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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
ELTX icon
126
PUT
Elicio Therapeutics
ELTX
$46.5M
$419K 0.05%
+107,100
New +$1.08M
TRAW icon
127
Traws Pharma
TRAW
$8.19M
$403K 0.04%
478,142
-200,000
-29% -$276K
LXRX icon
128
Lexicon Pharmaceuticals
LXRX
$899M
$395K 0.04%
164,674
– –
ELTX icon
129
Elicio Therapeutics
ELTX
$46.5M
$391K 0.04%
+100,000
New +$1M
ANL
130
Adlai Nortye Group ADS
ANL
$999M
$390K 0.04%
33,899
– –
INM icon
131
InMed Pharmaceuticals
INM
$7.03M
$380K 0.04%
+245,025
New +$271K
VKTX icon
132
Viking Therapeutics
VKTX
$3.44B
$379K 0.04%
9,717
– –
MGNX icon
133
MacroGenics
MGNX
$260M
$346K 0.04%
74,893
– –
PRAX icon
134
PUT
Praxis Precision Medicines
PRAX
$8.63B
$301K 0.03%
+900
New +$285K
TENX icon
135
PUT
Tenax Therapeutics
TENX
$68.1M
$240K 0.03%
+16,500
New +$211K
PURR
136
Hyperliquid Strategies Inc
PURR
$2.26B
$236K 0.03%
30,001
– –
EVAX
137
Evaxion A/S
EVAX
$27.3M
$232K 0.02%
74,698
– –
RNAC icon
138
Cartesian Therapeutics
RNAC
$239M
$217K 0.02%
20,807
– –
CMPS
139
Compass Pathways
CMPS
$1.91B
$212K 0.02%
15,000
-660,000
-98% -$6.7M
NEUP
140
Neuphoria Therapeutics
NEUP
$20.2M
$207K 0.02%
47,443
– –
VYGR icon
141
Voyager Therapeutics
VYGR
$188M
$186K 0.02%
53,063
– –
YARW
142
Yarrow Bioscience
YARW
$69.3M
$172K 0.02%
5,298
– –
BCRX icon
143
BioCryst Pharmaceuticals
BCRX
$2.15B
$168K 0.02%
+16,756
New +$152K
ENVB icon
144
Enveric Biosciences
ENVB
$6.67M
$138K 0.01%
+100,002
New +$240K
PMVP icon
145
PMV Pharmaceuticals
PMVP
$76.4M
$119K 0.01%
89,136
– –
VTGN icon
146
VistaGen Therapeutics
VTGN
$10.2M
$117K 0.01%
519,077
– –
CMMB
147
Chemomab Therapeutics
CMMB
$19.4M
$83.9K 0.01%
51,793
– –
NYXH
148
Nyxoah
NYXH
$158M
$80K 0.01%
47,358
– –
AIRS icon
149
AirSculpt Technologies
AIRS
$151M
$73.8K 0.01%
16,398
– –
MGRX icon
150
Mangoceuticals
MGRX
$9.76M
$52.5K 0.01%
138,146
– –
4 5
6
7 8

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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.