Percentages don't cancel. A 57.2% drop followed by a 39.87% gain leaves a share about 40% below where the drop began.
Both numbers are attached to Liquidia this morning. Last night the company announced a global settlement resolving all pending litigation with United Therapeutics, "ensuring continued commercialization of YUTREPIA in PAH." $LQDA is +39.87% pre-market. A law firm's investigation notice, posted 34 minutes after the settlement, cites a 57.2% share drop.
The settlement buys certainty about whether YUTREPIA keeps selling. The headline does not say what that peace cost. Removing a legal threat is one thing. Getting back to the starting floor is a different calculation.
This is a $2.4B drug company, not a micro-float. Still, the cross-stock history of opening gap-ups of 30% or more (price $1+) covers 3,383 sessions, and 66% of them closed below their own open. The median open-to-close across them was -7.29%.