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Liquidia Corp·4

Jun 8, 4:41 PM ET

Manning Paul B 4

Research Summary

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Updated

Liquidia (LQDA) Director Paul B. Manning Sells Shares

What Happened

  • Paul B. Manning, a director of Liquidia Corp (LQDA), sold a total of 200,000 shares in multiple open‑market transactions on June 4, 2026, for aggregate proceeds of approximately $12,782,059 (weighted average ≈ $63.91/share). The individual transactions reported:
    • 11,513 shares at $63.13 — $726,816
    • 88,487 shares at $64.28 — $5,687,944
    • 19,125 shares at $62.62 — $1,197,608
    • 68,265 shares at $63.83 — $4,357,355
    • 12,610 shares at $64.42 — $812,336
  • All reported transactions are sales (code “S”). Sales are often routine and do not necessarily indicate a change in insider sentiment; purchases tend to be more informative about confidence.

Key Details

  • Transaction date: 2026-06-04; Form 4 filed: 2026-06-08 (filed on the second business day after the trades, appearing timely).
  • Prices: per-trade prices above; overall weighted average ≈ $63.91/share. Several line items include footnotes noting the reported price is a weighted average of multiple trade prices within a range (see below).
  • Shares owned after transaction: not provided in the materials you supplied (check the full Form 4 for post‑transaction holdings).
  • Notable footnotes (summary):
    • Some shares sold were held by entities/trusts managed or controlled by Manning (e.g., PD Joint Holdings, BKB Growth Investments, PBM Capital Finance, and the Paul B. Manning Revocable Trust).
    • Manning is listed as co-manager or manager of several entities (shared or sole voting/investment power as specified).
    • Several footnotes state the reported price is a weighted average and that Manning will provide per‑trade price details on request to the issuer, shareholders, or the SEC staff.
  • Filing timeliness: Filed 6/8 for 6/4 trades; this meets the 2-business‑day Form 4 filing requirement and appears timely.

Context

  • These were straightforward open‑market sales (code S). No options exercises, awards, or gifts are reported in this filing.
  • Because multiple holdings (trusts and managed entities) are involved, these sales may reflect portfolio or entity-level liquidity needs rather than a personal sale from a single brokerage account.
  • For investors: insider sales alone are not conclusive evidence of company prospects. If you want exact per-trade prices within the weighted-average ranges, the footnotes say Manning will provide those details on request.