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Ikarian Capital Portfolio holdings

AUM $1.23B
1-Year Est. Return 600.17%
This Fund
S&P 500
This Quarter Est. Return
+6.82%
1 Year Est. Return
+600.17%
3 Year Est. Return
+5,763.15%
5 Year Est. Return
+15,527.6%
10 Year Est. Return
–
AUM
$671M
AUM Growth
-$749M
Cap. Flow
-$596M
Cap. Flow %
-88.74%
Top 10 Hldgs %
41.79%
Holding
248
New
39
Increased
16
Reduced
53
Closed
62

Top Buys

Rank Stock Value
1
KZR
Kezar Life Sciences
KZR
+$11.5M
2
ZNTL icon
Zentalis Pharmaceuticals
ZNTL
+$7.64M
3
CLDX icon
Celldex Therapeutics
CLDX
+$6.48M
4
HZNP
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
+$5.45M
5
GBT
Global Blood Therapeutics, Inc.
GBT
+$5.08M

Top Sells

Rank Stock Value
1
APLS
Apellis Pharmaceuticals
APLS
+$13.7M
2
ITCI
Intra-Cellular Therapies Inc.
ITCI
+$7.89M
3
CMPS
Compass Pathways
CMPS
+$6.85M
4
XENE icon
Xenon Pharmaceuticals
XENE
+$5.93M
5
BCAB icon
BioAtla
BCAB
+$5.78M

Sector Composition

Rank Sector Weight
1 Healthcare 50.73%
2 Consumer Staples 0.3%
3 Technology 0.3%
4 Financials 0.11%
5 Real Estate 0.06%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XBI icon
1
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.1B
$60.7M 9.05%
542,400
-107,600
-17% -$13M
BCYC
2
Bicycle Therapeutics
BCYC
$270M
$37.3M 5.56%
613,126
+86,626
+16% +$4.78M
SRPT icon
3
CALL
Sarepta Therapeutics
SRPT
$1.66B
$36M 5.36%
399,400
+37,700
+10% +$3.22M
ALNY icon
4
CALL
Alnylam Pharmaceuticals
ALNY
$36.3B
$30.2M 4.5%
178,300
-1,500
-0.8% -$279K
HZNP
5
CALL
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
$26.6M 3.96%
246,900
-175,000
-41% -$19.1M
CLDX icon
6
CALL
Celldex Therapeutics
CLDX
$2.77B
$22.9M 3.42%
593,800
-197,800
-25% -$8.62M
CLDX icon
7
PUT
Celldex Therapeutics
CLDX
$2.77B
$17.4M 2.6%
451,200
-69,000
-13% -$3.01M
KZR
8
DELISTED
Kezar Life Sciences
KZR
$17.1M 2.54%
+102,092
New +$11.5M
CLDX icon
9
Celldex Therapeutics
CLDX
$2.77B
$16.2M 2.41%
419,216
+148,785
+55% +$6.48M
ZNTL icon
10
Zentalis Pharmaceuticals
ZNTL
$308M
$16.1M 2.39%
191,140
+98,796
+107% +$7.64M
BBIO icon
11
PUT
BridgeBio Pharma
BBIO
$16.5B
$15.2M 2.26%
+909,700
New +$38.5M
KOD icon
12
CALL
Kodiak Sciences
KOD
$2.59B
$14.2M 2.12%
167,900
– –
GOSS icon
13
Gossamer Bio
GOSS
$66.5M
$13.2M 1.97%
1,166,933
-185,000
-14% -$2.2M
SRRA
14
DELISTED
Sierra Oncology, Inc. Common Stock
SRRA
$12.4M 1.84%
569,029
-4,351
-0.8% -$95.9K
MIST icon
15
Milestone Pharmaceuticals
MIST
$144M
$11.5M 1.71%
1,750,043
– –
LONA
16
CALL
LeonaBio Inc
LONA
$69.4M
$11.2M 1.67%
86,000
+71,000
+473% +$8.98M
XBI icon
17
CALL
State Street SPDR S&P Biotech ETF
XBI
$10.1B
$10.3M 1.54%
92,400
-207,600
-69% -$25M
IMTX icon
18
Immatics
IMTX
$1.24B
$9.91M 1.48%
737,546
-145,500
-16% -$1.82M
ZGNX
19
CALL
DELISTED
Zogenix, Inc.
ZGNX
$9.59M 1.43%
590,400
– –
APLS
20
CALL
DELISTED
Apellis Pharmaceuticals
APLS
$9.46M 1.41%
200,000
-33,000
-14% -$1.3M
BMRN icon
21
CALL
BioMarin Pharmaceuticals
BMRN
$11.5B
$8.84M 1.32%
+100,000
New +$8.25M
ACET icon
22
Adicet Bio
ACET
$72.8M
$8.35M 1.24%
29,839
+5,313
+22% +$912K
HZNP
23
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
$8.15M 1.21%
75,661
+50,000
+195% +$5.45M
TCON
24
DELISTED
TRACON Pharmaceuticals, Inc. Common Stock
TCON
$7.45M 1.11%
134,556
– –
BIIB icon
25
Biogen
BIIB
$29.9B
$7.09M 1.06%
29,533
-2,710
-8% -$697K
1
2 3 4 5

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Ikarian Capital's Q4 2021 Portfolio in Review

As of Q4 2021, Ikarian Capital held 248 positions worth $671M, down 53% from $1.42B the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Ikarian Capital withdrew a net $596M in Q4 2021, closing 62 positions and reducing 53 holdings. Its most notable exit was Apellis Pharmaceuticals, an estimated $13.7M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 51% of assets, up from 30% a quarter earlier, followed by Consumer Staples and Technology.

Against the trend, Ikarian Capital opened a new position in Kezar Life Sciences worth $17.1M.

  • Ikarian Capital's largest Q4 2021 buy was Kezar Life Sciences: 102,092 shares worth $17.1M.
  • Ikarian Capital added most to Zentalis Pharmaceuticals in Q4 2021, an estimated $7.64M increase.
  • Ikarian Capital's biggest Q4 2021 reduction was Xenon Pharmaceuticals, cutting an estimated $5.93M.
  • Ikarian Capital fully exited Apellis Pharmaceuticals in Q4 2021, selling an estimated $13.7M.
  • Ikarian Capital's ten largest holdings make up 42% of its $671M portfolio in Q4 2021.
  • Ikarian Capital opened 39 new positions and closed 62 in Q4 2021.
  • Ikarian Capital's portfolio value fell 53% quarter-over-quarter to $671M.

Based on Ikarian Capital's 13F filing for Q4 2021, filed 14 Feb 2022.