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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
+13.63%
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
$1.23B
AUM Growth
-$49.2M
Cap. Flow
-$76.4M
Cap. Flow %
-6.2%
Top 10 Hldgs %
42.54%
Holding
214
New
40
Increased
35
Reduced
19
Closed
53

Top Buys

Rank Stock Value
1
ALMS
Alumis Inc
ALMS
+$30.3M
2
HROW icon
Harrow
HROW
+$15.8M
3
KOD icon
Kodiak Sciences
KOD
+$14.1M
4
CLDX icon
Celldex Therapeutics
CLDX
+$12.6M
5
BBIO icon
BridgeBio Pharma
BBIO
+$11.6M

Top Sells

Rank Stock Value
1
CDTX
Cidara Therapeutics
CDTX
+$60.4M
2
JAZZ icon
Jazz Pharmaceuticals
JAZZ
+$25.8M
3
RAPT
RAPT Therapeutics
RAPT
+$22.5M
4
ABVX
Abivax
ABVX
+$17.6M
5
AMGN icon
Amgen
AMGN
+$14.7M

Sector Composition

Rank Sector Weight
1 Healthcare 56.39%
2 Miscellaneous 43.39%
3 Financials 0.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ARWR icon
76
PUT
Arrowhead Research
ARWR
$12B
$3.61M 0.29%
+57,500
New +$3.64M
BHVN icon
77
Biohaven
BHVN
$2.33B
$3.49M 0.28%
412,481
+200,000
+94% +$2.19M
IVVD icon
78
Invivyd
IVVD
$284M
$3.45M 0.28%
2,656,570
– –
ELVN icon
79
PUT
Enliven Therapeutics
ELVN
$4.24B
$3.28M 0.27%
+83,700
New +$2.32M
ANNX icon
80
Annexon
ANNX
$942M
$3.21M 0.26%
580,244
+350,000
+152% +$1.97M
FBRX
81
DELISTED
Forte Biosciences
FBRX
$3.08M 0.25%
118,972
-181,028
-60% -$5.22M
LXEO icon
82
Lexeo Therapeutics
LXEO
$399M
$2.94M 0.24%
513,011
– –
VERA icon
83
CALL
Vera Therapeutics
VERA
$2.46B
$2.88M 0.23%
+71,700
New +$3.09M
PCSC
84
DELISTED
Perceptive Capital Solutions
PCSC
$2.64M 0.21%
240,951
– –
VIR icon
85
Vir Biotechnology
VIR
$1.83B
$2.63M 0.21%
293,258
-282,454
-49% -$2.25M
NXTC icon
86
NextCure
NXTC
$27.9M
$2.51M 0.2%
238,303
– –
NMRA icon
87
Neumora Therapeutics
NMRA
$261M
$2.49M 0.2%
1,278,408
– –
ABOS icon
88
Acumen Pharmaceuticals
ABOS
$211M
$2.49M 0.2%
1,053,797
+799,485
+314% +$2.04M
CABA icon
89
Cabaletta Bio
CABA
$529M
$2.42M 0.2%
900,000
– –
BBOT
90
BridgeBio Oncology
BBOT
$701M
$2.42M 0.2%
270,231
+50,000
+23% +$537K
PRQR icon
91
ProQR Therapeutics
PRQR
$323M
$2.42M 0.2%
1,492,229
– –
NUVL
92
DELISTED
Nuvalent
NUVL
$2.42M 0.2%
23,594
-36,000
-60% -$3.67M
AVTX icon
93
PUT
Avalo Therapeutics
AVTX
$1.05B
$2.37M 0.19%
+158,500
New +$2.48M
JAZZ icon
94
Jazz Pharmaceuticals
JAZZ
$15.9B
$2.36M 0.19%
12,460
-147,907
-92% -$25.8M
REPL icon
95
PUT
Replimune Group
REPL
$1.46B
$2.29M 0.19%
+300,000
New +$2.29M
DBVT
96
DBV Technologies
DBVT
$851M
$2.2M 0.18%
525,000
– –
TARS icon
97
Tarsus Pharmaceuticals
TARS
$3.15B
$2.19M 0.18%
31,166
– –
KLRS
98
Kalaris Therapeutics
KLRS
$95.9M
$2.08M 0.17%
360,000
– –
AVR
99
Anteris Technologies
AVR
$852M
$2.03M 0.17%
+366,571
New +$2.11M
SLDB icon
100
Solid Biosciences
SLDB
$1.05B
$1.9M 0.15%
264,409
+104,000
+65% +$668K
2 3
4
5 6

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Ikarian Capital's Q1 2026 Portfolio in Review

As of Q1 2026, Ikarian Capital held 214 positions worth $1.23B, down 3.8% from $1.28B the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Ikarian Capital withdrew a net $76.4M in Q1 2026, closing 53 positions and reducing 19 holdings. Its most notable exit was Cidara Therapeutics, an estimated $60.4M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 56% of assets, down from 60% a quarter earlier, followed by Miscellaneous and Financials.

Against the trend, Ikarian Capital opened a new position in Alumis Inc worth $26.7M.

  • Ikarian Capital's largest Q1 2026 buy was Alumis Inc: 1,213,548 shares worth $26.7M.
  • Ikarian Capital added most to Harrow in Q1 2026, an estimated $15.8M increase.
  • Ikarian Capital's biggest Q1 2026 reduction was Jazz Pharmaceuticals, cutting an estimated $25.8M.
  • Ikarian Capital fully exited Cidara Therapeutics in Q1 2026, selling an estimated $60.4M.
  • Ikarian Capital's ten largest holdings make up 43% of its $1.23B portfolio in Q1 2026.
  • Ikarian Capital opened 40 new positions and closed 53 in Q1 2026.
  • Ikarian Capital's portfolio value fell 3.8% quarter-over-quarter to $1.23B.

Based on Ikarian Capital's 13F filing for Q1 2026, filed 15 May 2026.