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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
IMNM icon
101
Immunome
IMNM
$3.08B
$1.27M 0.14%
+60,000
New +$1.28M
PLRX icon
102
Pliant Therapeutics
PLRX
$70M
$1.14M 0.12%
+1,000,000
New +$1.22M
IMUX icon
103
Immunic
IMUX
$174M
$1.04M 0.11%
67,464
-2
-0% -$25
QNRX
104
Quoin Pharmaceuticals
QNRX
$15.8M
$1.02M 0.11%
211,538
– –
IRON icon
105
CALL
Disc Medicine
IRON
$3.05B
$973K 0.1%
+13,300
New +$914K
IRON icon
106
PUT
Disc Medicine
IRON
$3.05B
$973K 0.1%
+13,300
New +$914K
EQ icon
107
Equillium
EQ
$141M
$971K 0.1%
303,555
– –
STIM icon
108
Neuronetics
STIM
$207M
$912K 0.1%
701,182
– –
FTH
109
Faeth Therapeutics
FTH
$1.01B
$885K 0.1%
35,386
+29,035
+457% +$672K
GUTS icon
110
Fractyl Health
GUTS
$109M
$874K 0.09%
1,100,000
– –
HELP
111
Cybin Inc
HELP
$860M
$874K 0.09%
132,153
– –
TRAX
112
First Tracks Biotherapeutics
TRAX
$1.52B
$861K 0.09%
+42,775
New +$800K
VSTM icon
113
Verastem
VSTM
$723M
$817K 0.09%
213,865
– –
LABD icon
114
Direxion Daily S&P Biotech Bear 3X ETF
LABD
$82.8M
$816K 0.09%
105,822
– –
PEPG icon
115
PepGen
PEPG
$220M
$805K 0.09%
447,165
– –
ACAD icon
116
Acadia Pharmaceuticals
ACAD
$4.8B
$711K 0.08%
28,099
– –
CNSP icon
117
CNS Pharmaceuticals
CNSP
$8.6M
$649K 0.07%
135,830
+90,000
+196% +$378K
LYEL icon
118
Lyell Immunopharma
LYEL
$351M
$577K 0.06%
41,081
– –
WVE icon
119
Wave Life Sciences
WVE
$926M
$496K 0.05%
85,285
– –
IMTX icon
120
Immatics
IMTX
$1.44B
$492K 0.05%
48,569
– –
PASG icon
121
Passage Bio
PASG
$15.3M
$486K 0.05%
99,517
+31,393
+46% +$196K
NXTC icon
122
NextCure
NXTC
$35.9M
$461K 0.05%
288,303
+50,000
+21% +$370K
FBRX
123
DELISTED
Forte Biosciences
FBRX
$446K 0.05%
20,972
-98,000
-82% -$2.32M
SLDB icon
124
Solid Biosciences
SLDB
$1.12B
$429K 0.05%
42,956
-221,453
-84% -$1.68M
ELTX icon
125
CALL
Elicio Therapeutics
ELTX
$65.7M
$419K 0.05%
+107,100
New +$1.08M
3 4
5
6 7

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RCM
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CICI
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MPM
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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.