Ikarian Capital LLC's Q4 2024 13F: 43 new positions, 17 exits
Form 13F-HR for the quarter ended Dec 31, 2024 · filed Feb 14, 2025 · 122 reported positions · accession 0001420506-25-000610
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | TARSUS PHARMACEUTICALS INC (TARS) | 10.5% | 9.6% | −0.9 pts | −423K sh | −41% |
| New | SCHOLAR ROCK HLDG CORP (SRRK) | — | 4.4% | +4.4 pts | +357K sh | new |
| New | FORTE BIOSCIENCES INC (FBRX) | — | 4.0% | +4.0 pts | +609K sh | new |
| Exited | SOLENO THERAPEUTICS INC (SLNO) | 3.5% | — | −3.5 pts | −221K sh | −100% |
| New | TG THERAPEUTICS INC (TGTX) | — | 2.5% | +2.5 pts | +291K sh | new |
| Increased | BLUEPRINT MEDICINES CORP (BPMC) | 2.4% | 4.2% | +1.8 pts | +84,374 sh | +99% |
| New | VIR BIOTECHNOLOGY INC (VIR) | — | 1.9% | +1.9 pts | +898K sh | new |
| Reduced | TECTONIC THERAPEUTIC INC (TECX) | 2.5% | 1.9% | −0.6 pts | −125K sh | −47% |
| New | BRIGHT MINDS BIOSCIENCES INC (DRUG) | — | 1.6% | +1.6 pts | +152K sh | new |
| Reduced | ARCUS BIOSCIENCES INC (RCUS) | 3.5% | 1.6% | −1.9 pts | −366K sh | −49% |
| Exited | CAPRICOR THERAPEUTICS INC (CAPR) | 1.4% | — | −1.4 pts | −300K sh | −100% |
| Exited | WAVE LIFE SCIENCES LTD (WVE) | 1.4% | — | −1.4 pts | −544K sh | −100% |
| Exited | AMGEN INC (AMGN) | 1.3% | — | −1.3 pts | −13,300 sh | −100% |
| New | ELEDON PHARMACEUTICALS INC (ELDN) | — | 1.3% | +1.3 pts | +1.13M sh | new |
| Increased | STRUCTURE THERAPEUTICS INC (GPCR) | 1.6% | 2.2% | +0.6 pts | +169K sh | +147% |
| Increased | CRINETICS PHARMACEUTICALS IN (CRNX) | 6.8% | 7.5% | +0.8 pts | +89,518 sh | +21% |
| New | ALPHA COGNITION INC (ACOG) | — | 1.3% | +1.3 pts | +756K sh | new |
| Reduced | NURIX THERAPEUTICS INC (NRIX) | 1.8% | 0.2% | −1.6 pts | −225K sh | −87% |
| New | JANUX THERAPEUTICS INC (JANX) | — | 1.1% | +1.1 pts | +74,691 sh | new |
| New | VERONA PHARMA PLC (VRNA) | — | 1.1% | +1.1 pts | +80,000 sh | new |
| Exited | SILENCE THERAPEUTICS PLC (SLN) | 1.0% | — | −1.0 pts | −587K sh | −100% |
| New | ARCTURUS THERAPEUTICS HLDGS (ARCT) | — | 1.0% | +1.0 pts | +200K sh | new |
| Exited | CERVOMED INC (CRVO) | 0.9% | — | −0.9 pts | −202K sh | −100% |
| Reduced | CORBUS PHARMACEUTICALS HLDGS (CRBP) | 1.8% | 0.2% | −1.7 pts | −233K sh | −82% |
| New | PROTAGONIST THERAPEUTICS INC (PTGX) | — | 0.8% | +0.8 pts | +70,000 sh | new |
| Exited | ALNYLAM PHARMACEUTICALS INC (ALNY) | 0.7% | — | −0.7 pts | −8,741 sh | −100% |
| New | ALIGOS THERAPEUTICS INC (ALGS) | — | 0.7% | +0.7 pts | +64,300 sh | new |
| Reduced | SAREPTA THERAPEUTICS INC (SRPT) | 2.1% | 1.2% | −0.9 pts | −20,089 sh | −37% |
| New | ZEVRA THERAPEUTICS INC (ZVRA) | — | 0.7% | +0.7 pts | +293K sh | new |
| Reduced | INSMED INC (INSM) | 3.5% | 2.4% | −1.1 pts | −35,035 sh | −23% |
| Reduced | ENLIVEN THERAPEUTICS INC (ELVN) | 4.0% | 2.5% | −1.4 pts | −105K sh | −21% |
| New | ONKURE THERAPEUTICS INC (OKUR) | — | 0.6% | +0.6 pts | +254K sh | new |
| Increased | VENTYX BIOSCIENCES INC (VTYX) | 0.1% | 0.7% | +0.6 pts | +900K sh | +467% |
| New | CARDIFF ONCOLOGY INC (CRDF) | — | 0.6% | +0.6 pts | +450K sh | new |
| Reduced | BRIDGEBIO PHARMA INC (BBIO) | 2.3% | 1.7% | −0.6 pts | −69,900 sh | −24% |
| New | SANGAMO THERAPEUTICS INC (SGMOQ) | — | 0.5% | +0.5 pts | +1.86M sh | new |
| Exited | RENEO PHARMACEUTICALS INC (RPHM) | 0.5% | — | −0.5 pts | −1.03M sh | −100% |
| Increased | MINERALYS THERAPEUTICS INC (MLYS) | 0.7% | 1.2% | +0.5 pts | +152K sh | +85% |
| New | ALECTOR INC (ALEC) | — | 0.5% | +0.5 pts | +950K sh | new |
| Exited | BEIGENE LTD (ONC) | 0.5% | — | −0.5 pts | −88,167 sh | −100% |
| Reduced | XENON PHARMACEUTICALS INC (XENE) | 1.3% | 0.7% | −0.6 pts | −45,135 sh | −42% |
| Reduced | SAGIMET BIOSCIENCES INC (SGMT) | 0.3% | 0.0% | −0.3 pts | −376K sh | −97% |
| Increased | LEXEO THERAPEUTICS INC (LXEO) | 0.7% | 0.9% | +0.2 pts | +242K sh | +94% |
| Reduced | LENZ THERAPEUTICS INC (LENZ) | 1.5% | 1.2% | −0.3 pts | −55,011 sh | −27% |
| New | ALTO NEUROSCIENCE INC (ANRO) | — | 0.4% | +0.4 pts | +350K sh | new |
| New | CIDARA THERAPEUTICS INC (CDTX) | — | 0.4% | +0.4 pts | +53,940 sh | new |
| Reduced | CATALYST PHARMACEUTICALS INC (CPRX) | 2.6% | 2.1% | −0.5 pts | −68,201 sh | −16% |
| New | SPRINGWORKS THERAPEUTICS INC (SWTX) | — | 0.4% | +0.4 pts | +37,519 sh | new |
| Exited | MARINUS PHARMACEUTICALS INC (MRNS) | 0.4% | — | −0.4 pts | −706K sh | −100% |
| New | TREVI THERAPEUTICS INC (TRVI) | — | 0.4% | +0.4 pts | +325K sh | new |
The 50 largest of 137 changes, by size of the trade. Full holdings for this quarter.
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
† Security identifier (CUSIP) changed — read as one continuing position, not an exit and a new position:
- KEZAR LIFE SCIENCES INC (KZR): 49372L100 → 49372L209, 1.07M → 107K shares (share count change consistent with a stock split)
Top 10 positions — 41.9% of the equity book
Changes in the top 10 this quarter: SRRK entered · BPMC entered · FBRX entered · TGTX entered · GPCR entered · RCUS left · SLNO left · RARE left · AVTX left · CYTK left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | TARSUS PHARMACEUTICALS INC (TARS) | 10.5% | 9.6% | |
| 2 | CRINETICS PHARMACEUTICALS IN (CRNX) | 6.8% | 7.5% | |
| 3 | SCHOLAR ROCK HLDG CORP (SRRK) | 0.0% | 4.4% | Entered the top 10 |
| 4 | BLUEPRINT MEDICINES CORP (BPMC) | 2.4% | 4.2% | Entered the top 10 |
| 5 | FORTE BIOSCIENCES INC (FBRX) | 0.0% | 4.0% | Entered the top 10 |
| 6 | VIRIDIAN THERAPEUTICS INC (VRDN) | 3.5% | 2.6% | |
| 7 | ENLIVEN THERAPEUTICS INC (ELVN) | 4.0% | 2.5% | |
| 8 | TG THERAPEUTICS INC (TGTX) | 0.0% | 2.5% | Entered the top 10 |
| 9 | INSMED INC (INSM) | 3.5% | 2.4% | |
| 10 | STRUCTURE THERAPEUTICS INC (GPCR) | 1.6% | 2.2% | Entered the top 10 |
| — | ARCUS BIOSCIENCES INC (RCUS) | 3.5% | 1.6% | Left the top 10 |
| — | SOLENO THERAPEUTICS INC (SLNO) | 3.5% | 0.0% | Left the top 10 |
| — | ULTRAGENYX PHARMACEUTICAL IN (RARE) | 3.1% | 2.2% | Left the top 10 |
| — | AVALO THERAPEUTICS INC (AVTX) | 2.9% | 2.1% | Left the top 10 |
| — | CYTOKINETICS INC (CYTK) | 2.8% | 2.0% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).
Option positions (puts and calls)
Reported separately from the positions above. The value a 13F reports for an option is that of the underlying shares, not the option itself.
| Activity | Security | Type | Shares before | Shares now | Reported value |
|---|---|---|---|---|---|
| New | SPDR SER TR (XBI) | Call | 0 | 700K | $63M |
| Exited | VERTEX PHARMACEUTICALS INC (VRTX) | Call | 100K | 0 | $0 |
| Exited | VERTEX PHARMACEUTICALS INC (VRTX) | Put | 100K | 0 | $0 |
| New | TYSON FOODS INC (TSN) | Put | 0 | 630K | $36.2M |
| Reduced | AMGEN INC (AMGN) | Call | 146K | 74,000 | $19.3M |
| New | BRIDGEBIO PHARMA INC (BBIO) | Call | 0 | 700K | $19.2M |
| Increased | SPDR SER TR (XBI) | Put | 500K | 750K | $67.5M |
| Exited | JANUX THERAPEUTICS INC (JANX) | Put | 365K | 0 | $0 |
| Exited | BIOHAVEN LTD (BHVN) | Put | 326K | 0 | $0 |
| New | PILGRIMS PRIDE CORP (PPC) | Put | 0 | 300K | $13.6M |
| New | AVIDITY BIOSCIENCES INC (RNA) | Put | 0 | 400K | $11.6M |
| Exited | CELLDEX THERAPEUTICS INC NEW (CLDX) | Call | 306K | 0 | $0 |
| New | INSMED INC (INSM) | Call | 0 | 150K | $10.4M |
| New | SAREPTA THERAPEUTICS INC (SRPT) | Call | 0 | 81,000 | $9.85M |
| Reduced | ANAPTYSBIO INC (ANAB) | Put | 404K | 311K | $4.11M |
| New | AXSOME THERAPEUTICS INC (AXSM) | Call | 0 | 100K | $8.46M |
| Reduced | ANAPTYSBIO INC (ANAB) | Call | 350K | 250K | $3.31M |
| New | CAL MAINE FOODS INC (CALM) | Put | 0 | 75,000 | $7.72M |
| New | GINKGO BIOWORKS HOLDINGS INC (DNA) | Call | 0 | 770K | $7.56M |
| Reduced | IMMUNOVANT INC (IMVT) | Call | 500K | 300K | $7.43M |
| Exited | APELLIS PHARMACEUTICALS INC (APLS) | Put | 200K | 0 | $0 |
| Exited | SOLENO THERAPEUTICS INC (SLNO) | Call | 110K | 0 | $0 |
| New | VIR BIOTECHNOLOGY INC (VIR) | Call | 0 | 720K | $5.29M |
| Reduced | CELLDEX THERAPEUTICS INC NEW (CLDX) | Put | 306K | 206K | $5.19M |
| Exited | ALTO NEUROSCIENCE INC (ANRO) | Put | 450K | 0 | $0 |