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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
+131.73%
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
$990M
AUM Growth
+$470M
Cap. Flow
+$292M
Cap. Flow %
29.51%
Top 10 Hldgs %
41.47%
Holding
202
New
69
Increased
29
Reduced
42
Closed
33

Top Buys

Rank Stock Value
1
ABVX
Abivax
ABVX
+$24.3M
2
MLTX icon
MoonLake Immunotherapeutics
MLTX
+$22.7M
3
IONS icon
Ionis Pharmaceuticals
IONS
+$20.3M
4
PTCT icon
PTC Therapeutics
PTCT
+$14.6M
5
DNTH icon
Dianthus Therapeutics
DNTH
+$8.84M

Top Sells

Rank Stock Value
1
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$18.5M
2
INSM icon
Insmed
INSM
+$18.4M
3
VRNA
Verona Pharma
VRNA
+$13.9M
4
COGT icon
Cogent Biosciences
COGT
+$12.1M
5
PRAX icon
Praxis Precision Medicines
PRAX
+$12M

Sector Composition

Rank Sector Weight
1 Healthcare 49.54%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DCTH icon
51
Delcath Systems
DCTH
$422M
$4.64M 0.47%
431,251
+108,861
+34% +$1.22M
GPCR icon
52
Structure Therapeutics
GPCR
$3.41B
$4.57M 0.46%
163,237
-19,848
-11% -$395K
TVTX icon
53
Travere Therapeutics
TVTX
$5.2B
$4.56M 0.46%
+190,781
New +$3.59M
LQDA icon
54
CALL
Liquidia Corp
LQDA
$7.48B
$4.55M 0.46%
+200,000
New +$4.34M
RAPT
55
CALL
DELISTED
RAPT Therapeutics
RAPT
$4.51M 0.46%
+175,000
New +$2.29M
MTSR
56
CALL
DELISTED
Metsera Inc
MTSR
$4.5M 0.45%
+86,000
New +$3.17M
MTSR
57
PUT
DELISTED
Metsera Inc
MTSR
$4.5M 0.45%
+86,000
New +$3.17M
FBRX icon
58
Forte Biosciences
FBRX
$1.57B
$4.5M 0.45%
300,000
-176,443
-37% -$2.03M
RVMD icon
59
CALL
Revolution Medicines
RVMD
$39.9B
$4.44M 0.45%
+95,000
New +$3.72M
MLTX icon
60
CALL
MoonLake Immunotherapeutics
MLTX
$1.57B
$4.39M 0.44%
612,200
+517,700
+548% +$27M
TARS icon
61
Tarsus Pharmaceuticals
TARS
$2.58B
$4.38M 0.44%
73,619
-122,917
-63% -$6.05M
KRYS icon
62
Krystal Biotech
KRYS
$10.1B
$4.31M 0.44%
+24,421
New +$3.66M
ARGX icon
63
argenx
ARGX
$54.6B
$4.3M 0.43%
+5,942
New +$3.92M
ARCT icon
64
CALL
Arcturus Therapeutics
ARCT
$164M
$4.19M 0.42%
+227,200
New +$3.65M
VTYX
65
DELISTED
Ventyx Biosciences
VTYX
$4.07M 0.41%
1,309,604
+342,014
+35% +$906K
PVLA
66
Palvella Therapeutics
PVLA
$1.99B
$4.06M 0.41%
+64,746
New +$2.89M
TEVA icon
67
CALL
Teva Pharmaceuticals
TEVA
$40.8B
$4.04M 0.41%
200,000
– –
SLNO
68
DELISTED
Soleno Therapeutics
SLNO
$3.78M 0.38%
+55,946
New +$4.15M
ALT icon
69
CALL
Altimmune
ALT
$552M
$3.77M 0.38%
1,000,000
+172,500
+21% +$666K
LXEO icon
70
Lexeo Therapeutics
LXEO
$324M
$3.77M 0.38%
567,601
+17,572
+3% +$85K
LABD icon
71
Direxion Daily S&P Biotech Bear 3X ETF
LABD
$71M
$3.72M 0.38%
+91,959
New +$5.33M
RLMD icon
72
Relmada Therapeutics
RLMD
$557M
$3.7M 0.37%
1,843,060
+1,802,790
+4,477% +$1.73M
SRRK icon
73
PUT
Scholar Rock
SRRK
$5.67B
$3.58M 0.36%
+96,200
New +$3.36M
MBX
74
CALL
MBX Biosciences
MBX
$3.14B
$3.5M 0.35%
+200,000
New +$2.67M
MBX
75
PUT
MBX Biosciences
MBX
$3.14B
$3.5M 0.35%
+200,000
New +$2.67M
1 2
3
4 5

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Ikarian Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Ikarian Capital held 202 positions worth $990M, up 90% from $521M the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Ikarian Capital deployed $292M of net new capital in Q3 2025, opening 69 new positions and adding to 29 existing holdings. Its largest new stake was Abivax: 396,098 shares worth $33.4M.

By sector, the portfolio is most concentrated in Healthcare at 50% of assets, down from 58% a quarter earlier.

On the sell side, the largest reduction was Insmed, an estimated $18.4M trimmed.

  • Ikarian Capital's largest Q3 2025 buy was Abivax: 396,098 shares worth $33.4M.
  • Ikarian Capital added most to Apellis Pharmaceuticals in Q3 2025, an estimated $8.79M increase.
  • Ikarian Capital's biggest Q3 2025 reduction was Insmed, cutting an estimated $18.4M.
  • Ikarian Capital fully exited Alnylam Pharmaceuticals in Q3 2025, selling an estimated $18.5M.
  • Ikarian Capital's ten largest holdings make up 41% of its $990M portfolio in Q3 2025.
  • Ikarian Capital opened 69 new positions and closed 33 in Q3 2025.
  • Ikarian Capital's portfolio value rose 90% quarter-over-quarter to $990M.

Based on Ikarian Capital's 13F filing for Q3 2025, filed 14 Nov 2025.