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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
+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
RARE icon
201
CALL
Ultragenyx Pharmaceutical
RARE
$2.88B
– –
-250,000
Closed -$5.75M
RARE icon
202
PUT
Ultragenyx Pharmaceutical
RARE
$2.88B
– –
-255,100
Closed -$5.87M
RAPT
203
CALL
DELISTED
RAPT Therapeutics
RAPT
– –
-290,000
Closed -$9.82M
RAPT
204
DELISTED
RAPT Therapeutics
RAPT
– –
-665,271
Closed -$22.5M
RVMD icon
205
CALL
Revolution Medicines
RVMD
$39.6B
– –
-95,000
Closed -$7.57M
SLDB icon
206
CALL
Solid Biosciences
SLDB
$858M
– –
-424,000
Closed -$2.39M
SLNO
207
CALL
DELISTED
Soleno Therapeutics
SLNO
– –
-528,900
Closed -$24.5M
SYBX
208
DELISTED
Synlogic
SYBX
– –
-19,966
Closed -$22.4K
TGTX icon
209
TG Therapeutics
TGTX
$8.4B
– –
-117,903
Closed -$3.51M
TVTX icon
210
CALL
Travere Therapeutics
TVTX
$5.27B
– –
-36,600
Closed -$1.4M
VTYX
211
DELISTED
Ventyx Biosciences
VTYX
– –
-958,704
Closed -$8.66M
ALMS
212
PUT
Alumis Inc
ALMS
$3.65B
– –
-211,100
Closed -$2.06M
ZBIO
213
CALL
Zenas BioPharma
ZBIO
$1.86B
– –
-46,800
Closed -$1.7M
ZBIO
214
PUT
Zenas BioPharma
ZBIO
$1.86B
– –
-46,800
Closed -$1.7M
5 6 7 8
9

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NHAS
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HCA
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GX
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WCM
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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.