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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
ADMA icon
26
CALL
ADMA Biologics
ADMA
$2.02B
$2.7M 0.18%
+300,000
New +$4.73M
AURA icon
27
Aura Biosciences
AURA
$723M
$1.54M 0.1%
+229,864
New +$1.32M
XLO icon
28
Xilio Therapeutics
XLO
$58.4M
$943K 0.06%
+112,128
New +$918K
ELDN icon
29
Eledon Pharmaceuticals
ELDN
$314M
– –
-555,978
Closed -$840K
INBX icon
30
CALL
Inhibrx
INBX
$1.28B
– –
-150,000
Closed -$11.8M
INBX icon
31
Inhibrx
INBX
$1.28B
– –
-323,565
Closed -$25.6M
MLYS icon
32
PUT
Mineralys Therapeutics
MLYS
$2.39B
– –
-2,298,400
Closed -$83.4M
RAPT
33
DELISTED
RAPT Therapeutics
RAPT
– –
-644,400
Closed -$21.8M
XENE icon
34
PUT
Xenon Pharmaceuticals
XENE
$6.6B
– –
-549,700
Closed -$24.6M
SPRB
35
Spruce Biosciences
SPRB
$120M
– –
-20,514
Closed -$1.79M
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.