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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
-11.76%
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
$811M
AUM Growth
+$76.2M
Cap. Flow
+$164M
Cap. Flow %
20.18%
Top 10 Hldgs %
56%
Holding
229
New
58
Increased
27
Reduced
37
Closed
69

Top Buys

Rank Stock Value
1
PCVX icon
Vaxcyte
PCVX
+$16M
2
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$14.7M
3
SRPT icon
Sarepta Therapeutics
SRPT
+$14.2M
4
AKRO
Akero Therapeutics
AKRO
+$10.4M
5
PRAX icon
Praxis Precision Medicines
PRAX
+$9.09M

Top Sells

Rank Stock Value
1
SYRE icon
Spyre Therapeutics
SYRE
+$6.57M
2
TARS icon
Tarsus Pharmaceuticals
TARS
+$6.06M
3
AVTX icon
Avalo Therapeutics
AVTX
+$5.84M
4
BPMC
Blueprint Medicines
BPMC
+$5.41M
5
SRRK icon
Scholar Rock
SRRK
+$4.35M

Sector Composition

Rank Sector Weight
1 Healthcare 36.1%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TRVI icon
51
Trevi Therapeutics
TRVI
$2.59B
$3.62M 0.45%
575,000
+250,000
+77% +$1.19M
MAZE
52
Maze Therapeutics
MAZE
$1.49B
$3.55M 0.44%
+322,740
New +$3.89M
JANX icon
53
Janux Therapeutics
JANX
$925M
$3.5M 0.43%
129,691
+55,000
+74% +$2.07M
ELDN icon
54
Eledon Pharmaceuticals
ELDN
$261M
$3.48M 0.43%
1,025,221
-101,416
-9% -$417K
SRRK icon
55
CALL
Scholar Rock
SRRK
$5.67B
$3.21M 0.4%
100,000
-2,100
-2% -$80.8K
QURE icon
56
CALL
uniQure
QURE
$3.03B
$3.18M 0.39%
+300,000
New +$4.21M
BBIO icon
57
BridgeBio Pharma
BBIO
$15.7B
$3.14M 0.39%
90,837
-124,876
-58% -$4.21M
CPIX icon
58
Cumberland Pharmaceuticals
CPIX
$100M
$3.13M 0.39%
+740,000
New +$3.07M
TEVA icon
59
CALL
Teva Pharmaceuticals
TEVA
$40.8B
$3.07M 0.38%
200,000
+100,000
+100% +$1.79M
KROS icon
60
Keros Therapeutics
KROS
$199M
$2.79M 0.34%
+274,009
New +$3.18M
KYMR icon
61
CALL
Kymera Therapeutics
KYMR
$8.51B
$2.74M 0.34%
+100,000
New +$3.65M
APGE icon
62
PUT
Apogee Therapeutics
APGE
$10.1B
$2.64M 0.33%
+70,700
New +$2.73M
ABEO icon
63
Abeona Therapeutics
ABEO
$366M
$2.54M 0.31%
533,581
– –
HELP
64
Cybin Inc
HELP
$485M
$2.52M 0.31%
397,175
– –
IBIO icon
65
iBio
IBIO
$69.5M
$2.41M 0.3%
599,913
– –
DRUG
66
Bright Minds Biosciences
DRUG
$719M
$2.36M 0.29%
65,431
-86,780
-57% -$3.18M
EOLS icon
67
Evolus
EOLS
$385M
$2.32M 0.29%
193,265
-180,000
-48% -$2.35M
DYN icon
68
CALL
Dyne Therapeutics
DYN
$4.7B
$1.96M 0.24%
+187,000
New +$2.67M
RLAY icon
69
Relay Therapeutics
RLAY
$4.1B
$1.95M 0.24%
743,308
+50,000
+7% +$196K
LXEO icon
70
Lexeo Therapeutics
LXEO
$324M
$1.91M 0.24%
550,029
+50,728
+10% +$225K
ARCT icon
71
Arcturus Therapeutics
ARCT
$164M
$1.85M 0.23%
175,000
-25,000
-13% -$397K
KOD icon
72
Kodiak Sciences
KOD
$2.6B
$1.82M 0.22%
649,534
+73,368
+13% +$399K
ORKA
73
Oruka Therapeutics
ORKA
$5.82B
$1.8M 0.22%
+175,000
New +$2.18M
APLS
74
DELISTED
Apellis Pharmaceuticals
APLS
$1.64M 0.2%
75,000
+71,406
+1,987% +$1.97M
VERV
75
DELISTED
Verve Therapeutics
VERV
$1.64M 0.2%
358,393
+188,402
+111% +$1.26M
1 2
3
4 5

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Ikarian Capital's Q1 2025 Portfolio in Review

As of Q1 2025, Ikarian Capital held 229 positions worth $811M, up 10% from $735M the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Ikarian Capital deployed $164M of net new capital in Q1 2025, opening 58 new positions and adding to 27 existing holdings. Its largest new stake was Vaxcyte: 200,000 shares worth $7.55M.

By sector, the portfolio is most concentrated in Healthcare at 36% of assets, down from 48% a quarter earlier.

On the sell side, the largest reduction was Tarsus Pharmaceuticals, an estimated $6.06M trimmed.

  • Ikarian Capital's largest Q1 2025 buy was Vaxcyte: 200,000 shares worth $7.55M.
  • Ikarian Capital added most to Sarepta Therapeutics in Q1 2025, an estimated $14.2M increase.
  • Ikarian Capital's biggest Q1 2025 reduction was Tarsus Pharmaceuticals, cutting an estimated $6.06M.
  • Ikarian Capital fully exited Spyre Therapeutics in Q1 2025, selling an estimated $6.57M.
  • Ikarian Capital's ten largest holdings make up 56% of its $811M portfolio in Q1 2025.
  • Ikarian Capital opened 58 new positions and closed 69 in Q1 2025.
  • Ikarian Capital's portfolio value rose 10% quarter-over-quarter to $811M.

Based on Ikarian Capital's 13F filing for Q1 2025, filed 15 May 2025.