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Ikarian Capital Portfolio holdings

AUM $928M
1-Year Est. Return 596.14%
This Fund
S&P 500
This Quarter Est. Return
-1.2%
1 Year Est. Return
+596.14%
3 Year Est. Return
+5,184.12%
5 Year Est. Return
+18,295.93%
10 Year Est. Return
–
AUM
$548M
AUM Growth
-$212M
Cap. Flow
-$39.3M
Cap. Flow %
-7.16%
Top 10 Hldgs %
37.58%
Holding
232
New
36
Increased
20
Reduced
48
Closed
92

Top Buys

Rank Stock Value
1
ESPR
Esperion Therapeutics
ESPR
+$11.6M
2
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$8.51M
3
UTHR icon
United Therapeutics
UTHR
+$8.13M
4
KRTX
Karuna Therapeutics, Inc. Common Stock
KRTX
+$5.75M
5
ALT icon
Altimmune
ALT
+$5.53M

Top Sells

Rank Stock Value
1
BCYC
Bicycle Therapeutics
BCYC
+$21M
2
ZNTL icon
Zentalis Pharmaceuticals
ZNTL
+$9.33M
3
SAGE
Sage Therapeutics
SAGE
+$8.38M
4
BHVN
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
+$7.11M
5
SRRA
Sierra Oncology, Inc. Common Stock
SRRA
+$6.98M

Sector Composition

Rank Sector Weight
1 Miscellaneous 56.62%
2 Healthcare 43.18%
3 Financials 0.11%
4 Consumer Staples 0.03%
5 Technology 0.03%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ALNY icon
1
CALL
Alnylam Pharmaceuticals
ALNY
$35.6B
$42.5M 7.75%
291,300
+156,100
+115% +$22.1M
XBI icon
2
PUT
State Street SPDR S&P Biotech ETF
XBI
$11.7B
$26M 4.74%
+350,000
New +$26.3M
AMGN icon
3
CALL
Amgen
AMGN
$236B
$24.3M 4.44%
100,000
– –
BIIB icon
4
CALL
Biogen
BIIB
$32.6B
$22.9M 4.17%
112,200
– –
AXSM icon
5
PUT
Axsome Therapeutics
AXSM
$10.8B
$19.2M 3.49%
+500,000
New +$15.8M
CLDX icon
6
PUT
Celldex Therapeutics
CLDX
$3.12B
$16.6M 3.03%
616,700
+21,200
+4% +$616K
CLDX icon
7
Celldex Therapeutics
CLDX
$3.12B
$14.5M 2.64%
537,958
– –
CLDX icon
8
CALL
Celldex Therapeutics
CLDX
$3.12B
$13.7M 2.49%
506,500
+162,400
+47% +$4.72M
AXSM icon
9
CALL
Axsome Therapeutics
AXSM
$10.8B
$13.4M 2.44%
+350,000
New +$11.1M
ESPR
10
DELISTED
Esperion Therapeutics
ESPR
$13.1M 2.38%
+2,054,602
New +$11.6M
HZNP
11
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
$12.8M 2.33%
160,116
+50,000
+45% +$4.73M
KRTX
12
PUT
DELISTED
Karuna Therapeutics, Inc. Common Stock
KRTX
$12.7M 2.31%
+100,000
New +$11.5M
KRTX
13
DELISTED
Karuna Therapeutics, Inc. Common Stock
KRTX
$12.7M 2.31%
100,000
+50,000
+100% +$5.75M
KZR
14
DELISTED
Kezar Life Sciences
KZR
$11.6M 2.12%
140,812
+32,500
+30% +$2.87M
VRTX icon
15
Vertex Pharmaceuticals
VRTX
$138B
$11.3M 2.06%
40,000
+15,000
+60% +$4.01M
ALT icon
16
Altimmune
ALT
$665M
$10.5M 1.91%
+897,359
New +$5.53M
UTHR icon
17
United Therapeutics
UTHR
$20.9B
$9.43M 1.72%
+40,000
New +$8.13M
BLU
18
DELISTED
BELLUS Health Inc.
BLU
$9.41M 1.72%
1,018,327
+105,000
+11% +$859K
ALNY icon
19
Alnylam Pharmaceuticals
ALNY
$35.6B
$8.93M 1.63%
61,237
+60,000
+4,850% +$8.51M
KZR
20
CALL
DELISTED
Kezar Life Sciences
KZR
$8.89M 1.62%
107,530
+79,450
+283% +$7.01M
BMRN icon
21
CALL
BioMarin Pharmaceuticals
BMRN
$12.9B
$8.84M 1.61%
106,700
-207,100
-66% -$16.5M
GOSS icon
22
Gossamer Bio
GOSS
$85.7M
$8.37M 1.53%
1,000,387
+225,072
+29% +$1.74M
MIST icon
23
Milestone Pharmaceuticals
MIST
$149M
$8.19M 1.49%
1,379,422
-549,330
-28% -$3.38M
SAGE
24
CALL
DELISTED
Sage Therapeutics
SAGE
$8.07M 1.47%
250,000
– –
HZNP
25
CALL
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
$7.98M 1.45%
100,000
-58,100
-37% -$5.5M
1
2 3 4 5

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Ikarian Capital's Q2 2022 Portfolio in Review

As of Q2 2022, Ikarian Capital held 232 positions worth $548M, down 28% from $760M the previous quarter. Its ten largest holdings account for 38% of the portfolio.

Ikarian Capital withdrew a net $39.3M in Q2 2022, closing 92 positions and reducing 48 holdings. Its most notable exit was Bicycle Therapeutics, an estimated $21M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 57% of assets, down from 57% a quarter earlier, followed by Healthcare and Financials.

Against the trend, Ikarian Capital opened a new position in Esperion Therapeutics worth $13.1M.

  • Ikarian Capital's largest Q2 2022 buy was Esperion Therapeutics: 2,054,602 shares worth $13.1M.
  • Ikarian Capital added most to Alnylam Pharmaceuticals in Q2 2022, an estimated $8.51M increase.
  • Ikarian Capital's biggest Q2 2022 reduction was Adicet Bio, cutting an estimated $5M.
  • Ikarian Capital fully exited Bicycle Therapeutics in Q2 2022, selling an estimated $21M.
  • Ikarian Capital's ten largest holdings make up 38% of its $548M portfolio in Q2 2022.
  • Ikarian Capital opened 36 new positions and closed 92 in Q2 2022.
  • Ikarian Capital's portfolio value fell 28% quarter-over-quarter to $548M.

Based on Ikarian Capital's 13F filing for Q2 2022, filed 12 Aug 2022.