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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
-11.76%
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
$811M
AUM Growth
+$76.2M
Cap. Flow
+$164M
Cap. Flow %
20.18%
Top 10 Hldgs %
56%
Holding
229
New
58
Increased
27
Reduced
37
Closed
69

Top Buys

Rank Stock Value
1
PCVX icon
Vaxcyte
PCVX
+$16M
2
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$14.7M
3
SRPT icon
Sarepta Therapeutics
SRPT
+$14.2M
4
AKRO
Akero Therapeutics
AKRO
+$10.4M
5
PRAX icon
Praxis Precision Medicines
PRAX
+$9.09M

Top Sells

Rank Stock Value
1
SYRE icon
Spyre Therapeutics
SYRE
+$6.57M
2
TARS icon
Tarsus Pharmaceuticals
TARS
+$6.06M
3
AVTX icon
Avalo Therapeutics
AVTX
+$5.84M
4
BPMC
Blueprint Medicines
BPMC
+$5.41M
5
SRRK icon
Scholar Rock
SRRK
+$4.35M

Sector Composition

Rank Sector Weight
1 Healthcare 36.1%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
KPTI icon
151
Karyopharm Therapeutics
KPTI
$43.5M
$102K 0.01%
27,257
-3
-0% -$26
MGNX icon
152
MacroGenics
MGNX
$235M
$102K 0.01%
80,071
– –
TKNO icon
153
Alpha Teknova
TKNO
$268M
$72.7K 0.01%
+14,008
New +$104K
TRAW icon
154
Traws Pharma
TRAW
$6.85M
$65.5K 0.01%
28,493
-70,000
-71% -$364K
HOOK
155
DELISTED
HOOKIPA Pharma
HOOK
$57.2K 0.01%
52,996
– –
SGMT icon
156
Sagimet Biosciences
SGMT
$439M
$39.1K ﹤0.01%
11,984
– –
AMIX
157
Autonomix Medical
AMIX
$1.87M
$35K ﹤0.01%
952
– –
SYBX
158
DELISTED
Synlogic
SYBX
$25.3K ﹤0.01%
20,422
– –
NMRA icon
159
Neumora Therapeutics
NMRA
$298M
$15.5K ﹤0.01%
+15,457
New +$26.5K
RLMD icon
160
Relmada Therapeutics
RLMD
$557M
$10.9K ﹤0.01%
40,270
– –
ABEO icon
161
CALL
Abeona Therapeutics
ABEO
$366M
– –
-65,000
Closed -$362K
AEON icon
162
AEON Biopharma
AEON
$12.9M
– –
-3,577
Closed -$139K
AKRO
163
PUT
DELISTED
Akero Therapeutics
AKRO
– –
-199,000
Closed -$5.54M
ALGS icon
164
Aligos Therapeutics
ALGS
$26.2M
– –
-64,300
Closed -$2.56M
ALT icon
165
CALL
Altimmune
ALT
$552M
– –
-165,700
Closed -$1.19M
AMGN icon
166
CALL
Amgen
AMGN
$208B
– –
-74,000
Closed -$19.3M
AMLX icon
167
Amylyx Pharmaceuticals
AMLX
$2.26B
– –
-201,187
Closed -$760K
ANAB icon
168
CALL
AnaptysBio
ANAB
$1.58B
– –
-250,000
Closed -$3.31M
ANAB icon
169
PUT
AnaptysBio
ANAB
$1.58B
– –
-310,800
Closed -$4.11M
AXSM icon
170
CALL
Axsome Therapeutics
AXSM
$11.2B
– –
-100,000
Closed -$8.46M
BCLI
171
DELISTED
BRAINSTORM CELL THERAPUTC
BCLI
– –
-6,016
Closed -$13.7K
BMEA icon
172
PUT
Biomea Fusion
BMEA
$84.6M
– –
-431,100
Closed -$1.67M
CADL icon
173
CALL
Candel Therapeutics
CADL
$733M
– –
-3,600
Closed -$31.2K
CADL icon
174
Candel Therapeutics
CADL
$733M
– –
-1,400
Closed -$12.2K
CADL icon
175
PUT
Candel Therapeutics
CADL
$733M
– –
-3,600
Closed -$31.2K
5 6
7
8 9

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Ikarian Capital's Q1 2025 Portfolio in Review

As of Q1 2025, Ikarian Capital held 229 positions worth $811M, up 10% from $735M the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Ikarian Capital deployed $164M of net new capital in Q1 2025, opening 58 new positions and adding to 27 existing holdings. Its largest new stake was Vaxcyte: 200,000 shares worth $7.55M.

By sector, the portfolio is most concentrated in Healthcare at 36% of assets, down from 48% a quarter earlier.

On the sell side, the largest reduction was Tarsus Pharmaceuticals, an estimated $6.06M trimmed.

  • Ikarian Capital's largest Q1 2025 buy was Vaxcyte: 200,000 shares worth $7.55M.
  • Ikarian Capital added most to Sarepta Therapeutics in Q1 2025, an estimated $14.2M increase.
  • Ikarian Capital's biggest Q1 2025 reduction was Tarsus Pharmaceuticals, cutting an estimated $6.06M.
  • Ikarian Capital fully exited Spyre Therapeutics in Q1 2025, selling an estimated $6.57M.
  • Ikarian Capital's ten largest holdings make up 56% of its $811M portfolio in Q1 2025.
  • Ikarian Capital opened 58 new positions and closed 69 in Q1 2025.
  • Ikarian Capital's portfolio value rose 10% quarter-over-quarter to $811M.

Based on Ikarian Capital's 13F filing for Q1 2025, filed 15 May 2025.