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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
+13.63%
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
$1.23B
AUM Growth
-$49.2M
Cap. Flow
-$76.4M
Cap. Flow %
-6.2%
Top 10 Hldgs %
42.54%
Holding
214
New
40
Increased
35
Reduced
19
Closed
53

Top Buys

Rank Stock Value
1
ALMS
Alumis Inc
ALMS
+$30.3M
2
HROW icon
Harrow
HROW
+$15.8M
3
KOD icon
Kodiak Sciences
KOD
+$14.1M
4
CLDX icon
Celldex Therapeutics
CLDX
+$12.6M
5
BBIO icon
BridgeBio Pharma
BBIO
+$11.6M

Top Sells

Rank Stock Value
1
CDTX
Cidara Therapeutics
CDTX
+$60.4M
2
JAZZ icon
Jazz Pharmaceuticals
JAZZ
+$25.8M
3
RAPT
RAPT Therapeutics
RAPT
+$22.5M
4
ABVX
Abivax
ABVX
+$17.6M
5
AMGN icon
Amgen
AMGN
+$14.7M

Sector Composition

Rank Sector Weight
1 Healthcare 56.39%
2 Miscellaneous 43.39%
3 Financials 0.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ORKA
26
Oruka Therapeutics
ORKA
$6.03B
$11.9M 0.96%
+242,021
New +$8.41M
ANRO icon
27
Alto Neuroscience
ANRO
$1.38B
$11.6M 0.94%
515,000
– –
ANIP icon
28
CALL
ANI Pharmaceuticals
ANIP
$1.67B
$11.5M 0.94%
150,000
+67,200
+81% +$5.25M
SLNO
29
DELISTED
Soleno Therapeutics
SLNO
$11.5M 0.94%
344,123
+275,300
+400% +$10.8M
MAZE
30
Maze Therapeutics
MAZE
$1.52B
$11.3M 0.92%
378,999
-265,681
-41% -$11.7M
ANIP icon
31
ANI Pharmaceuticals
ANIP
$1.67B
$11.3M 0.92%
+147,085
New +$11.5M
CAPR icon
32
CALL
Capricor Therapeutics
CAPR
$558M
$10.6M 0.86%
+350,000
New +$9.33M
CTNM
33
Contineum Therapeutics
CTNM
$641M
$10.6M 0.86%
807,874
+525,000
+186% +$7.04M
RARE icon
34
Ultragenyx Pharmaceutical
RARE
$2.52B
$10.1M 0.82%
482,571
+469,900
+3,708% +$10.6M
IONS icon
35
Ionis Pharmaceuticals
IONS
$10.1B
$9.54M 0.77%
127,038
-75,000
-37% -$5.92M
RVMD icon
36
PUT
Revolution Medicines
RVMD
$44.6B
$9.24M 0.75%
+95,000
New +$9.59M
OLMA icon
37
Olema Pharmaceuticals
OLMA
$899M
$8.92M 0.72%
598,281
-160,373
-21% -$3.57M
EPRX
38
Eupraxia Pharmaceuticals
EPRX
$441M
$8.79M 0.71%
1,214,741
+604,741
+99% +$4.87M
DMRA
39
Damora Therapeutics
DMRA
$1.79B
$8.69M 0.71%
335,710
+50,000
+18% +$1.29M
IONS icon
40
CALL
Ionis Pharmaceuticals
IONS
$10.1B
$8.42M 0.68%
112,100
+17,500
+18% +$1.38M
OLMA icon
41
CALL
Olema Pharmaceuticals
OLMA
$899M
$8.2M 0.67%
549,800
+349,800
+175% +$7.79M
PVLA
42
Palvella Therapeutics
PVLA
$2.16B
$8.06M 0.65%
+64,626
New +$6.74M
FULC icon
43
Fulcrum Therapeutics
FULC
$294M
$8.05M 0.65%
1,049,161
-326,311
-24% -$3.03M
VERA icon
44
Vera Therapeutics
VERA
$2.46B
$8.05M 0.65%
+200,000
New +$8.62M
SPRB
45
Spruce Biosciences
SPRB
$175M
$7.93M 0.64%
121,356
– –
IVA
46
Inventiva
IVA
$1.11B
$7.84M 0.64%
1,429,101
+926,500
+184% +$5.65M
JBIO
47
Jade Biosciences
JBIO
$1.33B
$7.2M 0.58%
512,349
+212,349
+71% +$3.07M
OCGN icon
48
Ocugen
OCGN
$448M
$7.17M 0.58%
+3,962,972
New +$6.85M
ZURA icon
49
Zura Bio
ZURA
$548M
$7.1M 0.58%
1,193,492
+391,170
+49% +$2.36M
OVID icon
50
Ovid Therapeutics
OVID
$547M
$6.43M 0.52%
2,894,704
+2,647,146
+1,069% +$4.73M
1
2
3 4 5

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Ikarian Capital's Q1 2026 Portfolio in Review

As of Q1 2026, Ikarian Capital held 214 positions worth $1.23B, down 3.8% from $1.28B the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Ikarian Capital withdrew a net $76.4M in Q1 2026, closing 53 positions and reducing 19 holdings. Its most notable exit was Cidara Therapeutics, an estimated $60.4M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 56% of assets, down from 60% a quarter earlier, followed by Miscellaneous and Financials.

Against the trend, Ikarian Capital opened a new position in Alumis Inc worth $26.7M.

  • Ikarian Capital's largest Q1 2026 buy was Alumis Inc: 1,213,548 shares worth $26.7M.
  • Ikarian Capital added most to Harrow in Q1 2026, an estimated $15.8M increase.
  • Ikarian Capital's biggest Q1 2026 reduction was Jazz Pharmaceuticals, cutting an estimated $25.8M.
  • Ikarian Capital fully exited Cidara Therapeutics in Q1 2026, selling an estimated $60.4M.
  • Ikarian Capital's ten largest holdings make up 43% of its $1.23B portfolio in Q1 2026.
  • Ikarian Capital opened 40 new positions and closed 53 in Q1 2026.
  • Ikarian Capital's portfolio value fell 3.8% quarter-over-quarter to $1.23B.

Based on Ikarian Capital's 13F filing for Q1 2026, filed 15 May 2026.