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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
+20.17%
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
$521M
AUM Growth
-$291M
Cap. Flow
-$320M
Cap. Flow %
-61.47%
Top 10 Hldgs %
34.38%
Holding
195
New
35
Increased
22
Reduced
34
Closed
62

Top Buys

Rank Stock Value
1
SRPT icon
Sarepta Therapeutics
SRPT
+$11.9M
2
APGE icon
Apogee Therapeutics
APGE
+$8.83M
3
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$6.92M
4
INSM icon
Insmed
INSM
+$6.04M
5
COGT icon
Cogent Biosciences
COGT
+$5.74M

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$14M
2
TARS icon
Tarsus Pharmaceuticals
TARS
+$13M
3
BPMC
Blueprint Medicines
BPMC
+$10.1M
4
RARE icon
Ultragenyx Pharmaceutical
RARE
+$7.82M
5
EWTX icon
Edgewise Therapeutics
EWTX
+$6.16M

Sector Composition

Rank Sector Weight
1 Healthcare 57.91%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MAZE
51
Maze Therapeutics
MAZE
$1.51B
$3.22M 0.62%
262,740
-60,000
-19% -$624K
ALT icon
52
CALL
Altimmune
ALT
$568M
$3.2M 0.62%
+827,500
New +$4.48M
JANX icon
53
Janux Therapeutics
JANX
$912M
$3M 0.58%
129,691
– –
FULC icon
54
Fulcrum Therapeutics
FULC
$241M
$2.95M 0.57%
428,521
+228,425
+114% +$1.22M
ELDN icon
55
Eledon Pharmaceuticals
ELDN
$255M
$2.71M 0.52%
1,000,221
-25,000
-2% -$75K
BIIB icon
56
Biogen
BIIB
$30.9B
$2.7M 0.52%
+21,516
New +$2.68M
VKTX icon
57
Viking Therapeutics
VKTX
$3.88B
$2.65M 0.51%
100,000
+50,000
+100% +$1.32M
CNTA
58
CALL
DELISTED
Centessa Pharmaceuticals
CNTA
$2.63M 0.5%
+200,000
New +$2.53M
RLAY icon
59
Relay Therapeutics
RLAY
$4B
$2.57M 0.49%
743,308
– –
AKRO
60
CALL
DELISTED
Akero Therapeutics
AKRO
$2.37M 0.46%
+44,400
New +$2.02M
ARCT icon
61
Arcturus Therapeutics
ARCT
$165M
$2.28M 0.44%
175,000
– –
GERN icon
62
Geron
GERN
$898M
$2.26M 0.43%
1,600,000
+1,450,000
+967% +$2.06M
KALV
63
DELISTED
KalVista Pharmaceuticals
KALV
$2.24M 0.43%
+198,528
New +$2.43M
KOD icon
64
Kodiak Sciences
KOD
$2.5B
$2.24M 0.43%
599,534
-50,000
-8% -$177K
LXEO icon
65
Lexeo Therapeutics
LXEO
$338M
$2.21M 0.42%
550,029
– –
MTSR
66
DELISTED
Metsera Inc
MTSR
$2.2M 0.42%
77,316
-72,684
-48% -$1.8M
VTYX
67
DELISTED
Ventyx Biosciences
VTYX
$2.07M 0.4%
967,590
-250,000
-21% -$404K
CPIX icon
68
Cumberland Pharmaceuticals
CPIX
$99.8M
$2M 0.38%
595,932
-144,068
-19% -$682K
COGT icon
69
CALL
Cogent Biosciences
COGT
$6.76B
$1.89M 0.36%
+262,600
New +$1.46M
PRQR icon
70
ProQR Therapeutics
PRQR
$244M
$1.77M 0.34%
+868,069
New +$1.41M
SRRK icon
71
Scholar Rock
SRRK
$5.88B
$1.74M 0.33%
49,179
-195,000
-80% -$6.12M
DRUG
72
Bright Minds Biosciences
DRUG
$697M
$1.71M 0.33%
65,431
– –
QURE icon
73
uniQure
QURE
$2.78B
$1.67M 0.32%
+119,986
New +$1.61M
SLN
74
Silence Therapeutics
SLN
$546M
$1.4M 0.27%
+873,568
New +$3.75M
RCUS icon
75
Arcus Biosciences
RCUS
$3.33B
$1.33M 0.26%
163,363
– –
1 2
3
4 5

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HCA
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WCM
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Ikarian Capital's Q2 2025 Portfolio in Review

As of Q2 2025, Ikarian Capital held 195 positions worth $521M, down 36% from $811M the previous quarter. Its ten largest holdings account for 34% of the portfolio.

Ikarian Capital withdrew a net $320M in Q2 2025, closing 62 positions and reducing 34 holdings. Its most notable exit was State Street SPDR S&P 500 ETF Trust, an estimated $14M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 58% of assets, up from 36% a quarter earlier.

Against the trend, Ikarian Capital opened a new position in Apogee Therapeutics worth $10.1M.

  • Ikarian Capital's largest Q2 2025 buy was Apogee Therapeutics: 232,047 shares worth $10.1M.
  • Ikarian Capital added most to Sarepta Therapeutics in Q2 2025, an estimated $11.9M increase.
  • Ikarian Capital's biggest Q2 2025 reduction was Tarsus Pharmaceuticals, cutting an estimated $13M.
  • Ikarian Capital fully exited State Street SPDR S&P 500 ETF Trust in Q2 2025, selling an estimated $14M.
  • Ikarian Capital's ten largest holdings make up 34% of its $521M portfolio in Q2 2025.
  • Ikarian Capital opened 35 new positions and closed 62 in Q2 2025.
  • Ikarian Capital's portfolio value fell 36% quarter-over-quarter to $521M.

Based on Ikarian Capital's 13F filing for Q2 2025, filed 14 Aug 2025.