Caligan Partners LP — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, Caligan Partners LP initiated 8 new positions, increased allocation to 10 existing positions, trimmed 1 position, and exited 4 positions entirely. The fund's 13F equity book grew from $1.09B to $1.41B (+29.4% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $1.09BPrior quarter
- $1.41BCurrent quarter
- + $0.32BNet delta
- +29.4%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| SPYRE THERAPEUTICS, INC. | SYRE | 3.13% | History → |
| LB PHARMACEUTICALS INC. | LBRX | 2.45% | Holders → |
| SAB BIOTHERAPEUTICS INC | SABS | 2.16% | Holders → |
| OPUS GENETICS INC | IRD | 1.96% | Holders → |
| MBX BIOSCIENCES INC | MBX | 1.79% | Holders → |
| SENSEI BIOTHERAPEUTICS INC | SNSE | 0.28% | Holders → |
| AURA BIOSCIENCES INC | AURA | 0.11% | Holders → |
| XILIO THERAPEUTICS INC | XLO | 0.07% | Holders → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| XENON PHARMACEUTICALS INC | XENE | +3.47% | +153.43% | History → |
| INVENTIVA SA | IVA | +1.10% | +148.75% | Holders → |
| VOR BIOPHARMA INC | VOR | +1.52% | +108.10% | Holders → |
| AVALO THERAPEUTICS INC | AVTX | +0.26% | +85.47% | Holders → |
| ADMA BIOLOGICS INC | ADMA | +-2.00% | +57.89% | Holders → |
| TYRA BIOSCIENCES INC | TYRA | +1.19% | +35.24% | History → |
| REVOLUTION MEDICINES INC | RVMD | +2.01% | +28.73% | History → |
| VAXCYTE INC | PCVX | +1.27% | +20.88% | History → |
| MAZE THERAPEUTICS INC | MAZE | +-0.79% | +11.77% | Holders → |
| ABIVAX S.A. | ABVX | +-6.41% | +0.69% | History → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| TANGO THERAPEUTICS INC | TNGX | 0.54% | -35.42% | History → |
Exited Positions Q1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| INHIBRX BIOSCIENCES INC | INBX | 2.34% |
| RAPT THERAPEUTICS INC | SYN_75382E208 | 2.00% |
| SPRUCE BIOSCIENCES INC | SPRB | 0.16% |
| ELEDON PHARMACEUTICALS INC | ELDN | 0.08% |
Methodology & FAQ
How Caligan Partners LP Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for Caligan Partners LP against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did Caligan Partners LP initiate in Q1 2026?
Caligan Partners LP established 8 new positions in Q1 2026: SPYRE THERAPEUTICS, INC. (SYRE, 3.13%), LB PHARMACEUTICALS INC. (LBRX, 2.45%), SAB BIOTHERAPEUTICS INC (SABS, 2.16%), OPUS GENETICS INC (IRD, 1.96%), MBX BIOSCIENCES INC (MBX, 1.79%), SENSEI BIOTHERAPEUTICS INC (SNSE, 0.28%), AURA BIOSCIENCES INC (AURA, 0.11%), XILIO THERAPEUTICS INC (XLO, 0.07%).
Which existing positions saw the largest allocation increases for Caligan Partners LP in Q1 2026?
The largest portfolio-weight increases in existing positions were: XENON PHARMACEUTICALS INC (XENE, +3.47% weight, +153.43% shares), INVENTIVA SA (IVA, +1.10% weight, +148.75% shares), VOR BIOPHARMA INC (VOR, +1.52% weight, +108.10% shares), AVALO THERAPEUTICS INC (AVTX, +0.26% weight, +85.47% shares), ADMA BIOLOGICS INC (ADMA, +-2.00% weight, +57.89% shares), TYRA BIOSCIENCES INC (TYRA, +1.19% weight, +35.24% shares), REVOLUTION MEDICINES INC (RVMD, +2.01% weight, +28.73% shares), VAXCYTE INC (PCVX, +1.27% weight, +20.88% shares), MAZE THERAPEUTICS INC (MAZE, +-0.79% weight, +11.77% shares), ABIVAX S.A. (ABVX, +-6.41% weight, +0.69% shares).
Which positions did Caligan Partners LP fully exit in Q1 2026?
Caligan Partners LP fully exited 4 positions in Q1 2026: INHIBRX BIOSCIENCES INC (INBX, last-reported weight 2.34%), RAPT THERAPEUTICS INC (SYN_75382E208, last-reported weight 2.00%), SPRUCE BIOSCIENCES INC (SPRB, last-reported weight 0.16%), ELEDON PHARMACEUTICALS INC (ELDN, last-reported weight 0.08%).
Which existing positions saw the largest allocation reductions for Caligan Partners LP in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: TANGO THERAPEUTICS INC (TNGX, 0.54% weight, -35.42% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity.