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
+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
CDTX
176
PUT
DELISTED
Cidara Therapeutics
CDTX
– –
-501,600
Closed -$24.4M
COGT icon
177
CALL
Cogent Biosciences
COGT
$6.65B
– –
-262,600
Closed -$1.89M
ELDN icon
178
Eledon Pharmaceuticals
ELDN
$261M
– –
-1,000,221
Closed -$2.71M
FULC icon
179
CALL
Fulcrum Therapeutics
FULC
$273M
– –
-534,000
Closed -$3.67M
GERN icon
180
Geron
GERN
$828M
– –
-1,600,000
Closed -$2.26M
HOOK
181
DELISTED
HOOKIPA Pharma
HOOK
– –
-52,996
Closed -$66.5K
IBB icon
182
iShares Biotechnology ETF
IBB
$9.34B
– –
-5,755
Closed -$728K
INBX icon
183
Inhibrx
INBX
$1.2B
– –
-42,122
Closed -$601K
KALV
184
DELISTED
KalVista Pharmaceuticals
KALV
– –
-198,528
Closed -$2.74M
KYMR icon
185
PUT
Kymera Therapeutics
KYMR
$8.51B
– –
-10,000
Closed -$436K
NUVB icon
186
Nuvation Bio
NUVB
$2.2B
– –
-619,258
Closed -$1.21M
PRTA icon
187
CALL
Prothena Corp
PRTA
$425M
– –
-100,000
Closed -$607K
RARE icon
188
CALL
Ultragenyx Pharmaceutical
RARE
$2.45B
– –
-563,100
Closed -$20.5M
RCUS icon
189
Arcus Biosciences
RCUS
$3.55B
– –
-163,363
Closed -$1.33M
SGMT icon
190
Sagimet Biosciences
SGMT
$439M
– –
-11,984
Closed -$91.3K
SRPT icon
191
Sarepta Therapeutics
SRPT
$1.57B
– –
-449,087
Closed -$8.01M
SRRK icon
192
Scholar Rock
SRRK
$5.67B
– –
-49,179
Closed -$1.72M
TKNO icon
193
Alpha Teknova
TKNO
$268M
– –
-14,008
Closed -$68.8K
TRML
194
DELISTED
Tourmaline Bio
TRML
– –
-67,927
Closed -$1.09M
VERA icon
195
CALL
Vera Therapeutics
VERA
$2.3B
– –
-153,200
Closed -$3.61M
VERA icon
196
Vera Therapeutics
VERA
$2.3B
– –
-14,096
Closed -$332K
VIGL
197
DELISTED
Vigil Neuroscience
VIGL
– –
-31,360
Closed -$249K
VKTX icon
198
CALL
Viking Therapeutics
VKTX
$3.7B
– –
-350,000
Closed -$9.28M
VRNA
199
DELISTED
Verona Pharma
VRNA
– –
-146,831
Closed -$13.9M
TECX
200
Tectonic Therapeutic
TECX
$529M
– –
-163,696
Closed -$3.25M
5 6 7
8
9

Similar funds

FLII
First Long Island Investors Jericho, New York $1.23B AUM 14.42% 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
IA
Inspire Advisors Meridian, Idaho $1.23B AUM 18.62% 1-Year Est. Return
IB
Intrust Bank Wichita, Kansas $1.23B AUM 26.34% 1-Year Est. Return

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.