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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
CMMB
151
Chemomab Therapeutics
CMMB
$11M
$81.3K 0.01%
51,793
– –
PHGE icon
152
BiomX
PHGE
$2.16M
$73.1K 0.01%
19,473
– –
RZLT icon
153
Rezolute
RZLT
$429M
$50.3K ﹤0.01%
16,479
– –
MGRX icon
154
Mangoceuticals
MGRX
$7.23M
$49.7K ﹤0.01%
138,146
– –
SHPH icon
155
Shuttle Pharmaceuticals
SHPH
$1.77M
$46.8K ﹤0.01%
6,899
– –
AIRS icon
156
AirSculpt Technologies
AIRS
$337M
$46.4K ﹤0.01%
16,398
– –
AEMD icon
157
Aethlon Medical
AEMD
$1.58M
$31.5K ﹤0.01%
14,364
– –
GCTK icon
158
GlucoTrack
GCTK
$2.68M
$29.8K ﹤0.01%
45,830
– –
TOVX icon
159
Theriva Biologics
TOVX
$10.5M
$21.9K ﹤0.01%
112,076
– –
JSPR icon
160
Jasper Therapeutics
JSPR
$27.1M
$21.1K ﹤0.01%
24,093
– –
AMIX
161
Autonomix Medical
AMIX
$2.3M
$7.29K ﹤0.01%
890
– –
ADMA icon
162
ADMA Biologics
ADMA
$2.03B
– –
-234,854
Closed -$4.28M
AGIO icon
163
CALL
Agios Pharmaceuticals
AGIO
$2.38B
– –
-137,200
Closed -$3.73M
AGIO icon
164
Agios Pharmaceuticals
AGIO
$2.38B
– –
-115,489
Closed -$3.14M
AMGN icon
165
Amgen
AMGN
$197B
– –
-45,000
Closed -$14.7M
AMGN icon
166
PUT
Amgen
AMGN
$197B
– –
-200,000
Closed -$65.5M
ANEB
167
DELISTED
Anebulo Pharmaceuticals
ANEB
– –
-17,736
Closed -$17.9K
APLS
168
CALL
DELISTED
Apellis Pharmaceuticals
APLS
– –
-325,600
Closed -$8.18M
APLS
169
DELISTED
Apellis Pharmaceuticals
APLS
– –
-71,747
Closed -$1.8M
AQST icon
170
PUT
Aquestive Therapeutics
AQST
$494M
– –
-500,000
Closed -$3.23M
AVTX icon
171
Avalo Therapeutics
AVTX
$957M
– –
-31,106
Closed -$486K
CDTX
172
DELISTED
Cidara Therapeutics
CDTX
– –
-273,243
Closed -$60.4M
CDTX
173
PUT
DELISTED
Cidara Therapeutics
CDTX
– –
-300,000
Closed -$66.3M
CELC icon
174
Celcuity
CELC
$4.29B
– –
-105,545
Closed -$10.5M
CGON icon
175
CG Oncology
CGON
$6.19B
– –
-199,473
Closed -$8.28M
5 6
7
8 9

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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.