Raymond James Remains Bullish on Liquidia (LQDA), Cites YUTREPIA's 75% Growth in U.S. Prostacyclin Revenue

With significant upside potential, Liquidia Corporation (NASDAQ:LQDA) secures a spot on our list of the best small-cap biotech stocks to buy according to analysts.

On November 4, 2025, Raymond James raised its price target on Liquidia Corporation (NASDAQ:LQDA) from $41 to $47, while reiterating a “Strong Buy” rating. The investment firm’s bullish stance reflects YUTREPIA’s 75% growth in U.S. prostacyclin revenue during the third quarter, which turned profitable earlier than expected. Meanwhile, the company raised peak sales estimates to $2 billion from $1.1 billion, thanks to strong early launch performance. The raised guidance boosted analyst sentiment.

Liquidia Corporation (NASDAQ:LQDA) announced Q3 2025 results on November 3, 2025, reporting YUTREPIA net sales of $51.7 million. The quarter marked a net loss of $3.5 million, or $0.04 per diluted share, and positive adjusted EBITDA of $10.1 million. However, YUTREPIA achieved profitability in the first quarter of its full commercial launch. Over 1,500 patients were enrolled in the therapy, alongside more than 2,000 prescriptions, and strong payer coverage was achieved through contracts with the three largest commercial payers.

Liquidia Corporation (NASDAQ:LQDA) ended the quarter with $157.5 million in cash on hand, reporting a net cash flow of $5 million in September. The company’s short-term revenue recognition was affected despite strong early commercial uptake, as roughly 50% of new patients used a 28-day voucher program. Meanwhile, Liquidia is looking for additional clinical applications in IPF and PPF.

With its proprietary PRINT and TRIA platforms, Liquidia Corporation (NASDAQ:LQDA), a clinical-stage pharmaceutical company, focuses on developing therapies for pulmonary arterial hypertension and related cardiopulmonary diseases.

While we acknowledge the potential of LQDA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 7 Best Oil and Gas Penny Stocks to Buy According to Analysts and Billionaire Jacob Rothschild’s RIT Capital Partners: 9 Stocks with Huge Upside Potential.

Disclosure: None.