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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
CRVS icon
151
CALL
Corvus Pharmaceuticals
CRVS
$1.11B
– –
-338,100
Closed -$1.08M
CRVS icon
152
PUT
Corvus Pharmaceuticals
CRVS
$1.11B
– –
-50,000
Closed -$159K
DNA icon
153
Ginkgo Bioworks
DNA
$528M
– –
-58,300
Closed -$332K
DYN icon
154
CALL
Dyne Therapeutics
DYN
$4.8B
– –
-187,000
Closed -$1.96M
ELEV
155
DELISTED
Elevation Oncology
ELEV
– –
-690,050
Closed -$179K
ELVN icon
156
Enliven Therapeutics
ELVN
$3.85B
– –
-289,538
Closed -$5.7M
EOLS icon
157
Evolus
EOLS
$396M
– –
-193,265
Closed -$2.32M
ETNB
158
DELISTED
89bio
ETNB
– –
-100,000
Closed -$727K
EWTX icon
159
Edgewise Therapeutics
EWTX
$4.42B
– –
-280,000
Closed -$6.16M
GLUE icon
160
Monte Rosa Therapeutics
GLUE
$1.92B
– –
-136,575
Closed -$634K
HROW icon
161
CALL
Harrow
HROW
$1.45B
– –
-58,300
Closed -$1.55M
IMUX icon
162
CALL
Immunic
IMUX
$191M
– –
-63,580
Closed -$693K
IMVT icon
163
PUT
Immunovant
IMVT
$8.11B
– –
-400,000
Closed -$6.84M
INCY icon
164
CALL
Incyte
INCY
$24.9B
– –
-60,400
Closed -$3.66M
IRON icon
165
CALL
Disc Medicine
IRON
$3.03B
– –
-11,900
Closed -$591K
ITOS
166
DELISTED
iTeos Therapeutics
ITOS
– –
-78,585
Closed -$469K
KROS icon
167
Keros Therapeutics
KROS
$202M
– –
-274,009
Closed -$2.79M
KYMR icon
168
CALL
Kymera Therapeutics
KYMR
$8.8B
– –
-100,000
Closed -$2.74M
LLY icon
169
PUT
Eli Lilly
LLY
$1.03T
– –
-150,000
Closed -$124M
LRMR icon
170
Larimar Therapeutics
LRMR
$398M
– –
-58,526
Closed -$126K
MLYS icon
171
CALL
Mineralys Therapeutics
MLYS
$2.31B
– –
-34,300
Closed -$545K
MNPR icon
172
Monopar Therapeutics
MNPR
$768M
– –
-5,908
Closed -$215K
NKTR icon
173
Nektar Therapeutics
NKTR
$2.41B
– –
-105,302
Closed -$1.07M
OLMA icon
174
Olema Pharmaceuticals
OLMA
$1.03B
– –
-191,994
Closed -$722K
PTGX icon
175
CALL
Protagonist Therapeutics
PTGX
$8.92B
– –
-100,000
Closed -$4.84M
4 5 6
7
8

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HCA
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GX
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WCM
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MP
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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.