1y return+172.6%S&P 500 +20.9%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since September 30, 2024: $348 against $130 in the S&P 500.2
Caligan Partners LPS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| LQDALiquidia Corporation | $647.3M | 31.2% | |
| RVMDRevolution Medicines Inc | $367.4M | 17.7% | +18.7% |
| ABVXAbivax Sa | $207.6M | 10.0% | +6.6% |
| PCVXVaxcyte Inc | $127.2M | 6.1% | +6.2% |
| EXELExelixis Inc | $84.5M | 4.1% | |
| TNGXTango Therapeutics Inc | $78.2M | 3.8% | +3.8% |
| AVTXAvalo Therapeutics Inc | $58.5M | 2.8% | +93.5% |
| XENEXenon Pharmaceuticals Inc | $53.7M | 2.6% | −36.1% |
| ADMAAdma Biologics Inc | $47.9M | 2.3% | +20.4% |
| LBRXLb Pharmaceuticals Inc | $46.7M | 2.3% | |
| IMCRImmunocore Hldgs PLC | $43.9M | 2.1% | New |
| VRDNViridian Therapeutics Inc | $40.3M | 1.9% | New |
| VORVor Biopharma Inc | $35.4M | 1.7% | |
| SABSSab Biotherapeutics Inc | $31.1M | 1.5% | |
| IVAInventiva Sa | $30.9M | 1.5% | +64.1% |
| AURAAura Biosciences Inc | $30.5M | 1.5% | +1769.9% |
| TYRATyra Biosciences Inc | $25.8M | 1.2% | −36.8% |
| IRDOpus Genetics Inc | $25.0M | 1.2% | |
| ANIKAnika Therapeutics Inc | $21.0M | 1.0% | |
| SGMTSagimet Biosciences Inc | $19.3M | 0.9% | New |
| ARTVArtiva Biotherapeutics Inc | $16.8M | 0.8% | New |
| FTHFaeth Therapeutics Inc | $15.7M | 0.8% | +399.6% |
| MBXMbx Biosciences Inc | $11.0M | 0.5% | −76.4% |
| VRCAVerrica Pharmaceuticals Inc | $5.7M | 0.3% | |
| CLRBCellectar Biosciences Inc | $1.3M | 0.1% | New |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| LQDALiquidia Corporation | December 31, 2022 | +1151.6% | $647.3M |
| RVMDRevolution Medicines Inc | March 31, 2025 | +429.6% | $367.4M |
| TNGXTango Therapeutics Inc | December 31, 2025 | +252.8% | $78.2M |
| TYRATyra Biosciences Inc | March 31, 2025 | +243.4% | $25.8M |
| EXELExelixis Inc | March 31, 2023 | +180.3% | $84.5M |
| MBXMbx Biosciences Inc | March 31, 2026 | +84.9% | $11.0M |
| XENEXenon Pharmaceuticals Inc | September 30, 2025 | +50.3% | $53.7M |
| AVTXAvalo Therapeutics Inc | September 30, 2025 | +45.4% | $58.5M |
| VRCAVerrica Pharmaceuticals Inc | September 30, 2025 | +42.0% | $5.7M |
| VORVor Biopharma Inc | December 31, 2025 | +40.7% | $35.4M |
Sold off last quarter
- MLYSMineralys Therapeutics Inc was $75.1M
- SYRESpyre Therapeutics Inc was $44.3M
- MAZEMaze Therapeutics Inc was $18.4M
- XLOXilio Therapeutics Inc was $943K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +43.7% | +14.8% |
| March 31, 2026 | +3.9% | −4.6% |
| December 31, 2025 | +31.7% | +2.4% |
| September 30, 2025 | +38.6% | +7.8% |
| June 30, 2025 | +7.6% | +10.5% |
| March 31, 2025 | +14.7% | −4.6% |
| December 31, 2024 | +3.4% | +2.1% |
| June 30, 2024 | −3.0% | +4.0% |
| March 31, 2024 | +15.3% | +10.0% |
| December 31, 2023 | +40.1% | +11.2% |
| September 30, 2023 | +1.6% | −3.6% |
| June 30, 2023 | +5.7% | +8.3% |
| March 31, 2023 | +7.6% | +7.0% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Caligan Partners LP Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1727492&type=13F-HR&dateb=&owner=include&count=40CIK 1727492
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1727492/000142050626001809/Filed August 14, 2026 · accession 0001420506-26-001809