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Ikarian Capital Portfolio holdings

AUM $928M
1-Year Est. Return 596.14%
This Fund
S&P 500
This Quarter Est. Return
+13.63%
1 Year Est. Return
+596.14%
3 Year Est. Return
+5,184.12%
5 Year Est. Return
+18,295.93%
10 Year Est. Return
–
AUM
$1.23B
AUM Growth
-$49.2M
Cap. Flow
-$76.4M
Cap. Flow %
-6.2%
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 Miscellaneous 43.39%
3 Financials 0.23%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XBI icon
1
PUT
State Street SPDR S&P Biotech ETF
XBI
$11.3B
$102M 8.3%
800,000
-50,000
-6% -$6.24M
TERN
2
DELISTED
Terns Pharmaceuticals
TERN
$76.8M 6.23%
1,456,378
-140,000
-9% -$5.75M
TERN
3
PUT
DELISTED
Terns Pharmaceuticals
TERN
$63.3M 5.14%
+1,200,000
New +$49.3M
QQQ icon
4
PUT
Invesco QQQ Trust
QQQ
$489B
$57.7M 4.69%
+100,000
New +$60.8M
IWM icon
5
PUT
iShares Russell 2000 ETF
IWM
$80.8B
$49.6M 4.03%
+200,000
New +$51.6M
KOD icon
6
Kodiak Sciences
KOD
$2.37B
$48.3M 3.92%
1,265,795
+546,008
+76% +$14.1M
CYTK icon
7
PUT
Cytokinetics
CYTK
$10B
$36.3M 2.95%
+550,500
New +$35M
ABVX
8
CALL
Abivax
ABVX
$9.89B
$32.7M 2.65%
293,300
+168,200
+134% +$19.9M
BMY icon
9
PUT
Bristol-Myers Squibb
BMY
$136B
$30.3M 2.46%
+500,000
New +$29.1M
CYTK icon
10
CALL
Cytokinetics
CYTK
$10B
$26.9M 2.19%
408,400
+117,500
+40% +$7.47M
ALMS
11
Alumis Inc
ALMS
$2.9B
$26.7M 2.17%
+1,213,548
New +$30.3M
PCVX icon
12
Vaxcyte
PCVX
$8.9B
$24.9M 2.02%
428,682
+50,000
+13% +$2.71M
PRAX icon
13
Praxis Precision Medicines
PRAX
$9.63B
$23.1M 1.87%
71,581
-15,000
-17% -$4.64M
HROW icon
14
Harrow
HROW
$1.4B
$19.1M 1.55%
543,047
+359,700
+196% +$15.8M
RLMD icon
15
Relmada Therapeutics
RLMD
$462M
$18.7M 1.52%
2,688,359
-380,000
-12% -$1.8M
CYTK icon
16
Cytokinetics
CYTK
$10B
$18.7M 1.52%
283,572
+110,900
+64% +$7.05M
TENX icon
17
Tenax Therapeutics
TENX
$79.7M
$16.3M 1.32%
1,017,600
+50,000
+5% +$676K
CAPR icon
18
Capricor Therapeutics
CAPR
$558M
$16.1M 1.3%
528,015
-50,000
-9% -$1.33M
RVMD icon
19
Revolution Medicines
RVMD
$44.6B
$15.9M 1.29%
163,142
+25,000
+18% +$2.52M
NVO
20
CALL
Novo Nordisk
NVO
$202B
$14.7M 1.19%
+400,000
New +$19M
CLDX icon
21
Celldex Therapeutics
CLDX
$3.07B
$14.6M 1.19%
+461,247
New +$12.6M
PHVS icon
22
Pharvaris
PHVS
$2.48B
$13.8M 1.12%
486,856
– –
CNTB
23
Connect Biopharma Holdings
CNTB
$140M
$13.1M 1.07%
5,388,486
+600,000
+13% +$1.56M
DRUG
24
Bright Minds Biosciences
DRUG
$714M
$12.2M 0.99%
166,647
+7,226
+5% +$582K
BBIO icon
25
BridgeBio Pharma
BBIO
$15B
$11.9M 0.97%
+160,120
New +$11.6M
1
2 3 4 5

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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 $76.4M 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 Miscellaneous and 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.