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Ikarian Capital Portfolio holdings
AUM
$928M
Turnover
42.29%
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
(-25%)
Cap. Flow
-$136M
Cap. Flow % of AUM
Cap. Flow %
-14.61%
Top 10 Holdings %
Top 10 Hldgs %
36.98%
Holding
201
New
40
Increased
24
Reduced
34
Closed
45
Avg Time Held
Equity + Options
0.7
years
Top 10 Avg Time Held
Equity + Options
0.1
years
Top 20 Avg Time Held
Equity + Options
0.2
years
Avg Time Held Equity only
0.9
years
Top 10 Avg Time Held Equity only
0.2
years
Top 20 Avg Time Held Equity only
0.3
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Abivax
ABVX
|
+$30.7M |
| 2 |
Cogent Biosciences
COGT
|
+$12.9M |
| 3 |
Arcus Biosciences
RCUS
|
+$12.5M |
| 4 |
ANI Pharmaceuticals
ANIP
|
+$10M |
| 5 |
C4 Therapeutics
CCCC
|
+$8.32M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Terns Pharmaceuticals
TERN
|
+$76.8M |
| 2 |
Cytokinetics
CYTK
|
+$18.7M |
| 3 |
Revolution Medicines
RVMD
|
+$15.9M |
| 4 |
Harrow
HROW
|
+$15.1M |
| 5 |
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 | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.1B
| $47.5M | 5.11% |
300,000
-500,000
| -63% | -$67.6M |
2025 Q3
3 quarters
|
|
|
2
CALL
Abivax
ABVX
$7.5B
| $45.5M | 4.9% |
341,100
+47,800
| +16% | +$5.41M |
2025 Q4
2 quarters
|
|
|
3
Abivax
ABVX
$7.5B
| $43.4M | 4.67% |
328,635
+271,000
| +470% | +$30.7M |
2025 Q3
3 quarters
|
|
4
Kodiak Sciences
KOD
$5.53B
| $41.3M | 4.45% |
1,059,730
-206,065
| -16% | -$8.02M |
2023 Q1
13 quarters
|
|
|
5
PUT
Abivax
ABVX
$7.5B
| $33.3M | 3.59% |
+250,000
| New | +$28.3M |
2026 Q2
0 quarters
|
|
6
CALL
Ionis Pharmaceuticals
IONS
$7.18B
| $31.7M | 3.42% |
400,000
+287,900
| +257% | +$21.7M |
2025 Q3
3 quarters
|
|
7
PUT
Moderna
MRNA
$91.3B
| $28M | 3.02% |
+400,000
| New | +$20.7M |
2026 Q2
0 quarters
|
|
8
Alumis Inc
ALMS
$793M
| $24.5M | 2.64% |
870,548
-343,000
| -28% | -$7.98M |
2026 Q1
1 quarter
|
|
9
Praxis Precision Medicines
PRAX
$6.84B
| $24.4M | 2.63% |
72,842
+1,261
| +2% | +$399K |
2025 Q1
5 quarters
|
|
|
10
PUT
Ionis Pharmaceuticals
IONS
$7.18B
| $23.8M | 2.56% |
+300,000
| New | +$22.6M |
2026 Q2
0 quarters
|
|
11
Vaxcyte
PCVX
$10.1B
| $22.6M | 2.43% |
388,682
-40,000
| -9% | -$2.17M |
2025 Q1
5 quarters
|
|
|
12
ANI Pharmaceuticals
ANIP
$1.68B
| $22.5M | 2.43% |
272,085
+125,000
| +85% | +$10M |
2026 Q1
1 quarter
|
|
13
Celldex Therapeutics
CLDX
$2.19B
| $17.8M | 1.92% |
478,500
+17,253
| +4% | +$557K |
2026 Q1
1 quarter
|
|
|
14
Arcus Biosciences
RCUS
$2.77B
| $15.6M | 1.68% |
+504,559
| New | +$12.5M |
2026 Q2
0 quarters
|
|
15
Relmada Therapeutics
RLMD
$333M
| $14.9M | 1.6% |
2,148,359
-540,000
| -20% | -$3.77M |
2022 Q4
14 quarters
|
|
16
Capricor Therapeutics
CAPR
$383M
| $14.5M | 1.57% |
604,215
+76,200
| +14% | +$2.31M |
2025 Q3
3 quarters
|
|
|
17
Cogent Biosciences
COGT
$5.16B
| $14.3M | 1.54% |
+370,084
| New | +$12.9M |
2026 Q2
0 quarters
|
|
18
PUT
NewAmsterdam Pharma
NAMS
$2.38B
| $13.6M | 1.46% |
+400,000
| New | +$13.2M |
2026 Q2
0 quarters
|
|
19
Vera Therapeutics
VERA
$2.01B
| $13.3M | 1.43% |
310,000
+110,000
| +55% | +$4.1M |
2026 Q1
1 quarter
|
|
20
Contineum Therapeutics
CTNM
$266M
| $13.2M | 1.43% |
807,874
| – | – |
2025 Q4
2 quarters
|
|
21
Tenax Therapeutics
TENX
$56.1M
| $11.5M | 1.23% |
787,600
-230,000
| -23% | -$2.94M |
2025 Q3
3 quarters
|
|
|
22
C4 Therapeutics
CCCC
$347M
| $11.4M | 1.22% |
+2,433,000
| New | +$8.32M |
2026 Q2
0 quarters
|
|
23
Maze Therapeutics
MAZE
$1.55B
| $11.3M | 1.22% |
378,999
| – | – |
2025 Q1
5 quarters
|
|
24
Biohaven
BHVN
$1.65B
| $11.1M | 1.2% |
748,181
+335,700
| +81% | +$3.61M |
2025 Q4
2 quarters
|
|
25
Connect Biopharma Holdings
CNTB
$56.2M
| $10.8M | 1.16% |
4,538,534
-849,952
| -16% | -$2.06M |
2025 Q4
2 quarters
|
|
Similar funds
MPM
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.