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Ikarian Capital Portfolio holdings

AUM $1.23B
1-Year Est. Return 600.17%
This Fund
S&P 500
This Quarter Est. Return
-11.76%
1 Year Est. Return
+600.17%
3 Year Est. Return
+5,763.15%
5 Year Est. Return
+15,527.6%
10 Year Est. Return
–
AUM
$811M
AUM Growth
+$76.2M
Cap. Flow
+$164M
Cap. Flow %
20.18%
Top 10 Hldgs %
56%
Holding
229
New
58
Increased
27
Reduced
37
Closed
69

Top Buys

Rank Stock Value
1
PCVX icon
Vaxcyte
PCVX
+$16M
2
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$14.7M
3
SRPT icon
Sarepta Therapeutics
SRPT
+$14.2M
4
AKRO
Akero Therapeutics
AKRO
+$10.4M
5
PRAX icon
Praxis Precision Medicines
PRAX
+$9.09M

Top Sells

Rank Stock Value
1
SYRE icon
Spyre Therapeutics
SYRE
+$6.57M
2
TARS icon
Tarsus Pharmaceuticals
TARS
+$6.06M
3
AVTX icon
Avalo Therapeutics
AVTX
+$5.84M
4
BPMC
Blueprint Medicines
BPMC
+$5.41M
5
SRRK icon
Scholar Rock
SRRK
+$4.35M

Sector Composition

Rank Sector Weight
1 Healthcare 36.1%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VRDN icon
26
Viridian Therapeutics
VRDN
$2.09B
$6.67M 0.82%
494,949
+25,000
+5% +$426K
INSM icon
27
Insmed
INSM
$21.1B
$6.47M 0.8%
84,800
-35,000
-29% -$2.68M
EWTX icon
28
Edgewise Therapeutics
EWTX
$4.18B
$6.16M 0.76%
+280,000
New +$7.35M
CPRX
29
DELISTED
Catalyst Pharmaceutical
CPRX
$6.05M 0.75%
249,649
-100,000
-29% -$2.25M
CYTK icon
30
Cytokinetics
CYTK
$10.6B
$6.03M 0.74%
149,982
– –
ELVN icon
31
Enliven Therapeutics
ELVN
$3.93B
$5.7M 0.7%
289,538
-105,000
-27% -$2.26M
PRAX icon
32
Praxis Precision Medicines
PRAX
$8.48B
$5.51M 0.68%
+145,502
New +$9.09M
CDTX
33
DELISTED
Cidara Therapeutics
CDTX
$5.36M 0.66%
248,940
+195,000
+362% +$4.33M
ACOG
34
Alpha Cognition
ACOG
$173M
$5.11M 0.63%
967,867
+212,000
+28% +$1.24M
KYMR icon
35
PUT
Kymera Therapeutics
KYMR
$8.44B
$4.84M 0.6%
+176,800
New +$6.44M
PTGX icon
36
CALL
Protagonist Therapeutics
PTGX
$8.75B
$4.84M 0.6%
+100,000
New +$4.19M
PTGX icon
37
PUT
Protagonist Therapeutics
PTGX
$8.75B
$4.84M 0.6%
+100,000
New +$4.19M
TECX
38
Tectonic Therapeutic
TECX
$520M
$4.77M 0.59%
269,090
+126,762
+89% +$4.13M
FBRX icon
39
Forte Biosciences
FBRX
$1.57B
$4.73M 0.58%
609,225
– –
GPCR icon
40
Structure Therapeutics
GPCR
$3.34B
$4.57M 0.56%
264,085
-20,000
-7% -$490K
RARE icon
41
CALL
Ultragenyx Pharmaceutical
RARE
$2.44B
$4.1M 0.5%
+113,100
New +$4.71M
MTSR
42
DELISTED
Metsera Inc
MTSR
$4.08M 0.5%
+150,000
New +$4.25M
STIM icon
43
Neuronetics
STIM
$141M
$4.05M 0.5%
+1,100,000
New +$4.02M
CAPR icon
44
CALL
Capricor Therapeutics
CAPR
$225M
$3.8M 0.47%
400,000
+38,900
+11% +$540K
DYN icon
45
Dyne Therapeutics
DYN
$4.58B
$3.75M 0.46%
+358,837
New +$5.13M
MLTX icon
46
CALL
MoonLake Immunotherapeutics
MLTX
$1.56B
$3.69M 0.46%
+94,500
New +$4.07M
MLTX icon
47
PUT
MoonLake Immunotherapeutics
MLTX
$1.56B
$3.69M 0.46%
+94,500
New +$4.07M
INCY icon
48
CALL
Incyte
INCY
$24.3B
$3.66M 0.45%
+60,400
New +$4.21M
VKTX icon
49
CALL
Viking Therapeutics
VKTX
$3.7B
$3.62M 0.45%
+150,000
New +$4.74M
RARE icon
50
PUT
Ultragenyx Pharmaceutical
RARE
$2.44B
$3.62M 0.45%
+100,000
New +$4.16M
1
2
3 4 5

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Ikarian Capital's Q1 2025 Portfolio in Review

As of Q1 2025, Ikarian Capital held 229 positions worth $811M, up 10% from $735M the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Ikarian Capital deployed $164M of net new capital in Q1 2025, opening 58 new positions and adding to 27 existing holdings. Its largest new stake was Vaxcyte: 200,000 shares worth $7.55M.

By sector, the portfolio is most concentrated in Healthcare at 36% of assets, down from 48% a quarter earlier.

On the sell side, the largest reduction was Tarsus Pharmaceuticals, an estimated $6.06M trimmed.

  • Ikarian Capital's largest Q1 2025 buy was Vaxcyte: 200,000 shares worth $7.55M.
  • Ikarian Capital added most to Sarepta Therapeutics in Q1 2025, an estimated $14.2M increase.
  • Ikarian Capital's biggest Q1 2025 reduction was Tarsus Pharmaceuticals, cutting an estimated $6.06M.
  • Ikarian Capital fully exited Spyre Therapeutics in Q1 2025, selling an estimated $6.57M.
  • Ikarian Capital's ten largest holdings make up 56% of its $811M portfolio in Q1 2025.
  • Ikarian Capital opened 58 new positions and closed 69 in Q1 2025.
  • Ikarian Capital's portfolio value rose 10% quarter-over-quarter to $811M.

Based on Ikarian Capital's 13F filing for Q1 2025, filed 15 May 2025.