Just saw an investment manager dumped $5.1M worth of Liquidia stock recently. They sold 180k shares but still holding like 2.4M shares worth almost $85M. Interesting move since the stock's up over 100% in the past year. The company makes inhaled meds for pulmonary hypertension, which is a pretty niche market. What caught my attention is that this investment manager clearly still believes in the position - they didn't bail completely, just trimmed it down. Position went from being in their top 5 holdings to around 11% of their portfolio. The biotech sector is honestly wild to navigate as a retail investor. So many regulatory risks, FDA approvals, insurance coverage decisions that can tank a stock overnight. Makes you wonder if the investment manager saw something or just taking profits after that huge run. Either way, Liquidia's still their second-largest holding, so they're definitely not abandoning ship here.