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ADAR1 Capital Management, LLC

Q2 2025 · Filed 2025-08-14
Market Value
$561M
+27.3%
Holdings
180
New Purchases
38
Added To
54
Closed
20
Reduced
42
Top 10 Concentration
54.3%
Turnover
32.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
KROS 12.82% 3.44% +9.39% $72M
PRTA 3.65% 0.00% +3.65% $20M
SPY 2.50% 0.00% +2.50% $14M
CTMX 1.25% 0.01% +1.24% $7M
RAPT 1.12% 0.00% +1.12% $6M
ABVX 4.19% 3.13% +1.05% $23M
IONS 1.05% 0.00% +1.05% $6M
VERV 0.94% 0.00% +0.94% $5M
TSHA 1.24% 0.34% +0.90% $7M
CGON 2.42% 1.67% +0.75% $14M
SEPN 1.60% 0.95% +0.65% $9M
SVRA 1.46% 0.86% +0.61% $8M
BIOA 1.43% 0.83% +0.60% $8M
THRD 0.60% 0.08% +0.52% $3M
XENE 1.45% 0.97% +0.48% $8M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ROIV 3.90% 7.98% -4.08% $22M
ZLAB 5.30% 7.72% -2.41% $30M
IMVT 1.53% 3.76% -2.23% $9M
SWTX 0.20% 2.08% -1.88% $1M
BOXX 6.77% 8.53% -1.76% $38M
ITCI 0.00% 1.44% -1.44% $0
SHY 0.79% 1.94% -1.15% $4M
SRPT 0.64% 1.78% -1.14% $4M
AVR 0.36% 1.39% -1.03% $2M
PTGX 9.34% 10.31% -0.97% $52M
SRRK 0.25% 1.15% -0.90% $1M
XNCR 0.12% 0.96% -0.84% $675K
AVTE 0.00% 0.83% -0.83% $0
TEVA 1.03% 1.83% -0.79% $6M
JANX 0.26% 0.94% -0.69% $1M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 3 $15M 2.7%
Large Cap 26 $115M 20.5%
Mid Cap 44 $196M 34.9%
Small Cap 64 $214M 38.2%
Micro Cap 43 $21M 3.7%

Portfolio Analytics

Avg Market Cap
$18.7B
Median Market Cap
$1.4B
Avg P/E
31.4
Median P/E
27.1
Avg Dividend Yield
0.05%
Avg Beta
0.82
# Stocks
175
# ETFs / Funds
5

Top Holdings (180 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 KROS 12.82% 5,389,264 $72M $13.35 $57M +3,902,803 +262.6%
2 PTGX 9.34% 948,069 $52M $55.27 $7M +8,400 +0.9%
3 BOXX 6.77% 337,125 $38M $112.68 $401K
4 ZLAB 5.30% 850,437 $30M $34.97 -$4M -90,421 -9.6%
5 ABVX 4.19% 3,071,340 $23M $7.65 $10M +861,321 +39.0%
6 ROIV 3.90% 1,940,797 $22M $11.27 -$13M -1,542,607 -44.3%
7 PRTA 3.65% 3,375,009 $20M $6.07 +3,375,009 NEW
8 CYTK 3.43% 582,147 $19M $33.04 $4M +191,418 +49.0%
9 SPY 2.50% 22,684 $14M $617.85 +22,684 NEW
10 CGON 2.42% 523,216 $14M $26.00 $6M +222,082 +73.8%
11 BIL 2.22% 135,585 $12M $91.73
12 BBIO 2.00% 259,659 $11M $43.18 -$529K -79,976 -23.6%
13 SEPN 1.60% 847,227 $9M $10.57 $5M +126,379 +17.5%
14 ABUS 1.56% 2,825,773 $9M $3.09 $2M +946,659 +50.4%
15 ETNB 1.53% 875,983 $9M $9.82 $3M +71,763 +8.9%
16 IMVT 1.53% 535,066 $9M $16.00 -$8M -433,800 -44.8%
17 SVRA 1.46% 3,600,670 $8M $2.28 $4M +2,240,379 +164.7%
18 XENE 1.45% 259,503 $8M $31.30 $4M +131,955 +103.5%
19 BIOA 1.43% 1,937,123 $8M $4.13 $4M +966,023 +99.5%
20 AMLX 1.38% 1,205,101 $8M $6.41 $3M -266,486 -18.1%
21 CTMX 1.25% 3,081,414 $7M $2.27 $7M +3,034,378 +6451.2%
22 TSHA 1.24% 3,009,870 $7M $2.31 $5M +1,943,561 +182.3%
23 SAGE 1.17% 721,599 $7M $9.12 $678K -20,896 -2.8%
24 RAPT 1.12% 783,217 $6M $8.00 +783,217 NEW
25 YCY 1.07% 578,359 $6M $10.42 -$6K
26 IONS 1.05% 148,461 $6M $39.51 +148,461 NEW
27 TEVA 1.03% 345,878 $6M $16.76 -$2M -177,889 -34.0%
28 VERV 0.94% 469,018 $5M $11.23 +469,018 NEW
29 RVMD 0.88% 134,136 $5M $36.79 -$1M -43,000 -24.3%
30 SHY 0.79% 53,337 $4M $82.86 -$4M -50,000 -48.4%
31 RZLT 0.79% 989,297 $4M $4.46 $1M -126,750 -11.4%
32 MLYS 0.73% 302,125 $4M $13.53 -$95K +38,700 +14.7%
33 CNTA 0.70% 296,766 $4M $13.14 $791K +80,600 +37.3%
34 SRPT 0.64% 210,313 $4M $17.10 -$4M +87,392 +71.1%
35 ARDX 0.64% 915,130 $4M $3.92 $1M +424,387 +86.5%
36 THRD 0.60% 622,873 $3M $5.43 $3M +522,873 +522.9%
37 PCVX 0.57% 98,032 $3M $32.51 $3M +85,232 +665.9%
38 RYTM 0.51% 45,390 $3M $63.19 $914K +8,500 +23.0%
39 VRNA 0.48% 28,450 $3M $94.58 $1M +8,450 +42.2%
40 ALEC 0.43% 1,723,526 $2M $1.40 $2M +1,343,196 +353.2%
41 VRDN 0.43% 170,598 $2M $13.98 $1M +91,598 +116.0%
42 CRMD 0.38% 175,000 $2M $12.32 +175,000 NEW
43 DCTH 0.36% 149,385 $2M $13.60 $130K
44 AVR 0.36% 531,515 $2M $3.79 -$4M -1,146,548 -68.3%
45 BPMC 0.34% 15,000 $2M $128.18 +15,000 NEW
46 VKTX 0.32% 67,813 $2M $26.50 $362K +8,400 +14.1%
47 AKRO 0.32% 33,143 $2M $53.36 -$1M -38,000 -53.4%
48 REGN 0.31% 3,361 $2M $525.00 $901K +2,000 +146.9%
49 RGNX 0.30% 207,818 $2M $8.21 -$799K -142,534 -40.7%
50 DVAX 0.30% 170,000 $2M $9.92 -$518K
51 MLTX 0.29% 34,314 $2M $47.20 $1M +28,890 +532.6%
52 ORKA 0.29% 142,780 $2M $11.21 $238K +10,000 +7.5%
53 CRNX 0.27% 53,125 $2M $28.76 -$254K
54 TECX 0.26% 73,505 $1M $19.87 $352K +10,902 +17.4%
55 JANX 0.26% 62,088 $1M $23.10 -$3M -91,679 -59.6%
56 SRRK 0.25% 39,677 $1M $35.42 -$4M -117,402 -74.7%
57 ATXS 0.24% 249,646 $1M $5.36 -$2M -392,044 -61.1%
58 ALKS 0.23% 45,000 $1M $28.61 +45,000 NEW
59 VIR 0.22% 250,000 $1M $5.04 -$360K
60 AGIO 0.21% 35,900 $1M $33.26 $377K +8,000 +28.7%
61 CLDX 0.21% 57,466 $1M $20.35 $904K +42,866 +293.6%
62 SWTX 0.20% 24,082 $1M $46.99 -$8M -183,696 -88.4%
63 ESTA 0.19% 25,000 $1M $42.71 $741K +17,000 +212.5%
64 ABOS 0.19% 916,183 $1M $1.16 $902K +770,000 +526.7%
65 CDTX 0.19% 21,522 $1M $48.71 $597K +584 +2.8%
66 BSAAU 0.18% 100,000 $1M $10.04 +100,000 NEW
67 ARGX 0.17% 1,759 $970K $551.22 $614K +1,159 +193.2%
68 MRUS 0.17% 18,313 $963K $52.60 -$2M -48,647 -72.7%
69 ALDX 0.17% 249,920 $957K $3.83 -$259K +38,341 +18.1%
70 PFE 0.17% 39,400 $955K $24.24 -$85K -1,650 -4.0%
71 ARVN 0.17% 128,767 $948K $7.36 -$1M -184,587 -58.9%
72 ACLX 0.16% 13,962 $919K $65.85 $3K
73 NUVL 0.16% 11,842 $904K $76.30 +11,842 NEW
74 SGRY 0.16% 40,000 $889K $22.23 -$61K
75 ARWR 0.16% 55,200 $872K $15.80 $155K -1,100 -1.9%
76 KRRO 0.15% 68,815 $859K $12.49 -$337K +100 +0.1%
77 WVE 0.13% 114,814 $746K $6.50 $560K +91,714 +397.0%
78 LRMR 0.12% 237,605 $687K $2.89 +237,605 NEW
79 RCKT 0.12% 275,800 $676K $2.45 -$937K +34,000 +14.1%
80 XNCR 0.12% 85,826 $675K $7.86 -$4M -312,326 -78.4%
81 CTNM 0.12% 166,799 $662K $3.97 -$516K -1,966 -1.2%
82 BIIB 0.11% 5,100 $641K $125.59 $25K +600 +13.3%
83 GERN 0.11% 441,176 $622K $1.41 $199K +175,000 +65.8%
84 PHAT 0.11% 63,424 $608K $9.59 $340K +20,624 +48.2%
85 PHVS 0.11% 34,124 $601K $17.60 +34,124 NEW
86 LXEO 0.10% 145,109 $583K $4.02 -$8K -25,339 -14.9%
87 KYMR 0.10% 13,366 $583K $43.64 $310K +3,366 +33.7%
88 OABI 0.10% 326,108 $567K $1.74 $265K +200,000 +158.6%
89 MRK 0.10% 7,040 $557K $79.16 +7,040 NEW
90 LUNG 0.09% 204,497 $530K $2.59 +204,497 NEW
91 GRCE 0.09% 176,627 $525K $2.97 -$259K -166,885 -48.6%
92 EWTX 0.09% 40,000 $524K $13.11 $84K +20,000 +100.0%
93 SYRE 0.09% 34,051 $510K $14.97 $267K +19,018 +126.5%
94 USFR 0.09% 10,000 $503K $50.31 -$200
95 DNLI 0.09% 35,716 $500K $13.99 $311K +21,843 +157.4%
96 SNY 0.09% 10,000 $483K $48.31 +10,000 NEW
97 NGNE 0.08% 29,625 $443K $14.95 $116K +1,700 +6.1%
98 NTRA 0.08% 2,500 $422K $168.94 -$179K -1,750 -41.2%
99 SPRO 0.07% 143,917 $417K $2.90 -$160K -657,360 -82.0%
100 NKTR 0.07% 15,796 $408K $25.84 +15,796 NEW

Options Breakdown

6 Calls $9M Call Value 5 Puts $26M Put Value 2.82 P/C Ratio

Top Calls

SymbolSharesValueStatus
JANX 264,900 $6M
SMMT 100,000 $2M
SRPT 55,000 $940K NEW
DYN 20,000 $190K NEW
SWTX $0 SOLD
PHAT $0 SOLD

Top Puts

SymbolSharesValueStatus
SPY 40,500 $25M NEW
NKTR 35,000 $904K NEW
INMB 130,200 $301K NEW
ATYR 50,000 $254K NEW
NVS $0 SOLD

New Positions

SymbolValue% Port
PRTA $20M 3.65%
SPY $14M 2.50%
RAPT $6M 1.12%
IONS $6M 1.05%
VERV $5M 0.94%
CRMD $2M 0.38%
BPMC $2M 0.34%
ALKS $1M 0.23%
BSAAU $1M 0.18%
NUVL $904K 0.16%
LRMR $687K 0.12%
PHVS $601K 0.11%
MRK $557K 0.10%
LUNG $530K 0.09%
SNY $483K 0.09%

Sold Out Positions

SymbolValue% Port
AQN —%
BNTX —%
IMNM —%
BCRX —%
ISRG —%
MREO —%
IOVA —%
ADGM —%
DNTH —%
PTCT —%
INSM —%
NMRA —%
UPB —%
TNGX —%
CRGX —%
View SEC EDGAR Filings for ADAR1 Capital Management, LLC →

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