Opaleye Management Inc.
Long book
$759.2M
Q1 2026
Positions
54
Top-10 weight
61%
concentration
Last quarter
+40.7%
SPY +14.8%
Turnover
31%
of book per quarter
Strategy in plain words
auto-generated from filingsOpaleye Management Inc. is a concentrated fundamental stock-picker, specialised in healthcare (98% of the long book), running a $759.2M US long book across 54 positions.
The portfolio is concentrated: the top 10 names carry 61% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: HARROW INC, LIQUIDIA CORP, ETON PHARMACEUTICALS INC, SOL-GEL TECHNOLOGIES LTD, RHYTHM PHARMACEUTICALS INC.
Over the last 9 quarters its long book ran on average 7.8pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-7.6%
Q2 2024
+36.1%
Q3 2024
-3.7%
Q4 2024
-15.5%
Q1 2025
+6.4%
Q2 2025
+41.4%
Q3 2025
+11.2%
Q4 2025
+1.4%
Q1 2026
+40.7%
Sector allocation
Healthcare 97%
Other 2%
Materials 0%
Long book by quarter
What does Opaleye Management own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| HROW HARROW INC | Healthcare | 2.8M | $99.9M | 13.2% | -27.5% |
| LQDA LIQUIDIA CORP | Healthcare | 2.5M | $88.8M | 11.7% | +4.5% |
| ETON ETON PHARMACEUTICALS INC | Healthcare | 2.9M | $70.6M | 9.3% | Held |
| SLGL SOL-GEL TECHNOLOGIES LTD | Healthcare | 500.0K | $39.6M | 5.2% | +10.2% |
| RYTM RHYTHM PHARMACEUTICALS INC | Healthcare | 123.0K | $35.3M | 4.7% | -62.7% |
| APGE APOGEE THERAPEUTICS INC | Healthcare | 390.0K | $32.8M | 4.3% | +0.4% |
| IRON DISC MEDICINE INC | Healthcare | 421.0K | $26.9M | 3.5% | +110.5% |
| URGN UROGEN PHARMA LTD | Healthcare | 1.4M | $25.7M | 3.4% | +432.7% |
| CBIO CRESCENT BIOPHARMA INC | Healthcare | 1.3M | $24.1M | 3.2% | +11.4% |
| STOK STOKE THERAPEUTICS INC | Healthcare | 700.0K | $22.8M | 3.0% | +0.7% |
| CATX PERSPECTIVE THERAPEUTICS INC | Healthcare | 4.7M | $19.5M | 2.6% | +294.7% |
| RZLT REZOLUTE INC | Healthcare | 6.3M | $19.2M | 2.5% | +0.2% |
| MGTX MEIRAGTX HOLDINGS PLC | Healthcare | 2.1M | $18.4M | 2.4% | +443.2% |
| TGTX TG THERAPEUTICS INC | Healthcare | 535.0K | $17.8M | 2.3% | Held |
| SNWV SANUWAVE HEALTH INC | Healthcare | 981.3K | $17.0M | 2.2% | Held |
| EWTX EDGEWISE THERAPEUTICS INC | Healthcare | 500.0K | $15.8M | 2.1% | Held |
| ACOG ALPHA COGNITION INC | Healthcare | 2.6M | $14.1M | 1.9% | +23.7% |
| ANNX ANNEXON INC | Healthcare | 2.3M | $12.9M | 1.7% | -10.3% |
| ALMS ALUMIS INC | Healthcare | 550.0K | $12.1M | 1.6% | +2.8% |
| CDXS CODEXIS INC | Other | 6.8M | $11.1M | 1.5% | -0.1% |
| PTGX PROTAGONIST THERAPEUTICS INC | Healthcare | 100.0K | $10.5M | 1.4% | -4.8% |
| RVMD REVOLUTION MEDICINES INC | Healthcare | 100.0K | $9.7M | 1.3% | Held |
| XOMA XOMA ROYALTY CORPORATION | Healthcare | 300.0K | $9.4M | 1.2% | +2.5% |
| QTTB Q32 BIO INC | Healthcare | 1.3M | $8.1M | 1.1% | +488.8% |
| MBX MBX BIOSCIENCES INC | Healthcare | 260.0K | $7.8M | 1.0% | Held |
| RLMD RELMADA THERAPEUTICS INC | Healthcare | 935.0K | $6.5M | 0.9% | Held |
| CGON CG ONCOLOGY INC | Healthcare | 94.8K | $6.4M | 0.8% | -76.9% |
| JBIO JADE BIOSCIENCES INC | Healthcare | 427.6K | $6.0M | 0.8% | Held |
| OCUL OCULAR THERAPEUTIX INC | Healthcare | 600.0K | $5.1M | 0.7% | -62.4% |
| AH30 ASSERTIO HOLDINGS INC | — | 265.7K | $5.1M | 0.7% | New |
| EDIT EDITAS MEDICINE INC | Healthcare | 1.9M | $4.8M | 0.6% | New |
| STRO SUTRO BIOPHARMA INC | Healthcare | 190.7K | $4.7M | 0.6% | Held |
| DERM JOURNEY MEDICAL CORP | Healthcare | 960.0K | $4.5M | 0.6% | -1.5% |
| VYGR VOYAGER THERAPEUTICS INC | Healthcare | 1.1M | $4.4M | 0.6% | -3.9% |
| TRVI TREVI THERAPEUTICS INC | Healthcare | 345.1K | $4.1M | 0.5% | Held |
| TECX TECTONIC THERAPEUTIC INC | Healthcare | 123.0K | $3.8M | 0.5% | -42.7% |
| CABA CABALETTA BIO INC | Healthcare | 1.4M | $3.7M | 0.5% | +53.3% |
| BDSX BIODESIX INC | Healthcare | 238.0K | $3.5M | 0.5% | New |
| RCKT ROCKET PHARMACEUTICALS INC | Healthcare | 955.0K | $3.4M | 0.5% | Held |
| ZNTL ZENTALIS PHARMACEUTICALS INC | Healthcare | 1.4M | $3.3M | 0.4% | +0.8% |
| NTLA INTELLIA THERAPEUTICS INC | Materials | 245.0K | $3.1M | 0.4% | New |
| FBIO FORTRESS BIOTECH INC | Healthcare | 1.0M | $2.9M | 0.4% | -4.4% |
| IRD OPUS GENETICS INC | Healthcare | 1.1M | $2.3M | 0.3% | Held |
| RIGL RIGEL PHARMACEUTICALS INC | Healthcare | 70.0K | $1.9M | 0.2% | Held |
| AVIR ATEA PHARMACEUTICALS INC | Healthcare | 322.6K | $1.7M | 0.2% | +79.4% |
| LYEL LYELL IMMUNOPHARMA INC | Healthcare | 79.1K | $1.6M | 0.2% | New |
| ENTA ENANTA PHARMACEUTICALS INC | Healthcare | 125.0K | $1.6M | 0.2% | +66.7% |
| NXTC NEXTCURE INC | Healthcare | 141.2K | $1.5M | 0.2% | New |
| FDMT 4D MOLECULAR THERAPEUTICS IN | Healthcare | 112.3K | $1.0M | 0.1% | New |
| CATX PERSPECTIVE THERAPEUTICS INC | Healthcare | 200.0K | $834K | 0.1% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 54 | $759.2M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR/ARESTATEMENT | Apr 13, 2026 | 54 | $757.9M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 54 | $758.0M | SEC ↗ | |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 43 | $707.3M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR/ARESTATEMENT | Aug 15, 2025 | 41 | $494.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 41 | $498.9M | SEC ↗ | |
| Q1 2025 | 13F-HR | May 15, 2025 | 45 | $449.2M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 39 | $571.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 44 | $599.6M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 51 | $437.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR/ARESTATEMENT | May 29, 2024 | 52 | $458.9M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 51 | $436.9M | SEC ↗ |