We are live on ! Find out more
IC

Ikarian Capital Portfolio holdings

AUM $1.23B
1-Year Est. Return 600.17%
This Fund
S&P 500
This Quarter Est. Return
+13.63%
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
$1.23B
AUM Growth
-$49.2M
Cap. Flow
-$49.5M
Cap. Flow %
-4.02%
Top 10 Hldgs %
42.54%
Holding
214
New
40
Increased
35
Reduced
19
Closed
53

Top Buys

Rank Stock Value
1
ALMS
Alumis Inc
ALMS
+$30.3M
2
HROW icon
Harrow
HROW
+$15.8M
3
KOD icon
Kodiak Sciences
KOD
+$14.1M
4
CLDX icon
Celldex Therapeutics
CLDX
+$12.6M
5
BBIO icon
BridgeBio Pharma
BBIO
+$11.6M

Top Sells

Rank Stock Value
1
CDTX
Cidara Therapeutics
CDTX
+$60.4M
2
JAZZ icon
Jazz Pharmaceuticals
JAZZ
+$25.8M
3
RAPT
RAPT Therapeutics
RAPT
+$22.5M
4
ABVX
Abivax
ABVX
+$17.6M
5
AMGN icon
Amgen
AMGN
+$14.7M

Sector Composition

Rank Sector Weight
1 Healthcare 56.39%
2 Financials 0.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CORT icon
176
CALL
Corcept Therapeutics
CORT
$9.83B
– –
-163,800
Closed -$5.7M
CORT icon
177
Corcept Therapeutics
CORT
$9.83B
– –
-185,593
Closed -$6.46M
CORT icon
178
PUT
Corcept Therapeutics
CORT
$9.83B
– –
-236,700
Closed -$8.24M
CPRX
179
DELISTED
Catalyst Pharmaceutical
CPRX
– –
-57,388
Closed -$1.34M
CRNX icon
180
PUT
Crinetics Pharmaceuticals
CRNX
$8.88B
– –
-368,500
Closed -$17.2M
CTMX icon
181
CytomX Therapeutics
CTMX
$766M
– –
-3,172,616
Closed -$13.5M
DXCM icon
182
CALL
DexCom
DXCM
$29.2B
– –
-137,500
Closed -$9.13M
ERAS icon
183
Erasca
ERAS
$6.53B
– –
-735,396
Closed -$2.74M
GOSS icon
184
CALL
Gossamer Bio
GOSS
$68.9M
– –
-500,000
Closed -$1.55M
GOSS icon
185
PUT
Gossamer Bio
GOSS
$68.9M
– –
-500,000
Closed -$1.55M
GPCR icon
186
Structure Therapeutics
GPCR
$3.34B
– –
-4,824
Closed -$336K
HROW icon
187
CALL
Harrow
HROW
$1.66B
– –
-509,700
Closed -$25M
INSM icon
188
CALL
Insmed
INSM
$23.2B
– –
-8,600
Closed -$1.5M
JAZZ icon
189
CALL
Jazz Pharmaceuticals
JAZZ
$15.3B
– –
-170,000
Closed -$28.9M
KRYS icon
190
Krystal Biotech
KRYS
$10B
– –
-14,814
Closed -$3.65M
LYRA
191
DELISTED
LYRA THERAPEUTICS INC
LYRA
– –
-21,161
Closed -$65.2K
MLYS icon
192
Mineralys Therapeutics
MLYS
$2.35B
– –
-200,000
Closed -$7.26M
NAMS icon
193
NewAmsterdam Pharma
NAMS
$3.47B
– –
-45,830
Closed -$1.61M
NBIX icon
194
CALL
Neurocrine Biosciences
NBIX
$17.4B
– –
-51,000
Closed -$7.23M
NBIX icon
195
Neurocrine Biosciences
NBIX
$17.4B
– –
-54,062
Closed -$7.67M
NKTR icon
196
CALL
Nektar Therapeutics
NKTR
$2.19B
– –
-36,300
Closed -$1.53M
NKTR icon
197
PUT
Nektar Therapeutics
NKTR
$2.19B
– –
-36,300
Closed -$1.53M
OMER icon
198
CALL
Omeros
OMER
$697M
– –
-550,000
Closed -$9.45M
OMER icon
199
PUT
Omeros
OMER
$697M
– –
-950,000
Closed -$16.3M
PTCT icon
200
PTC Therapeutics
PTCT
$6.47B
– –
-118,657
Closed -$9.01M
5 6 7
8
9

Similar funds

FLII
First Long Island Investors Jericho, New York $1.23B AUM 14.42% 1-Year Est. Return
CNAM
Campbell Newman Asset Management Milwaukee, Wisconsin $1.23B AUM 27.92% 1-Year Est. Return
NHAS
Novo Holdings A/S Hellerup, Denmark $1.23B AUM 81.32% 1-Year Est. Return
HCA
Harbor Capital Advisors Chicago, Illinois $1.23B AUM 30.56% 1-Year Est. Return
GX
Greylock XIV Menlo Park, California $1.24B AUM
WCM
Windward Capital Management Los Angeles, California $1.23B AUM 23.17% 1-Year Est. Return
MP
Mangrove Partners Greenwich, Connecticut $1.24B AUM 41.74% 1-Year Est. Return
QI
QV Investors Calgary, Alberta, Canada $1.24B AUM 31.81% 1-Year Est. Return

Ikarian Capital's Q1 2026 Portfolio in Review

As of Q1 2026, Ikarian Capital held 214 positions worth $1.23B, down 3.8% from $1.28B the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Ikarian Capital withdrew a net $49.5M in Q1 2026, closing 53 positions and reducing 19 holdings. Its most notable exit was Cidara Therapeutics, an estimated $60.4M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 56% of assets, down from 60% a quarter earlier, followed by Financials.

Against the trend, Ikarian Capital opened a new position in Alumis Inc worth $26.7M.

  • Ikarian Capital's largest Q1 2026 buy was Alumis Inc: 1,213,548 shares worth $26.7M.
  • Ikarian Capital added most to Harrow in Q1 2026, an estimated $15.8M increase.
  • Ikarian Capital's biggest Q1 2026 reduction was Jazz Pharmaceuticals, cutting an estimated $25.8M.
  • Ikarian Capital fully exited Cidara Therapeutics in Q1 2026, selling an estimated $60.4M.
  • Ikarian Capital's ten largest holdings make up 43% of its $1.23B portfolio in Q1 2026.
  • Ikarian Capital opened 40 new positions and closed 53 in Q1 2026.
  • Ikarian Capital's portfolio value fell 3.8% quarter-over-quarter to $1.23B.

Based on Ikarian Capital's 13F filing for Q1 2026, filed 15 May 2026.