Insider Monkey viewed a copy ofAlphyn Capital Management’s second-quarter 2026 investor letter. The fund’s Master Account returned 0.6% net in the quarter compared to 15.2% for the S&P500. As of June 30, 2026, the top ten positions comprised approximately 72% of the portfolio, and the portfolio held approximately 9% in cash and short-term treasuries. The portfolio experienced minimal gains in the quarter, despite a strong index performance, leading to disappointment in longer-term results. The author acknowledged prior management flaws, notably holding onto positions after their initial rationale changed. As a correction, every position now has a clear thesis, expected return, and exit strategy based on changes in metrics. The letter concluded that while early-stage analysis can be misleading, profitability consistency can identify successful long-term investments more effectively.
In its second-quarter 2026 investor letter, Alphyn Capital Management highlighted AnaptysBio, Inc. (NASDAQ:ANAB) as a newly added position. AnaptysBio, Inc. (NASDAQ:ANAB) is a clinical-stage biotechnology company focusing on immunology therapeutics for autoimmune and inflammatory diseases. On September 08, 2026, AnaptysBio, Inc. (NASDAQ:ANAB) closed at $56.60 per share, reflecting a market capitalization of $1.68 billion. AnaptysBio, Inc. (NASDAQ:ANAB) posted a one-month return of -0.67%, while its shares gained 272.75% over the past 52 weeks.
Alphyn Capital Management stated that AnaptysBio, Inc. transitioned into a streamlined royalty business with fewer than 10 employees and minimal annual expenses following an April corporate separation. Its primary asset is a royalty agreement for GSK’s cancer drug Jemperli, which scales from 8% to 25% on annual sales exceeding $2.5 billion, building on 2025 sales of over $1.1 billion toward a $2.7 billion target. According to Alphyn, following favorable legal developments, the stock offered a protected base-case valuation between $55 and $65 per share, with potential upside ranging from $70 to $105 per share depending on the outcome of the July 14 trial regarding commercialization obligations.
AnaptysBio, Inc. (NASDAQ:ANAB) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. According to our database, 34 hedge fund portfolios held AnaptysBio, Inc. (NASDAQ:ANAB) at the end of the second quarter, compared to 33 in the previous quarter. While we acknowledge the potential of AnaptysBio, Inc. (NASDAQ:ANAB) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
