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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
ARVN icon
76
Arvinas
ARVN
$518M
$1.61M 0.2%
+229,900
New +$3.6M
AVTX icon
77
Avalo Therapeutics
AVTX
$965M
$1.6M 0.2%
200,000
-770,259
-79% -$5.84M
ARCT icon
78
CALL
Arcturus Therapeutics
ARCT
$164M
$1.59M 0.2%
+150,000
New +$2.38M
HROW icon
79
CALL
Harrow
HROW
$1.45B
$1.55M 0.19%
58,300
– –
VTGN icon
80
VistaGen Therapeutics
VTGN
$9.89M
$1.5M 0.19%
601,703
+524,087
+675% +$1.48M
TRUP icon
81
PUT
Trupanion
TRUP
$1.07B
$1.49M 0.18%
+40,000
New +$1.66M
RCKT icon
82
Rocket Pharmaceuticals
RCKT
$340M
$1.48M 0.18%
221,911
– –
VTYX
83
DELISTED
Ventyx Biosciences
VTYX
$1.4M 0.17%
1,217,590
+125,000
+11% +$215K
RCUS icon
84
Arcus Biosciences
RCUS
$3.55B
$1.28M 0.16%
163,363
-215,000
-57% -$2.49M
DCTH icon
85
Delcath Systems
DCTH
$422M
$1.28M 0.16%
100,365
– –
CMPX icon
86
CALL
Compass Therapeutics
CMPX
$344M
$1.26M 0.16%
+662,200
New +$1.76M
CMPX icon
87
PUT
Compass Therapeutics
CMPX
$344M
$1.26M 0.16%
+662,200
New +$1.76M
PRTA icon
88
CALL
Prothena Corp
PRTA
$425M
$1.24M 0.15%
+100,000
New +$1.41M
SGMO
89
DELISTED
SANGAMO THERAPEUTICS INC
SGMO
$1.22M 0.15%
1,860,179
– –
VKTX icon
90
Viking Therapeutics
VKTX
$3.7B
$1.21M 0.15%
+50,000
New +$1.58M
ALT icon
91
PUT
Altimmune
ALT
$552M
$1.2M 0.15%
240,000
+74,300
+45% +$471K
TDOC icon
92
Teladoc Health
TDOC
$1.22B
$1.19M 0.15%
+150,000
New +$1.52M
ALEC icon
93
Alector
ALEC
$168M
$1.17M 0.14%
950,000
– –
OKUR
94
OnKure Therapeutics
OKUR
$154M
$1.09M 0.13%
253,754
– –
NUVB icon
95
Nuvation Bio
NUVB
$2.2B
$1.09M 0.13%
619,258
+535,851
+642% +$1.22M
CRVS icon
96
CALL
Corvus Pharmaceuticals
CRVS
$1.12B
$1.08M 0.13%
338,100
-416,300
-55% -$1.96M
NKTR icon
97
Nektar Therapeutics
NKTR
$2.39B
$1.07M 0.13%
105,302
-29,967
-22% -$392K
TRML
98
DELISTED
Tourmaline Bio
TRML
$1.03M 0.13%
67,927
– –
IMUX icon
99
Immunic
IMUX
$190M
$996K 0.12%
91,417
-70,000
-43% -$756K
TERN
100
DELISTED
Terns Pharmaceuticals
TERN
$851K 0.1%
308,491
– –
2 3
4
5 6

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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.