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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
ANRO icon
26
Alto Neuroscience
ANRO
$1.43B
$10.7M 1.16%
407,338
-107,662
-21% -$2.49M
PHVS icon
27
Pharvaris
PHVS
$2.5B
$10.7M 1.15%
308,856
-178,000
-37% -$5.38M
ALMS
28
CALL
Alumis Inc
ALMS
$1.47B
$10M 1.08%
356,300
+91,700
+35% +$2.13M
JBIO
29
Jade Biosciences
JBIO
$1.26B
$9.5M 1.02%
427,349
-85,000
-17% -$1.77M
DMRA
30
Damora Therapeutics
DMRA
$1.73B
$8.73M 0.94%
335,710
– –
KOD icon
31
CALL
Kodiak Sciences
KOD
$2.29B
$8.48M 0.91%
217,700
+117,700
+118% +$4.58M
CAPR icon
32
CALL
Capricor Therapeutics
CAPR
$540M
$8.43M 0.91%
350,000
– –
ARWR icon
33
PUT
Arrowhead Research
ARWR
$12.2B
$8.15M 0.88%
100,000
+42,500
+74% +$3.14M
VRDN icon
34
Viridian Therapeutics
VRDN
$2.6B
$7.81M 0.84%
+425,000
New +$6.85M
PTHS
35
Pelthos Therapeutics
PTHS
$93.3M
$7.25M 0.78%
256,598
– –
ZURA icon
36
Zura Bio
ZURA
$563M
$7.19M 0.77%
1,218,492
+25,000
+2% +$119K
TECX
37
Tectonic Therapeutic
TECX
$585M
$7.08M 0.76%
205,837
+48,300
+31% +$1.42M
PRAX icon
38
CALL
Praxis Precision Medicines
PRAX
$9.92B
$6.7M 0.72%
+20,000
New +$6.33M
SPRB
39
Spruce Biosciences
SPRB
$166M
$6.55M 0.71%
121,356
– –
HIMS icon
40
Hims & Hers Health
HIMS
$6.49B
$6.53M 0.7%
+188,381
New +$5.06M
ELVN icon
41
Enliven Therapeutics
ELVN
$4.37B
$6.42M 0.69%
+126,541
New +$5.37M
PRQR icon
42
ProQR Therapeutics
PRQR
$295M
$6.37M 0.69%
3,425,930
+1,933,701
+130% +$3.18M
DRUG
43
Bright Minds Biosciences
DRUG
$667M
$6.24M 0.67%
88,951
-77,696
-47% -$6.1M
OVID icon
44
Ovid Therapeutics
OVID
$543M
$6.11M 0.66%
2,269,704
-625,000
-22% -$1.61M
OCGN icon
45
Ocugen
OCGN
$458M
$6.06M 0.65%
3,962,972
– –
ACOG
46
Alpha Cognition
ACOG
$201M
$6.04M 0.65%
836,259
-220,000
-21% -$1.38M
KYMR icon
47
PUT
Kymera Therapeutics
KYMR
$9.75B
$5.78M 0.62%
50,400
– –
HROW icon
48
Harrow
HROW
$1.43B
$5.77M 0.62%
135,775
-407,272
-75% -$15.1M
KZIA
49
Kazia Therapeutics
KZIA
$189M
$5.58M 0.6%
+396,201
New +$4.83M
RARE icon
50
Ultragenyx Pharmaceutical
RARE
$1.46B
$5.53M 0.6%
165,617
-316,954
-66% -$7.87M
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.