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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
TKNO icon
126
Alpha Teknova
TKNO
$271M
$68.8K 0.01%
14,008
– –
HOOK
127
DELISTED
HOOKIPA Pharma
HOOK
$66.5K 0.01%
52,996
– –
TOVX icon
128
Theriva Biologics
TOVX
$9.64M
$52.1K 0.01%
120,031
– –
TRAW icon
129
Traws Pharma
TRAW
$6.72M
$42.2K 0.01%
28,493
– –
AMIX
130
Autonomix Medical
AMIX
$1.95M
$31.4K 0.01%
952
– –
SYBX
131
DELISTED
Synlogic
SYBX
$25.9K 0.01%
20,422
– –
RLMD icon
132
Relmada Therapeutics
RLMD
$562M
$24.2K ﹤0.01%
40,270
– –
NMRA icon
133
Neumora Therapeutics
NMRA
$306M
$9.16K ﹤0.01%
12,498
-2,959
-19% -$2.24K
ABEO icon
134
Abeona Therapeutics
ABEO
$369M
– –
-533,581
Closed -$2.54M
ACLX
135
PUT
DELISTED
Arcellx
ACLX
– –
-111,600
Closed -$7.32M
ACRS icon
136
Aclaris Therapeutics
ACRS
$743M
– –
-150,900
Closed -$231K
ALLK
137
DELISTED
Allakos
ALLK
– –
-1,171,950
Closed -$267K
ALT icon
138
PUT
Altimmune
ALT
$580M
– –
-240,000
Closed -$1.2M
ARCT icon
139
CALL
Arcturus Therapeutics
ARCT
$168M
– –
-150,000
Closed -$1.59M
BBIO icon
140
CALL
BridgeBio Pharma
BBIO
$16.1B
– –
-655,400
Closed -$22.7M
BBIO icon
141
BridgeBio Pharma
BBIO
$16.1B
– –
-90,837
Closed -$3.14M
BPMC
142
DELISTED
Blueprint Medicines
BPMC
– –
-113,904
Closed -$10.1M
CELC icon
143
CALL
Celcuity
CELC
$4.27B
– –
-14,900
Closed -$151K
CELC icon
144
PUT
Celcuity
CELC
$4.27B
– –
-39,900
Closed -$403K
CLDX icon
145
CALL
Celldex Therapeutics
CLDX
$3.02B
– –
-17,800
Closed -$323K
CLDX icon
146
PUT
Celldex Therapeutics
CLDX
$3.02B
– –
-17,800
Closed -$323K
CMPX icon
147
CALL
Compass Therapeutics
CMPX
$349M
– –
-662,200
Closed -$1.26M
CMPX icon
148
PUT
Compass Therapeutics
CMPX
$349M
– –
-662,200
Closed -$1.26M
CORT icon
149
CALL
Corcept Therapeutics
CORT
$12.7B
– –
-100,000
Closed -$11.4M
CORT icon
150
PUT
Corcept Therapeutics
CORT
$12.7B
– –
-287,900
Closed -$32.9M
4 5
6
7 8

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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.