Caligan Partners LP 4
4 · Liquidia Corp · Filed May 20, 2026
Research Summary
AI-generated summary of this filing
Liquidia (LQDA) 10% Owner Caligan Partners LP Sells and Reacquires 5,300 Shares
What Happened
Caligan Partners LP, a reported 10% owner of Liquidia Corp (ticker: LQDA), executed a same-day sale and purchase of 5,300 shares on 2026-05-19. The sale was 5,300 shares at $59.98 for proceeds of $317,894, and the purchase was 5,300 shares at $59.98 for $317,894. According to the filing, this represents a transaction between Caligan-managed funds/accounts rather than a net economic buy or sell.
Key Details
- Transaction date: 2026-05-19; Price per share: $59.98.
- Sale: 5,300 shares disposed for $317,894. Purchase: 5,300 shares acquired for $317,894.
- Shares owned after transaction: not specified in the excerpt of the filing provided.
- Filing date: 2026-05-20 (covers 2026-05-19 transactions) — appears to be timely.
- Notable footnotes:
- F1: Securities are held by funds and managed accounts for which Caligan is investment manager; David Johnson is Managing Partner of Caligan.
- F2: The reported sale/purchase represents a transaction between the Caligan Funds.
- F3: Mr. Johnson is deemed to hold these securities for the benefit of the Caligan Funds and Accounts.
Context
This was an intra-fund transfer by a 10% institutional holder, not an executive selling personal shares. While purchases by insiders can be a bullish signal, this specific pair of sale and repurchase appears to be an internal reallocation between Caligan-managed funds/accounts and does not change the firm’s net position in Liquidia based on the information provided.
Insider Transaction Report
- Sale
Common Stock, $0.001 par value per share ("Common Stock")
[F2][F1]2026-05-19$59.98/sh−5,300$317,894→ 8,133,651 total(indirect: See footnote) - Purchase
Common Stock
[F2][F1]2026-05-19$59.98/sh+5,300$317,894→ 8,138,951 total(indirect: See footnote)
- 18,396
Common Stock
[F3]
Footnotes (3)
- [F1]Securities held by certain funds (the "Caligan Funds") and managed accounts (the "Caligan Accounts", and together with the Caligan Funds, the "Caligan Funds and Accounts") to which Caligan serves as investment manager and related entities. David Johnson ("Mr. Johnson", and together with Caligan, the "Reporting Persons") is the Managing Partner of Caligan and a Managing Member of Caligan Partners GP LLC, the general partner of Caligan.
- [F2]Represents a transaction between the Caligan Funds.
- [F3]Mr. Johnson is deemed to hold the securities reported herein for the benefit of the Caligan Funds and Accounts, and may, after vesting, if applicable, transfer the securities directly to the Caligan Funds and Accounts.