Concentration · Liquidia
One manager had more than half its book in the company that lost in Delaware
A patent ruling on 30 September 2026 cut Liquidia roughly in half in a session. Three hundred and forty-five institutions had reported holding it at the last public count. For seven of them it was more than a twentieth of everything they managed, and for one it was most of it.
HolderBook · from Q2 2026 Form 13F filings, period ending 30 June 2026
On 30 September 2026 the US District Court for the District of Delaware ruled that two claims of United Therapeutics' patent covering inhaled treprostinil were valid and infringed by Liquidia's YUTREPIA. The claims concern treatment of pulmonary hypertension associated with interstitial lung disease, an indication that accounts for a substantial share of the drug's addressable market. Liquidia said it would appeal and would ask the FDA to remove that indication from the label. The shares fell roughly 48% in the session. United Therapeutics rose.
What follows is not about the ruling. It is about who was holding the shares when the last public count was taken, and how much of their money was in this one name.
Dollars are the wrong measure
Ranked by dollars, the largest holder of Liquidia was BlackRock, with $860 million. That number means almost nothing. It was 0.01% of what BlackRock reported that quarter, and a position that size inside a book that size is an index tracking a company rather than a judgement about one.
The useful measure is weight: the position as a share of everything that manager reported. On that measure the register looks entirely different.
| Manager | Position | Share of their book | Shares held | What they did that quarter |
|---|---|---|---|---|
| Findell Capital Management | $383m | 53.91% | 3,502,112 | Held |
| Caligan Partners | $647m | 30.45% | 8,118,892 | Held |
| Purewater Capital | $30m | 21.91% | 379,924 | Added |
| Buckley Capital Advisors | $33m | 20.65% | 410,044 | Trimmed |
| Opaleye Management | $195m | 17.67% | 2,447,500 | Trimmed |
| T3 Companies | $7m | 7.47% | 87,800 | Trimmed |
| MPM BioImpact | $111m | 6.74% | 1,386,174 | Trimmed |
Every manager reporting more than 5% of its book in Liquidia at 30 June 2026. Position value includes derivative lines, which matter here: see below.
Findell Capital reported $383 million of Liquidia against a total book of roughly $710 million. Of that, $279 million was in shares, which is 39% of everything they reported.
That arithmetic assumes they still held on 30 September, which the filings cannot tell us. It is three months of trading later. But it is the scale of what a ruling like this does to a book arranged like that, and arrangements like that do not usually change quickly: Findell and Caligan were both marked as holding rather than adding or trimming through the quarter.
The rest of Findell's position was puts
The other $104 million was not more stock. It was put options, and the call side was zero.
A put rises when the shares fall. A manager holding a large share position in a company facing a binary court ruling, and a put position worth a third as much against it, has not simply made a bet on the company. The share position is the view; the puts are what happens if the view is wrong.
How much of the share loss that recovers depends on the strikes and the expiries, which a 13F does not report. The form gives a value and a share count and stops. But the direction is unambiguous, and it is the difference between a fund that was exposed to this ruling and one that had thought about it.
| Manager | Calls | Puts |
|---|---|---|
| Citadel Advisors | $249m | $62m |
| Group One Trading | $150m | $0m |
| Susquehanna International | $61m | $47m |
| Findell Capital Management | $0m | $104m |
| Jane Street Group | $60m | $6m |
| Caption Management | $50m | $2m |
The largest derivative positions in Liquidia at 30 June 2026. Citadel, Group One, Susquehanna and Jane Street are market makers, and an options book is what they do; Findell is not.
Findell is the only name on that list holding puts and nothing else.
One of them was buying
Purewater Capital added to its position during the quarter, finishing at 21.91% of a $137 million book. Buckley, Opaleye, T3 and MPM BioImpact were all trimming.
Neither tells you what anyone thought. A fund trims because its investors redeemed as often as because it changed its mind, and a fund adds because money came in. The form records the position, not the reason.
Why these numbers can be checked
Seven managers reported this security independently, and dividing each one's share value by its share count gives $79.67, $79.69, $78.96, $78.04, $79.67, $79.73 and $80.08. Seven filings prepared in seven different offices agree on the price to within a few cents.
That is the whole method here. No market data feed is involved: a 13F states a value and a share count for every position, and the agreement between thousands of filers is what produces a price.
What a 13F cannot tell you
This is the register at 30 June 2026, which is the most recent public count and is three months before the ruling. Any of these managers may have sold in July, August or September. The filings covering 30 September are due in the middle of November, and those will show who left.
It does not report strikes or expiry dates. Findell's puts are visible as a dollar value and nothing more, so how much protection they actually bought is not knowable from the filing. A put struck far below the market is a different instrument from one struck at it.
And a 13F reports long positions only. Anyone who was short Liquidia into this ruling, or who held puts against it, does not appear on this page at all. The register shows who could lose, not who could win.
Holdings, values and share counts are from Form 13F filings as reported, corrected for amendments. Share of book is the position as a percentage of everything that filer reported for the quarter. Derivative lines are identified separately. The court ruling and the share price move of 30 September 2026 are from contemporaneous reporting, not from SEC filings. Not investment advice.