 → 57 → 61 → 55. A growing number of institutions are discovering LQDA each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.

🏛️

Veteran-anchored — 44% veterans vs 39% newcomers

■ 44% veterans ■ 17% 1-2yr ■ 39% new

Entry-cohort mix of 283 holders: 124 (44%) are 2+ year veterans, 49 entered 1–2 years ago, and 110 (39%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.

✅

Strong quality — 24% AUM from major funds

24% from top-100 AUM funds

39 of 244 holders rank in the top 100 by AUM, accounting for 24% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

4.4

out of 10

Moderate Exit Risk

Exit risk score 4.4/10 — some crowding factors present, but no critical concentration. Watch ownership trend over the next 1–2 quarters for direction.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Metric	All 13F Filers (2026 Q1)	Prior (2025 Q4)	Change
Funds Holding	251	228	10.09%
13F Shares	68M	70M	-3.43%
Total Value	$2.51B	$2.43B	3.18%
New Positions	55	61	-6
Increased Positions	78	70	+8
Closed Positions	32	41	-9
Reduced Positions	80	73	+7
Total Calls	20	12	66.67%
Total Puts	18	17	5.88%
PUT/CALL Ratio	0.9	1.42	Neutral

Metric

All 13F Filers (2026 Q1)

Prior (2025 Q4)

Change

Funds Holding

251

228

10.09%

13F Shares

68M

70M

-3.43%

Total Value

$2.51B

$2.43B

3.18%

New Positions

-6

Increased Positions

Closed Positions

-9

Reduced Positions

Total Calls

66.67%

Total Puts

5.88%

PUT/CALL Ratio

0.9

1.42

Neutral

Institutional Holders (2026 Q1)

251 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in LQDA. Verified SEC 13F-HR filings.

QUARTER:

FILTER:All New Added To Reduced No Change | Overweight >5%

Top 25 LQDA holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
#	Investor	% of Portfolio	Shares	Mkt Value
1	Pathway Capital Management, LP	80.26%	91,384	$3.4M
2	Findell Capital Management LLC	38.71%	3,502,112	$132.2M
3	Caligan Partners LP	20.39%	8,118,892	$306.4M
4	Buckley Capital Advisors, LLC	16.95%	624,844	$23.6M
5	Buckley Capital Advisors, LLC	15.16%	558,800	$21.1M
6	Purewater Capital LLC	13.28%	367,562	$13.9M
7	Opaleye Management Inc.	11.70%	2,545,000	$88.8M
8	T3 Companies, LLC	10.11%	205,750	$7.8M
9	Rangeley Capital, LLC	5.50%	150,000	$5.7M
10	Diadema Partners LP	4.25%	662,100	$25.0M
11	MPM BioImpact LLC	4.10%	1,405,158	$53.0M
12	AWH Capital, L.P.	3.17%	92,500	$3.5M
13	Rangeley Capital, LLC	2.75%	75,000	$2.8M
14	Seven Fleet Capital Management LP	2.25%	187,876	$7.1M
15	Farallon Capital Management LLC	1.86%	8,656,038	$326.7M
16	Apis Capital Advisors, LLC	1.72%	296,000	$11.2M
17	Diametric Capital, LP	1.65%	167,760	$6.3M
18	Capricorn Fund Managers Ltd	1.46%	247,405	$9.3M
19	Eversept Partners, LP	1.35%	677,392	$25.6M
20	Pale Fire Capital SE	1.29%	388,377	$14.7M
21	Caprock Group, LLC	1.25%	1,367,235	$51.6M
22	HighVista Strategies LLC	1.04%	99,744	$3.8M
23	Exome Asset Management LLC	0.89%	45,796	$1.7M
24	Hanseatic Management Services Inc	0.74%	20,468	$772K
25	Greenland Capital Management LP	0.72%	150,000	$5.7M

Investor	Ownership History	% of Portfolio	Prev %	Rank	Conviction	Avg Buy Price	13F Score™ 3Y / 7Y	Sell Timing	Shares	Mkt Value	Change	Change %	Source	Quarter	Filed

Frequently Asked Questions — Liquidia Corporation (LQDA)

What does the Smart Money Trend signal show for LQDA?

Buying streak — 10 quarters in a row: For 10 consecutive quarters, more hedge funds added LQDA than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

What is the institutional breadth score for LQDA?

Slight buying edge — 54% buying: Last quarter: 138 funds bought or added vs 118 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for LQDA holders?

Strong quality — 24% AUM from major funds: 39 of 244 holders rank in the top 100 by AUM, accounting for 24% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held LQDA?

Mixed — 34% long-term, 35% new: Of the 251 current holders: 86 (34%) held >2 years, 77 held 1–2 years, and 88 entered in the last year. A mixed base — the stock has long-term believers but also recent buyers who haven't been tested by a downturn yet.

Is it too late to buy Liquidia Corporation (LQDA) following the 2026 Q1 hedge fund 13F filings?

As of today, LQDA has moved +24.8% since the 2026 Q1 13F filing date (May 15, 2026), compared to +3.0% for the XLV sector ETF — an outperformance of +21.8%. Since the quarter end (March 31, 2026), LQDA has gained +88.3% vs +1.9% for XLV. The stock has meaningfully outrun its sector. The trade has partially played out; entry is at a premium to the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

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Liquidia Corporation (LQDA)

Smart Money Signals — LQDA

Buying streak — 10 quarters in a row

At the ownership peak (100% of max)

Fast accumulation — +48% more funds vs a year ago

Slight buying edge — 54% buying

Fewer new buyers each quarter (-6 vs last Q)

Mixed — 34% long-term, 35% new

Growing discovery — still being found

Veteran-anchored — 44% veterans vs 39% newcomers

Strong quality — 24% AUM from major funds

Institutional Sentiment Summary — LQDA

Hedge Fund Ownership: LQDA

Market Analysis: LQDA

Analyst Price Targets

Analyst Recommendations

Stock Performance

Company Profile: LQDA

Is It Too Late to Buy Liquidia Corporation (LQDA) Based on Hedge Fund 13F Filings?

Hedge Fund Positioning: LQDA

Statistics: LQDA

Valuation Measures Data as of: --

Financial Highlights

Institutional Holders (2026 Q1)

Frequently Asked Questions — Liquidia Corporation (LQDA)

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