Liquidia (LQDA) director Paul Manning sells 200,000 shares but retains large stake
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Liquidia Corp director Paul B. Manning reported open-market sales of 200,000 shares of common stock on June 4, 2026. The shares were sold indirectly through entities he controls or co-manages at weighted average prices in the low-to-mid $60s per share, with price ranges between about $62.21 and $64.61 as disclosed in multiple footnotes.
After these transactions, the filing shows Manning with ongoing indirect holdings in investment vehicles and joint accounts, as well as direct ownership, including 3,131,794 shares held by the Paul B. Manning Revocable Trust where he has sole voting and investment power.
Positive
- None.
Negative
- None.
Insights
Director Paul Manning executed open-market sales of 200,000 Liquidia shares but retains a large direct and indirect stake.
The Form 4 shows 200,000 shares of Liquidia Corp common stock sold on June 4, 2026 in open-market transactions. Sale code “S” confirms discretionary dispositions rather than automatic tax withholding or option exercises. Weighted average prices span roughly $62–$65 per share.
The transactions occurred through entities and accounts such as BKB Growth Investments, PBM Capital Finance, PD Joint Holdings, the Paul B. Manning Revocable Trust, and joint holdings with his spouse, reflecting predominantly indirect ownership structures. The filing also shows direct trust holdings of 3,131,794 shares, indicating that, despite these sales, Manning maintains a substantial equity position. With no derivative positions reported and no explicit trading plan references in the excerpt, these look like straightforward portfolio-management sales rather than option-driven activity.
Insider Trade Summary
Net Seller: 200,000 shares ($12,782,059)
Net Sell
9 txns
Insider
Manning Paul B
Role
null
Sold
200,000 shs ($12.78M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 11,513 | $63.13 | $727K |
| Sale | Common Stock | 88,487 | $64.28 | $5.69M |
| Sale | Common Stock | 19,125 | $62.62 | $1.20M |
| Sale | Common Stock | 68,265 | $63.83 | $4.36M |
| Sale | Common Stock | 12,610 | $64.42 | $812K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 804,798 shares (Indirect, See footnote);
Common Stock — 469,583 shares (Direct, null)
Footnotes (1)
- The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $63.00 to $63.365 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The securities are held by BKB Growth Investments, LLC ("BKB"). The Reporting Person is a co-manager of Tiger Lily Capital, LLC ("Tiger Lily"), the manager of BKB, and has shared voting and investment power with respect to the shares held by BKB. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $64.00 to $64.61 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $62.21 to $63.15 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The shares are held directly by the Paul B. Manning Revocable Trust (the "PBM 2000 Trust"). The Reporting Person is the trustee of the PBM 2000 Trust and has sole voting and investment power with respect to the shares held by the PBM 2000 Trust. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $63.27 to $64.265 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $64.27 to $64.57 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. The shares are held by Reporting Person jointly with his spouse. The securities are held by PBM Capital Finance, LLC ("PBM"). The Reporting Person is the manager and sole beneficial owner of PBM. The securities are held by PD Joint Holdings, LLC Series 2016-A ("PD"). The Reporting Person is a co-manager of Tiger Lily, the manager of PD, and has shared voting and investment power with respect to the shares held by PD.
Key Figures
Total shares sold: 200,000 shares
Sale block: 12,610 shares at $64.42
Sale block: 68,265 shares at $63.83
+4 more
7 metrics
Total shares sold
200,000 shares
Open-market sales on June 4, 2026
Sale block
12,610 shares at $64.42
Common stock open-market sale coded S
Sale block
68,265 shares at $63.83
Common stock open-market sale coded S
Sale block
19,125 shares at $62.62
Common stock open-market sale coded S
Sale block
88,487 shares at $64.28
Common stock open-market sale coded S
Sale block
11,513 shares at $63.13
Common stock open-market sale coded S
Direct trust holdings
3,131,794 shares
Held by Paul B. Manning Revocable Trust after transactions
Key Terms
weighted average price, open-market sale, Revocable Trust, beneficial owner, +1 more
5 terms
weighted average price financial
"The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging"
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
open-market sale financial
"transaction_action": "open-market sale", "transaction_code_description": "Sale in open market or private transaction""
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
Revocable Trust financial
"The shares are held directly by the Paul B. Manning Revocable Trust (the "PBM 2000 Trust")."
A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.
beneficial owner financial
"The securities are held by PBM Capital Finance, LLC ("PBM"). The Reporting Person is the manager and sole beneficial owner of PBM."
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
indirect financial
""ownership_type": "indirect", "ownership_code": "I""
FAQ
Were Paul B. Manning’s Liquidia (LQDA) sales direct or through entities?
Most reported sales and holdings are indirect, through entities such as BKB Growth Investments, PBM Capital Finance, and PD Joint Holdings. The filing also notes direct ownership via the Paul B. Manning Revocable Trust and joint holdings with his spouse.
What type of transactions are reported in Paul B. Manning’s Liquidia Form 4?
The Form 4 primarily reports open-market sales of common stock coded “S.” There are no option exercises or derivative conversions in the excerpt, and several additional lines simply update post-transaction holdings across different direct and indirect ownership accounts.