Ikarian Capital 13F annual report

Ikarian Capital is an investment fund managing more than $320 billion ran by Troy Wuertz. There are currently 85 companies in Mr. Wuertz’s portfolio. The largest investments include Sarepta Therapeutics Inc and Crinetics Pharmaceuticals In, together worth $58.5 billion.

Limited to 30 biggest holdings

$320 billion Assets Under Management (AUM)

As of 7th August 2024, Ikarian Capital’s top holding is 203,612 shares of Sarepta Therapeutics Inc currently worth over $32.2 billion and making up 10.0% of the portfolio value. Relative to the number of outstanding shares of Sarepta Therapeutics Inc, Ikarian Capital owns more than approximately 0.1% of the company. In addition, the fund holds 588,818 shares of Crinetics Pharmaceuticals In worth $26.4 billion. The third-largest holding is Tarsus Pharmaceuticals worth $21.8 billion and the next is Soleno Therapeutics Inc worth $18.2 billion, with 445,451 shares owned.

Currently, Ikarian Capital's portfolio is worth at least $320 billion. The total portfolio value may be much higher due to cash assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents.

Careers at Ikarian Capital

The Ikarian Capital office and employees reside in Dallas, Texas. According to the last 13-F report filed with the SEC, Troy Wuertz serves as the CHIEF COMPLIANCE OFFICER at Ikarian Capital.

Recent trades

In the most recent 13F filing, Ikarian Capital revealed that it had opened a new position in Enliven Therapeutics Inc and bought 586,552 shares worth $13.7 billion.

The investment fund also strengthened its position in Sarepta Therapeutics Inc by buying 51,334 additional shares. This makes their stake in Sarepta Therapeutics Inc total 203,612 shares worth $32.2 billion. Sarepta Therapeutics Inc soared 18.7% in the past year.

On the other hand, there are companies that Ikarian Capital is getting rid of from its portfolio. Ikarian Capital closed its position in Alpine Immune Sciences Inc on 14th August 2024. It sold the previously owned 261,365 shares for $10.4 billion. Troy Wuertz also disclosed a decreased stake in Crinetics Pharmaceuticals In by approximately 0.1%. This leaves the value of the investment at $26.4 billion and 588,818 shares.

One of the smaller hedge funds

The two most similar investment funds to Ikarian Capital are High Note Wealth and Van Den Berg Management I, Inc. They manage $321 billion and $321 billion respectively.


Troy Wuertz investment strategy

Ikarian Capital’s portfolio is diversified across 3 sectors. Currently, their heaviest sector is Health Care — making up 58.0% of the total portfolio value. The fund focuses on investments in the United States as 44.7% of the portfolio companies are based in the United States.

The majority of the companies in the fund’s portfolio are small-cap stocks. Stocks with a size of more than $100 million in market cap make up 13% of the total holdings value. On the other hand, large-cap stocks make up only 3.5% of the portfolio. The average market cap of the portfolio companies is close to $4.71 billion.

The complete list of Ikarian Capital trades based on 13F SEC filings

These positions were updated on August 14th based on the fund’s latest 13F filing. Quickly find out what the most recently closed or increased positions are.

Security Shares Owned Value Allocation
Sarepta Therapeutics Inc
33.71%
203,612
$32,170,696,000 10.04%
Crinetics Pharmaceuticals In
8.53%
588,818
$26,373,158,000 8.23%
Tarsus Pharmaceuticals, Inc.
12.67%
800,277
$21,751,529,000 6.79%
Soleno Therapeutics Inc
21.22%
445,451
$18,174,401,000 5.67%
Corbus Pharmaceuticals Hldgs
44.65%
309,540
$14,006,685,000 4.37%
Enliven Therapeutics Inc
Opened
586,552
$13,707,720,000 4.28%
AMGEN Inc.
Opened
38,300
$11,966,835,000 3.73%
Nuvalent Inc
49.21%
151,601
$11,500,452,000 3.59%
Alpine Immune Sciences Inc
Closed
261,365
$10,360,508,000
Praxis Precision Medicines I
Closed
168,388
$10,275,036,000
Cytokinetics Inc
17.22%
170,147
$9,218,564,000 2.88%
Nurix Therapeutics, Inc.
46.83%
440,500
$9,193,234,000 2.87%
BridgeBio Pharma Inc
17.73%
332,013
$8,409,889,000 2.62%
Catalyst Pharmaceuticals Inc
No change
518,386
$8,029,799,000 2.51%
Alnylam Pharmaceuticals Inc
Closed
51,541
$7,702,802,000
Viking Therapeutics Inc
Opened
138,262
$7,329,269,000 2.29%
Immunovant Inc
No change
276,925
$7,310,821,000 2.28%
Cartesian Therapeutics Inc
Opened
242,370
$6,546,413,000 2.04%
Acelyrin Inc
5.71%
1,475,074
$6,505,077,000 2.03%
Neurocrine Biosciences, Inc.
Opened
40,000
$5,506,799,000 1.72%
Pyxis Oncology Inc
No change
1,662,408
$5,502,571,000 1.72%
BiomX Inc
Closed
10,817,327
$4,867,797,000
Arcutis Biotherapeutics Inc
16.96%
489,642
$4,553,672,000 1.42%
Rocket Pharmaceuticals Inc
33.66%
197,096
$4,243,477,000 1.32%
Xenon Pharmaceuticals Inc
No change
107,187
$4,179,221,000 1.30%
Cervomed Inc
No change
237,345
$4,063,346,000 1.27%
Rezolute Inc
Opened
903,744
$3,886,099,000 1.21%
Cybin Inc
No change
13,953,488
$3,781,396,000 1.18%
Lenz Therapeutics Inc
140.60%
204,513
$3,536,029,000 1.10%
Silence Therapeutics plc
Opened
506,665
$3,293,324,000 1.03%
Inhibrx Biosciences Inc
Opened
230,000
$3,259,099,000 1.02%
Abeona Therapeutics Inc
13.50%
768,593
$3,258,835,000 1.02%
Insmed Inc
6.82%
47,835
$3,204,945,000 1.00%
Terns Pharmaceuticals Inc
418.09%
458,497
$3,122,365,000 0.97%
Verona Pharma Plc
46.41%
201,116
$2,908,138,000 0.91%
Wave Life Sciences Ltd.
2.54%
575,088
$2,869,690,000 0.90%
Uniqure Nv
Closed
469,133
$2,439,492,000
Jasper Therapeutics Inc
No change
105,175
$2,387,473,000 0.74%
Larimar Therapeutics, Inc.
26.22%
323,528
$2,345,578,000 0.73%
Arcus Biosciences Inc
Opened
145,000
$2,208,350,000 0.69%
Apellis Pharmaceuticals Inc
Closed
35,092
$2,062,708,000
Astria Therapeutics Inc
Closed
140,687
$1,980,170,000
Q32 Bio Inc
388.44%
109,094
$1,958,237,000 0.61%
Elevation Oncology Inc
366.00%
690,089
$1,863,242,000 0.58%
Annexon Inc
72.95%
380,000
$1,862,000,000 0.58%
COMPASS Pathways plc
Opened
302,908
$1,829,564,000 0.57%
Nektar Therapeutics
Opened
1,312,405
$1,627,382,000 0.51%
Disc Medicine Inc
Closed
25,372
$1,579,660,000
Scholar Rock Hldg Corp
37.02%
183,701
$1,530,229,000 0.48%
Sagimet Biosciences Inc
No change
412,565
$1,410,973,000 0.44%
Tourmaline Bio Inc
No change
108,483
$1,395,092,000 0.44%
iBio Inc
No change
600,000
$1,266,000,000 0.40%
Inflarx Nv
No change
704,987
$1,226,677,000 0.38%
Achilles Therapeutics Plc
No change
1,443,181
$1,176,193,000 0.37%
Mind Medicine Mindmed Inc
45.38%
162,481
$1,171,487,000 0.37%
iTeos Therapeutics, Inc.
22.45%
78,574
$1,166,038,000 0.36%
Kodiak Sciences Inc
No change
476,586
$1,119,977,000 0.35%
Roivant Sciences Ltd
No change
100,609
$1,063,437,000 0.33%
Nuvation Bio Inc
43.42%
358,282
$1,046,183,000 0.33%
Tectonic Therapeutic Inc
Opened
62,836
$1,034,909,000 0.32%
Ventyx Biosciences Inc
12.80%
442,647
$1,022,514,000 0.32%
Allakos Inc
4.29%
972,675
$972,675,000 0.30%
AvroBio Inc
Closed
754,061
$965,198,000
Macrogenics Inc
37.12%
200,079
$850,337,000 0.27%
Delcath Sys Inc
Opened
100,370
$840,097,000 0.26%
Marinus Pharmaceuticals Inc
31.27%
706,154
$826,200,000 0.26%
Proqr Thrapeutics N V
No change
483,583
$802,748,000 0.25%
Veru Inc
No change
946,382
$796,191,000 0.25%
Lyell Immunopharma Inc
Opened
526,066
$762,796,000 0.24%
Eliem Therapeutics Inc
Opened
100,000
$711,001,000 0.22%
Avalo Therapeutics Inc
97.26%
54,730
$682,483,000 0.21%
Acumen Pharmaceuticals Inc
No change
266,435
$644,774,000 0.20%
Milestone Pharmaceuticals In
No change
466,019
$619,806,000 0.19%
Aerovate Therapeutics Inc
No change
367,965
$610,822,000 0.19%
Immatics N.v
No change
49,415
$574,202,000 0.18%
Immunic, Inc.
69.39%
493,496
$547,781,000 0.17%
Amylyx Pharmaceuticals Inc
17.17%
274,551
$521,647,000 0.16%
Kezar Life Sciences Inc
No change
868,992
$521,395,000 0.16%
RAPT Therapeutics, Inc.
No change
154,625
$471,606,000 0.15%
Voyager Therapeutics Inc
69.12%
55,857
$441,829,000 0.14%
Anebulo Pharmaceuticals Inc
No change
157,862
$430,964,000 0.13%
Sensei Biotherapeutics Inc
Opened
650,000
$403,065,000 0.13%
Hookipa Pharma Inc
Closed
530,776
$377,913,000
Protara Therapeutics Inc
10.85%
180,712
$375,881,000 0.12%
Nyxoah S A
No change
50,699
$356,921,000 0.11%
Karyopharm Therapeutics Inc
No change
409,355
$355,157,000 0.11%
Lyra Therapeutics, Inc.
No change
1,056,829
$292,424,000 0.09%
Aeon Biopharma Inc
No change
257,977
$270,876,000 0.08%
Tempest Therapeutics Inc
No change
105,600
$231,264,000 0.07%
Chemomab Therapeutics Ltd
No change
213,392
$196,320,000 0.06%
Relmada Therapeutics Inc
No change
40,369
$121,107,000 0.04%
Stoke Therapeutics, Inc.
No change
6,816
$92,083,000 0.03%
Synlogic Inc
No change
20,448
$30,673,000 0.01%
Brainstorm Cell Therapeutics, Inc.
No change
90,242
$30,547,000 0.01%
EyePoint Pharmaceuticals Inc
Closed
1,047
$21,642,000
Finch Therapeutics Group Inc
Closed
6,892
$18,126,000
CytomX Therapeutics Inc
Opened
8,924
$10,887,000 0.00%
Tyra Biosciences Inc
Closed
501
$8,216,000
ASLAN Pharmaceuticals Ltd
Closed
35,420
$6,273,000
Longboard Pharmaceuticals In
Closed
236
$5,098,000
No transactions found
Showing first 500 out of 100 holdings