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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
PEPG icon
126
CALL
PepGen
PEPG
$152M
$531K 0.04%
300,000
– –
GUTS icon
127
Fractyl Health
GUTS
$124M
$504K 0.04%
1,100,000
– –
PALI icon
128
Palisade Bio
PALI
$332M
$481K 0.04%
274,978
– –
IMTX icon
129
Immatics
IMTX
$1.26B
$478K 0.04%
48,569
– –
MAZE
130
PUT
Maze Therapeutics
MAZE
$1.57B
$430K 0.03%
+14,400
New +$636K
CNTB
131
CALL
Connect Biopharma Holdings
CNTB
$139M
$379K 0.03%
144,600
– –
VKTX icon
132
Viking Therapeutics
VKTX
$4.22B
$316K 0.03%
9,717
– –
SGMO
133
DELISTED
SANGAMO THERAPEUTICS INC
SGMO
$301K 0.02%
1,218,671
– –
VTGN icon
134
VistaGen Therapeutics
VTGN
$9.48M
$297K 0.02%
519,077
– –
VERU icon
135
Veru
VERU
$36.9M
$295K 0.02%
133,517
– –
EVAX
136
Evaxion A/S
EVAX
$24.5M
$278K 0.02%
74,698
– –
LXRX icon
137
Lexicon Pharmaceuticals
LXRX
$1.03B
$257K 0.02%
164,674
– –
ANL
138
Adlai Nortye
ANL
$771M
$235K 0.02%
+33,899
New +$227K
MGNX icon
139
MacroGenics
MGNX
$275M
$216K 0.02%
74,893
– –
VYGR icon
140
Voyager Therapeutics
VYGR
$184M
$205K 0.02%
53,063
– –
FTH
141
Faeth Therapeutics
FTH
$727M
$200K 0.02%
6,351
-15,000
-70% -$300K
NEUP
142
Neuphoria Therapeutics
NEUP
$17.8M
$193K 0.02%
47,443
– –
VYNE icon
143
VYNE Therapeutics
VYNE
$27M
$158K 0.01%
264,912
– –
PURR
144
Hyperliquid Strategies Inc
PURR
$1.39B
$153K 0.01%
30,001
– –
NYXH
145
Nyxoah
NYXH
$156M
$138K 0.01%
47,358
– –
RNAC icon
146
Cartesian Therapeutics
RNAC
$240M
$128K 0.01%
20,807
– –
PMVP icon
147
PMV Pharmaceuticals
PMVP
$68.3M
$111K 0.01%
89,136
– –
CNSP icon
148
CNS Pharmaceuticals
CNSP
$8.04M
$110K 0.01%
45,830
– –
CMPX icon
149
Compass Therapeutics
CMPX
$364M
$95.2K 0.01%
18,000
-782,000
-98% -$4.51M
IOBT
150
DELISTED
IO Biotech
IOBT
$81.4K 0.01%
1,386,565
– –
4 5
6
7 8

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NHAS
Novo Holdings A/S Hellerup, Denmark $1.23B AUM 81.32% 1-Year Est. Return
HCA
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GX
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WCM
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MP
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QI
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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.