Top 10 Holdings of Caligan Partners

8. Agios Pharmaceuticals, Inc. (NASDAQ:AGIO)

Caligan Partners’ Equity Stake: $14.17 Million

Number of Hedge Fund Holders: 30

Agios Pharmaceuticals, Inc. (NASDAQ:AGIO) is a biopharmaceutical company that discovers and develops medicines in cellular metabolism. It is one of the top 10 holdings of Caligan Partners and one of the best-performing stocks in its portfolio. Agios Pharmaceuticals, Inc. (NASDAQ:AGIO) is already up by more than 113%. The rally comes on the backdrop of the company agreeing to sell 15% royalty in a brain cancer drug, Royalty Pharma, for $905 million.

In a report to clients, RBC Capital Markets analyst Gregory Renza called it a “welcome and optimal move on monetizing a valuable non-core asset.” Agios Pharmaceuticals, Inc. (NASDAQ:AGIO) sells a drug called Pyrukynd for patients with anemia and PK deficiency, a disease that chronically destroys red blood cells. But Agios is working on expanding the same drug, under the test name mitapivat, to other blood diseases.

The sale is expected to strengthen Agios Pharmaceuticals, Inc. (NASDAQ:AGIO) ‘s cash position, which it can use to accelerate its other candidate programs. A total of 30 hedge funds in Insider Monkey’s database of 920 funds had stakes in Agios Pharmaceuticals, Inc. (NASDAQ:AGIO) as of the end of Q1 2024, compared to 21 in the previous quarter.