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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
+131.73%
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
$990M
AUM Growth
+$470M
Cap. Flow
+$292M
Cap. Flow %
29.51%
Top 10 Hldgs %
41.47%
Holding
202
New
69
Increased
29
Reduced
42
Closed
33

Top Buys

Rank Stock Value
1
ABVX
Abivax
ABVX
+$24.3M
2
MLTX icon
MoonLake Immunotherapeutics
MLTX
+$22.7M
3
IONS icon
Ionis Pharmaceuticals
IONS
+$20.3M
4
PTCT icon
PTC Therapeutics
PTCT
+$14.6M
5
DNTH icon
Dianthus Therapeutics
DNTH
+$8.84M

Top Sells

Rank Stock Value
1
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$18.5M
2
INSM icon
Insmed
INSM
+$18.4M
3
VRNA
Verona Pharma
VRNA
+$13.9M
4
COGT icon
Cogent Biosciences
COGT
+$12.1M
5
PRAX icon
Praxis Precision Medicines
PRAX
+$12M

Sector Composition

Rank Sector Weight
1 Healthcare 49.54%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FTH
151
Faeth Therapeutics
FTH
$702M
$213K 0.02%
22,497
– –
PHGE icon
152
BiomX
PHGE
$1.99M
$206K 0.02%
20,683
-26,316
-56% -$243K
ARCT icon
153
Arcturus Therapeutics
ARCT
$164M
$198K 0.02%
10,721
-164,279
-94% -$2.64M
KPTI icon
154
Karyopharm Therapeutics
KPTI
$43.5M
$178K 0.02%
27,257
– –
COGT icon
155
Cogent Biosciences
COGT
$6.65B
$162K 0.02%
11,280
-1,024,248
-99% -$12.1M
AIRS icon
156
AirSculpt Technologies
AIRS
$339M
$144K 0.01%
17,951
– –
CMMB
157
Chemomab Therapeutics
CMMB
$11.4M
$140K 0.01%
53,262
-1
-0% -$4
LYRA
158
DELISTED
LYRA THERAPEUTICS INC
LYRA
$139K 0.01%
21,161
– –
PMVP icon
159
PMV Pharmaceuticals
PMVP
$59.2M
$137K 0.01%
+97,500
New +$135K
MGNX icon
160
MacroGenics
MGNX
$235M
$135K 0.01%
80,071
– –
SPRB
161
Spruce Biosciences
SPRB
$118M
$119K 0.01%
13,332
-1
-0% -$9
AEMD icon
162
Aethlon Medical
AEMD
$1.75M
$115K 0.01%
15,366
– –
YARW
163
Yarrow Bioscience, Inc. Common Stock
YARW
$23.4M
$97.1K 0.01%
5,800
– –
JSPR icon
164
Jasper Therapeutics
JSPR
$21M
$59.8K 0.01%
25,107
– –
TRAW icon
165
Traws Pharma
TRAW
$6.85M
$52.7K 0.01%
28,493
– –
TOVX icon
166
Theriva Biologics
TOVX
$9.64M
$48.6K ﹤0.01%
120,031
– –
SYBX
167
DELISTED
Synlogic
SYBX
$34.5K ﹤0.01%
20,422
– –
NMRA icon
168
Neumora Therapeutics
NMRA
$298M
$22.7K ﹤0.01%
12,498
– –
AMIX
169
Autonomix Medical
AMIX
$1.87M
$21.6K ﹤0.01%
952
– –
ALNY icon
170
Alnylam Pharmaceuticals
ALNY
$27.5B
– –
-56,594
Closed -$18.5M
APGE icon
171
CALL
Apogee Therapeutics
APGE
$10.1B
– –
-8,400
Closed -$365K
APGE icon
172
Apogee Therapeutics
APGE
$10.1B
– –
-232,047
Closed -$10.1M
APGE icon
173
PUT
Apogee Therapeutics
APGE
$10.1B
– –
-79,100
Closed -$3.44M
BIIB icon
174
Biogen
BIIB
$30B
– –
-21,516
Closed -$2.7M
CDTX
175
CALL
DELISTED
Cidara Therapeutics
CDTX
– –
-321,000
Closed -$15.6M
5 6
7
8 9

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Ikarian Capital's Q3 2025 Portfolio in Review

As of Q3 2025, Ikarian Capital held 202 positions worth $990M, up 90% from $521M the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Ikarian Capital deployed $292M of net new capital in Q3 2025, opening 69 new positions and adding to 29 existing holdings. Its largest new stake was Abivax: 396,098 shares worth $33.4M.

By sector, the portfolio is most concentrated in Healthcare at 50% of assets, down from 58% a quarter earlier.

On the sell side, the largest reduction was Insmed, an estimated $18.4M trimmed.

  • Ikarian Capital's largest Q3 2025 buy was Abivax: 396,098 shares worth $33.4M.
  • Ikarian Capital added most to Apellis Pharmaceuticals in Q3 2025, an estimated $8.79M increase.
  • Ikarian Capital's biggest Q3 2025 reduction was Insmed, cutting an estimated $18.4M.
  • Ikarian Capital fully exited Alnylam Pharmaceuticals in Q3 2025, selling an estimated $18.5M.
  • Ikarian Capital's ten largest holdings make up 41% of its $990M portfolio in Q3 2025.
  • Ikarian Capital opened 69 new positions and closed 33 in Q3 2025.
  • Ikarian Capital's portfolio value rose 90% quarter-over-quarter to $990M.

Based on Ikarian Capital's 13F filing for Q3 2025, filed 14 Nov 2025.