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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
QTTB icon
51
Q32 Bio
QTTB
$381M
$5.48M 0.59%
+430,000
New +$3.59M
TENX icon
52
CALL
Tenax Therapeutics
TENX
$66.6M
$5.43M 0.58%
373,100
+258,800
+226% +$3.31M
EPRX
53
Eupraxia Pharmaceuticals
EPRX
$496M
$5.35M 0.58%
809,741
-405,000
-33% -$2.79M
EYPT icon
54
CALL
EyePoint Inc
EYPT
$394M
$5.3M 0.57%
370,400
– –
EYPT icon
55
PUT
EyePoint Inc
EYPT
$394M
$5.3M 0.57%
370,400
– –
SLS icon
56
PUT
SELLAS Life Sciences
SLS
$2.77B
$5.24M 0.56%
+354,700
New +$2.45M
BIOA
57
BioAge Labs
BIOA
$436M
$4.9M 0.53%
+200,000
New +$3.61M
RZLT icon
58
Rezolute
RZLT
$437M
$4.86M 0.52%
935,012
+918,533
+5,574% +$3.41M
OLMA icon
59
Olema Pharmaceuticals
OLMA
$939M
$4.79M 0.52%
383,281
-215,000
-36% -$2.88M
SION
60
PUT
Sionna Therapeutics
SION
$305M
$4.73M 0.51%
+107,500
New +$4.3M
MNPR icon
61
Monopar Therapeutics
MNPR
$796M
$4.43M 0.48%
+47,861
New +$2.96M
BBIO icon
62
BridgeBio Pharma
BBIO
$14.7B
$4.28M 0.46%
57,417
-102,703
-64% -$7.19M
CLDX icon
63
PUT
Celldex Therapeutics
CLDX
$3.09B
$4.24M 0.46%
114,000
– –
IVA
64
Inventiva
IVA
$1.14B
$4.15M 0.45%
1,129,101
-300,000
-21% -$1.44M
ABSI icon
65
Absci
ABSI
$1.51B
$4.1M 0.44%
+353,772
New +$1.99M
ALEC icon
66
Alector
ALEC
$280M
$3.99M 0.43%
1,982,606
-100,000
-5% -$214K
CLYM
67
Climb Bio
CLYM
$838M
$3.91M 0.42%
+300,000
New +$3.1M
FULC icon
68
Fulcrum Therapeutics
FULC
$293M
$3.84M 0.41%
1,049,161
– –
CRDL
69
Cardiol Therapeutics
CRDL
$252M
$3.52M 0.38%
3,325,000
+600,000
+22% +$759K
CUE icon
70
Cue Biopharma
CUE
$201M
$3.29M 0.35%
+104,364
New +$2.36M
CPIX icon
71
Cumberland Pharmaceuticals
CPIX
$101M
$3.26M 0.35%
503,153
-50,000
-9% -$240K
ARWR icon
72
Arrowhead Research
ARWR
$12.2B
$3.12M 0.34%
+38,278
New +$2.83M
VERA icon
73
CALL
Vera Therapeutics
VERA
$2.52B
$3.08M 0.33%
71,700
– –
RNTX
74
Rein Therapeutics
RNTX
$72.8M
$3.07M 0.33%
+2,950,000
New +$3.57M
ARVN icon
75
Arvinas
ARVN
$609M
$2.98M 0.32%
358,257
– –
1 2
3
4 5

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RCM
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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.