Liquidia Corporation (LQDA): A Bull Case Theory 

We came across a bullish thesis on Liquidia Corporation on wallstreetbets subreddit by robbinhood69. In this article, we will summarize the bulls’ thesis on LQDA. Liquidia Corporation’s share was trading at $27.80 as of September 9th.

Liquidia (LQDA) has delivered a strong debut for its recently launched drug, marking a milestone after years of delays tied to patent disputes with competitor United Therapeutics (UTHR). In its first month of sales, LQDA recorded 224 prescriptions, which annualizes to 2,688—translating to potential annual revenue of $322 million at $10,000 per prescription. Given that UTHR’s competing therapy serves about 50,000 prescriptions annually, LQDA has a sizable addressable market to target. The launch also extends into the newer PH-ILD market, broadening the potential patient base. With a market cap of $1.6 billion, LQDA is trading at roughly 5x projected sales, leaving significant upside if prescriptions ramp further.

The competitive landscape is evolving faster than originally expected. Shkreli’s early analysis projected UTHR’s Tyvaso would generate $900 million in revenue by 2025, yet it is already annualizing at $1.8 billion, underscoring the strength of the pulmonary hypertension market. Against this backdrop, LQDA appears well positioned to capture share, with first-year revenues already on pace to exceed Shkreli’s $100 million estimate. His longer-term projection of 27% market share equates to $480 million in potential sales, suggesting meaningful upside to today’s trajectory.

Investor sentiment may also benefit from parallels to Verona Pharma (VRNA), which launched its COPD drug in 2024 and was subsequently acquired by Merck. While the COPD market is much larger and the direct comparison imperfect, such associations could catalyze trading momentum and re-rate LQDA’s valuation as Wall Street digests the early sales data. Overall, LQDA’s successful launch, accelerating market growth, and acquisition speculation provide a favorable setup with limited downside, though near-term volatility remains likely.

Previously we covered a bullish thesis on Bio-Techne Corporation (TECH) by scuttleblurb in May 2025, which highlighted its diversified business across proteins, antibodies, assays, and instruments, expansion into cell and gene therapy, and a rebound in organic growth despite earlier setbacks. The company’s stock price has appreciated approximately by 13% since our coverage. The thesis still stands as TECH pursues growth. Robbinhood69 shares a similar bullish perspective but emphasizes LQDA’s strong drug launch, rapid revenue ramp, and market share potential.

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Disclosure: None.