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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
+19.48%
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
$928M
AUM Growth
-$304M
Cap. Flow
-$136M
Cap. Flow %
-14.61%
Top 10 Hldgs %
36.98%
Holding
201
New
40
Increased
24
Reduced
34
Closed
45

Top Buys

Rank Stock Value
1
ABVX
Abivax
ABVX
+$30.7M
2
COGT icon
Cogent Biosciences
COGT
+$12.9M
3
RCUS icon
Arcus Biosciences
RCUS
+$12.5M
4
ANIP icon
ANI Pharmaceuticals
ANIP
+$10M
5
CCCC icon
C4 Therapeutics
CCCC
+$8.32M

Top Sells

Rank Stock Value
1
TERN
Terns Pharmaceuticals
TERN
+$76.8M
2
CYTK icon
Cytokinetics
CYTK
+$18.7M
3
RVMD icon
Revolution Medicines
RVMD
+$15.9M
4
HROW icon
Harrow
HROW
+$15.1M
5
ORKA
Oruka Therapeutics
ORKA
+$11.9M

Sector Composition

Rank Sector Weight
1 Healthcare 65.54%
2 Miscellaneous 34.27%
3 Financials 0.19%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XBI icon
1
PUT
State Street SPDR S&P Biotech ETF
XBI
$11.7B
$47.5M 5.11%
300,000
-500,000
-63% -$67.6M
ABVX
2
CALL
Abivax
ABVX
$9.95B
$45.5M 4.9%
341,100
+47,800
+16% +$5.41M
ABVX
3
Abivax
ABVX
$9.95B
$43.4M 4.67%
328,635
+271,000
+470% +$30.7M
KOD icon
4
Kodiak Sciences
KOD
$2.29B
$41.3M 4.45%
1,059,730
-206,065
-16% -$8.02M
ABVX
5
PUT
Abivax
ABVX
$9.95B
$33.3M 3.59%
+250,000
New +$28.3M
IONS icon
6
CALL
Ionis Pharmaceuticals
IONS
$9.66B
$31.7M 3.42%
400,000
+287,900
+257% +$21.7M
MRNA icon
7
PUT
Moderna
MRNA
$59.4B
$28M 3.02%
+400,000
New +$20.7M
ALMS
8
Alumis Inc
ALMS
$1.47B
$24.5M 2.64%
870,548
-343,000
-28% -$7.98M
PRAX icon
9
Praxis Precision Medicines
PRAX
$9.92B
$24.4M 2.63%
72,842
+1,261
+2% +$399K
IONS icon
10
PUT
Ionis Pharmaceuticals
IONS
$9.66B
$23.8M 2.56%
+300,000
New +$22.6M
PCVX icon
11
Vaxcyte
PCVX
$9.1B
$22.6M 2.43%
388,682
-40,000
-9% -$2.17M
ANIP icon
12
ANI Pharmaceuticals
ANIP
$1.65B
$22.5M 2.43%
272,085
+125,000
+85% +$10M
CLDX icon
13
Celldex Therapeutics
CLDX
$3.09B
$17.8M 1.92%
478,500
+17,253
+4% +$557K
RCUS icon
14
Arcus Biosciences
RCUS
$3.84B
$15.6M 1.68%
+504,559
New +$12.5M
RLMD icon
15
Relmada Therapeutics
RLMD
$466M
$14.9M 1.6%
2,148,359
-540,000
-20% -$3.77M
CAPR icon
16
Capricor Therapeutics
CAPR
$540M
$14.5M 1.57%
604,215
+76,200
+14% +$2.31M
COGT icon
17
Cogent Biosciences
COGT
$6.06B
$14.3M 1.54%
+370,084
New +$12.9M
NAMS icon
18
PUT
NewAmsterdam Pharma
NAMS
$3.09B
$13.6M 1.46%
+400,000
New +$13.2M
VERA icon
19
Vera Therapeutics
VERA
$2.52B
$13.3M 1.43%
310,000
+110,000
+55% +$4.1M
CTNM
20
Contineum Therapeutics
CTNM
$661M
$13.2M 1.43%
807,874
– –
TENX icon
21
Tenax Therapeutics
TENX
$66.6M
$11.5M 1.23%
787,600
-230,000
-23% -$2.94M
CCCC icon
22
C4 Therapeutics
CCCC
$460M
$11.4M 1.22%
+2,433,000
New +$8.32M
MAZE
23
Maze Therapeutics
MAZE
$1.44B
$11.3M 1.22%
378,999
– –
BHVN icon
24
Biohaven
BHVN
$2.4B
$11.1M 1.2%
748,181
+335,700
+81% +$3.61M
CNTB
25
Connect Biopharma Holdings
CNTB
$122M
$10.8M 1.16%
4,538,534
-849,952
-16% -$2.06M
1
2 3 4 5

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Ikarian Capital's Q2 2026 Portfolio in Review

As of Q2 2026, Ikarian Capital held 201 positions worth $928M, down 25% from $1.23B the previous quarter. Its ten largest holdings account for 37% of the portfolio.

Ikarian Capital withdrew a net $136M in Q2 2026, closing 45 positions and reducing 34 holdings. Its most notable exit was Terns Pharmaceuticals, an estimated $76.8M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 66% of assets, up from 56% a quarter earlier, followed by Miscellaneous and Financials.

Against the trend, Ikarian Capital opened a new position in Cogent Biosciences worth $14.3M.

  • Ikarian Capital's largest Q2 2026 buy was Cogent Biosciences: 370,084 shares worth $14.3M.
  • Ikarian Capital added most to Abivax in Q2 2026, an estimated $30.7M increase.
  • Ikarian Capital's biggest Q2 2026 reduction was Harrow, cutting an estimated $15.1M.
  • Ikarian Capital fully exited Terns Pharmaceuticals in Q2 2026, selling an estimated $76.8M.
  • Ikarian Capital's ten largest holdings make up 37% of its $928M portfolio in Q2 2026.
  • Ikarian Capital opened 40 new positions and closed 45 in Q2 2026.
  • Ikarian Capital's portfolio value fell 25% quarter-over-quarter to $928M.

Based on Ikarian Capital's 13F filing for Q2 2026, filed 14 Aug 2026.