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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
+131.73%
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
$990M
AUM Growth
+$470M
Cap. Flow
+$292M
Cap. Flow %
29.51%
Top 10 Hldgs %
41.47%
Holding
202
New
69
Increased
29
Reduced
42
Closed
33

Top Buys

Rank Stock Value
1
ABVX
Abivax
ABVX
+$24.3M
2
MLTX icon
MoonLake Immunotherapeutics
MLTX
+$22.7M
3
IONS icon
Ionis Pharmaceuticals
IONS
+$20.3M
4
PTCT icon
PTC Therapeutics
PTCT
+$14.6M
5
DNTH icon
Dianthus Therapeutics
DNTH
+$8.84M

Top Sells

Rank Stock Value
1
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$18.5M
2
INSM icon
Insmed
INSM
+$18.4M
3
VRNA
Verona Pharma
VRNA
+$13.9M
4
COGT icon
Cogent Biosciences
COGT
+$12.1M
5
PRAX icon
Praxis Precision Medicines
PRAX
+$12M

Sector Composition

Rank Sector Weight
1 Healthcare 49.54%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ARVN icon
101
Arvinas
ARVN
$518M
$1.93M 0.19%
226,257
-623,743
-73% -$4.73M
CAPR icon
102
Capricor Therapeutics
CAPR
$223M
$1.91M 0.19%
+264,642
New +$1.95M
PRQR icon
103
ProQR Therapeutics
PRQR
$243M
$1.9M 0.19%
892,229
+24,160
+3% +$52.8K
LRMR icon
104
CALL
Larimar Therapeutics
LRMR
$397M
$1.77M 0.18%
+548,400
New +$2.06M
PTHS
105
Pelthos Therapeutics
PTHS
$99.6M
$1.75M 0.18%
+62,451
New +$1.52M
CPIX icon
106
Cumberland Pharmaceuticals
CPIX
$100M
$1.73M 0.18%
555,932
-40,000
-7% -$133K
PRAX icon
107
Praxis Precision Medicines
PRAX
$8.58B
$1.51M 0.15%
28,571
-248,379
-90% -$12M
ANAB icon
108
AnaptysBio
ANAB
$1.58B
$1.48M 0.15%
48,410
+32,748
+209% +$752K
DYN icon
109
Dyne Therapeutics
DYN
$4.7B
$1.44M 0.15%
113,837
-250,000
-69% -$2.85M
OVID icon
110
Ovid Therapeutics
OVID
$414M
$1.42M 0.14%
+1,095,574
New +$950K
PRME icon
111
CALL
Prime Medicine
PRME
$527M
$1.39M 0.14%
+250,000
New +$1.02M
PRME icon
112
PUT
Prime Medicine
PRME
$527M
$1.39M 0.14%
+250,000
New +$1.02M
JANX icon
113
Janux Therapeutics
JANX
$925M
$1.34M 0.14%
54,691
-75,000
-58% -$1.83M
SLN
114
Silence Therapeutics
SLN
$495M
$1.31M 0.13%
900,784
+27,216
+3% +$151K
ZYME icon
115
Zymeworks
ZYME
$1.61B
$1.24M 0.13%
72,787
+47,787
+191% +$684K
TERN
116
DELISTED
Terns Pharmaceuticals
TERN
$1.23M 0.12%
164,202
+105,711
+181% +$675K
SLDB icon
117
Solid Biosciences
SLDB
$794M
$1.09M 0.11%
+176,690
New +$1.03M
IFRX icon
118
InflaRx
IFRX
$250M
$968K 0.1%
722,066
+17,056
+2% +$18.1K
UTHR icon
119
CALL
United Therapeutics
UTHR
$25.8B
$964K 0.1%
+2,300
New +$774K
DRUG
120
Bright Minds Biosciences
DRUG
$719M
$936K 0.09%
15,431
-50,000
-76% -$1.94M
SGMO
121
DELISTED
SANGAMO THERAPEUTICS INC
SGMO
$872K 0.09%
1,294,652
+34,473
+3% +$18.6K
IONS icon
122
CALL
Ionis Pharmaceuticals
IONS
$8.6B
$870K 0.09%
+13,300
New +$649K
MBX
123
MBX Biosciences
MBX
$3.14B
$841K 0.08%
+48,071
New +$643K
PRME icon
124
Prime Medicine
PRME
$527M
$831K 0.08%
+150,000
New +$609K
HELP
125
Cybin Inc
HELP
$485M
$827K 0.08%
140,475
– –
3 4
5
6 7

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Ikarian Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Ikarian Capital held 202 positions worth $990M, up 90% from $521M the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Ikarian Capital deployed $292M of net new capital in Q3 2025, opening 69 new positions and adding to 29 existing holdings. Its largest new stake was Abivax: 396,098 shares worth $33.4M.

By sector, the portfolio is most concentrated in Healthcare at 50% of assets, down from 58% a quarter earlier.

On the sell side, the largest reduction was Insmed, an estimated $18.4M trimmed.

  • Ikarian Capital's largest Q3 2025 buy was Abivax: 396,098 shares worth $33.4M.
  • Ikarian Capital added most to Apellis Pharmaceuticals in Q3 2025, an estimated $8.79M increase.
  • Ikarian Capital's biggest Q3 2025 reduction was Insmed, cutting an estimated $18.4M.
  • Ikarian Capital fully exited Alnylam Pharmaceuticals in Q3 2025, selling an estimated $18.5M.
  • Ikarian Capital's ten largest holdings make up 41% of its $990M portfolio in Q3 2025.
  • Ikarian Capital opened 69 new positions and closed 33 in Q3 2025.
  • Ikarian Capital's portfolio value rose 90% quarter-over-quarter to $990M.

Based on Ikarian Capital's 13F filing for Q3 2025, filed 14 Nov 2025.