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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
+64.75%
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
$415M
AUM Growth
-$87.3M
Cap. Flow
-$197M
Cap. Flow %
-47.49%
Top 10 Hldgs %
52.5%
Holding
125
New
21
Increased
12
Reduced
28
Closed
39

Top Buys

Rank Stock Value
1
BHVN icon
Biohaven
BHVN
+$11.8M
2
PCVX icon
Vaxcyte
PCVX
+$9.81M
3
MRTX
Mirati Therapeutics, Inc. Common Stock
MRTX
+$7M
4
RCUS icon
Arcus Biosciences
RCUS
+$3.8M
5
BTAI icon
BioXcel Therapeutics
BTAI
+$3.78M

Top Sells

Rank Stock Value
1
ISEE
IVERIC bio, Inc. Common Stock
ISEE
+$12.8M
2
CERE
Cerevel Therapeutics Holdings, Inc. Common Stock
CERE
+$5.03M
3
GOSS icon
Gossamer Bio
GOSS
+$4.98M
4
SAGE
Sage Therapeutics
SAGE
+$3.44M
5
SCPH
scPharmaceuticals
SCPH
+$3.13M

Sector Composition

Rank Sector Weight
1 Healthcare 57.79%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MDGL icon
1
PUT
Madrigal Pharmaceuticals
MDGL
$12.6B
$87.1M 21.01%
+300,000
New +$29.3M
RXDX
2
DELISTED
Prometheus Biosciences, Inc. Common Stock
RXDX
$31.8M 7.67%
288,926
+57,745
+25% +$3.74M
IMVT icon
3
Immunovant
IMVT
$8.01B
$17.2M 4.14%
966,700
+155,000
+19% +$1.95M
KRYS icon
4
PUT
Krystal Biotech
KRYS
$9.93B
$13.1M 3.17%
165,900
+70,700
+74% +$5.25M
PCVX icon
5
Vaxcyte
PCVX
$7.9B
$12M 2.89%
+250,000
New +$9.81M
CLDX icon
6
Celldex Therapeutics
CLDX
$2.75B
$11.9M 2.88%
267,476
-50,000
-16% -$1.79M
ESPR
7
DELISTED
Esperion Therapeutics
ESPR
$11.8M 2.84%
1,891,147
-240,000
-11% -$1.72M
BHVN icon
8
Biohaven
BHVN
$2.13B
$11.6M 2.8%
+837,500
New +$11.8M
RXDX
9
CALL
DELISTED
Prometheus Biosciences, Inc. Common Stock
RXDX
$11M 2.65%
100,000
-78,000
-44% -$5.06M
HZNP
10
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
$10.2M 2.45%
89,219
+15,000
+20% +$1.25M
ATXS
11
DELISTED
Astria Therapeutics
ATXS
$10.1M 2.43%
675,176
-24,264
-3% -$250K
ALT icon
12
CALL
Altimmune
ALT
$541M
$9.5M 2.29%
577,400
-265,200
-31% -$2.98M
XBI icon
13
CALL
State Street SPDR S&P Biotech ETF
XBI
$10.2B
$8.3M 2%
+100,000
New +$8.1M
XBI icon
14
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.2B
$8.3M 2%
100,000
-50,000
-33% -$4.05M
ESPR
15
CALL
DELISTED
Esperion Therapeutics
ESPR
$8.08M 1.95%
1,296,900
+1,096,900
+548% +$7.84M
ISEE
16
DELISTED
IVERIC bio, Inc. Common Stock
ISEE
$8.07M 1.95%
377,021
-601,762
-61% -$12.8M
RETA
17
PUT
DELISTED
Reata Pharmaceuticals, Inc. Class A Common Stock
RETA
$7.64M 1.84%
201,200
+182,800
+993% +$6.29M
TERN
18
DELISTED
Terns Pharmaceuticals
TERN
$7.51M 1.81%
737,319
-166,800
-18% -$1.11M
BLU
19
DELISTED
BELLUS Health Inc.
BLU
$7.28M 1.76%
885,334
+35,200
+4% +$328K
VRNA
20
DELISTED
Verona Pharma
VRNA
$6.67M 1.61%
255,131
-60,000
-19% -$799K
XENE icon
21
Xenon Pharmaceuticals
XENE
$6.24B
$6.33M 1.53%
160,486
– –
DCPH
22
DELISTED
Deciphera Pharmaceuticals, Inc. Common Stock
DCPH
$6.02M 1.45%
367,119
-125,156
-25% -$2.04M
RCUS icon
23
PUT
Arcus Biosciences
RCUS
$3.61B
$5.85M 1.41%
+283,100
New +$7.79M
ETNB
24
DELISTED
89bio
ETNB
$5.78M 1.39%
454,000
+254,000
+127% +$2.29M
BLUE
25
DELISTED
bluebird bio
BLUE
$5.62M 1.36%
40,631
+17,500
+76% +$2.47M
1
2 3 4 5

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Ikarian Capital's Q4 2022 Portfolio in Review

As of Q4 2022, Ikarian Capital held 125 positions worth $415M, down 17% from $502M the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Ikarian Capital withdrew a net $197M in Q4 2022, closing 39 positions and reducing 28 holdings. Its most notable exit was Cerevel Therapeutics Holdings, Inc. Common Stock, an estimated $5.03M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 58% of assets, up from 39% a quarter earlier.

Against the trend, Ikarian Capital opened a new position in Biohaven worth $11.6M.

  • Ikarian Capital's largest Q4 2022 buy was Biohaven: 837,500 shares worth $11.6M.
  • Ikarian Capital added most to Prometheus Biosciences, Inc. Common Stock in Q4 2022, an estimated $3.74M increase.
  • Ikarian Capital's biggest Q4 2022 reduction was IVERIC bio, Inc. Common Stock, cutting an estimated $12.8M.
  • Ikarian Capital fully exited Cerevel Therapeutics Holdings, Inc. Common Stock in Q4 2022, selling an estimated $5.03M.
  • Ikarian Capital's ten largest holdings make up 53% of its $415M portfolio in Q4 2022.
  • Ikarian Capital opened 21 new positions and closed 39 in Q4 2022.
  • Ikarian Capital's portfolio value fell 17% quarter-over-quarter to $415M.

Based on Ikarian Capital's 13F filing for Q4 2022, filed 14 Feb 2023.