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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
QURE icon
76
uniQure
QURE
$3.03B
$3.42M 0.35%
58,610
-61,376
-51% -$1.11M
VIR icon
77
Vir Biotechnology
VIR
$1.46B
$3.39M 0.34%
593,374
-474,688
-44% -$2.43M
SLNO
78
PUT
DELISTED
Soleno Therapeutics
SLNO
$3.38M 0.34%
50,000
-150,000
-75% -$11.1M
MLTX icon
79
PUT
MoonLake Immunotherapeutics
MLTX
$1.57B
$3.23M 0.33%
450,000
+255,500
+131% +$13.3M
MLTX icon
80
MoonLake Immunotherapeutics
MLTX
$1.57B
$3.12M 0.32%
+435,839
New +$22.7M
NAMS icon
81
NewAmsterdam Pharma
NAMS
$3.25B
$3.04M 0.31%
106,800
-100,000
-48% -$2.4M
UPB
82
Upstream Bio Inc
UPB
$343M
$3.03M 0.31%
+161,113
New +$2.5M
SLDB icon
83
CALL
Solid Biosciences
SLDB
$794M
$2.89M 0.29%
+468,000
New +$2.74M
GUTS icon
84
Fractyl Health
GUTS
$109M
$2.86M 0.29%
+1,800,000
New +$2.34M
BBOT
85
BridgeBio Oncology
BBOT
$648M
$2.84M 0.29%
+245,231
New +$2.55M
RARE icon
86
PUT
Ultragenyx Pharmaceutical
RARE
$2.45B
$2.79M 0.28%
92,600
-207,400
-69% -$6.22M
BBIO icon
87
BridgeBio Pharma
BBIO
$15.7B
$2.7M 0.27%
+51,967
New +$2.53M
SRPT icon
88
CALL
Sarepta Therapeutics
SRPT
$1.57B
$2.64M 0.27%
137,000
-195,100
-59% -$3.48M
PEPG icon
89
PepGen
PEPG
$122M
$2.48M 0.25%
535,967
+385,967
+257% +$622K
STIM icon
90
Neuronetics
STIM
$138M
$2.47M 0.25%
905,716
-193,984
-18% -$689K
RLAY icon
91
Relay Therapeutics
RLAY
$4.1B
$2.44M 0.25%
467,362
-275,946
-37% -$1.05M
ADMA icon
92
ADMA Biologics
ADMA
$1.96B
$2.34M 0.24%
+159,854
New +$2.74M
CPRX
93
DELISTED
Catalyst Pharmaceutical
CPRX
$2.29M 0.23%
116,388
-93,261
-44% -$1.92M
CMPS
94
CALL
Compass Pathways
CMPS
$1.53B
$2.29M 0.23%
+400,000
New +$1.8M
IVVD icon
95
Invivyd
IVVD
$158M
$2.29M 0.23%
+2,078,706
New +$1.84M
ALEC icon
96
Alector
ALEC
$168M
$2.25M 0.23%
760,000
-140,000
-16% -$308K
VTGN icon
97
VistaGen Therapeutics
VTGN
$9.89M
$2.2M 0.22%
620,869
+19,166
+3% +$57.3K
AVTX icon
98
Avalo Therapeutics
AVTX
$965M
$2.03M 0.21%
159,777
+124,477
+353% +$1.07M
INSM icon
99
Insmed
INSM
$21.4B
$1.98M 0.2%
13,751
-150,000
-92% -$18.4M
AKRO
100
CALL
DELISTED
Akero Therapeutics
AKRO
$1.98M 0.2%
41,600
-2,800
-6% -$136K
2 3
4
5 6

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HCA
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GX
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WCM
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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.