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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
+13.63%
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
$1.23B
AUM Growth
-$49.2M
Cap. Flow
-$49.5M
Cap. Flow %
-4.02%
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 Financials 0.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TENX icon
101
CALL
Tenax Therapeutics
TENX
$420M
$1.83M 0.15%
+114,300
New +$1.55M
IBIO icon
102
iBio
IBIO
$68.6M
$1.82M 0.15%
957,062
– –
CPIX icon
103
Cumberland Pharmaceuticals
CPIX
$102M
$1.8M 0.15%
553,153
-2,779
-0.5% -$10.7K
SLN
104
Silence Therapeutics
SLN
$496M
$1.73M 0.14%
865,784
– –
LABD icon
105
Direxion Daily S&P Biotech Bear 3X ETF
LABD
$61.1M
$1.72M 0.14%
105,822
+65,000
+159% +$1.23M
QURE icon
106
uniQure
QURE
$2.77B
$1.49M 0.12%
91,060
– –
QNRX
107
Quoin Pharmaceuticals
QNRX
$8.52M
$1.4M 0.11%
211,538
– –
TRAW icon
108
Traws Pharma
TRAW
$10.2M
$1.24M 0.1%
678,142
– –
DERM icon
109
Journey Medical
DERM
$197M
$1.18M 0.1%
251,436
– –
VSTM icon
110
Verastem
VSTM
$530M
$1.13M 0.09%
213,865
– –
DFTX
111
Definium Therapeutics
DFTX
$5.88B
$1.11M 0.09%
58,803
– –
STIM icon
112
Neuronetics
STIM
$113M
$1.02M 0.08%
701,182
– –
LYEL icon
113
Lyell Immunopharma
LYEL
$326M
$824K 0.07%
41,081
– –
PEPG icon
114
PepGen
PEPG
$156M
$791K 0.06%
447,165
– –
KZR
115
DELISTED
Kezar Life Sciences
KZR
$758K 0.06%
102,211
– –
IMUX icon
116
Immunic
IMUX
$207M
$749K 0.06%
67,466
– –
CNTA
117
DELISTED
Centessa Pharmaceuticals
CNTA
$719K 0.06%
+18,113
New +$463K
KALV
118
DELISTED
KalVista Pharmaceuticals
KALV
$707K 0.06%
35,119
– –
PMN icon
119
ProMIS Neurosciences
PMN
$136M
$699K 0.06%
+55,000
New +$820K
INSM icon
120
Insmed
INSM
$23.5B
$689K 0.06%
4,214
-5,123
-55% -$788K
HELP
121
Cybin Inc
HELP
$449M
$634K 0.05%
132,153
– –
ACAD icon
122
Acadia Pharmaceuticals
ACAD
$4.38B
$625K 0.05%
+28,099
New +$672K
WVE icon
123
Wave Life Sciences
WVE
$1.12B
$618K 0.05%
85,285
– –
EQ icon
124
Equillium
EQ
$164M
$607K 0.05%
303,555
– –
PASG icon
125
Passage Bio
PASG
$15.5M
$535K 0.04%
+68,124
New +$705K
3 4
5
6 7

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NHAS
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HCA
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WCM
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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 $49.5M 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 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.