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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
ABOS icon
76
Acumen Pharmaceuticals
ABOS
$223M
$2.81M 0.3%
1,053,797
– –
PMN icon
77
ProMIS Neurosciences
PMN
$116M
$2.7M 0.29%
205,000
+150,000
+273% +$1.63M
QTTB icon
78
PUT
Q32 Bio
QTTB
$381M
$2.55M 0.27%
+200,000
New +$1.67M
OLMA icon
79
CALL
Olema Pharmaceuticals
OLMA
$939M
$2.5M 0.27%
200,000
-349,800
-64% -$4.69M
ANNX icon
80
Annexon
ANNX
$918M
$2.46M 0.26%
430,244
-150,000
-26% -$829K
BMY icon
81
PUT
Bristol-Myers Squibb
BMY
$139B
$2.45M 0.26%
42,500
-457,500
-92% -$26.3M
LXEO icon
82
Lexeo Therapeutics
LXEO
$397M
$2.39M 0.26%
513,011
– –
DCTH icon
83
Delcath Systems
DCTH
$572M
$2.34M 0.25%
185,667
-245,584
-57% -$2.72M
IVVD icon
84
Invivyd
IVVD
$246M
$2.32M 0.25%
2,656,570
– –
QURE icon
85
CALL
uniQure
QURE
$3.11B
$2.29M 0.25%
49,800
-305,200
-86% -$7.99M
CABA icon
86
Cabaletta Bio
CABA
$590M
$2.18M 0.23%
700,000
-200,000
-22% -$658K
NMRA icon
87
Neumora Therapeutics
NMRA
$254M
$2.17M 0.23%
1,278,408
– –
AMLX icon
88
Amylyx Pharmaceuticals
AMLX
$3.78B
$2.11M 0.23%
+117,500
New +$1.82M
TARS icon
89
Tarsus Pharmaceuticals
TARS
$3.65B
$1.96M 0.21%
31,166
– –
SLN
90
Silence Therapeutics
SLN
$919M
$1.83M 0.2%
830,784
-35,000
-4% -$246K
DERM icon
91
Journey Medical
DERM
$223M
$1.78M 0.19%
251,436
– –
DBVT
92
DBV Technologies
DBVT
$861M
$1.69M 0.18%
525,000
– –
IBIO icon
93
iBio
IBIO
$83.6M
$1.67M 0.18%
957,062
– –
AVTX icon
94
Avalo Therapeutics
AVTX
$1.02B
$1.67M 0.18%
+90,183
New +$1.43M
AVR
95
Anteris Technologies
AVR
$850M
$1.64M 0.18%
166,571
-200,000
-55% -$1.52M
PALI icon
96
Palisade Bio
PALI
$356M
$1.57M 0.17%
750,000
+475,022
+173% +$935K
AMAN
97
Amanat Acquisition Corp
AMAN
$104M
$1.52M 0.16%
+150,000
New +$1.51M
KLRS
98
Kalaris Therapeutics
KLRS
$93.8M
$1.47M 0.16%
360,000
– –
QNCX icon
99
Quince Therapeutics
QNCX
$31.1M
$1.31M 0.14%
+72,251
New +$1.66M
LPCN icon
100
Lipocine
LPCN
$20M
$1.3M 0.14%
508,556
– –
2 3
4
5 6

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RCM
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CICI
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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.