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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
-11.76%
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
$811M
AUM Growth
+$76.2M
Cap. Flow
+$164M
Cap. Flow %
20.18%
Top 10 Hldgs %
56%
Holding
229
New
58
Increased
27
Reduced
37
Closed
69

Top Buys

Rank Stock Value
1
PCVX icon
Vaxcyte
PCVX
+$16M
2
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$14.7M
3
SRPT icon
Sarepta Therapeutics
SRPT
+$14.2M
4
AKRO
Akero Therapeutics
AKRO
+$10.4M
5
PRAX icon
Praxis Precision Medicines
PRAX
+$9.09M

Top Sells

Rank Stock Value
1
SYRE icon
Spyre Therapeutics
SYRE
+$6.57M
2
TARS icon
Tarsus Pharmaceuticals
TARS
+$6.06M
3
AVTX icon
Avalo Therapeutics
AVTX
+$5.84M
4
BPMC
Blueprint Medicines
BPMC
+$5.41M
5
SRRK icon
Scholar Rock
SRRK
+$4.35M

Sector Composition

Rank Sector Weight
1 Healthcare 36.1%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SLDB icon
101
Solid Biosciences
SLDB
$794M
$851K 0.1%
+230,000
New +$985K
ETNB
102
DELISTED
89bio
ETNB
$727K 0.09%
+100,000
New +$874K
OLMA icon
103
Olema Pharmaceuticals
OLMA
$1B
$722K 0.09%
191,994
+100,000
+109% +$503K
VERU icon
104
Veru
VERU
$36M
$699K 0.09%
142,524
+48,000
+51% +$298K
IMUX icon
105
CALL
Immunic
IMUX
$190M
$693K 0.09%
63,580
– –
LXRX icon
106
Lexicon Pharmaceuticals
LXRX
$1.03B
$653K 0.08%
1,417,952
-132,048
-9% -$83.3K
GLUE icon
107
Monte Rosa Therapeutics
GLUE
$1.4B
$634K 0.08%
136,575
-175,000
-56% -$1.07M
PTHS
108
Pelthos Therapeutics
PTHS
$99.6M
$626K 0.08%
+44,085
New +$755K
PYXS icon
109
Pyxis Oncology
PYXS
$168M
$601K 0.07%
613,253
– –
IRON icon
110
CALL
Disc Medicine
IRON
$2.96B
$591K 0.07%
+11,900
New +$662K
INBX icon
111
Inhibrx
INBX
$1.2B
$589K 0.07%
42,122
– –
FULC icon
112
Fulcrum Therapeutics
FULC
$273M
$576K 0.07%
200,096
– –
SWTX
113
DELISTED
SpringWorks Therapeutics
SWTX
$552K 0.07%
12,519
-25,000
-67% -$1.15M
MLYS icon
114
CALL
Mineralys Therapeutics
MLYS
$2.25B
$545K 0.07%
+34,300
New +$395K
KZR
115
DELISTED
Kezar Life Sciences
KZR
$522K 0.06%
106,901
– –
PHGE icon
116
BiomX
PHGE
$1.99M
$496K 0.06%
46,999
– –
LYEL icon
117
Lyell Immunopharma
LYEL
$317M
$471K 0.06%
43,802
-20,000
-31% -$245K
ITOS
118
DELISTED
iTeos Therapeutics
ITOS
$469K 0.06%
78,585
– –
VIGL
119
DELISTED
Vigil Neuroscience
VIGL
$445K 0.05%
250,000
-250,000
-50% -$561K
AEMD icon
120
Aethlon Medical
AEMD
$1.75M
$440K 0.05%
15,366
+5,991
+64% +$279K
CELC icon
121
PUT
Celcuity
CELC
$4.21B
$403K 0.05%
+39,900
New +$451K
ANRO icon
122
Alto Neuroscience
ANRO
$1.05B
$378K 0.05%
175,000
-175,000
-50% -$626K
DFTX
123
Definium Therapeutics
DFTX
$5.78B
$367K 0.05%
62,691
– –
THRD
124
DELISTED
Third Harmonic Bio
THRD
$347K 0.04%
100,000
– –
DNA icon
125
Ginkgo Bioworks
DNA
$528M
$332K 0.04%
+58,300
New +$594K
3 4
5
6 7

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Ikarian Capital's Q1 2025 Portfolio in Review

As of Q1 2025, Ikarian Capital held 229 positions worth $811M, up 10% from $735M the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Ikarian Capital deployed $164M of net new capital in Q1 2025, opening 58 new positions and adding to 27 existing holdings. Its largest new stake was Vaxcyte: 200,000 shares worth $7.55M.

By sector, the portfolio is most concentrated in Healthcare at 36% of assets, down from 48% a quarter earlier.

On the sell side, the largest reduction was Tarsus Pharmaceuticals, an estimated $6.06M trimmed.

  • Ikarian Capital's largest Q1 2025 buy was Vaxcyte: 200,000 shares worth $7.55M.
  • Ikarian Capital added most to Sarepta Therapeutics in Q1 2025, an estimated $14.2M increase.
  • Ikarian Capital's biggest Q1 2025 reduction was Tarsus Pharmaceuticals, cutting an estimated $6.06M.
  • Ikarian Capital fully exited Spyre Therapeutics in Q1 2025, selling an estimated $6.57M.
  • Ikarian Capital's ten largest holdings make up 56% of its $811M portfolio in Q1 2025.
  • Ikarian Capital opened 58 new positions and closed 69 in Q1 2025.
  • Ikarian Capital's portfolio value rose 10% quarter-over-quarter to $811M.

Based on Ikarian Capital's 13F filing for Q1 2025, filed 15 May 2025.