Lion Point Capital, LP
Long book
$16.7M
Q1 2026
Positions
35
Top-10 weight
55%
concentration
Last quarter
+27.7%
SPY +14.8%
Turnover
10%
of book per quarter
Strategy in plain words
auto-generated from filingsLion Point Capital, LP is a concentrated fundamental stock-picker, specialised in healthcare (96% of the long book), running a $16.7M US long book across 35 positions.
The portfolio is concentrated: the top 10 names carry 55% of the portfolio. Turnover is modest: positions are typically held for years. Current anchor positions: PRAXIS PRECISION MEDICINES I, MOONLAKE IMMUNOTHERAPEUTICS, ROYALTY PHARMA PLC- CL A, MILESTONE PHARMACEUTICALS IN, GERON CORP.
Over the last 9 quarters its long book ran on average 3.1pp per quarter ahead of the S&P 500, beating the index in 4 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
+4.6%
Q2 2024
+3.1%
Q3 2024
-2.2%
Q4 2024
-15.5%
Q1 2025
+9.6%
Q2 2025
+32.7%
Q3 2025
+18.6%
Q4 2025
-10.2%
Q1 2026
+27.7%
Sector allocation
Healthcare 96%
Materials 3%
Industrials 1%
Long book by quarter
What does Lion Point own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| PRAX PRAXIS PRECISION MEDICINES I | Healthcare | 4.5K | $1.4M | 8.6% | Held |
| MLTX MOONLAKE IMMUNOTHERAPEUTICS | Healthcare | 67.5K | $1.3M | 7.5% | Held |
| RPRX ROYALTY PHARMA PLC- CL A | Healthcare | 21.4K | $1.0M | 6.1% | Held |
| MIST MILESTONE PHARMACEUTICALS IN | Healthcare | 820.0K | $976K | 5.8% | +8.6% |
| GERN GERON CORP | Healthcare | 578.0K | $861K | 5.1% | Held |
| SNDX SYNDAX PHARMACEUTICALS INC | Healthcare | 36.0K | $841K | 5.0% | Held |
| ARDX ARDELYX INC | Healthcare | 128.7K | $771K | 4.6% | Held |
| FENC FENNEC PHARMACEUTICALS INC | Healthcare | 112.4K | $691K | 4.1% | Held |
| BNTC BENITEC BIOPHARMA INC | Healthcare | 62.0K | $660K | 3.9% | Held |
| SRPT SAREPTA THERAPEUTICS INC | Healthcare | 28.5K | $620K | 3.7% | Held |
| IRON DISC MEDICINE INC | Healthcare | 8.1K | $518K | 3.1% | Held |
| CUE CUE BIOPHARMA INC | Healthcare | 2.2M | $506K | 3.0% | Held |
| BHVN BIOHAVEN LTD | Healthcare | 51.7K | $437K | 2.6% | Held |
| LNTH LANTHEUS HOLDINGS INC | Materials | 5.5K | $417K | 2.5% | Held |
| JSPR JASPER THERAPEUTICS INC | Healthcare | 465.0K | $407K | 2.4% | Held |
| HUMA HUMACYTE INC | Healthcare | 650.0K | $394K | 2.4% | +30.0% |
| VTRS VIATRIS INC | Healthcare | 27.7K | $374K | 2.2% | Held |
| KURA KURA ONCOLOGY INC | Healthcare | 46.0K | $374K | 2.2% | Held |
| BBIO BRIDGEBIO PHARMA INC | Healthcare | 5.0K | $371K | 2.2% | Held |
| DYN DYNE THERAPEUTICS INC | Healthcare | 18.0K | $326K | 2.0% | Held |
| RCKT ROCKET PHARMACEUTICALS INC | Healthcare | 86.0K | $308K | 1.8% | Held |
| PCRX PACIRA BIOSCIENCES INC | Healthcare | 13.5K | $305K | 1.8% | Held |
| EWTX EDGEWISE THERAPEUTICS INC | Healthcare | 9.1K | $287K | 1.7% | Held |
| MLYS MINERALYS THERAPEUTICS INC | Healthcare | 10.5K | $284K | 1.7% | Held |
| MCRB SERES THERAPEUTICS INC | Healthcare | 31.6K | $280K | 1.7% | Held |
| JANX JANUX THERAPEUTICS INC | Healthcare | 19.0K | $264K | 1.6% | Held |
| QURE UNIQURE NV | Healthcare | 14.7K | $240K | 1.4% | Held |
| RGNX REGENXBIO INC | Healthcare | 26.6K | $223K | 1.3% | Held |
| AZTA AZENTA INC | Industrials | 9.7K | $205K | 1.2% | Held |
| INVA INNOVIVA INC | Healthcare | 8.2K | $191K | 1.1% | Held |
| GHRS GH RESEARCH PLC | Healthcare | 10.2K | $143K | 0.9% | Held |
| ARQT ARCUTIS BIOTHERAPEUTICS INC | Healthcare | 5.3K | $124K | 0.7% | Held |
| SPRB SPRUCE BIOSCIENCES INC | Healthcare | 1.0K | $65K | 0.4% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 35 | $16.7M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 39 | $19.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 27 | $17.6M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 19 | $14.7M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 21 | $15.7M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 19 | $19.1M | confidential canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 25 | $44.9M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 27 | $54.9M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 32 | $179.0M | canonical | SEC ↗ |