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Ikarian Capital, LLC

Institutional InvestorSimilar funds →SEC EDGAR: CIK 1778253
Institutional-grade research for retail investors

Sector Allocation

  • Healthcare99.4%$607.4M
  • Financials0.3%$1.8M
  • Other0.3%$1.7M

AUM History

13fpro.ai/research/fund/ikarian-capital-llc-1778253

Conviction and streaks

Diversifying · top 10 = 39.5%

From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.

ABVX$ABVXConviction hold7.1% weight · held 4 quartersKOD$KODConviction hold6.8% weight · held 10 quartersPRAX$PRAXConviction hold4.0% weight · held 6 quartersPCVX$PCVXConviction hold3.7% weight · held 6 quartersRLMD$RLMDConviction hold2.4% weight · held 10 quartersVERA$VERAAccumulating+2099% shares · 2 quarters runningBHVN$BHVNAccumulating+252% shares · 2 quarters runningZURA$ZURAAccumulating+52% shares · 2 quarters runningQTTB$QTTBAccumulating+863% shares · 2 quarters runningELVN$ELVNTrimming-78% shares · 4 quarters runningRLMD$RLMDTrimming-30% shares · 2 quarters runningOLMA$OLMATrimming-50% shares · 2 quarters runningCPIX$CPIXTrimming-10% shares · 2 quarters runningAMLX$AMLXTrimming-57% shares · 2 quarters running

Largest positions — Q2 2026

Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.

13fpro.ai/research/fund/ikarian-capital-llc-1778253

Ikarian Capital, LLC 13F holdings — Q2 2026

$928.2M portfolio (-24.6% QoQ) · 156 holdings · Q2 2026 13F · top 10 are 40% of the stock portfolio

Includes $317.3M of put/call options ($186.5M puts, $130.8M calls), which 13F rules report at the value of the underlying shares, not the premium at risk. Stocks alone: $610.9M. Weights use the stock portfolio.

All holdings — Ikarian Capital, LLC (Q2 2026)

156 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.

Company
— PUTSPDR SERIES TRUST - ST STR SP BIOT$47.5M-63%
ABVX$ABVXCALLAbivax S.A.$45.5M+16%
ABVX$ABVXPUTAbivax S.A.$33.3MNew
IONS$IONSCALLIONIS PHARMACEUTICALS INC$31.7M+257%
MRNA$MRNAPUTModerna, Inc.$28.0MNew
IONS$IONSPUTIONIS PHARMACEUTICALS INC$23.8MNew
COGT$COGTCogent Biosciences, Inc.$14.3MNew
— PUTNEWAMSTERDAM PHARMA COMPANY - PUT$13.6MNew
VERA$VERAVera Therapeutics, Inc.$13.3M+55%
CTNM$CTNMContineum Therapeutics, Inc.$13.2M—
TENX$TENXTENAX THERAPEUTICS, INC.$11.5M-23%
CCCC$CCCCC4 Therapeutics, Inc.$11.4MNew
MAZE$MAZEMaze Therapeutics, Inc.$11.3M—
BHVN$BHVNBiohaven Ltd.$11.1M+81%
CNTB$CNTBConnect Biopharma Holdings Ltd$10.8M-16%

What changed in Q2 2026

Against the previous quarter's 13F: 40 new, 24 added to, 34 trimmed, 45 sold out. Share-count changes; largest moves by dollar size first.

New positions (40)

  • ABVX$ABVXPUTAbivax S.A.$33.3M

    first bought this quarter

  • MRNA$MRNAPUTModerna, Inc.$28.0M

    first bought this quarter

  • IONS$IONSPUTIONIS PHARMACEUTICALS INC$23.8M

    first bought this quarter

  • RCUS$RCUSArcus Biosciences, Inc.$15.6M

    first bought this quarter

  • COGT$COGTCogent Biosciences, Inc.$14.3M

    first bought this quarter

  • PUTNEWAMSTERDAM PHARMA COMPANY - PUT$13.6M

    first bought this quarter

+34 more in the Excel export

Added to (24)

  • ABVX$ABVXAbivax S.A.+470%

    now $43.4M · held 4 qtrs

  • IONS$IONSCALLIONIS PHARMACEUTICALS INC+257%

    now $31.7M

  • ANIP$ANIPANI PHARMACEUTICALS INC+85%

    now $22.5M · held 2 qtrs, 2 adds in a row

  • ABVX$ABVXCALLAbivax S.A.+16%

    now $45.5M

  • BHVN$BHVNBiohaven Ltd.+81%

    now $11.1M · held 3 qtrs, 3 adds in a row

  • RZLT$RZLTRezolute, Inc.+5574%

    now $4.9M · held 3 qtrs

+18 more in the Excel export

Trimmed (34)

  • PUTSPDR SERIES TRUST - ST STR SP BIOT-63%

    now $47.5M

  • BMY$BMYPUTBRISTOL MYERS SQUIBB CO-92%

    now $2.4M

  • HROW$HROWHARROW, INC.-75%

    now $5.8M · held 3 qtrs

  • QURE$QURECALLuniQure N.V.-86%

    now $2.3M

  • RARE$RAREUltragenyx Pharmaceutical Inc.-66%

    now $5.5M · held 3 qtrs

  • ALMS$ALMSALUMIS INC.-28%

    now $24.5M · held 2 qtrs

+28 more in the Excel export

Sold out (45)

  • TERN$TERNTerns Pharmaceuticals, Inc.was $76.8M

    held 9+ qtrs

  • TERN$TERNPUTTerns Pharmaceuticals, Inc.was $63.3M
  • QQQ$QQQPUTINVESCO QQQ TRUST, SERIES 1was $57.7M
  • PUTISHARES TRwas $49.6M
  • CYTK$CYTKPUTCYTOKINETICS INCwas $36.3M
  • CYTK$CYTKCALLCYTOKINETICS INCwas $26.9M

+39 more in the Excel export

Firm AUM (Form ADV): $698.0M as of 2025-12-31 · SEC IAPD

Share

Holdings by quarter

Every 13F Ikarian Capital, LLC has filed, 26 earlier quarters. Pick one to see what it held then.

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Is it too late to follow Ikarian Capital?

Q2 2026 13F filed with the SEC on Aug 14, 2026. Prices are closing prices as of Oct 26, 2026.

Average quality of Ikarian Capital's top 20 holdings: 25/100 (our AI quality score, weighted by position size; 7 of the 20 are scored)

Top 10 since filing

-3.0%

Value-weighted move of the 10 largest stock positions

Turnover

28%

Last quarter; 153% over the last 4

Top 10 weight

40%

Share of the stock portfolio in its 10 largest positions

Held 4+ quarters

48%

Share of portfolio value in positions held a year or more

Highest-quality names it owns(among its 100 largest positions)

The 8 highest-scoring companies in this portfolio are a Pro feature.

How these are measured
  • Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
  • Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
  • Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q2 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
  • Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
  • Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.

Portfolio Overview

Ikarian Capital, LLC disclosed 156 positions worth $928.2M in its Form 13F-HR for Q2 2026 — $610.9M in common stock plus $317.3M of put/call option positions (reported at underlying notional value, not premium at risk), led by $ABVX (Abivax S.A.) at 7.1% of the equity portfolio, followed by $KOD and $ALMS. During the quarter the fund opened 40 new positions and exited 45 — including a new stake in $ABVX and a full exit from $TERN. The portfolio is most concentrated in Healthcare (99.4% of disclosed assets). All figures are sourced directly from Ikarian Capital, LLC’s Form 13F-HR filing with the SEC under CIK 1778253.

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AI-Powered Hedge Fund Analysis: Ikarian Capital, LLC

13F Pro is an AI hedge fund tracker and stock research platform. For Ikarian Capital, LLC (SEC CIK: 1778253), the platform ingests every quarterly Form 13F filing and applies AI-powered analysis on top — 10 specialized AI analysts (value, growth, momentum, macro, activist, and more) debate the fund's top positions and publish AI-generated analysis with cited SEC sources.

Every holding in Ikarian Capital, LLC's portfolio is scored on an AI quality ranking built from its SEC filings (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.