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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
+20.17%
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
$521M
AUM Growth
-$291M
Cap. Flow
-$320M
Cap. Flow %
-61.47%
Top 10 Hldgs %
34.38%
Holding
195
New
35
Increased
22
Reduced
34
Closed
62

Top Buys

Rank Stock Value
1
SRPT icon
Sarepta Therapeutics
SRPT
+$11.9M
2
APGE icon
Apogee Therapeutics
APGE
+$8.83M
3
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$6.92M
4
INSM icon
Insmed
INSM
+$6.04M
5
COGT icon
Cogent Biosciences
COGT
+$5.74M

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$14M
2
TARS icon
Tarsus Pharmaceuticals
TARS
+$13M
3
BPMC
Blueprint Medicines
BPMC
+$10.1M
4
RARE icon
Ultragenyx Pharmaceutical
RARE
+$7.82M
5
EWTX icon
Edgewise Therapeutics
EWTX
+$6.16M

Sector Composition

Rank Sector Weight
1 Healthcare 57.91%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VERA icon
101
Vera Therapeutics
VERA
$2.33B
$332K 0.06%
+14,096
New +$317K
ZYME icon
102
Zymeworks
ZYME
$1.62B
$314K 0.06%
+25,000
New +$298K
ABOS icon
103
Acumen Pharmaceuticals
ABOS
$152M
$308K 0.06%
265,769
– –
IMTX icon
104
Immatics
IMTX
$1.23B
$266K 0.05%
+49,396
New +$245K
VIGL
105
DELISTED
Vigil Neuroscience
VIGL
$249K 0.05%
31,360
-218,640
-87% -$980K
CMMB
106
Chemomab Therapeutics
CMMB
$10.7M
$247K 0.05%
53,263
– –
ANRO icon
107
Alto Neuroscience
ANRO
$1.04B
$242K 0.05%
110,000
-65,000
-37% -$155K
RNAC icon
108
Cartesian Therapeutics
RNAC
$218M
$230K 0.04%
22,166
– –
ANEB
109
DELISTED
Anebulo Pharmaceuticals
ANEB
$227K 0.04%
157,720
– –
PCVX icon
110
CALL
Vaxcyte
PCVX
$7.65B
$224K 0.04%
+6,900
New +$226K
TERN
111
DELISTED
Terns Pharmaceuticals
TERN
$218K 0.04%
58,491
-250,000
-81% -$781K
EVAX
112
Evaxion A/S
EVAX
$23.7M
$196K 0.04%
80,000
– –
FTH
113
Faeth Therapeutics
FTH
$746M
$193K 0.04%
22,497
-1
-0% -$7
LYRA
114
DELISTED
LYRA THERAPEUTICS INC
LYRA
$190K 0.04%
21,161
-2
-0% -$17
AEMD icon
115
Aethlon Medical
AEMD
$1.4M
$184K 0.04%
15,366
– –
AVTX icon
116
Avalo Therapeutics
AVTX
$1.01B
$176K 0.03%
35,300
-164,700
-82% -$769K
VYGR icon
117
Voyager Therapeutics
VYGR
$181M
$173K 0.03%
55,766
– –
LXRX icon
118
Lexicon Pharmaceuticals
LXRX
$1.03B
$167K 0.03%
176,479
-1,241,473
-88% -$804K
PEPG icon
119
PepGen
PEPG
$118M
$167K 0.03%
150,000
– –
JSPR icon
120
Jasper Therapeutics
JSPR
$20M
$139K 0.03%
25,107
– –
KPTI icon
121
Karyopharm Therapeutics
KPTI
$155M
$117K 0.02%
27,257
– –
MGNX icon
122
MacroGenics
MGNX
$233M
$96.9K 0.02%
80,071
– –
SGMT icon
123
Sagimet Biosciences
SGMT
$435M
$91.3K 0.02%
11,984
– –
AIRS icon
124
AirSculpt Technologies
AIRS
$308M
$86.7K 0.02%
+17,951
New +$61K
SPRB
125
Spruce Biosciences
SPRB
$114M
$72.5K 0.01%
13,333
– –
3 4
5
6 7

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HCA
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GX
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WCM
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Ikarian Capital's Q2 2025 Portfolio in Review

As of Q2 2025, Ikarian Capital held 195 positions worth $521M, down 36% from $811M the previous quarter. Its ten largest holdings account for 34% of the portfolio.

Ikarian Capital withdrew a net $320M in Q2 2025, closing 62 positions and reducing 34 holdings. Its most notable exit was State Street SPDR S&P 500 ETF Trust, an estimated $14M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 58% of assets, up from 36% a quarter earlier.

Against the trend, Ikarian Capital opened a new position in Apogee Therapeutics worth $10.1M.

  • Ikarian Capital's largest Q2 2025 buy was Apogee Therapeutics: 232,047 shares worth $10.1M.
  • Ikarian Capital added most to Sarepta Therapeutics in Q2 2025, an estimated $11.9M increase.
  • Ikarian Capital's biggest Q2 2025 reduction was Tarsus Pharmaceuticals, cutting an estimated $13M.
  • Ikarian Capital fully exited State Street SPDR S&P 500 ETF Trust in Q2 2025, selling an estimated $14M.
  • Ikarian Capital's ten largest holdings make up 34% of its $521M portfolio in Q2 2025.
  • Ikarian Capital opened 35 new positions and closed 62 in Q2 2025.
  • Ikarian Capital's portfolio value fell 36% quarter-over-quarter to $521M.

Based on Ikarian Capital's 13F filing for Q2 2025, filed 14 Aug 2025.