Caligan Partners LP 13F: Quarter-over-Quarter Portfolio Changes
Caligan Partners LP reported a disclosed portfolio value of approximately $1.4 billion in its latest SEC Form 13F-HR filing for Q1 2026, up 29.4% quarter on quarter. Over the quarter, the fund initiated 8 new positions, bought more shares in 10 holdings, trimmed 1 holding, and exited 4 positions.
Caligan Partners LP's top buy was Xenon Pharmaceuticals INC (XENE) . The fund bought 153.4% more shares, lifting the position's portfolio weight by 3.5 percentage points. Its top sell was Inhibrx Biosciences INC (INBX) . The fund exited the position completely after it had accounted for 2.3% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| SPYRE THERAPEUTICS INC | SYRE | 3.1% | History → |
| LB PHARMACEUTICALS INC | LBRX | 2.4% | Holders → |
| SAB BIOTHERAPEUTICS IN | SABS | 2.2% | Holders → |
| OPUS GENETICS INC | IRD | 2.0% | Holders → |
| MBX BIOSCIENCES INC | MBX | 1.8% | Holders → |
| SENSEI BIOTHERAPEUTICS INC | SNSE | 0.3% | Holders → |
| AURA BIOSCIENCES INC | AURA | 0.1% | Holders → |
| XILIO THERAPEUTICS INC | XLO | 0.1% | Holders → |
Top BuysQ1 2026
The fund's top buys among existing positions in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| XENON PHARMACEUTICALS INC | XENE | +3.5% | +153.4% | History → |
| INVENTIVA SA | IVA | +1.1% | +148.7% | Holders → |
| VOR BIOPHARMA INC | VOR | +1.5% | +108.1% | Holders → |
| AVALO THERAPEUTICS INC | AVTX | +0.3% | +85.5% | Holders → |
| ADMA BIOLOGICS INC | ADMA | +-2.0% | +57.9% | Holders → |
| TYRA BIOSCIENCES INC | TYRA | +1.2% | +35.2% | History → |
| REVOLUTION MEDICINES INC | RVMD | +2.0% | +28.7% | History → |
| VAXCYTE INC | PCVX | +1.3% | +20.9% | History → |
| MAZE THERAPEUTICS INC | MAZE | +-0.8% | +11.8% | Holders → |
| ABIVAX SA | ABVX | +-6.4% | +0.7% | History → |
Top SellsQ1 2026
The fund's top sells among positions it retained in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| TANGO THERAPEUTICS INC | TNGX | 0.5% | 35.4% | History → |
Full ExitsQ1 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 | 2.3% |
| RAPT THERAPEUTICS INC | RAPT | 2.0% |
| SPRUCE BIOSCIENCES INC | SPRB | 0.2% |
| ELEDON PHARMACEUTICALS INC | ELDN | 0.1% |
Net Portfolio Value ChangeQ1 2026
- $1.1BPrior quarter
- $1.4BCurrent quarter
- +$0.3BNet delta
- +29.4%% change
Methodology & FAQ
How Caligan Partners LP Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for Caligan Partners LP: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did Caligan Partners LP buy in Q1 2026?
In Q1 2026, Caligan Partners LP initiated 8 new positions (SPYRE THERAPEUTICS INC (SYRE), LB PHARMACEUTICALS INC (LBRX), SAB BIOTHERAPEUTICS IN (SABS), OPUS GENETICS INC (IRD), MBX BIOSCIENCES INC (MBX), SENSEI BIOTHERAPEUTICS INC (SNSE), AURA BIOSCIENCES INC (AURA), XILIO THERAPEUTICS INC (XLO)); bought more shares of XENON PHARMACEUTICALS INC (XENE), INVENTIVA SA (IVA), VOR BIOPHARMA INC (VOR), AVALO THERAPEUTICS INC (AVTX), ADMA BIOLOGICS INC (ADMA) — the largest 5 of 10 adds.
What stocks did Caligan Partners LP sell in Q1 2026?
In Q1 2026, Caligan Partners LP fully sold 4 positions (INHIBRX BIOSCIENCES INC (INBX), RAPT THERAPEUTICS INC (RAPT), SPRUCE BIOSCIENCES INC (SPRB), ELEDON PHARMACEUTICALS INC (ELDN)); reduced holdings in TANGO THERAPEUTICS INC (TNGX).
Which positions did Caligan Partners LP initiate in Q1 2026?
Caligan Partners LP established 8 new positions in Q1 2026: SPYRE THERAPEUTICS INC (SYRE, 3.1%), LB PHARMACEUTICALS INC (LBRX, 2.4%), SAB BIOTHERAPEUTICS IN (SABS, 2.2%), OPUS GENETICS INC (IRD, 2.0%), MBX BIOSCIENCES INC (MBX, 1.8%), SENSEI BIOTHERAPEUTICS INC (SNSE, 0.3%), AURA BIOSCIENCES INC (AURA, 0.1%), XILIO THERAPEUTICS INC (XLO, 0.1%).
Which existing positions saw the largest allocation increases for Caligan Partners LP in Q1 2026?
Of 10 existing positions with share-count increases in Q1 2026, the largest were: XENON PHARMACEUTICALS INC (XENE, +3.5% weight, +153.4% shares), INVENTIVA SA (IVA, +1.1% weight, +148.7% shares), VOR BIOPHARMA INC (VOR, +1.5% weight, +108.1% shares), AVALO THERAPEUTICS INC (AVTX, +0.3% weight, +85.5% shares), ADMA BIOLOGICS INC (ADMA, +-2.0% weight, +57.9% shares), TYRA BIOSCIENCES INC (TYRA, +1.2% weight, +35.2% shares), REVOLUTION MEDICINES INC (RVMD, +2.0% weight, +28.7% shares), VAXCYTE INC (PCVX, +1.3% weight, +20.9% shares), MAZE THERAPEUTICS INC (MAZE, +-0.8% weight, +11.8% shares), ABIVAX SA (ABVX, +-6.4% weight, +0.7% 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 2.3%), RAPT THERAPEUTICS INC (RAPT, last-reported weight 2.0%), SPRUCE BIOSCIENCES INC (SPRB, last-reported weight 0.2%), ELEDON PHARMACEUTICALS INC (ELDN, last-reported weight 0.1%).
Which existing positions saw the largest allocation reductions for Caligan Partners LP in Q1 2026?
Of 1 existing position with share-count reductions in Q1 2026, the largest were: TANGO THERAPEUTICS INC (TNGX, 0.5% weight, -35.4% 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. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.