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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
NUVL
201
DELISTED
Nuvalent
NUVL
– –
-52,216
Closed -$4.09M
NVAX icon
202
CALL
Novavax
NVAX
$1.2B
– –
-300,000
Closed -$2.41M
PPC icon
203
PUT
Pilgrim's Pride
PPC
$6.51B
– –
-300,000
Closed -$13.6M
PTGX icon
204
Protagonist Therapeutics
PTGX
$8.79B
– –
-70,000
Closed -$2.93M
QNRX
205
Quoin Pharmaceuticals
QNRX
$8.94M
– –
-7,857
Closed -$179K
RCUS icon
206
CALL
Arcus Biosciences
RCUS
$3.55B
– –
-141,000
Closed -$2.1M
RNAM
207
CALL
DELISTED
Avidity Biosciences
RNAM
– –
-100,000
Closed -$2.91M
SANA icon
208
CALL
Sana Biotechnology
SANA
$871M
– –
-650,000
Closed -$1.06M
SANA icon
209
Sana Biotechnology
SANA
$871M
– –
-365,000
Closed -$595K
SANA icon
210
PUT
Sana Biotechnology
SANA
$871M
– –
-500,000
Closed -$815K
SLDB icon
211
CALL
Solid Biosciences
SLDB
$794M
– –
-300,000
Closed -$1.2M
SLRN
212
DELISTED
ACELYRIN
SLRN
– –
-676,608
Closed -$2.12M
SRPT icon
213
CALL
Sarepta Therapeutics
SRPT
$1.57B
– –
-81,000
Closed -$9.85M
STOK icon
214
Stoke Therapeutics
STOK
$1.8B
– –
-6,798
Closed -$75K
SYRE icon
215
Spyre Therapeutics
SYRE
$8.54B
– –
-282,159
Closed -$6.57M
TARA icon
216
Protara Therapeutics
TARA
$220M
– –
-350,489
Closed -$1.85M
TPST icon
217
Tempest Therapeutics
TPST
$13.7M
– –
-8,099
Closed -$87.9K
TSN icon
218
PUT
Tyson Foods
TSN
$20.4B
– –
-630,000
Closed -$36.2M
TVTX icon
219
Travere Therapeutics
TVTX
$5.2B
– –
-22,600
Closed -$394K
VIR icon
220
CALL
Vir Biotechnology
VIR
$1.46B
– –
-720,300
Closed -$5.29M
VRDN icon
221
CALL
Viridian Therapeutics
VRDN
$2.09B
– –
-175,100
Closed -$3.36M
XBI icon
222
CALL
State Street SPDR S&P Biotech ETF
XBI
$9.95B
– –
-700,000
Closed -$63M
XBI icon
223
PUT
State Street SPDR S&P Biotech ETF
XBI
$9.95B
– –
-750,000
Closed -$67.5M
XENE icon
224
Xenon Pharmaceuticals
XENE
$6.06B
– –
-62,052
Closed -$2.43M
ZVRA icon
225
Zevra Therapeutics
ZVRA
$562M
– –
-292,772
Closed -$2.44M
6 7 8
9
10

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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.