Caligan Partners LP
Long book
$1.41B
Q1 2026
Positions
24
Top-10 weight
79%
concentration
Last quarter
+45.6%
SPY +14.8%
Turnover
43%
of book per quarter
Strategy in plain words
auto-generated from filingsCaligan Partners LP is a concentrated fundamental stock-picker, specialised in healthcare (100% of the long book), running a $1.41B US long book across 24 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: LIQUIDIA CORP, ABIVAX SA-ADR, REVOLUTION MEDICINES INC, VAXCYTE INC, XENON PHARMACEUTICALS INC.
Over the last 9 quarters its long book ran on average 12.5pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-12.3%
Q2 2024
-0.8%
Q3 2024
-3.2%
Q4 2024
+11.9%
Q1 2025
-4.8%
Q2 2025
+79.7%
Q3 2025
+32.7%
Q4 2025
+3.8%
Q1 2026
+45.6%
Sector allocation
Healthcare 100%
Long book by quarter
What does Caligan Partners own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| LQDA LIQUIDIA CORP | Healthcare | 8.1M | $306.4M | 21.7% | Held |
| RVMD REVOLUTION MEDICINES INC | Healthcare | 1.7M | $160.7M | 11.4% | +28.7% |
| PCVX VAXCYTE INC | Healthcare | 2.1M | $119.7M | 8.5% | +20.9% |
| XENE XENON PHARMACEUTICALS INC | Healthcare | 1.4M | $81.0M | 5.7% | +153.4% |
| MLYS MINERALYS THERAPEUTICS INC | Healthcare | 2.8M | $75.1M | 5.3% | Held |
| EXEL EXELIXIS INC | Healthcare | 1.6M | $66.6M | 4.7% | Held |
| TNGX TANGO THERAPEUTICS INC | Healthcare | 2.4M | $50.4M | 3.6% | -35.4% |
| TYRA TYRA BIOSCIENCES INC | Healthcare | 1.3M | $48.9M | 3.5% | +35.2% |
| SYRE SPYRE THERAPEUTICS INC | Healthcare | 878.1K | $44.3M | 3.1% | New |
| ADMA ADMA BIOLOGICS INC | Healthcare | 4.8M | $42.9M | 3.0% | +57.9% |
| LBRX LB PHARMACEUTICALS INC | Healthcare | 1.4M | $34.6M | 2.4% | New |
| VOR VOR BIOPHARMA INC | Healthcare | 1.9M | $34.3M | 2.4% | +108.1% |
| SABS SAB BIOTHERAPEUTICS INC | Healthcare | 8.0M | $30.5M | 2.2% | New |
| IRD OPUS GENETICS INC | Healthcare | 6.1M | $27.6M | 2.0% | New |
| MBX MBX BIOSCIENCES INC | Healthcare | 848.6K | $25.3M | 1.8% | New |
| AVTX AVALO THERAPEUTICS INC | Healthcare | 1.6M | $24.4M | 1.7% | +85.5% |
| ANIK ANIKA THERAPEUTICS INC | Healthcare | 1.4M | $20.8M | 1.5% | Held |
| MAZE MAZE THERAPEUTICS INC | Healthcare | 615.0K | $18.4M | 1.3% | +11.8% |
| VRCA VERRICA PHARMACEUTICALS INC | Healthcare | 923.9K | $4.9M | 0.3% | Held |
| FTH FAETH THERAPEUTICS INC | Healthcare | 126.0K | $4.0M | 0.3% | New |
| AURA AURA BIOSCIENCES INC | Healthcare | 229.9K | $1.5M | 0.1% | New |
| XLO XILIO THERAPEUTICS INC | Healthcare | 112.1K | $943K | 0.1% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 28 | $1.50B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 24 | $1.21B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 18 | $763.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 17 | $520.2M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 16 | $479.2M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 14 | $394.9M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 12 | $315.5M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 13 | $428.0M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 13, 2024 | 12 | $378.3M | canonical | SEC ↗ |