Ikarian Capital, LLC
Ikarian Capital, LLC is a hedge fund and SEC-registered investment adviser based in Dallas, Texas. Founded in 2015 by Neil Shahrestani, Chart Westcott, and Vikram Khanna, it focuses on investment strategies in public equities with a particular strength in the healthcare and biotechnology sectors. The firm manages assets for a limited number of clients and employs a team incorporating finance and research professionals.
Investment Strategy
Ikarian Capital employs a long/short equity strategy, specializing in the healthcare and biotechnology sectors. The portfolio shows a dynamic approach, utilizing derivatives such as puts and calls on sector-relevant indices and companies. The fund actively manages sector, market, and security-specific exposures, aiming to capture alpha through deep company research and sector rotation while managing risk across long and short positions.
Top Holdings
Equity Positions (97)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
C CDTX | CIDARA THERAPEUTICS INC | 4.35% | $22.6M | 464,488 | $34.77 | $48.71 | +$17.3M |
A ALNY | ALNYLAM PHARMACEUTICALS INC | 3.54% | $18.5M | 56,594 | $294.79 | $326.09 | +$9.9M |
I INSM | INSMED INC | 3.17% | $16.5M | 163,751 | $78.92 | $100.64 | +$10.0M |
V VRNA | VERONA PHARMA PLC | 2.67% | $13.9M | 146,831 | $57.76 | $94.58 | +$5.6M |
C CRNX | CRINETICS PHARMACEUTICALS IN | 2.39% | $12.5M | 433,431 | $27.72 | $28.76 | -$5.1M |
Options Positions (10)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
C CDTX | CIDARA THERAPEUTICS INC | New | Put | $24.4M | 5,016 | $48.71 | $48.71 | +5,016 | +$24.4M |
R RARE | ULTRAGENYX PHARMACEUTICAL IN | Bought | Call | $20.5M | 5,631 | $36.36 | $36.33 | +4,500 | +$16.4M |
S SLNO | SOLENO THERAPEUTICS INC | Bought | Put | $16.8M | 2,000 | $83.78 | $67.68 | +1,000 | +$9.6M |
S SLNO | SOLENO THERAPEUTICS INC | Sold | Call | $16.8M | 2,000 | $83.78 | $71.45 | -430 | -$606.4K |
C CDTX | CIDARA THERAPEUTICS INC | New | Call | $15.6M | 3,210 | $48.71 | $48.71 | +3,210 | +$15.6M |
Industry Allocation
Investment Team (2)
| Name | Role | Location | |
|---|---|---|---|
 | Analyst | Dallas, TX , United States | |
 | Pharma and Biotech Senior Research Analyst | Plano, TX , United States |