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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
+13.63%
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
$1.23B
AUM Growth
-$49.2M
Cap. Flow
-$49.5M
Cap. Flow %
-4.02%
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 Financials 0.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ABVX
51
Abivax
ABVX
$11.9B
$6.23M 0.51%
57,635
-148,350
-72% -$17.6M
LLY icon
52
Eli Lilly
LLY
$1.05T
$6.02M 0.49%
6,547
-7,268
-53% -$7.37M
AVTX icon
53
CALL
Avalo Therapeutics
AVTX
$1.02B
$5.99M 0.49%
401,500
+343,400
+591% +$5.37M
ALMS
54
CALL
Alumis Inc
ALMS
$3.65B
$5.83M 0.47%
+264,600
New +$6.61M
QURE icon
55
CALL
uniQure
QURE
$2.77B
$5.8M 0.47%
355,000
+249,600
+237% +$5.05M
ACOG
56
Alpha Cognition
ACOG
$185M
$5.8M 0.47%
1,056,259
– –
PTHS
57
Pelthos Therapeutics
PTHS
$93.8M
$5.39M 0.44%
256,598
+840
+0.3% +$19.9K
KPTI icon
58
CALL
Karyopharm Therapeutics
KPTI
$216M
$5.12M 0.42%
+920,000
New +$7.01M
KPTI icon
59
PUT
Karyopharm Therapeutics
KPTI
$216M
$5.12M 0.42%
+920,000
New +$7.01M
SRZN icon
60
Surrozen
SRZN
$255M
$5.04M 0.41%
173,107
+107,319
+163% +$2.57M
TECX
61
Tectonic Therapeutic
TECX
$615M
$4.87M 0.4%
+157,537
New +$3.88M
EYPT icon
62
CALL
EyePoint Inc
EYPT
$1.12B
$4.77M 0.39%
+370,400
New +$5.54M
EYPT icon
63
PUT
EyePoint Inc
EYPT
$1.12B
$4.77M 0.39%
+370,400
New +$5.54M
ALEC icon
64
Alector
ALEC
$167M
$4.48M 0.36%
2,082,606
– –
BBIO icon
65
CALL
BridgeBio Pharma
BBIO
$15.9B
$4.34M 0.35%
+58,500
New +$4.24M
KYMR icon
66
PUT
Kymera Therapeutics
KYMR
$9.52B
$4.2M 0.34%
+50,400
New +$3.99M
LEGN icon
67
Legend Biotech
LEGN
$4.31B
$4.1M 0.33%
226,888
– –
KPTI icon
68
Karyopharm Therapeutics
KPTI
$216M
$4.09M 0.33%
733,435
+188,881
+35% +$1.44M
LPCN icon
69
Lipocine
LPCN
$18.4M
$4.06M 0.33%
508,556
+309,014
+155% +$2.69M
DCTH icon
70
Delcath Systems
DCTH
$442M
$4M 0.32%
431,251
– –
KOD icon
71
CALL
Kodiak Sciences
KOD
$2.67B
$3.81M 0.31%
+100,000
New +$2.58M
ARVN icon
72
Arvinas
ARVN
$517M
$3.8M 0.31%
358,257
– –
CMPS
73
Compass Pathways
CMPS
$1.67B
$3.73M 0.3%
675,000
+275,000
+69% +$1.85M
CRDL
74
Cardiol Therapeutics
CRDL
$139M
$3.68M 0.3%
+2,725,000
New +$2.8M
CLDX icon
75
PUT
Celldex Therapeutics
CLDX
$2.77B
$3.62M 0.29%
+114,000
New +$3.11M
1 2
3
4 5

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NHAS
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HCA
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WCM
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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 $49.5M 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 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.