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Asset Manager ← All Institutions

Ikarian Capital, LLC

Q2 2025 · Filed 2025-08-14
Market Value
$253M
-8.2%
Holdings
109
-7
New Purchases
18
Added To
13
Closed
30
Reduced
25
Top 10 Concentration
50.9%
Turnover
44.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
CDTX 8.93% 1.94% +6.99% $23M
ALNY 7.29% 3.09% +4.20% $18M
INSM 6.51% 2.34% +4.16% $16M
COGT 2.94% 0.00% +2.94% $7M
VRNA 5.48% 2.99% +2.49% $14M
ARVN 2.47% 0.58% +1.89% $6M
JAZZ 1.68% 0.00% +1.68% $4M
CGON 1.59% 0.00% +1.59% $4M
DCTH 1.73% 0.46% +1.27% $4M
PCVX 3.92% 2.74% +1.18% $10M
BIIB 1.07% 0.00% +1.07% $3M
AKRO 4.64% 3.59% +1.04% $12M
FULC 1.16% 0.21% +0.96% $3M
KALV 0.89% 0.00% +0.89% $2M
CYTK 3.05% 2.18% +0.86% $8M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
TARS 3.14% 9.03% -5.88% $8M
SPY 0.00% 5.07% -5.07% $0
BPMC 0.00% 3.65% -3.65% $0
RARE 0.00% 2.85% -2.85% $0
EWTX 0.00% 2.23% -2.23% $0
SRRK 0.69% 2.84% -2.16% $2M
ELVN 0.00% 2.06% -2.06% $0
CRNX 4.92% 6.36% -1.44% $12M
TRVI 0.00% 1.31% -1.31% $0
BBIO 0.00% 1.14% -1.14% $0
KROS 0.00% 1.01% -1.01% $0
0H7R.L 0.00% 0.92% -0.92% $0
SRPT 3.03% 3.91% -0.88% $8M
EOLS 0.00% 0.84% -0.84% $0
MTSR 0.87% 1.48% -0.61% $2M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 1 $0 0.0%
Large Cap 6 $56M 22.0%
Mid Cap 30 $117M 46.4%
Small Cap 40 $61M 24.2%
Micro Cap 32 $19M 7.4%

Portfolio Analytics

Avg Market Cap
$10.4B
Median Market Cap
$959M
Avg P/E
27.0
Median P/E
20.8
Avg Dividend Yield
—%
Avg Beta
1.00
# Stocks
107
# ETFs / Funds
2

Top Holdings (109 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 CDTX 8.93% 464,488 $23M $48.71 $17M +215,548 +86.6%
2 ALNY 7.29% 56,594 $18M $326.09 $10M +25,000 +79.1%
3 INSM 6.51% 163,751 $16M $100.64 $10M +78,951 +93.1%
4 VRNA 5.48% 146,831 $14M $94.58 $6M +16,831 +12.9%
5 CRNX 4.92% 433,431 $12M $28.76 -$5M -90,000 -17.2%
6 AKRO 4.64% 220,000 $12M $53.36 $2M -25,000 -10.2%
7 PCVX 3.92% 305,000 $10M $32.51 $2M +105,000 +52.5%
8 TARS 3.14% 196,536 $8M $40.51 -$17M -288,485 -59.5%
9 CYTK 3.05% 233,464 $8M $33.04 $2M +83,482 +55.7%
10 SRPT 3.03% 449,087 $8M $17.10 -$3M +280,000 +165.6%
11 TGTX 2.98% 209,938 $8M $35.99 -$727K -127 -0.1%
12 COGT 2.94% 1,035,528 $7M $7.18 +1,035,528 NEW
13 VRDN 2.59% 469,949 $7M $13.98 -$102K -25,000 -5.0%
14 ARVN 2.47% 850,000 $6M $7.36 $5M +620,100 +269.7%
15 VIR 2.13% 1,068,062 $5M $5.04 -$2M
16 CPRX 1.80% 209,649 $5M $21.70 -$2M -40,000 -16.0%
17 DCTH 1.73% 322,390 $4M $13.60 $3M +222,025 +221.2%
18 JAZZ 1.68% 40,000 $4M $106.12 +40,000 NEW
19 CGON 1.59% 155,000 $4M $26.00 +155,000 NEW
20 STIM 1.52% 1,099,700 $4M $3.49 -$210K -300 -0.0%
21 GPCR 1.50% 183,085 $4M $20.74 -$774K -81,000 -30.7%
22 DYN 1.37% 363,837 $3M $9.52 -$290K +5,000 +1.4%
23 TECX 1.28% 163,696 $3M $19.87 -$2M -105,394 -39.2%
24 MAZE 1.27% 262,740 $3M $12.27 -$330K -60,000 -18.6%
25 JANX 1.18% 129,691 $3M $23.10 -$506K
26 FULC 1.16% 428,521 $3M $6.88 $2M +228,425 +114.2%
27 ELDN 1.07% 1,000,221 $3M $2.71 -$765K -25,000 -2.4%
28 BIIB 1.07% 21,516 $3M $125.59 +21,516 NEW
29 VKTX 1.05% 100,000 $3M $26.50 $1M +50,000 +100.0%
30 RLAY 1.02% 743,308 $3M $3.46 $624K
31 ARCT 0.90% 175,000 $2M $13.01 $424K
32 GERN 0.89% 1,600,000 $2M $1.41 $2M +1,450,000 +966.7%
33 KALV 0.89% 198,528 $2M $11.31 +198,528 NEW
34 KOD 0.88% 599,534 $2M $3.73 $414K -50,000 -7.7%
35 LXEO 0.87% 550,029 $2M $4.02 $303K
36 MTSR 0.87% 77,316 $2M $28.45 -$2M -72,684 -48.5%
37 VTYX 0.82% 967,590 $2M $2.14 $670K -250,000 -20.5%
38 CPIX 0.79% 595,932 $2M $3.35 -$1M -144,068 -19.5%
39 PRQR 0.70% 868,069 $2M $2.04 +868,069 NEW
40 SRRK 0.69% 49,179 $2M $35.42 -$6M -195,000 -79.9%
41 QURE 0.66% 119,986 $2M $13.94 +119,986 NEW
42 SLN 0.55% 873,568 $1M $1.60 +873,568 NEW
43 RCUS 0.53% 163,363 $1M $8.14 $47K
44 APLS 0.51% 75,000 $1M $17.31 -$342K
45 ALEC 0.50% 900,000 $1M $1.40 $92K -50,000 -5.3%
46 NUVB 0.48% 619,258 $1M $1.95 $118K
47 CYBN 0.47% 140,475 $1M $8.39 -$1M -256,700 -64.6%
48 TRML 0.43% 67,927 $1M $15.99 $53K
49 WVE 0.41% 161,137 $1M $6.50 +161,137 NEW
50 ORKA 0.30% 68,574 $769K $11.21 -$1M -106,426 -60.8%
51 IBB 0.29% 5,755 $728K $126.51 +5,755 NEW
52 SGMO 0.27% 1,260,179 $682K $0.54 -$538K -600,000 -32.2%
53 IFRX 0.22% 705,010 $557K $0.79 +705,010 NEW
54 LYEL 0.15% 43,799 $387K $8.84 +43,799 NEW
55 ANAB 0.14% 15,662 $348K $22.20 +15,662 NEW
56 VERA 0.13% 14,096 $332K $23.56 +14,096 NEW
57 ABOS 0.12% 265,769 $308K $1.16 $16K
58 IMTX 0.10% 49,396 $266K $5.38 +49,396 NEW
59 VIGL 0.10% 31,360 $249K $7.95 -$196K -218,640 -87.5%
60 ANRO 0.10% 110,000 $242K $2.20 -$136K -65,000 -37.1%
61 RNAC 0.09% 22,166 $230K $10.39 -$62K
62 ANEB 0.09% 157,720 $227K $1.44 $22K
63 TERN 0.09% 58,491 $218K $3.73 -$633K -250,000 -81.0%
64 EVAX 0.08% 80,000 $196K $2.45 $48K
65 SNSE 0.08% 22,497 $193K $8.58 +22,497 NEW
66 LYRA 0.07% 21,161 $190K $8.96 +21,161 NEW
67 VYGR 0.07% 55,766 $173K $3.11 -$15K
68 LXRX 0.07% 176,479 $167K $0.95 -$486K -1,241,473 -87.5%
69 PEPG 0.07% 150,000 $166K $1.11 -$44K
70 KPTI 0.05% 27,257 $117K $4.31 $16K
71 MGNX 0.04% 80,071 $97K $1.21 -$5K
72 SGMT 0.04% 11,984 $91K $7.62 $52K
73 AIRS 0.03% 17,951 $87K $4.83 +17,951 NEW
74 TKNO 0.03% 14,008 $69K $4.91 -$4K
75 HOOK 0.03% 52,996 $67K $1.26 $9K
76 TOVX 0.02% 120,031 $52K $0.43 -$80K
77 TRAW 0.02% 28,493 $42K $1.48 -$23K
78 RLMD 0.01% 40,270 $24K $0.60 $13K
79 NMRA —% 12,498 $9K $0.73 -$6K -2,959 -19.1%
80 EWTX —% -$6M -280,000 -100.0% SOLD
81 ITOS —% -$469K -78,585 -100.0% SOLD
82 RARE —% -$8M -216,989 -100.0% SOLD
83 CHRO —% -$626K -440,849 -100.0% SOLD
84 GLUE —% -$634K -136,575 -100.0% SOLD
85 SPY —% -$14M -25,000 -100.0% SOLD
86 ELVN —% -$6M -289,538 -100.0% SOLD
87 LRMR —% -$126K -58,526 -100.0% SOLD
88 BPMC —% -$10M -113,904 -100.0% SOLD
89 PYXS —% -$601K -613,253 -100.0% SOLD
90 TRVI —% -$4M -575,000 -100.0% SOLD
91 BBIO —% -$3M -90,837 -100.0% SOLD
92 EOLS —% -$2M -193,265 -100.0% SOLD
93 OKUR —% -$1M -253,754 -100.0% SOLD
94 ACRS —% -$231K -150,900 -100.0% SOLD
95 OLMA —% -$722K -191,994 -100.0% SOLD
96 ETNB —% -$727K -100,000 -100.0% SOLD
97 0H7R.L —% -$3M -533,581 -100.0% SOLD
98 CLYM —% -$214K -175,088 -100.0% SOLD
99 DNA —% -$332K -58,300 -100.0% SOLD
100 RZLT —% -$145K -50,058 -100.0% SOLD

Options Breakdown

34 Calls $97M Call Value 18 Puts $58M Put Value 0.6 P/C Ratio

Top Calls

SymbolSharesValueStatus
RARE 563,100 $20M
CDTX 321,000 $16M NEW
VKTX 350,000 $9M
CAPR 700,000 $7M
SRPT 332,100 $6M NEW
CYTK 150,000 $5M NEW
KALV 400,000 $5M NEW
MLTX 94,500 $4M
FULC 534,000 $4M NEW
VERA 153,200 $4M NEW

Top Puts

SymbolSharesValueStatus
CDTX 501,600 $24M NEW
CAPR 1,360,200 $14M NEW
RARE 300,000 $11M
MLTX 194,500 $9M
KYMR 10,000 $436K
LLY $0 SOLD
TRUP $0 SOLD
CRVS $0 SOLD
SPY $0 SOLD
IMVT $0 SOLD

New Positions

SymbolValue% Port
COGT $7M 2.94%
JAZZ $4M 1.68%
CGON $4M 1.59%
BIIB $3M 1.07%
KALV $2M 0.89%
PRQR $2M 0.70%
QURE $2M 0.66%
SLN $1M 0.55%
WVE $1M 0.41%
IBB $728K 0.29%
IFRX $557K 0.22%
LYEL $387K 0.15%
ANAB $348K 0.14%
VERA $332K 0.13%
IMTX $266K 0.10%

Sold Out Positions

SymbolValue% Port
TDOC —%
DNA —%
EOLS —%
ACRS —%
KROS —%
EWTX —%
BBIO —%
ELVN —%
LRMR —%
CLYM —%
RZLT —%
RCKT —%
OKUR —%
RARE —%
TYRA —%
View SEC EDGAR Filings for Ikarian Capital, LLC →

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