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Caligan Partners Portfolio holdings

AUM $1.5B
1-Year Est. Return 518.95%
This Fund
S&P 500
This Quarter Est. Return
+16.06%
1 Year Est. Return
+518.95%
3 Year Est. Return
+1,728.44%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.5B
AUM Growth
+$288M
Cap. Flow
+$225M
Cap. Flow %
14.97%
Top 10 Hldgs %
75.37%
Holding
35
New
11
Increased
10
Reduced
1
Closed
7

Top Buys

Rank Stock Value
1
XENE icon
Xenon Pharmaceuticals
XENE
+$38.9M
2
RVMD icon
Revolution Medicines
RVMD
+$37.3M
3
LBRX
LB Pharmaceuticals
LBRX
+$33.2M
4
SYRE icon
Spyre Therapeutics
SYRE
+$33.1M
5
SABS icon
SAB Biotherapeutics
SABS
+$31.8M

Top Sells

Rank Stock Value
1
INBX icon
Inhibrx
INBX
+$25.6M
2
RAPT
RAPT Therapeutics
RAPT
+$21.8M
3
TNGX icon
Tango Therapeutics
TNGX
+$18.4M
4
SPRB
Spruce Biosciences
SPRB
+$1.79M
5
ELDN icon
Eledon Pharmaceuticals
ELDN
+$840K

Sector Composition

Rank Sector Weight
1 Healthcare 94.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LQDA icon
1
Liquidia Corp
LQDA
$7.11B
$306M 20.39%
8,118,892
– –
ABVX
2
Abivax
ABVX
$11.9B
$163M 10.83%
1,461,924
+10,000
+0.7% +$1.18M
RVMD icon
3
Revolution Medicines
RVMD
$39.6B
$161M 10.7%
1,652,808
+368,908
+29% +$37.3M
PCVX icon
4
Vaxcyte
PCVX
$8.12B
$120M 7.97%
2,060,719
+355,904
+21% +$19.3M
XENE icon
5
Xenon Pharmaceuticals
XENE
$6.6B
$81M 5.39%
1,393,027
+843,362
+153% +$38.9M
MLYS icon
6
Mineralys Therapeutics
MLYS
$2.39B
$75.1M 5%
2,772,654
– –
EXEL icon
7
Exelixis
EXEL
$14.1B
$66.6M 4.43%
1,553,262
– –
CGON icon
8
CALL
CG Oncology
CGON
$6.34B
$60.9M 4.05%
+900,000
New +$51M
TNGX icon
9
Tango Therapeutics
TNGX
$4.65B
$50.4M 3.35%
2,408,798
-1,321,097
-35% -$18.4M
TYRA icon
10
Tyra Biosciences
TYRA
$1.91B
$48.9M 3.25%
1,276,968
+332,711
+35% +$10.8M
SYRE icon
11
Spyre Therapeutics
SYRE
$8.7B
$44.3M 2.95%
+878,127
New +$33.1M
ADMA icon
12
ADMA Biologics
ADMA
$2.02B
$42.9M 2.85%
4,756,511
+1,744,003
+58% +$27.5M
LBRX
13
LB Pharmaceuticals
LBRX
$901M
$34.6M 2.3%
+1,438,070
New +$33.2M
VOR icon
14
Vor Biopharma
VOR
$980M
$34.3M 2.29%
1,925,066
+999,999
+108% +$14.1M
SABS icon
15
SAB Biotherapeutics
SABS
$271M
$30.5M 2.03%
+7,967,207
New +$31.8M
IRD
16
Opus Genetics
IRD
$270M
$27.6M 1.84%
+6,075,028
New +$21M
IVA
17
Inventiva
IVA
$1.09B
$27.6M 1.84%
4,974,906
+2,974,906
+149% +$18.1M
MBX
18
MBX Biosciences
MBX
$2.99B
$25.3M 1.69%
+848,590
New +$28.9M
AVTX icon
19
Avalo Therapeutics
AVTX
$1.02B
$24.4M 1.62%
1,635,023
+753,490
+85% +$11.8M
RVMD icon
20
CALL
Revolution Medicines
RVMD
$39.6B
$22.3M 1.48%
+228,900
New +$23.1M
ANIK icon
21
Anika Therapeutics
ANIK
$203M
$20.8M 1.38%
1,435,130
– –
MAZE
22
Maze Therapeutics
MAZE
$1.56B
$18.4M 1.22%
614,962
+64,771
+12% +$2.86M
VRCA icon
23
Verrica Pharmaceuticals
VRCA
$96M
$4.89M 0.33%
923,910
– –
FTH
24
Faeth Therapeutics
FTH
$667M
$3.97M 0.26%
+126,002
New +$2.52M
AGIO icon
25
CALL
Agios Pharmaceuticals
AGIO
$2.36B
$3.04M 0.2%
90,000
– –
1
2

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Caligan Partners's Q1 2026 Portfolio in Review

As of Q1 2026, Caligan Partners held 35 positions worth $1.5B, up 24% from $1.21B the previous quarter. Its ten largest holdings account for 75% of the portfolio.

Caligan Partners deployed $225M of net new capital in Q1 2026, opening 11 new positions and adding to 10 existing holdings. Its largest new stake was LB Pharmaceuticals: 1,438,070 shares worth $34.6M.

By sector, the portfolio is most concentrated in Healthcare at 94% of assets, up from 90% a quarter earlier.

On the sell side, the largest reduction was Tango Therapeutics, an estimated $18.4M trimmed.

  • Caligan Partners's largest Q1 2026 buy was LB Pharmaceuticals: 1,438,070 shares worth $34.6M.
  • Caligan Partners added most to Xenon Pharmaceuticals in Q1 2026, an estimated $38.9M increase.
  • Caligan Partners's biggest Q1 2026 reduction was Tango Therapeutics, cutting an estimated $18.4M.
  • Caligan Partners fully exited Inhibrx in Q1 2026, selling an estimated $25.6M.
  • Caligan Partners's ten largest holdings make up 75% of its $1.5B portfolio in Q1 2026.
  • Caligan Partners opened 11 new positions and closed 7 in Q1 2026.
  • Caligan Partners's portfolio value rose 24% quarter-over-quarter to $1.5B.

Based on Caligan Partners's 13F filing for Q1 2026, filed 15 May 2026.