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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
CALM icon
176
PUT
Cal-Maine
CALM
$4.12B
– –
-75,000
Closed -$7.72M
CAPR icon
177
PUT
Capricor Therapeutics
CAPR
$223M
– –
-300,000
Closed -$4.14M
CATX icon
178
Perspective Therapeutics
CATX
$332M
– –
-108,300
Closed -$345K
CATX icon
179
PUT
Perspective Therapeutics
CATX
$332M
– –
-107,200
Closed -$342K
CMPS
180
Compass Pathways
CMPS
$1.53B
– –
-202,894
Closed -$767K
CRBP icon
181
Corbus Pharmaceuticals
CRBP
$166M
– –
-51,431
Closed -$607K
CRDF icon
182
Cardiff Oncology
CRDF
$66.5M
– –
-450,000
Closed -$1.95M
CTMX icon
183
CytomX Therapeutics
CTMX
$675M
– –
-8,924
Closed -$9.19K
DNA icon
184
CALL
Ginkgo Bioworks
DNA
$528M
– –
-769,700
Closed -$7.56M
DYN icon
185
PUT
Dyne Therapeutics
DYN
$4.7B
– –
-280,800
Closed -$6.62M
EWTX icon
186
PUT
Edgewise Therapeutics
EWTX
$4.13B
– –
-200
Closed -$5.34K
FDMT icon
187
4D Molecular Therapeutics
FDMT
$532M
– –
-40
Closed -$223
GALT icon
188
CALL
Galectin Therapeutics
GALT
$196M
– –
-1,200,000
Closed -$1.55M
GALT icon
189
Galectin Therapeutics
GALT
$196M
– –
-100
Closed -$129
GALT icon
190
PUT
Galectin Therapeutics
GALT
$196M
– –
-1,200,000
Closed -$1.55M
CBIO
191
Crescent Biopharma
CBIO
$537M
– –
-65
Closed -$1.62K
IMVT icon
192
CALL
Immunovant
IMVT
$7.93B
– –
-300,000
Closed -$7.43M
IMVT icon
193
Immunovant
IMVT
$7.93B
– –
-600
Closed -$12.6K
INSM icon
194
CALL
Insmed
INSM
$21.4B
– –
-150,000
Closed -$10.4M
MIST icon
195
Milestone Pharmaceuticals
MIST
$138M
– –
-466,030
Closed -$1.1M
MLYS icon
196
Mineralys Therapeutics
MLYS
$2.25B
– –
-332,390
Closed -$3.82M
MRNA icon
197
PUT
Moderna
MRNA
$21.8B
– –
-100,000
Closed -$4.16M
NMRA icon
198
CALL
Neumora Therapeutics
NMRA
$298M
– –
-900,000
Closed -$9.54M
NMRA icon
199
PUT
Neumora Therapeutics
NMRA
$298M
– –
-350,000
Closed -$3.71M
NRIX icon
200
Nurix Therapeutics
NRIX
$2.41B
– –
-34,985
Closed -$659K
6 7
8
9 10

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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 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.