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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
PTGX icon
176
PUT
Protagonist Therapeutics
PTGX
$8.55B
– –
-100,000
Closed -$4.84M
PYXS icon
177
Pyxis Oncology
PYXS
$185M
– –
-613,253
Closed -$601K
RARE icon
178
Ultragenyx Pharmaceutical
RARE
$2.46B
– –
-216,989
Closed -$7.82M
RCKT icon
179
Rocket Pharmaceuticals
RCKT
$343M
– –
-221,911
Closed -$1.48M
RNAM
180
PUT
DELISTED
Avidity Biosciences
RNAM
– –
-300,000
Closed -$8.86M
RZLT icon
181
Rezolute
RZLT
$453M
– –
-50,058
Closed -$145K
SLDB icon
182
Solid Biosciences
SLDB
$792M
– –
-230,000
Closed -$851K
SPY icon
183
State Street SPDR S&P 500 ETF Trust
SPY
$771B
– –
-25,000
Closed -$14M
SPY icon
184
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$771B
– –
-320,000
Closed -$179M
SWTX
185
DELISTED
SpringWorks Therapeutics
SWTX
– –
-12,519
Closed -$552K
TDOC icon
186
Teladoc Health
TDOC
$1.66B
– –
-150,000
Closed -$1.19M
THRD
187
DELISTED
Third Harmonic Bio
THRD
– –
-100,000
Closed -$347K
TRUP icon
188
CALL
Trupanion
TRUP
$1.13B
– –
-200,000
Closed -$7.45M
TRUP icon
189
PUT
Trupanion
TRUP
$1.13B
– –
-40,000
Closed -$1.49M
TRVI icon
190
Trevi Therapeutics
TRVI
$2.57B
– –
-575,000
Closed -$3.62M
TYRA icon
191
Tyra Biosciences
TYRA
$1.85B
– –
-35,000
Closed -$326K
VERV
192
DELISTED
Verve Therapeutics
VERV
– –
-358,393
Closed -$1.64M
PTHS
193
Pelthos Therapeutics
PTHS
$89.5M
– –
-44,085
Closed -$626K
CLYM
194
Climb Bio
CLYM
$693M
– –
-175,088
Closed -$214K
OKUR
195
OnKure Therapeutics
OKUR
$160M
– –
-253,754
Closed -$1.09M
4 5 6 7
8

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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.