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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
+121.28%
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
$1.28B
AUM Growth
+$290M
Cap. Flow
+$61.4M
Cap. Flow %
4.79%
Top 10 Hldgs %
38.86%
Holding
235
New
66
Increased
34
Reduced
68
Closed
61

Top Buys

Rank Stock Value
1
TERN
Terns Pharmaceuticals
TERN
+$33.1M
2
CORT icon
Corcept Therapeutics
CORT
+$14.6M
3
AMGN icon
Amgen
AMGN
+$14.3M
4
OLMA icon
Olema Pharmaceuticals
OLMA
+$13.5M
5
LLY icon
Eli Lilly
LLY
+$13.2M

Top Sells

Rank Stock Value
1
GMAB icon
Genmab
GMAB
+$53M
2
ABVX
Abivax
ABVX
+$20.7M
3
IONS icon
Ionis Pharmaceuticals
IONS
+$16M
4
DNTH icon
Dianthus Therapeutics
DNTH
+$13.6M
5
PTCT icon
PTC Therapeutics
PTCT
+$11.8M

Sector Composition

Rank Sector Weight
1 Healthcare 59.99%
2 Financials 0.25%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AKRO
176
DELISTED
Akero Therapeutics
AKRO
– –
-206,854
Closed -$9.82M
ALT icon
177
CALL
Altimmune
ALT
$552M
– –
-1,000,000
Closed -$3.77M
ANAB icon
178
CALL
AnaptysBio
ANAB
$1.58B
– –
-161,100
Closed -$4.93M
ANAB icon
179
AnaptysBio
ANAB
$1.58B
– –
-48,410
Closed -$1.48M
ANAB icon
180
PUT
AnaptysBio
ANAB
$1.58B
– –
-161,100
Closed -$4.93M
ARCT icon
181
CALL
Arcturus Therapeutics
ARCT
$164M
– –
-227,200
Closed -$4.19M
ARCT icon
182
Arcturus Therapeutics
ARCT
$164M
– –
-10,721
Closed -$198K
ARGX icon
183
argenx
ARGX
$53.4B
– –
-5,942
Closed -$4.3M
BBIO icon
184
BridgeBio Pharma
BBIO
$15.7B
– –
-51,967
Closed -$2.7M
BHVN icon
185
CALL
Biohaven
BHVN
$2.03B
– –
-796,400
Closed -$12M
BMY icon
186
PUT
Bristol-Myers Squibb
BMY
$133B
– –
-800,000
Closed -$36.1M
CAPR icon
187
CALL
Capricor Therapeutics
CAPR
$223M
– –
-100,000
Closed -$721K
CAPR icon
188
PUT
Capricor Therapeutics
CAPR
$223M
– –
-100,000
Closed -$721K
CMPS
189
CALL
Compass Pathways
CMPS
$1.53B
– –
-400,000
Closed -$2.29M
CNTA
190
CALL
DELISTED
Centessa Pharmaceuticals
CNTA
– –
-307,700
Closed -$7.46M
COGT icon
191
Cogent Biosciences
COGT
$6.65B
– –
-11,280
Closed -$162K
CRBP icon
192
CALL
Corbus Pharmaceuticals
CRBP
$166M
– –
-54,800
Closed -$693K
CRNX icon
193
CALL
Crinetics Pharmaceuticals
CRNX
$8.84B
– –
-257,700
Closed -$10.7M
CRNX icon
194
Crinetics Pharmaceuticals
CRNX
$8.84B
– –
-130,902
Closed -$5.83M
DNTH icon
195
Dianthus Therapeutics
DNTH
$5.84B
– –
-346,001
Closed -$13.6M
DYN icon
196
Dyne Therapeutics
DYN
$4.7B
– –
-113,837
Closed -$1.44M
GMAB icon
197
Genmab
GMAB
$17.7B
– –
-175,000
Closed -$53M
IFRX icon
198
InflaRx
IFRX
$250M
– –
-722,066
Closed -$968K
INSM icon
199
PUT
Insmed
INSM
$21.4B
– –
-100,000
Closed -$14.4M
JANX icon
200
Janux Therapeutics
JANX
$925M
– –
-54,691
Closed -$1.34M
6 7
8
9 10

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HCA
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GX
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WCM
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Ikarian Capital's Q4 2025 Portfolio in Review

As of Q4 2025, Ikarian Capital held 235 positions worth $1.28B, up 29% from $990M the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Ikarian Capital deployed $61.4M of net new capital in Q4 2025, opening 66 new positions and adding to 34 existing holdings. Its largest new stake was Corcept Therapeutics: 185,593 shares worth $6.46M.

By sector, the portfolio is most concentrated in Healthcare at 60% of assets, up from 50% a quarter earlier, followed by Financials.

On the sell side, the largest reduction was Abivax, an estimated $20.7M trimmed.

  • Ikarian Capital's largest Q4 2025 buy was Corcept Therapeutics: 185,593 shares worth $6.46M.
  • Ikarian Capital added most to Terns Pharmaceuticals in Q4 2025, an estimated $33.1M increase.
  • Ikarian Capital's biggest Q4 2025 reduction was Abivax, cutting an estimated $20.7M.
  • Ikarian Capital fully exited Genmab in Q4 2025, selling an estimated $53M.
  • Ikarian Capital's ten largest holdings make up 39% of its $1.28B portfolio in Q4 2025.
  • Ikarian Capital opened 66 new positions and closed 61 in Q4 2025.
  • Ikarian Capital's portfolio value rose 29% quarter-over-quarter to $1.28B.

Based on Ikarian Capital's 13F filing for Q4 2025, filed 18 Feb 2026.