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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
CDTX
1
PUT
DELISTED
Cidara Therapeutics
CDTX
$24.4M 4.69%
+501,600
New +$12.1M
CDTX
2
DELISTED
Cidara Therapeutics
CDTX
$22.6M 4.35%
464,488
+215,548
+87% +$5.18M
RARE icon
3
CALL
Ultragenyx Pharmaceutical
RARE
$2.66B
$20.5M 3.93%
563,100
+450,000
+398% +$16.2M
ALNY icon
4
Alnylam Pharmaceuticals
ALNY
$35.9B
$18.5M 3.54%
56,594
+25,000
+79% +$6.92M
SLNO
5
CALL
DELISTED
Soleno Therapeutics
SLNO
$16.8M 3.22%
200,000
-43,000
-18% -$3.22M
SLNO
6
PUT
DELISTED
Soleno Therapeutics
SLNO
$16.8M 3.22%
200,000
+100,000
+100% +$7.48M
INSM icon
7
Insmed
INSM
$23.3B
$16.5M 3.17%
163,751
+78,951
+93% +$6.04M
CDTX
8
CALL
DELISTED
Cidara Therapeutics
CDTX
$15.6M 3%
+321,000
New +$7.71M
VRNA
9
DELISTED
Verona Pharma
VRNA
$13.9M 2.67%
146,831
+16,831
+13% +$1.25M
CAPR icon
10
PUT
Capricor Therapeutics
CAPR
$1.15B
$13.5M 2.59%
+1,360,200
New +$14.4M
CRNX icon
11
Crinetics Pharmaceuticals
CRNX
$8.85B
$12.5M 2.39%
433,431
-90,000
-17% -$2.78M
AKRO
12
DELISTED
Akero Therapeutics
AKRO
$11.7M 2.25%
220,000
-25,000
-10% -$1.14M
PRAX icon
13
Praxis Precision Medicines
PRAX
$8.99B
$11.6M 2.24%
276,950
+131,448
+90% +$5.01M
QURE icon
14
CALL
uniQure
QURE
$2.71B
$11.2M 2.14%
800,000
+500,000
+167% +$6.73M
RARE icon
15
PUT
Ultragenyx Pharmaceutical
RARE
$2.66B
$10.9M 2.1%
300,000
+200,000
+200% +$7.21M
PRAX icon
16
CALL
Praxis Precision Medicines
PRAX
$8.99B
$10.2M 1.96%
+242,400
New +$9.23M
APGE icon
17
Apogee Therapeutics
APGE
$10.2B
$10.1M 1.94%
+232,047
New +$8.83M
PCVX icon
18
Vaxcyte
PCVX
$8.03B
$9.92M 1.9%
305,000
+105,000
+53% +$3.44M
VKTX icon
19
CALL
Viking Therapeutics
VKTX
$4.11B
$9.28M 1.78%
350,000
+200,000
+133% +$5.26M
MLTX icon
20
PUT
MoonLake Immunotherapeutics
MLTX
$1.62B
$9.18M 1.76%
194,500
+100,000
+106% +$4.07M
ACOG
21
Alpha Cognition
ACOG
$179M
$8.56M 1.64%
917,867
-50,000
-5% -$367K
TARS icon
22
Tarsus Pharmaceuticals
TARS
$2.56B
$7.96M 1.53%
196,536
-288,485
-59% -$13M
CYTK icon
23
Cytokinetics
CYTK
$11.1B
$7.71M 1.48%
233,464
+83,482
+56% +$2.9M
SRPT icon
24
Sarepta Therapeutics
SRPT
$1.68B
$7.68M 1.48%
449,087
+280,000
+166% +$11.9M
TGTX icon
25
TG Therapeutics
TGTX
$8.5B
$7.56M 1.45%
209,938
-127
-0.1% -$4.73K
1
2 3 4 5

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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.