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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
+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
UTHR icon
1
PUT
United Therapeutics
UTHR
$26.4B
$88M 8.88%
+209,800
New +$70.6M
XBI icon
2
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.1B
$75.2M 7.59%
+750,000
New +$67.6M
GMAB icon
3
Genmab
GMAB
$17.7B
$53M 5.35%
+175,000
New +$4.26M
BMY icon
4
PUT
Bristol-Myers Squibb
BMY
$127B
$36.1M 3.64%
+800,000
New +$37.4M
ABVX
5
Abivax
ABVX
$11.1B
$33.4M 3.37%
+396,098
New +$24.3M
QURE icon
6
CALL
uniQure
QURE
$2.65B
$31.3M 3.16%
535,600
-264,400
-33% -$4.8M
IONS icon
7
Ionis Pharmaceuticals
IONS
$9.35B
$27.2M 2.74%
+415,163
New +$20.3M
CDTX
8
DELISTED
Cidara Therapeutics
CDTX
$26.6M 2.69%
277,704
-186,784
-40% -$11.9M
SRRK icon
9
CALL
Scholar Rock
SRRK
$5.78B
$20.9M 2.11%
561,600
+461,600
+462% +$16.1M
MAZE
10
Maze Therapeutics
MAZE
$1.54B
$19.2M 1.94%
740,825
+478,085
+182% +$8.07M
PTCT icon
11
PTC Therapeutics
PTCT
$6.42B
$17.2M 1.74%
+280,551
New +$14.6M
RAPT
12
DELISTED
RAPT Therapeutics
RAPT
$15.9M 1.6%
+615,000
New +$8.05M
INSM icon
13
CALL
Insmed
INSM
$23.3B
$14.4M 1.45%
+100,000
New +$12.3M
INSM icon
14
PUT
Insmed
INSM
$23.3B
$14.4M 1.45%
+100,000
New +$12.3M
HROW icon
15
CALL
Harrow
HROW
$1.45B
$14M 1.41%
+289,700
New +$10.9M
DNTH icon
16
Dianthus Therapeutics
DNTH
$5.67B
$13.6M 1.37%
+346,001
New +$8.84M
PTCT icon
17
CALL
PTC Therapeutics
PTCT
$6.42B
$13.1M 1.32%
+213,000
New +$11.1M
CYTK icon
18
Cytokinetics
CYTK
$11B
$12.2M 1.24%
222,674
-10,790
-5% -$445K
BHVN icon
19
CALL
Biohaven
BHVN
$2.17B
$12M 1.21%
796,400
+496,400
+165% +$7.23M
SLNO
20
CALL
DELISTED
Soleno Therapeutics
SLNO
$11.9M 1.2%
176,100
-23,900
-12% -$1.77M
FULC icon
21
Fulcrum Therapeutics
FULC
$250M
$11.9M 1.2%
1,289,225
+860,704
+201% +$6.23M
PCVX icon
22
Vaxcyte
PCVX
$7.9B
$11.2M 1.13%
311,682
+6,682
+2% +$221K
CTMX icon
23
CytomX Therapeutics
CTMX
$708M
$10.8M 1.09%
+3,372,616
New +$7.6M
CRNX icon
24
CALL
Crinetics Pharmaceuticals
CRNX
$8.86B
$10.7M 1.08%
+257,700
New +$8.24M
JAZZ icon
25
Jazz Pharmaceuticals
JAZZ
$15.9B
$10.3M 1.04%
77,800
+37,800
+95% +$4.53M
1
2 3 4 5

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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.