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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
APLS
76
DELISTED
Apellis Pharmaceuticals
APLS
$1.3M 0.25%
75,000
– –
ALEC icon
77
Alector
ALEC
$169M
$1.26M 0.24%
900,000
-50,000
-5% -$62.6K
NUVB icon
78
Nuvation Bio
NUVB
$2.29B
$1.21M 0.23%
619,258
– –
VTGN icon
79
VistaGen Therapeutics
VTGN
$9.98M
$1.2M 0.23%
601,703
– –
HELP
80
Cybin Inc
HELP
$490M
$1.18M 0.23%
140,475
-256,700
-65% -$1.87M
TRML
81
DELISTED
Tourmaline Bio
TRML
$1.09M 0.21%
67,927
– –
WVE icon
82
Wave Life Sciences
WVE
$1.12B
$1.05M 0.2%
+161,137
New +$1.06M
VERU icon
83
Veru
VERU
$35.5M
$829K 0.16%
142,524
– –
ORKA
84
Oruka Therapeutics
ORKA
$5.31B
$769K 0.15%
68,574
-106,426
-61% -$1.11M
IBB icon
85
iShares Biotechnology ETF
IBB
$9.45B
$728K 0.14%
+5,755
New +$706K
SGMO
86
DELISTED
SANGAMO THERAPEUTICS INC
SGMO
$682K 0.13%
1,260,179
-600,000
-32% -$356K
IMUX icon
87
Immunic
IMUX
$178M
$638K 0.12%
91,417
– –
PRTA icon
88
CALL
Prothena Corp
PRTA
$448M
$607K 0.12%
100,000
– –
INBX icon
89
Inhibrx
INBX
$1.16B
$601K 0.12%
42,122
– –
IFRX icon
90
InflaRx
IFRX
$243M
$557K 0.11%
+705,010
New +$834K
KZR
91
DELISTED
Kezar Life Sciences
KZR
$490K 0.09%
106,901
– –
YARW
92
Yarrow Bioscience, Inc. Common Stock
YARW
$20.3M
$479K 0.09%
+5,800
New +$377K
IBIO icon
93
iBio
IBIO
$67.6M
$458K 0.09%
599,913
– –
KYMR icon
94
PUT
Kymera Therapeutics
KYMR
$8.66B
$436K 0.08%
10,000
-166,800
-94% -$5.74M
DFTX
95
Definium Therapeutics
DFTX
$5.6B
$407K 0.08%
62,691
– –
PHGE icon
96
BiomX
PHGE
$1.97M
$402K 0.08%
46,999
– –
LYEL icon
97
Lyell Immunopharma
LYEL
$318M
$387K 0.07%
43,799
-3
-0% -$27
NYXH
98
Nyxoah
NYXH
$139M
$379K 0.07%
+50,627
New +$348K
APGE icon
99
CALL
Apogee Therapeutics
APGE
$10.1B
$365K 0.07%
+8,400
New +$320K
ANAB icon
100
AnaptysBio
ANAB
$1.54B
$348K 0.07%
+15,662
New +$328K
2 3
4
5 6

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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.