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Asset Manager ← All Institutions

Ikarian Capital, LLC

Q3 2025 · Filed 2025-11-14
Market Value
$447M
+76.6%
Holdings
112
+3
New Purchases
33
Added To
17
Closed
20
Reduced
24
Top 10 Concentration
51.5%
Turnover
47.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GMAB 11.85% 0.00% +11.85% $53M
ABVX 7.47% 0.00% +7.47% $33M
IONS 6.07% 0.00% +6.07% $27M
PTCT 3.85% 0.00% +3.85% $17M
RAPT 3.55% 0.00% +3.55% $16M
DNTH 3.04% 0.00% +3.04% $14M
MAZE 4.29% 1.27% +3.02% $19M
CTMX 2.41% 0.00% +2.41% $11M
APLS 2.29% 0.51% +1.77% $10M
FULC 2.65% 1.16% +1.49% $12M
PHVS 1.17% 0.00% +1.17% $5M
SNDX 1.15% 0.00% +1.15% $5M
AGIO 1.14% 0.00% +1.14% $5M
TVTX 1.02% 0.00% +1.02% $5M
KRYS 0.96% 0.00% +0.96% $4M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ALNY 0.00% 7.29% -7.29% $0
INSM 0.44% 6.51% -6.06% $2M
VRNA 0.00% 5.48% -5.48% $0
CRNX 1.22% 4.92% -3.70% $5M
SRPT 0.00% 3.03% -3.03% $0
CDTX 5.95% 8.93% -2.99% $27M
COGT 0.04% 2.94% -2.90% $162K
AKRO 2.20% 4.64% -2.44% $10M
TARS 0.98% 3.14% -2.17% $4M
ARVN 0.43% 2.47% -2.04% $2M
TGTX 1.41% 2.98% -1.57% $6M
VRDN 1.18% 2.59% -1.41% $5M
PCVX 2.51% 3.92% -1.41% $11M
VIR 0.76% 2.13% -1.37% $3M
TECX 0.00% 1.28% -1.28% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 9 $99M 22.2%
Mid Cap 28 $183M 41.0%
Small Cap 42 $138M 30.8%
Micro Cap 33 $27M 6.0%

Portfolio Analytics

Avg Market Cap
$4.1B
Median Market Cap
$1.0B
Avg P/E
28.6
Median P/E
23.9
Avg Dividend Yield
—%
Avg Beta
0.85
# Stocks
110
# ETFs / Funds
2

Top Holdings (112 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 GMAB 11.85% 175,000 $53M $302.98 +175,000 NEW
2 ABVX 7.47% 396,098 $33M $84.36 +396,098 NEW
3 IONS 6.07% 415,163 $27M $65.42 +415,163 NEW
4 CDTX 5.95% 277,704 $27M $95.76 $4M -186,784 -40.2%
5 MAZE 4.29% 740,825 $19M $25.93 $16M +478,085 +182.0%
6 PTCT 3.85% 280,551 $17M $61.37 +280,551 NEW
7 RAPT 3.55% 615,000 $16M $25.79 +615,000 NEW
8 DNTH 3.04% 346,001 $14M $39.35 +346,001 NEW
9 CYTK 2.74% 222,674 $12M $54.96 $5M -10,790 -4.6%
10 FULC 2.65% 1,289,225 $12M $9.20 $9M +860,704 +200.8%
11 PCVX 2.51% 311,682 $11M $36.02 $1M +6,682 +2.2%
12 CTMX 2.41% 3,372,616 $11M $3.19 +3,372,616 NEW
13 JAZZ 2.29% 77,800 $10M $131.80 $6M +37,800 +94.5%
14 APLS 2.29% 451,902 $10M $22.63 $9M +376,902 +502.5%
15 CGON 2.25% 249,473 $10M $40.28 $6M +94,473 +61.0%
16 AKRO 2.20% 206,854 $10M $47.48 -$2M -13,146 -6.0%
17 KOD 1.51% 413,841 $7M $16.37 $5M -185,693 -31.0%
18 TGTX 1.41% 174,959 $6M $36.13 -$1M -34,979 -16.7%
19 CRNX 1.22% 130,902 $5M $41.65 -$7M -302,529 -69.8%
20 VRDN 1.18% 245,518 $5M $21.58 -$1M -224,431 -47.8%
21 PHVS 1.17% 210,165 $5M $24.95 +210,165 NEW
22 SNDX 1.15% 333,733 $5M $15.38 +333,733 NEW
23 AGIO 1.14% 126,979 $5M $40.14 +126,979 NEW
24 DCTH 1.04% 431,251 $5M $10.75 $251K +108,861 +33.8%
25 GPCR 1.02% 163,237 $5M $28.00 $773K -19,848 -10.8%
26 TVTX 1.02% 190,781 $5M $23.90 +190,781 NEW
27 TARS 0.98% 73,619 $4M $59.43 -$4M -122,917 -62.5%
28 KRYS 0.96% 24,421 $4M $176.53 +24,421 NEW
29 ARGX 0.96% 5,942 $4M $724.19 +5,942 NEW
30 VTYX 0.91% 1,309,604 $4M $3.11 $2M +342,014 +35.4%
31 PVLA 0.91% 64,746 $4M $62.69 +64,746 NEW
32 LXEO 0.84% 567,601 $4M $6.64 $2M +17,572 +3.2%
33 LABD 0.83% 91,959 $4M $40.44 +91,959 NEW
34 RLMD 0.83% 1,843,060 $4M $2.01 $4M +1,802,790 +4476.8%
35 QURE 0.76% 58,610 $3M $58.37 $2M -61,376 -51.1%
36 VIR 0.76% 593,374 $3M $5.71 -$2M -474,688 -44.4%
37 MLTX 0.70% 435,839 $3M $7.17 +435,839 NEW
38 UPB 0.68% 161,113 $3M $18.81 +161,113 NEW
39 GUTS 0.64% 1,800,000 $3M $1.59 +1,800,000 NEW
40 BBOT 0.63% 245,231 $3M $11.58 +245,231 NEW
41 BBIO 0.60% 51,967 $3M $51.94 +51,967 NEW
42 PEPG 0.55% 535,967 $2M $4.62 $2M +385,967 +257.3%
43 STIM 0.55% 905,716 $2M $2.73 -$1M -193,984 -17.6%
44 RLAY 0.55% 467,362 $2M $5.22 -$132K -275,946 -37.1%
45 ADMA 0.52% 159,854 $2M $14.66 +159,854 NEW
46 CPRX 0.51% 116,388 $2M $19.70 -$2M -93,261 -44.5%
47 ADGI 0.51% 2,078,706 $2M $1.10 +2,078,706 NEW
48 ALEC 0.50% 760,000 $2M $2.96 $990K -140,000 -15.6%
49 INSM 0.44% 13,751 $2M $144.01 -$14M -150,000 -91.6%
50 ARVN 0.43% 226,257 $2M $8.52 -$4M -623,743 -73.4%
51 CAPR 0.43% 264,642 $2M $7.21 +264,642 NEW
52 PRQR 0.42% 892,229 $2M $2.13 $130K +24,160 +2.8%
53 PTHS 0.39% 62,451 $2M $28.00 +62,451 NEW
54 CPIX 0.39% 555,932 $2M $3.12 -$262K -40,000 -6.7%
55 ANAB 0.33% 48,410 $1M $30.62 $1M +32,748 +209.1%
56 DYN 0.32% 113,837 $1M $12.65 -$2M -250,000 -68.7%
57 OVID 0.32% 1,095,574 $1M $1.30 +1,095,574 NEW
58 JANX 0.30% 54,691 $1M $24.44 -$2M -75,000 -57.8%
59 SLN 0.29% 900,784 $1M $1.45 -$92K +27,216 +3.1%
60 TERN 0.28% 164,202 $1M $7.51 $1M +105,711 +180.7%
61 IFRX 0.22% 722,066 $968K $1.34 $411K +17,056 +2.4%
62 SGMO 0.19% 1,294,652 $872K $0.67 $190K +34,473 +2.7%
63 MBX 0.19% 48,071 $841K $17.50 +48,071 NEW
64 PRME 0.19% 150,000 $831K $5.54 +150,000 NEW
65 CYBN 0.18% 140,475 $827K $5.89 -$351K
66 LYEL 0.16% 43,799 $711K $16.24 $324K
67 WVE 0.16% 95,955 $702K $7.32 -$345K -65,182 -40.5%
68 IOBT 0.12% 1,525,893 $554K $0.36 +1,525,893 NEW
69 VERU 0.12% 142,523 $542K $3.80 +142,523 NEW
70 EQ 0.11% 332,297 $475K $1.43 +332,297 NEW
71 ABOS 0.10% 265,769 $454K $1.71 $146K
72 ANRO 0.10% 110,000 $442K $4.02 $200K
73 IMTX 0.09% 49,396 $421K $8.52 $155K
74 ANEB 0.09% 157,720 $394K $2.50 $167K
75 EVAX 0.07% 80,000 $301K $3.76 $105K
76 VKTX 0.06% 10,000 $263K $26.28 -$2M -90,000 -90.0%
77 VYGR 0.06% 55,766 $260K $4.67 $87K
78 LXRX 0.05% 176,479 $238K $1.35 $71K
79 RNAC 0.05% 22,166 $227K $10.22 -$4K
80 SNSE 0.05% 22,497 $213K $9.45 $20K
81 ARCT 0.04% 10,721 $198K $18.43 -$2M -164,279 -93.9%
82 KPTI 0.04% 27,257 $178K $6.54 $61K
83 COGT 0.04% 11,280 $162K $14.36 -$7M -1,024,248 -98.9%
84 AIRS 0.03% 17,951 $144K $8.02 $57K
85 CMMB 0.03% 53,262 $140K $2.63 +53,262 NEW
86 LYRA 0.03% 21,161 $139K $6.59 -$50K
87 PMVP 0.03% 97,500 $136K $1.40 +97,500 NEW
88 MGNX 0.03% 80,071 $135K $1.68 $38K
89 SPRB 0.03% 13,332 $119K $8.95 +13,332 NEW
90 TRAW 0.01% 28,493 $53K $1.85 $11K
91 TOVX 0.01% 120,031 $49K $0.41 -$3K
92 NMRA 0.01% 12,498 $23K $1.82 $14K
93 ORKA —% -$769K -68,574 -100.0% SOLD
94 SRPT —% -$8M -449,087 -100.0% SOLD
95 VERA —% -$332K -14,096 -100.0% SOLD
96 SGMT —% -$91K -11,984 -100.0% SOLD
97 TKNO —% -$69K -14,008 -100.0% SOLD
98 IBB —% -$728K -5,755 -100.0% SOLD
99 TECX —% -$3M -163,696 -100.0% SOLD
100 SRRK —% -$2M -49,179 -100.0% SOLD

Options Breakdown

41 Calls $182M Call Value 14 Puts $238M Put Value 1.31 P/C Ratio

Top Calls

SymbolSharesValueStatus
SRRK 561,600 $21M
INSM 100,000 $14M NEW
HROW 289,700 $14M NEW
PTCT 213,000 $13M NEW
CRNX 257,700 $11M NEW
NVO 150,000 $8M NEW
APLS 358,000 $8M NEW
CNTA 307,700 $7M
CYTK 110,900 $6M
AGIO 150,000 $6M NEW

Top Puts

SymbolSharesValueStatus
UTHR 209,800 $88M NEW
XBI 750,000 $75M NEW
BMY 800,000 $36M NEW
INSM 100,000 $14M NEW
ANAB 161,100 $5M NEW
MTSR 86,000 $5M NEW
SRRK 96,200 $4M NEW
MBX 200,000 $4M NEW
MLTX 450,000 $3M
RARE 92,600 $3M

New Positions

SymbolValue% Port
GMAB $53M 11.85%
ABVX $33M 7.47%
IONS $27M 6.07%
PTCT $17M 3.85%
RAPT $16M 3.55%
DNTH $14M 3.04%
CTMX $11M 2.41%
PHVS $5M 1.17%
SNDX $5M 1.15%
AGIO $5M 1.14%
TVTX $5M 1.02%
KRYS $4M 0.96%
ARGX $4M 0.96%
PVLA $4M 0.91%
LABD $4M 0.83%

Sold Out Positions

SymbolValue% Port
RCUS —%
NUVB —%
KALV —%
ELDN —%
GERN —%
BIIB —%
ALNY —%
IBB —%
VERA —%
TKNO —%
SRRK —%
ORKA —%
TECX —%
SRPT —%
SGMT —%
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