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EdgarHawk

Roger Jeffs

Chief Executive Officer

Director Officer

Latest: CEO selling · May 2026

14 filings analyzed · 2 companies · Latest 2026-05-26

Companies

Company Buys Sells Direction
Liquidia Corp LQDA 0 29 Net selling
Axsome Therapeutics, Inc. AXSM 0 6 Net selling

Activity

May 2026
2026-05-26 Liquidia Corp LQDA
low
Sell
75,000 shares
$4,575,675
Significance 4/10

CEO Roger Jeffs sold 75,000 shares for $4,575,675.00 via scheduled 10b5-1 plan at LQDA

Roger Jeffs, Chief Executive Officer, executed 3 separate sales totaling 75,000 shares for $4,575,675.00 between 2026-05-21 and 2026-05-26 under a pre-arranged 10b5-1 trading plan adopted on 2025-11-05. This is a scheduled, non-discretionary transaction. Post-sale, Jeffs retains 1,048,095 shares. The stock's 30-day change of +61.1% and 90-day change of +100.3% mark substantial recent appreciation from the 52-week low of $11.85. Across his cross-ticker trading history, his prior 20 open-market sells averaged 90-day returns of +32.6%, while his 5 most recent sales at LQDA show mixed outcomes (ranging from -0.5% to +7.4% 30/90-day performance). The company reported latest-quarter revenue of $132,865,000.00 and net income of $52,862,000.00, though full-year fiscal net income was negative.

2026-05-20 Liquidia Corp LQDA
medium
Sell
75,000 shares
$4,418,010
Significance 4/10

CEO Roger Jeffs sells 75,000 LQDA shares for $4.4M across three days (May 18–20) via 10b5-1 plan

Roger Jeffs, CEO of Liquidia Corp, executed three separate sales totaling 75,000 shares for $4,418,010.00 on May 18–20, 2026, under a pre-arranged 10b5-1 trading plan adopted on 2025-11-05. This scheduled transaction reduced his holdings from 1,198,095 to 1,123,095 shares (-6.3% vs pre-transaction holdings). The sales occurred at a blended average price of $58.91, below the current price of $61.77. His prior five same-ticker sales at LQDA (May 6–12) collectively posted positive 30-day and 90-day returns ranging from +9.7% to +45.4%, indicating a pattern of sales at relatively low points in the stock's volatility. The stock has appreciated +64.0% in the past 30 days and +76.2% over 90 days from the transaction dates. With the company showing full-year negative net income despite latest-quarter profitability ($52.9M) and a P/E of 247.08 reflecting elevated valuation, the scheduled nature of this sale precludes timing-based interpretation, though the execution across a three-day window during a strong uptrend warrants routine monitoring.

2026-05-15 Liquidia Corp LQDA
medium
Sell
75,000 shares
$4,298,765
Significance 6/10

CEO Roger Jeffs sells 75,000 shares ($4.3M) at LQDA over 3 days via 10b5-1 plan; stock at $56.93, +41.9% (30d), +49.0% (90d).

Roger Jeffs, Chief Executive Officer, executed 3 separate sales totaling 75,000 shares for $4,298,765.00 across May 13–15, 2026, as part of a pre-arranged 10b5-1 trading plan adopted on 2025-11-05. This is a scheduled transaction, not a discretionary trade. Post-transaction, Jeffs retains 1,198,095 shares. The stock's current price of $56.93 reflects 30-day returns of +41.9% and 90-day returns of +49.0%, placing it near its 52-week high of $59.75. At a P/E of 227.72, the valuation stands substantially elevated relative to the company's quarterly net income of $52,862,000.00, though the company reported full-year net income as negative over its most recent fiscal year.

2026-05-12 Liquidia Corp LQDA
medium
Sell
75,000 shares
$3,441,958
Significance 4/10

CEO Roger Jeffs sells 75,000 shares worth $3.4M; stock near 52-week high after rally, but insider's prior exits at this company were poorly timed.

Roger Jeffs, Liquidia's Chief Executive Officer, sold 75,000 shares across three trading dates in early May, disposing of roughly two percent of his holdings and raising approximately $3.4 million. The sales occurred while the stock was trading near its 52-week high following a significant rally over recent months. The company itself remains unprofitable with a substantial net loss in the latest quarter, though revenue has grown dramatically on a year-over-year basis. Notably, this marks Jeffs's 33rd open-market sale in the past three years, with only a single open-market purchase on record—a decidedly one-sided selling pattern. More concerning, every one of Jeffs's five prior sales at Liquidia was poorly timed: the stock rose after each exit, meaning he sold into strength that subsequently continued upward. This current sale at the 52-week high, following that same pattern of poor timing, suggests he may again be exiting ahead of further gains rather than ahead of a decline.

2026-05-07 Liquidia Corp LQDA
medium
Sell
75,000 shares
$3,074,300
Significance 5/10

CEO Roger Jeffs sells 75,000 shares in three tranches; stock underperforming while company operates at a loss.

Roger Jeffs, Liquidia's Chief Executive Officer, sold 75,000 shares across three days in early May for a combined $3.07 million, reducing his stake by just under 2% across each transaction. The timing warrants scrutiny: all five of his previous sales in this stock were poorly timed, with shares rising afterward in every instance, yet he continues this established pattern despite mounting losses — the company reported a net loss for the full year and a negative quarter most recently. The stock has recovered moderately from its lows but still trades well below its yearly peak, and Jeffs is disposing of shares during what appears to be a bounce rather than capitalizing on weakness. His repeat sales combined with the company's unprofitable fundamentals suggest conviction in a downward trajectory that hasn't materialized yet in stock price, or reflect personal capital needs unrelated to company outlook.

April 2026
2026-04-21 Liquidia Corp LQDA
high
Sell
18,839 shares
$764,956
Significance 6/10

CEO Roger Jeffs sold 18,839 shares at $40.60 on 2026-04-17; stock now $36.25, -22.3% from 52-week high.

Roger Jeffs, Chief Executive Officer, sold 18,839 shares at $40.60 on 2026-04-17, reducing his holdings by -1.3% to 1,423,095 shares post-transaction. The current price of $36.25 is notably -22.3% from the 52-week high of $46.63, and the stock has declined -9.3% over the past 90 days. This sale is part of a series of five consecutive sell transactions at LQDA between 2026-04-10 and 2026-04-17. The company reported quarterly revenue of $54,342,000.00 and net income of $-3,533,000.00, reflecting ongoing unprofitability despite strong annual revenue growth of +1031.2%. Across his cross-ticker track record, Jeffs' 17 prior sells showed an average 90-day return of +19.6% with a well-timed sell rate of 0.00%, indicating his recent sales at this ticker have not preceded stock declines historically. Investors should monitor whether the CEO's concentrated selling pattern reflects confidence in current valuation or concerns about near-term execution at a company still unprofitable despite explosive top-line growth.

2026-04-16 Liquidia Corp LQDA
medium
Sell
53,300 shares
$2,143,322
Significance 6/10

CEO Jeffs Roger sells 53,300 shares at $40.00–$40.31 (totaling $2,143,322.50) in 3 consecutive-day transactions

Between 2026-04-14 and 2026-04-16, CEO Roger Jeffs executed 3 separate sales totaling 53,300 shares (53.3K shares) for $2,143,322.50 ($2.1M) at prices ranging from $40.00 to $40.31 (blended average $40.21). The company is currently unprofitable (net income $-3,533,000.00) despite explosive annual revenue growth of +1031.2%, and the insider retained 1,441,934 shares (1.44M shares) post-transaction. His cross-ticker track record across 14 prior sells shows poor timing overall: avg 90d return +19.6% and 90d well-timed rate 0.00%, meaning the stock has consistently risen after his prior sales. At this specific ticker (LQDA), his 2 prior sales with measurable 90-day outcomes were also poorly timed—both showed positive 90d returns (+7.3% and +68.4%)—indicating a pattern of selling before rallies rather than before declines.

2026-04-14 Liquidia Corp LQDA
high
Sell
54,177 shares
$2,116,264
Significance 6/10

CEO JEFFS ROGER sells 54.2K shares at $39.06 avg; stock down 17.0% from 52-week high; company unprofitable.

JEFFS ROGER sold 54,177 shares in 2 separate transactions (32,744 shares at $38.37 on 2026-04-13 and 21,433 shares at $40.12 on 2026-04-10) totaling $2,116,264.24, reducing his holdings by 3.5% to 1,495,234 shares post-transaction. The sales occurred near the 52-week high: his blended average price of $39.06 is only 1.0% below the $38.71 current price and well above the $12.00 52-week low, though the stock is down 17.0% from its $46.63 52-week high. At the cross-ticker level, his 13 prior open-market sells averaged a 90-day return of +19.6% with a 0.00% well-timed rate, indicating his prior sales have been followed by stock gains rather than declines. At LQDA specifically, his prior sell on 2025-06-04 saw a 90d return of +68.4%, also poorly timed. Fundamentally, Liquidia is unprofitable (net income of $-3,533,000.00 on quarterly revenue of $54,342,000.00) despite extraordinary annual revenue growth of +1031.2%, yet carries a $3.4B market cap. The combination of mid-range pricing relative to 52-week range, negative near-term price momentum, unprofitability despite hypergrowth, and the CEO's historical pattern of poorly-timed sells warrants investor attention to the company's profitability trajectory.

2026-04-13 Liquidia Corp LQDA
medium
Sell
25,000 shares
$1,002,888
Significance 5/10

CEO Roger Jeffs sold 25,000 shares of LQDA at $40.12 on 2026-04-09 (stock now $38.85); retains 1.52M shares post-sale

Roger Jeffs, the Chief Executive Officer, sold 25,000 shares (25.0K shares) at $40.12 on 2026-04-09, reducing his holdings from 1.54M shares to 1.52M shares, a net change of -1.6% of pre-transaction holdings. The sale price of $40.12 is currently 3.3% above the current price of $38.85 and sits at -16.7% from the 52-week high of $46.63. At the cross-ticker level, his prior sells averaged a 90-day return of +19.6% with a 0.00% well-timed rate (meaning past sales have not preceded stock declines). At LQDA specifically, his prior two measurable sales showed mixed results: one with a 30-day return of +7.3% and 90-day return of +3.0%, and another with a 30-day return of -28.2% and 90-day return of +68.4%. The company is currently unprofitable (net income of $-3.5M in the latest quarter) despite exceptional annual revenue growth of +1031.2%, and holds a market capitalization of $3.4B. The relatively modest sale size and the maintenance of substantial remaining holdings (1.52M shares) should be contextualized against the company's high-growth, loss-making profile.

January 2026
2026-01-13 Liquidia Corp LQDA
high
Sell
66,610 shares
$2,493,212
Significance 6/10

CEO JEFFS ROGER sold 66,610 LQDA shares at $37.43 (Jan 2026); current price $38.09. Stock up 64.5% in 90d.

JEFFS ROGER, CEO of Liquidia, sold 66,610 shares on 2026-01-12 at $37.43, reducing his holding by 6.0% to 1.04M shares. The stock has since rallied to $38.09 (+0.0% from its 52-week high of $38.09) and is up 64.5% over the past 90 days, meaning the insider sold before a significant rally. At the same ticker (LQDA), his prior sell on 2025-06-04 also preceded a 90-day gain of 68.4%, establishing a pattern of selling into uptrends rather than downturns. His cross-ticker track record shows 10 prior sells with an average 90-day return of +21.2% and a 0.00% well-timed rate, indicating his open-market sales have consistently been followed by stock appreciation. Against this backdrop of consistent upside-miss timing and a company losing revenue (-20.0% annual growth) while unprofitable (net income -$3.5M), the sale warrants scrutiny for whether it signals CEO cash needs or confidence erosion despite the recent price momentum.

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