Ikarian Capital, LLC

Diversified strategyHigh-turnover traderSector-focused

Total reported value

$1.2B

Reporting period: 2026-03-31 · Number of holdings: 161

Ikarian Capital, LLC disclosed 161 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.2B and a quarterly turnover rate of 95.2%.

Personality snowflake

Concentration: 15.06
Portfolio Stability: 95.2
Momentum/Contrarian: 0
Sector conviction: 100
Diversification: 100
Sizing Uniformity: 79.35

Recent moves

Add 430
+66.4%　$75.6M
Add CYTK
+168.0%　$52.4M
Add KOD
+89.7%　$31.9M
Add ALMS
+600.2%　$30.5M
Trim JAZZ
-92.2%　-$24.9M
Add ANIP
+258.8%　$16.3M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

Showing top 139 holdings (of 161 total)

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	430	Terns Pharmaceuticals INC	Stock-Other	11.37%	+6.33%	+66.40%
2	XBI	Ss Spdr S&p Biotech ETF	ETF-Tech	8.30%	—	-5.88%
3	CYTK	Cytokinetics INC	Stock-Healthcare	6.65%	+4.35%	+168.02%
4	QQQ	Invesco Qqq Trust Series 1	ETF-Tech	4.69%	+4.69%	NEW
5	KOD	Kodiak Sciences INC	Stock-Other	4.23%	+2.66%	+89.75%
6	IWM	Ishares Russell 2000 ETF	ETF-Small Cap	4.03%	+4.03%	NEW
7	ABVX	Abivax Sa-adr	Stock-Other	3.16%	-0.43%	+6.00%
8	ALMS	Alumis INC	Stock-Other	2.64%	+2.48%	+600.21%
9	BMY	Bristol-myers Squibb Co	Stock-Healthcare	2.46%	+2.46%	NEW
10	CAPR	Capricor Therapeutics INC	Stock-Other	2.17%	+0.87%	+51.90%
11	RVMD	Revolution Medicines INC	Stock-Healthcare	2.04%	+0.59%	+10.72%
12	PCVX	Vaxcyte INC	Stock-Other	2.02%	+0.66%	+13.20%
13	PRAX	Praxis Precision Medicines I	Stock-Other	1.87%	—	-17.32%
14	ANIP	Ani Pharmaceuticals INC	Stock-Other	1.85%	+1.34%	+258.80%
15	HROW	Harrow INC	Stock-Other	1.55%	-1.10%	-21.64%
16	RLMD	Relmada Therapeutics INC	Stock-Other	1.52%	—	-12.38%
17	CLDX	Celldex Therapeutics INC	Stock-Other	1.48%	+1.48%	NEW
18	TENX	Tenax Therapeutics INC	Stock-Other	1.47%	+0.55%	+16.98%
19	IONS	Ionis Pharmaceuticals INC	Stock-Healthcare	1.46%	—	-19.38%
20	OLMA	Olema Pharmaceuticals INC	Stock-Other	1.39%	-0.48%	+19.76%
21	BBIO	Bridgebio Pharma INC	Stock-Healthcare	1.32%	+1.32%	NEW
22	NVO	Novo-nordisk A/s-spons Adr	Stock-Healthcare	1.19%	+1.19%	NEW
23	KPTI	Karyopharm Therapeutics INC	Stock-Other	1.16%	+0.85%	+372.58%
24	PHVS	Pharvaris N.V.	Stock-Other	1.12%	—	—
25	✓	Connect Biopharma Hldgs LTD	Stock-Other	1.10%	—	+12.16%
26	DRUG	Bright Minds Biosciences INC	Stock-Other	0.99%	—	+4.53%
27	ORKA	Oruka Therapeutics INC	Stock-Other	0.96%	+0.96%	NEW
28	MAZE	Maze Therapeutics INC	Stock-Other	0.95%	-1.14%	-38.98%
29	ANRO	Alto Neuroscience INC	Stock-Other	0.94%	—	—
30	SLNOEUR	Soleno Therapeutics INC	Stock-Other	0.94%	-1.22%	-42.43%
31	VERA	Vera Therapeutics INC	Stock-Other	0.89%	+0.89%	NEW
32	CTNM	Contineum Therapeutics Inc-a	Stock-Other	0.86%	+0.61%	+185.59%
33	RARE	Ultragenyx Pharmaceutical In	Stock-Other	0.82%	—	-6.80%
34	EYPT	Eyepoint INC	Stock-Other	0.78%	+0.78%	NEW
35	EPRX	Eupraxia Pharmaceuticals INC	Stock-Other	0.71%	—	+99.14%
36	DMRA	Damora Therapeutics INC	Stock-Other	0.71%	—	+17.50%
37	AVTX	Avalo Therapeutics INC	Stock-Other	0.68%	+0.55%	+527.76%
38	PVLA	Palvella Therapeutics INC	Stock-Other	0.65%	+0.65%	NEW
39	FULC	Fulcrum Therapeutics INC	Stock-Other	0.65%	-0.56%	-23.72%
40	SPRB	Spruce Biosciences INC	Stock-Other	0.64%	—	—
41	IVA	Inventiva SA - Adr	Stock-Other	0.64%	+0.46%	+184.34%
42	JBIO	Jade Biosciences INC	Stock-Other	0.58%	—	+70.78%
43	OCGN	Ocugen INC	Stock-Other	0.58%	+0.58%	NEW
44	✓	Zura Bio LTD	Stock-Other	0.58%	—	+48.75%
45	OVID	Ovid Therapeutics INC	Stock-Other	0.52%	+0.49%	+1069.30%
46	LLY	Eli Lilly & Co	Stock-Healthcare	0.49%	-0.67%	-52.61%
47	✓	Uniqure NV	Stock-Other	0.47%	—	+236.81%
48	ACOG	Alpha Cognition INC	Stock-Other	0.47%	—	—
49	PTHS	Pelthos Therapeutics INC	Stock-Other	0.44%	—	+0.33%
50	SRZN	Surrozen INC	Stock-Other	0.41%	—	+163.13%

1–50 of 139

Portfolio Performance

Performance for Q3 2026

+9.1%

Performance Last 4 Quarters

+110.1%

Based on 72% of reported portfolio value with available pricing

Stdev: +33.9%
Beta: +1.06
Alpha: +16.3%
Max Drawdown: -31.2%
Annualized Perf: +35.3%
Batting Avg vs S&P: +52.8%
Sortino: +2.45
Stutzer: +0.33
Treynor: +0.34
Sterling: +1.31
Calmar: +1.13
Information Ratio: +0.56
Tracking Error: +30.9%
Stdev Down: +14.6%
Winning Months %: +55.6%
Losing Months %: +44.4%
Best 12 Months: +119.9%
Worst 12 Months: -25.3%
Efficiency Ratio: +0.54
Sharpe: +1.06
Stdev Sectors: 0%
Skewness: +0.91
Kurtosis: +0.96
Upside Potential: +4.33

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	161	$1.2B	95	1430 2XBI 3CYTK Top holdings2026-03-31 1.430 2.XBI 3.CYTK 4.QQQ 5.KOD 6.IWM 7.ABVX 8.ALMS 9.BMY 10.CAPR
2025-12-31	174	$1.3B	100	1CDTX 2XBI 3AMGN Top holdings2025-12-31 1.CDTX 2.XBI 3.AMGN 4.430 5.ABVX 6.HROW 7.RAPT 8.CYTK 9.G50871 10.SLNOEUR
2025-09-30	169	$990.4M	100	1UTHR 2XBI 3GMAB Top holdings2025-09-30 1.UTHR 2.XBI 3.GMAB 4.BMY 5.ABVX 6.N90064 7.INSM 8.PTCT 9.IONS 10.CDTX
2025-06-30	133	$520.6M	0	1CDTX 2SLNOEUR 3RARE Top holdings2025-06-30 1.CDTX 2.SLNOEUR 3.RARE 4.PRAX 5.CAPR 6.ALNY 7.INSM 8.AKRO 9.VRNA 10.APGE
2025-03-31	160	$811.5M	100	1SPY 2LLY 3CORT Top holdings2025-03-31 1.SPY 2.LLY 3.CORT 4.BBIO 5.TARS 6.SLNOEUR 7.CRNX 8.RARE 9.SRRK 10.SRPT
2024-12-31	171	$735.3M	0	1XBI 2TSN 3TARS Top holdings2024-12-31 1.XBI 2.TSN 3.TARS 4.CRNX 5.BBIO 6.SRRK 7.AMGN 8.INSM 9.2655787D 10.RNAGBP
2024-09-30	145	$717.2M	0	1VRTX 2AMGN 3XBI Top holdings2024-09-30 1.VRTX 2.AMGN 3.XBI 4.TARS 5.ANAB 6.CRNX 7.CLDX 8.SLNOEUR 9.JANX 10.BHVN
2024-06-30	130	$574.1M	0	1ALNY 2SRPT 3INSM Top holdings2024-06-30 1.ALNY 2.SRPT 3.INSM 4.AMGN 5.PRAX 6.CRNX 7.BBIO 8.TARS 9.NBIX 10.SLNOEUR
2024-03-31	137	$912.0M	0	1KRYS 2XBI 3ALNY Top holdings2024-03-31 1.KRYS 2.XBI 3.ALNY 4.CRNX 5.SRPT 6.CORT 7.TARS 8.IRON 9.SLNOEUR 10.CRBP
2023-12-31	136	$1.1B	0	1ARGX 2KRYS 3CYTK Top holdings2023-12-31 1.ARGX 2.KRYS 3.CYTK 4.ALNY 5.XBI 6.CRSP 7.LLY 8.SRPT 9.PRTA 10.AMLX
2023-09-30	140	$831.4M	0	1SRPT 2SPY 3IMVT Top holdings2023-09-30 1.SRPT 2.SPY 3.IMVT 4.CRNX 5.QQQ 6.XBI 7.AKRO 8.00445A 9.NUVL 10.MRNA
2023-06-30	122	$627.9M	0	1ARGX200445A3TGTX Top holdings2023-06-30 1.ARGX 2.00445A 3.TGTX 4.BMEA 5.BBIO 6.APLSUSD 7.CRSP 8.AZNN 9.SRPT 10.BHVN
2023-03-31	117	$440.7M	0	1SRPT 2ITCIEUR 3BBIO Top holdings2023-03-31 1.SRPT 2.ITCIEUR 3.BBIO 4.AXSM 5.BMEA 6.RETAEUR 7.IMVT 8.74349U 9.ACRS 10.INSM
2022-12-31	86	$414.5M	0	1MDGL274349U3ESPR Top holdings2022-12-31 1.MDGL 2.74349U 3.ESPR 4.IMVT 5.XBI 6.ALT 7.KRYS 8.CATBUSD 9.PCVX 10.CLDX
2022-09-30	104	$501.8M	0	1RLMD 2BIIB 3OPHTEUR Top holdings2022-09-30 1.RLMD 2.BIIB 3.OPHTEUR 4.23345J 5.74349U 6.SPY 7.SGENUSD 8.AXSM 9.ALT 10.ESPR
2022-06-30	139	$548.4M	0	1ALNY 2CLDX 3AXSM Top holdings2022-06-30 1.ALNY 2.CLDX 3.AXSM 4.XBI 5.48576A 6.AMGN 7.BIIB 8.G46188 9.49372L 10.ALT
2022-03-31	196	$760.5M	0	1XBI 2CLDX 3ALNY Top holdings2022-03-31 1.XBI 2.CLDX 3.ALNY 4.NBIX 5.BCYC 6.AMGN 7.G46188 8.BMRN 9.RETAEUR 10.BIIB
2021-12-31	186	$671.3M	0	1XBI 2CLDX 3BCYC Top holdings2021-12-31 1.XBI 2.CLDX 3.BCYC 4.SRPT 5.G46188 6.ALNY 7.49372L 8.BBIO 9.ZNTL 10.GOSS
2021-09-30	209	$1.4B	0	1SPY 2XBI 3CLDX Top holdings2021-09-30 1.SPY 2.XBI 3.CLDX 4.RETAEUR 5.BIIB 6.G46188 7.UNH 8.ALNY 9.SRPT 10.CMPS
2021-06-30	211	$1.2B	100	1BIIB 2ALNY 3CRSP Top holdings2021-06-30 1.BIIB 2.ALNY 3.CRSP 4.NTLA 5.APLSUSD 6.CLDX 7.FLNA 8.SG7 9.G46188 10.RETAEUR
2021-03-31	292	$3.0B	96	1SPY 2XBI 3ARKK Top holdings2021-03-31 1.SPY 2.XBI 3.ARKK 4.BIIB 5.IWM 6.TLT 7.MRNA 8.ARKG 9.QQQ 10.ONC
2020-12-31	230	$2.3B	90	1SRPT 2BIIB 3MRNA Top holdings2020-12-31 1.SRPT 2.BIIB 3.MRNA 4.XBI 5.G46188 6.SPY 7.ARGX 8.ZYMEUSD 9.ARKG 10.NVAX
2020-09-30	174	$1.4B	100	1MRTXEUR 2XBI 3SRPT Top holdings2020-09-30 1.MRTXEUR 2.XBI 3.SRPT 4.MRNA 5.BIIB 6.SPY 7.1K0 8.NVAX 9.ZYMEUSD 10.CYTK
2020-06-30	164	$1.3B	96	1SPY 22655787D 3RETAEUR Top holdings2020-06-30 1.SPY 2.2655787D 3.RETAEUR 4.ZYMEUSD 5.QQQ 6.ZGNXEUR 7.CCXIEUR 8.ARGX 9.XBI 10.CLDX
2020-03-31	151	$1.3B	100	1SPY 2XLRN 3TLT Top holdings2020-03-31 1.SPY 2.XLRN 3.TLT 4.REGN 5.BIIB 6.ALNY 7.XBI 8.ZGNXEUR 9.ARGX 10.AXSM
2019-12-31	114	$617.2M	0	1ICPTUSD 2ITCIEUR 3XBI Top holdings2019-12-31 1.ICPTUSD 2.ITCIEUR 3.XBI 4.GILD 5.IBB 6.ARQLUSD 7.MRTXEUR 8.APLSUSD 9.ALLKGUSD 10.SRPT

Holding changes this quarter

Ikarian Capital, LLC's most significant position changes for 2026-03-31: Sold out: Cidara Therapeutics INC (CDTX); Sold out: Amgen INC (AMGN); New buy: Invesco Qqq Trust Series 1 (QQQ); New buy: Ishares Russell 2000 ETF (IWM); Sold out: Rapt Therapeutics INC (RAPT).

Position changes disclosed by Ikarian Capital, LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	430	Terns Pharmaceuticals INC	+6.3%	+66.40%	Add
2	CYTK	Cytokinetics INC	+4.4%	+168.02%	Add
3	KOD	Kodiak Sciences INC	+2.7%	+89.75%	Add
4	ALMS	Alumis INC	+2.5%	+600.21%	Add
5	ANIP	Ani Pharmaceuticals INC	+1.3%	+258.80%	Add
6	CAPR	Capricor Therapeutics INC	+0.9%	+51.90%	Add
7	KPTI	Karyopharm Therapeutics INC	+0.9%	+372.58%	Add
8	PCVX	Vaxcyte INC	+0.7%	+13.20%	Add
9	CTNM	Contineum Therapeutics Inc-a	+0.6%	+185.59%	Add
10	RVMD	Revolution Medicines INC	+0.6%	+10.72%	Add
11	AVTX	Avalo Therapeutics INC	+0.6%	+527.76%	Add
12	TENX	Tenax Therapeutics INC	+0.6%	+16.98%	Add
13	OVID	Ovid Therapeutics INC	+0.5%	+1069.30%	Add
14	IVA	Inventiva SA - Adr	+0.5%	+184.34%	Add
15	ABVX	Abivax Sa-adr	-0.4%	+6.00%	Add
16	OLMA	Olema Pharmaceuticals INC	-0.5%	+19.76%	Add
17	FULC	Fulcrum Therapeutics INC	-0.6%	-23.72%	Trim
18	LLY	Eli Lilly & Co	-0.7%	-52.61%	Trim
19	HROW	Harrow INC	-1.1%	-21.64%	Trim
20	MAZE	Maze Therapeutics INC	-1.1%	-38.98%	Trim
21	SLNOEUR	Soleno Therapeutics INC	-1.2%	-42.43%	Trim
22	JAZZ	Jazz Pharmaceuticals plc	-1.9%	-92.23%	Trim
23	CDTX	Cidara Therapeutics INC	—	EXIT	Sold out
24	AMGN	Amgen INC	—	EXIT	Sold out
25	QQQ	Invesco Qqq Trust Series 1	—	NEW	New buy
26	IWM	Ishares Russell 2000 ETF	—	NEW	New buy
27	RAPT	Rapt Therapeutics INC	—	EXIT	Sold out
28	BMY	Bristol-myers Squibb Co	—	NEW	New buy
29	✓	Jazz Pharmaceuticals PLC	—	EXIT	Sold out
30	OMER	Omeros CORP	—	EXIT	Sold out
31	CORT	Corcept Therapeutics INC	—	EXIT	Sold out
32	CLDX	Celldex Therapeutics INC	—	NEW	New buy
33	CRNX	Crinetics Pharmaceuticals In	—	EXIT	Sold out
34	BBIO	Bridgebio Pharma INC	—	NEW	New buy
35	NBIX	Neurocrine Biosciences INC	—	EXIT	Sold out
36	NVO	Novo-nordisk A/s-spons Adr	—	NEW	New buy
37	CTMX	Cytomx Therapeutics INC	—	EXIT	Sold out
38	ORKA	Oruka Therapeutics INC	—	NEW	New buy
39	VERA	Vera Therapeutics INC	—	NEW	New buy
40	CELC	Celcuity INC	—	EXIT	Sold out
41	APLSUSD	Apellis Pharmaceuticals INC	—	EXIT	Sold out
42	EYPT	Eyepoint INC	—	NEW	New buy
43	DXCM	Dexcom INC	—	EXIT	Sold out
44	PTCT	Ptc Therapeutics INC	—	EXIT	Sold out
45	VTYXUSD	Ventyx Biosciences INC	—	EXIT	Sold out
46	CGON	Cg Oncology INC	—	EXIT	Sold out
47	PVLA	Palvella Therapeutics INC	—	NEW	New buy
48	MLYS	Mineralys Therapeutics INC	—	EXIT	Sold out
49	OCGN	Ocugen INC	—	NEW	New buy
50	AGIO	Agios Pharmaceuticals INC	—	EXIT	Sold out

FAQ

What is Ikarian Capital, LLC and what type of investor is it?

Ikarian Capital, LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $1.2B, spread across 161 disclosed positions.

What are Ikarian Capital, LLC's largest equity positions?

Based on the latest 13F filing, Ikarian Capital, LLC's top holdings by market value are: 1. Terns Pharmaceuticals INC (430) — $140.0M (11.4%) 2. Ss Spdr S&p Biotech ETF (XBI) — $102.2M (8.3%) 3. Cytokinetics INC (CYTK) — $81.9M (6.7%) 4. Invesco Qqq Trust Series 1 (QQQ) — $57.7M (4.7%) 5. Kodiak Sciences INC (KOD) — $52.1M (4.2%)

What changes did Ikarian Capital, LLC make in its most recent portfolio filing?

In the latest reported quarter, Ikarian Capital, LLC made 50 notable position adjustments: 11 new positions were initiated, 16 existing holdings were added to, 6 positions were partially reduced, and 17 were completely exited. The largest of these moves: Sold out: Cidara Therapeutics INC (CDTX); Sold out: Amgen INC (AMGN); New buy: Invesco Qqq Trust Series 1 (QQQ); New buy: Ishares Russell 2000 ETF (IWM); Sold out: Rapt Therapeutics INC (RAPT)

What sectors does Ikarian Capital, LLC focus on?

Ikarian Capital, LLC is concentrated in the following sectors based on its current disclosed equity portfolio: • Health Care: 100.0%