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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
+121.28%
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
$1.28B
AUM Growth
+$290M
Cap. Flow
+$61.4M
Cap. Flow %
4.79%
Top 10 Hldgs %
38.86%
Holding
235
New
66
Increased
34
Reduced
68
Closed
61

Top Buys

Rank Stock Value
1
TERN
Terns Pharmaceuticals
TERN
+$33.1M
2
CORT icon
Corcept Therapeutics
CORT
+$14.6M
3
AMGN icon
Amgen
AMGN
+$14.3M
4
OLMA icon
Olema Pharmaceuticals
OLMA
+$13.5M
5
LLY icon
Eli Lilly
LLY
+$13.2M

Top Sells

Rank Stock Value
1
GMAB icon
Genmab
GMAB
+$53M
2
ABVX
Abivax
ABVX
+$20.7M
3
IONS icon
Ionis Pharmaceuticals
IONS
+$16M
4
DNTH icon
Dianthus Therapeutics
DNTH
+$13.6M
5
PTCT icon
PTC Therapeutics
PTCT
+$11.8M

Sector Composition

Rank Sector Weight
1 Healthcare 59.99%
2 Financials 0.25%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AMGN icon
26
Amgen
AMGN
$209B
$14.7M 1.15%
+45,000
New +$14.3M
CTMX icon
27
CytomX Therapeutics
CTMX
$714M
$13.5M 1.06%
3,172,616
-200,000
-6% -$760K
PHVS icon
28
Pharvaris
PHVS
$2.37B
$13.5M 1.05%
486,856
+276,691
+132% +$6.66M
CNTB
29
Connect Biopharma Holdings
CNTB
$132M
$13.5M 1.05%
+4,788,486
New +$10.2M
DRUG
30
Bright Minds Biosciences
DRUG
$732M
$12.4M 0.97%
159,421
+143,990
+933% +$9.62M
TENX icon
31
Tenax Therapeutics
TENX
$401M
$11.8M 0.92%
967,600
– –
RVMD icon
32
Revolution Medicines
RVMD
$40.9B
$11M 0.86%
+138,142
New +$9.06M
CYTK icon
33
Cytokinetics
CYTK
$10.9B
$11M 0.86%
172,672
-50,002
-22% -$3.11M
SPRB
34
Spruce Biosciences
SPRB
$119M
$10.6M 0.83%
121,356
+108,024
+810% +$11.6M
CELC icon
35
Celcuity
CELC
$4.27B
$10.5M 0.82%
+105,545
New +$8.68M
RAPT
36
CALL
DELISTED
RAPT Therapeutics
RAPT
$9.82M 0.77%
290,000
+115,000
+66% +$3.57M
OMER icon
37
CALL
Omeros
OMER
$863M
$9.45M 0.74%
+550,000
New +$4.74M
ANRO icon
38
Alto Neuroscience
ANRO
$1.11B
$9.17M 0.72%
515,000
+405,000
+368% +$5.1M
DXCM icon
39
CALL
DexCom
DXCM
$28.8B
$9.13M 0.71%
+137,500
New +$8.89M
PTCT icon
40
PTC Therapeutics
PTCT
$6.26B
$9.01M 0.7%
118,657
-161,894
-58% -$11.8M
HROW icon
41
Harrow
HROW
$1.45B
$8.98M 0.7%
+183,347
New +$7.7M
VTYX
42
DELISTED
Ventyx Biosciences
VTYX
$8.66M 0.68%
958,704
-350,900
-27% -$2.62M
CGON icon
43
CG Oncology
CGON
$6.44B
$8.28M 0.65%
199,473
-50,000
-20% -$2.07M
CORT icon
44
PUT
Corcept Therapeutics
CORT
$12.7B
$8.24M 0.64%
+236,700
New +$18.6M
FBRX icon
45
Forte Biosciences
FBRX
$1.58B
$8.18M 0.64%
300,000
– –
APLS
46
CALL
DELISTED
Apellis Pharmaceuticals
APLS
$8.18M 0.64%
325,600
-32,400
-9% -$760K
PTHS
47
Pelthos Therapeutics
PTHS
$91.2M
$7.93M 0.62%
255,758
+193,307
+310% +$5.58M
NBIX icon
48
Neurocrine Biosciences
NBIX
$18.7B
$7.67M 0.6%
+54,062
New +$7.83M
RVMD icon
49
CALL
Revolution Medicines
RVMD
$40.9B
$7.57M 0.59%
95,000
– –
IONS icon
50
CALL
Ionis Pharmaceuticals
IONS
$8.81B
$7.48M 0.58%
94,600
+81,300
+611% +$6.12M
1
2
3 4 5

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Ikarian Capital's Q4 2025 Portfolio in Review

As of Q4 2025, Ikarian Capital held 235 positions worth $1.28B, up 29% from $990M the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Ikarian Capital deployed $61.4M of net new capital in Q4 2025, opening 66 new positions and adding to 34 existing holdings. Its largest new stake was Corcept Therapeutics: 185,593 shares worth $6.46M.

By sector, the portfolio is most concentrated in Healthcare at 60% of assets, up from 50% a quarter earlier, followed by Financials.

On the sell side, the largest reduction was Abivax, an estimated $20.7M trimmed.

  • Ikarian Capital's largest Q4 2025 buy was Corcept Therapeutics: 185,593 shares worth $6.46M.
  • Ikarian Capital added most to Terns Pharmaceuticals in Q4 2025, an estimated $33.1M increase.
  • Ikarian Capital's biggest Q4 2025 reduction was Abivax, cutting an estimated $20.7M.
  • Ikarian Capital fully exited Genmab in Q4 2025, selling an estimated $53M.
  • Ikarian Capital's ten largest holdings make up 39% of its $1.28B portfolio in Q4 2025.
  • Ikarian Capital opened 66 new positions and closed 61 in Q4 2025.
  • Ikarian Capital's portfolio value rose 29% quarter-over-quarter to $1.28B.

Based on Ikarian Capital's 13F filing for Q4 2025, filed 18 Feb 2026.