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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
+20.17%
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
$521M
AUM Growth
-$291M
Cap. Flow
-$320M
Cap. Flow %
-61.47%
Top 10 Hldgs %
34.38%
Holding
195
New
35
Increased
22
Reduced
34
Closed
62

Top Buys

Rank Stock Value
1
SRPT icon
Sarepta Therapeutics
SRPT
+$11.9M
2
APGE icon
Apogee Therapeutics
APGE
+$8.83M
3
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$6.92M
4
INSM icon
Insmed
INSM
+$6.04M
5
COGT icon
Cogent Biosciences
COGT
+$5.74M

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$14M
2
TARS icon
Tarsus Pharmaceuticals
TARS
+$13M
3
BPMC
Blueprint Medicines
BPMC
+$10.1M
4
RARE icon
Ultragenyx Pharmaceutical
RARE
+$7.82M
5
EWTX icon
Edgewise Therapeutics
EWTX
+$6.16M

Sector Composition

Rank Sector Weight
1 Healthcare 57.91%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
COGT icon
26
Cogent Biosciences
COGT
$6.71B
$7.44M 1.43%
+1,035,528
New +$5.74M
CAPR icon
27
CALL
Capricor Therapeutics
CAPR
$380M
$6.95M 1.34%
700,000
+300,000
+75% +$3.17M
VRDN icon
28
Viridian Therapeutics
VRDN
$2.13B
$6.57M 1.26%
469,949
-25,000
-5% -$339K
ARVN icon
29
Arvinas
ARVN
$526M
$6.26M 1.2%
850,000
+620,100
+270% +$4.57M
FBRX icon
30
Forte Biosciences
FBRX
$1.57B
$6.16M 1.18%
476,443
-132,782
-22% -$1.14M
SRPT icon
31
CALL
Sarepta Therapeutics
SRPT
$1.65B
$5.68M 1.09%
+332,100
New +$14.2M
VIR icon
32
Vir Biotechnology
VIR
$1.46B
$5.38M 1.03%
1,068,062
– –
CYTK icon
33
CALL
Cytokinetics
CYTK
$10.7B
$4.96M 0.95%
+150,000
New +$5.22M
CPRX
34
DELISTED
Catalyst Pharmaceutical
CPRX
$4.55M 0.87%
209,649
-40,000
-16% -$944K
KALV
35
CALL
DELISTED
KalVista Pharmaceuticals
KALV
$4.52M 0.87%
+400,000
New +$4.89M
MLTX icon
36
CALL
MoonLake Immunotherapeutics
MLTX
$1.57B
$4.46M 0.86%
94,500
– –
DCTH icon
37
Delcath Systems
DCTH
$399M
$4.38M 0.84%
322,390
+222,025
+221% +$3.1M
JAZZ icon
38
Jazz Pharmaceuticals
JAZZ
$16.1B
$4.24M 0.82%
+40,000
New +$4.35M
BHVN icon
39
CALL
Biohaven
BHVN
$2.04B
$4.23M 0.81%
300,000
-48,200
-14% -$859K
CGON icon
40
CG Oncology
CGON
$6.06B
$4.03M 0.77%
+155,000
New +$3.74M
STIM icon
41
Neuronetics
STIM
$134M
$3.84M 0.74%
1,099,700
-300
-0% -$1.18K
GPCR icon
42
Structure Therapeutics
GPCR
$3.38B
$3.8M 0.73%
183,085
-81,000
-31% -$1.78M
NAMS icon
43
NewAmsterdam Pharma
NAMS
$3.21B
$3.75M 0.72%
+206,800
New +$3.77M
FULC icon
44
CALL
Fulcrum Therapeutics
FULC
$245M
$3.67M 0.71%
+534,000
New +$2.86M
VERA icon
45
CALL
Vera Therapeutics
VERA
$2.33B
$3.61M 0.69%
+153,200
New +$3.44M
SRRK icon
46
CALL
Scholar Rock
SRRK
$5.9B
$3.54M 0.68%
100,000
– –
DYN icon
47
Dyne Therapeutics
DYN
$4.12B
$3.46M 0.67%
363,837
+5,000
+1% +$55K
APGE icon
48
PUT
Apogee Therapeutics
APGE
$10.1B
$3.44M 0.66%
79,100
+8,400
+12% +$320K
TEVA icon
49
CALL
Teva Pharmaceuticals
TEVA
$39B
$3.35M 0.64%
200,000
– –
TECX
50
Tectonic Therapeutic
TECX
$529M
$3.25M 0.62%
163,696
-105,394
-39% -$2.14M
1
2
3 4 5

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Ikarian Capital's Q2 2025 Portfolio in Review

As of Q2 2025, Ikarian Capital held 195 positions worth $521M, down 36% from $811M the previous quarter. Its ten largest holdings account for 34% of the portfolio.

Ikarian Capital withdrew a net $320M in Q2 2025, closing 62 positions and reducing 34 holdings. Its most notable exit was State Street SPDR S&P 500 ETF Trust, an estimated $14M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 58% of assets, up from 36% a quarter earlier.

Against the trend, Ikarian Capital opened a new position in Apogee Therapeutics worth $10.1M.

  • Ikarian Capital's largest Q2 2025 buy was Apogee Therapeutics: 232,047 shares worth $10.1M.
  • Ikarian Capital added most to Sarepta Therapeutics in Q2 2025, an estimated $11.9M increase.
  • Ikarian Capital's biggest Q2 2025 reduction was Tarsus Pharmaceuticals, cutting an estimated $13M.
  • Ikarian Capital fully exited State Street SPDR S&P 500 ETF Trust in Q2 2025, selling an estimated $14M.
  • Ikarian Capital's ten largest holdings make up 34% of its $521M portfolio in Q2 2025.
  • Ikarian Capital opened 35 new positions and closed 62 in Q2 2025.
  • Ikarian Capital's portfolio value fell 36% quarter-over-quarter to $521M.

Based on Ikarian Capital's 13F filing for Q2 2025, filed 14 Aug 2025.