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Caligan Partners LP

Q4 2025 · Filed 2026-02-17
Market Value
$1.1B
+49.7%
Holdings
22
+4
New Purchases
8
Added To
5
Closed
4
Reduced
0
Top 10 Concentration
91.6%
Turnover
54.5%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
PCVX 7.49% 0.00% +7.49% $79M
TNGX 3.14% 0.00% +3.14% $33M
RVMD 9.73% 7.08% +2.65% $102M
MAZE 2.17% 0.00% +2.17% $23M
RAPT 2.08% 0.00% +2.08% $22M
ABVX 18.63% 17.56% +1.08% $196M
TYRA 2.36% 1.39% +0.97% $25M
VOR 0.95% 0.00% +0.95% $10M
IVA 0.88% 0.00% +0.88% $9M
LQDA 26.65% 26.30% +0.35% $280M
SPRB 0.17% 0.00% +0.17% $2M
VRCA 0.73% 0.57% +0.16% $8M
ELDN 0.08% 0.00% +0.08% $840K

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AGIO 0.00% 6.47% -6.47% $0
MLYS 9.57% 14.97% -5.40% $101M
EOLS 0.00% 3.62% -3.62% $0
MRUS 0.00% 2.91% -2.91% $0
EXEL 6.48% 8.97% -2.50% $68M
ANIK 1.31% 1.92% -0.61% $14M
ADMA 5.23% 5.51% -0.28% $55M
AURA 0.00% 0.20% -0.20% $0
XENE 2.34% 2.54% -0.20% $25M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 2 $170M 16.2%
Mid Cap 6 $612M 58.3%
Small Cap 8 $225M 21.4%
Micro Cap 6 $43M 4.1%

Portfolio Analytics

Avg Market Cap
$4.1B
Median Market Cap
$1.8B
Avg P/E
89.3
Median P/E
15.5
Avg Dividend Yield
—%
Avg Beta
1.01
# Stocks
22
# ETFs / Funds
0

Top Holdings (22 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 LQDA 26.65% 8,118,892 $280M $34.49 $95M
2 ABVX 18.63% 1,451,924 $196M $134.85 $73M
3 RVMD 9.73% 1,283,900 $102M $79.65 $53M +219,651 +20.6%
4 MLYS 9.57% 2,772,654 $101M $36.29 -$5M
5 PCVX 7.49% 1,704,815 $79M $46.14 +1,704,815 NEW
6 EXEL 6.48% 1,553,262 $68M $43.83 $5M +27,532 +1.8%
7 ADMA 5.23% 3,012,508 $55M $18.24 $16M +375,899 +14.3%
8 TNGX 3.14% 3,729,895 $33M $8.86 +3,729,895 NEW
9 TYRA 2.36% 944,257 $25M $26.29 $15M +247,432 +35.5%
10 XENE 2.34% 549,665 $25M $44.82 $7M +105,100 +23.6%
11 MAZE 2.17% 550,191 $23M $41.43 +550,191 NEW
12 RAPT 2.08% 644,400 $22M $33.87 +644,400 NEW
13 ANIK 1.31% 1,435,130 $14M $9.61 $301K
14 VOR 0.95% 925,067 $10M $10.77 +925,067 NEW
15 IVA 0.88% 2,000,000 $9M $4.65 +2,000,000 NEW
16 VRCA 0.73% 923,910 $8M $8.31 $4M
17 SPRB 0.17% 20,514 $2M $87.11 +20,514 NEW
18 ELDN 0.08% 555,978 $840K $1.51 +555,978 NEW
19 EOLS —% -$25M -4,138,943 -100.0% SOLD
20 AURA —% -$1M -227,174 -100.0% SOLD
21 AGIO —% -$45M -1,131,205 -100.0% SOLD
22 MRUS —% -$20M -216,954 -100.0% SOLD

Options Breakdown

2 Calls $2M Call Value 3 Puts $108M Put Value 44.1 P/C Ratio

Top Calls

SymbolSharesValueStatus
AGIO 90,000 $2M NEW
SLS $0 SOLD

Top Puts

SymbolSharesValueStatus
MLYS 2,298,400 $83M NEW
XENE 549,700 $25M NEW
AGIO $0 SOLD

New Positions

SymbolValue% Port
PCVX $79M 7.49%
TNGX $33M 3.14%
MAZE $23M 2.17%
RAPT $22M 2.08%
VOR $10M 0.95%
IVA $9M 0.88%
SPRB $2M 0.17%
ELDN $840K 0.08%

Sold Out Positions

SymbolValue% Port
EOLS —%
AURA —%
AGIO —%
MRUS —%
View SEC EDGAR Filings for Caligan Partners LP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms