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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
KZR
176
DELISTED
Kezar Life Sciences
KZR
– –
-102,211
Closed -$758K
LEGN icon
177
Legend Biotech
LEGN
$3.31B
– –
-226,888
Closed -$4.1M
LLY icon
178
Eli Lilly
LLY
$1.01T
– –
-6,547
Closed -$6.02M
DFTX
179
Definium Therapeutics
DFTX
$5.09B
– –
-58,803
Closed -$1.11M
NUVL
180
DELISTED
Nuvalent
NUVL
– –
-23,594
Closed -$2.42M
NVO
181
CALL
Novo Nordisk
NVO
$184B
– –
-400,000
Closed -$14.7M
PEPG icon
182
CALL
PepGen
PEPG
$201M
– –
-300,000
Closed -$531K
QQQ icon
183
PUT
Invesco QQQ Trust
QQQ
$474B
– –
-100,000
Closed -$57.7M
QURE icon
184
uniQure
QURE
$2.95B
– –
-91,060
Closed -$2.38M
REPL icon
185
PUT
Replimune Group
REPL
$1.22B
– –
-300,000
Closed -$2.29M
RVMD icon
186
Revolution Medicines
RVMD
$42B
– –
-163,142
Closed -$15.9M
RVMD icon
187
PUT
Revolution Medicines
RVMD
$42B
– –
-95,000
Closed -$9.24M
SGMO
188
DELISTED
SANGAMO THERAPEUTICS INC
SGMO
– –
-1,218,671
Closed -$301K
SHPH icon
189
Shuttle Pharmaceuticals
SHPH
$1.83M
– –
-6,899
Closed -$46.8K
SLNO
190
DELISTED
Soleno Therapeutics
SLNO
– –
-344,123
Closed -$11.5M
SRZN icon
191
Surrozen
SRZN
$199M
– –
-173,107
Closed -$5.04M
TERN
192
DELISTED
Terns Pharmaceuticals
TERN
– –
-1,456,378
Closed -$76.8M
TERN
193
PUT
DELISTED
Terns Pharmaceuticals
TERN
– –
-1,200,000
Closed -$63.3M
VERU icon
194
Veru
VERU
$39.6M
– –
-133,517
Closed -$295K
VIR icon
195
Vir Biotechnology
VIR
$1.78B
– –
-293,258
Closed -$2.63M
AMIX
196
Autonomix Medical
AMIX
$8.07M
– –
-890
Closed -$7.29K
BBOT
197
BridgeBio Oncology
BBOT
$382M
– –
-270,231
Closed -$2.42M
PCSC
198
DELISTED
Perceptive Capital Solutions
PCSC
– –
-240,951
Closed -$2.64M
ORKA
199
Oruka Therapeutics
ORKA
$6.19B
– –
-242,021
Closed -$11.9M
PVLA
200
Palvella Therapeutics
PVLA
$2.18B
– –
-64,626
Closed -$8.06M
5 6 7
8
9

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FSA
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RCM
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CICI
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AWM
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CB
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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.