Stephen M. Bloch’s Form 4 activity over the past two months paints a starkly one-sided picture: a sustained, high-volume liquidation of shares in a single issuer, Liquidia Corporation (LQDA). Across 49 total filings, Bloch has recorded zero open-market purchases and zero acquisitions, while executing sales totaling approximately $118.7 million. The recent window, spanning June 11 through July 23, 2026, shows 24 separate sale transactions, all coded as “S” (open-market sales), with no offsetting buys or compensatory grants during that stretch.
The pace and size of the disposals are notable. On July 23 alone, Bloch sold LQDA shares worth roughly $8.9 million, following a July 22 tranche that combined for about $8.8 million across three trades. Earlier in the month, sales on July 7 ($4.0 million combined), July 6 ($2.0 million), and July 1 ($2.0 million) continued the pattern. June was equally active, with multi-million-dollar sales on June 22 ($7.6 million combined), June 15 ($6.1 million), June 12 ($7.9 million), and a cluster on June 11 that totaled roughly $15.7 million across five separate filings. The only non-sale entry in the recent data is a June 16 grant (code “A”) valued at $0, which is compensation rather than a conviction purchase.
The direction is unambiguous: Bloch has been a persistent seller, not a buyer, of LQDA over the observed period. The transactions are exclusively open-market sales, ranging from small six-figure amounts to single trades exceeding $8 million, and they cluster heavily in mid-June and mid-to-late July. There is no evidence in the filings of acquisitions, option exercises, or tax-related withholdings that would complicate the narrative. The cumulative $118.7 million in sales, concentrated in a roughly six-week span, signals a decisive reduction in exposure to Liquidia, with the most recent activity on July 23 showing no sign of abating.
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