Billionaire Tom Steyer’s 5 Stock Picks with Huge Upside Potential

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1. Liquidia Corporation (NASDAQ:LQDA)

Farallon Capital’s Stake: $299 Million

Analyst Upside Potential: 115%

Liquidia Corporation (NASDAQ:LQDA) first appeared in the 13F portfolio of Farallon Capital in the second quarter of 2020. Back then, this position comprised 1.8 million shares. The fund sold off this stake before the end of the year. A new position in the stock was then opened in the first quarter of 2024. This consisted of 2 million shares. Since then, the fund has added to this holding. Filings for the fourth quarter of 2025 show that the fund owned 8.6 million shares in the firm, up slightly compared to filings for the previous quarter. Liquidia is a biopharmaceutical company that develops, manufactures, and commercializes various products for rare cardiopulmonary diseases in the United States.

Liquidia Corporation (NASDAQ:LQDA) is viewed as a top-tier takeout candidate and a disruptive force in the pulmonary hypertension market. While the company faces ongoing litigation from its main rival, United Therapeutics, elite investors are focused on Liquidia’s transition into a profitable, billion-dollar franchise. The primary driver for institutional interest is the rapid adoption of YUTREPIA, Liquidia’s dry-powder treprostinil. In its Q4 2025 earnings, the firm reported $90.1 million in product sales for the quarter, a 74% sequential increase from Q3. Since its full launch in June 2025, Liquidia has captured a 17% share of the inhaled treprostinil market. Hedge funds are betting on this trend continuing as the company expands its sales force to target the over 860 active prescribers it has already engaged. CEO Roger Jeffs confirmed a clear path to becoming a $1 billion franchise by 2027.

While we acknowledge the potential of LQDA to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than LQDA and that has 100x upside potential, check out our report about the cheapest AI stock.

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