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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
CMPX icon
151
Compass Therapeutics
CMPX
$330M
$39.4K ﹤0.01%
18,000
– –
TOVX icon
152
Theriva Biologics
TOVX
$10.4M
$28K ﹤0.01%
112,076
– –
GCTK icon
153
GlucoTrack
GCTK
$1.8M
$14.6K ﹤0.01%
3,055
– –
AEMD icon
154
Aethlon Medical
AEMD
$1.02M
$11.8K ﹤0.01%
2,873
– –
JSPR icon
155
Jasper Therapeutics
JSPR
$19.3M
$10.1K ﹤0.01%
24,093
– –
HLSQ
156
Tessera Defense and Homeland Security Inc.
HLSQ
$1.94M
$6.77K ﹤0.01%
1,947
– –
ANIP icon
157
CALL
ANI Pharmaceuticals
ANIP
$1.69B
– –
-150,000
Closed -$11.5M
AVTX icon
158
CALL
Avalo Therapeutics
AVTX
$889M
– –
-401,500
Closed -$5.99M
AVTX icon
159
PUT
Avalo Therapeutics
AVTX
$889M
– –
-158,500
Closed -$2.37M
BBIO icon
160
CALL
BridgeBio Pharma
BBIO
$13.4B
– –
-58,500
Closed -$4.34M
CNTA
161
DELISTED
Centessa Pharmaceuticals
CNTA
– –
-18,113
Closed -$719K
CNTB
162
CALL
Connect Biopharma Holdings
CNTB
$78.1M
– –
-144,600
Closed -$379K
CYTK icon
163
CALL
Cytokinetics
CYTK
$9.65B
– –
-408,400
Closed -$26.9M
CYTK icon
164
Cytokinetics
CYTK
$9.65B
– –
-283,572
Closed -$18.7M
CYTK icon
165
PUT
Cytokinetics
CYTK
$9.65B
– –
-550,500
Closed -$36.3M
ELVN icon
166
PUT
Enliven Therapeutics
ELVN
$3.6B
– –
-83,700
Closed -$3.28M
INSM icon
167
Insmed
INSM
$26.8B
– –
-4,214
Closed -$689K
IOBT
168
DELISTED
IO Biotech
IOBT
– –
-1,386,565
Closed -$81.4K
IONS icon
169
Ionis Pharmaceuticals
IONS
$7.45B
– –
-127,038
Closed -$9.56M
IWM icon
170
PUT
iShares Russell 2000 ETF
IWM
$76.5B
– –
-200,000
Closed -$49.6M
JAZZ icon
171
Jazz Pharmaceuticals
JAZZ
$15.8B
– –
-12,460
Closed -$2.36M
KALV
172
DELISTED
KalVista Pharmaceuticals
KALV
– –
-35,119
Closed -$707K
KPTI icon
173
CALL
Karyopharm Therapeutics
KPTI
$38.6M
– –
-920,000
Closed -$5.12M
KPTI icon
174
Karyopharm Therapeutics
KPTI
$38.6M
– –
-733,435
Closed -$4.09M
KPTI icon
175
PUT
Karyopharm Therapeutics
KPTI
$38.6M
– –
-920,000
Closed -$5.12M
5 6
7
8 9

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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.