Ikarian Capital, LLC
Filing Date
Global Rank
#1,687
/ 8,623
▲ 139
· as of Mar 2026
Top Industry
Biotechnology
88.9%
3Y Alpha vs SPY
+10.7%
Period ended 4 months ago
Filed May 15, 2026 · 3mo
25 quarters · since Mar 2020
Clone Performance
Jul 2023–Jul 2026 · vs SPYHypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.
Not a measure of this manager's performance.
Most of Ikarian Capital, LLC's reported book is option positions, which a stock-only clone
cannot replicate. The figures below are the return of the
57% that is ordinary stock — as little as
31% in one quarter — so a manager whose options
thesis lost money can still show a large gain here.
Cloned portfolio
+114.2%
SPY
+65.3%
Annualised alpha
+10.7%
Max drawdown
−45.7%
Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 57% of reported value on average across 13 quarters. Past performance does not predict future results.
Portfolio Concentration
135 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top Position
12.9%
+4.8 pts
Top 5
34.2%
+8.6 pts
Top 10
47.0%
+7.9 pts
HHI
377
Diversified+121
Portfolio Trend
25 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Healthcare | 94.7% | $1,027,343,723 |
| Unclassified | 5.3% | $57,718,000 |
| Financial Services | 0.0% | $152,705 |
| Industrials | 0.0% | $73,101 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| OVID | Ovid Therapeutics Inc. | +2,647,146 | 2,894,704 | $6,426,242 | |
| KPTI | Karyopharm Therapeutics Inc. | +2,028,881 | 2,573,435 | $14,334,032 | |
| ALMS | Alumis Inc. | +1,267,048 | 1,478,148 | $32,563,600 | |
| TERN | Terns Pharmaceuticals, Inc. | +1,060,000 | 2,656,378 | $140,044,248 | |
| IVA | Inventiva S.A. | +926,500 | 1,429,101 | $7,931,510 | |
| ABOS | Acumen Pharmaceuticals, Inc. | +799,485 | 1,053,797 | $2,486,960 | |
| CYTK | Cytokinetics Inc | +778,900 | 1,242,472 | $81,891,329 | |
| KOD | Kodiak Sciences Inc. | +646,008 | 1,365,795 | $52,064,105 | |
| EPRX | Eupraxia Pharmaceuticals Inc. | +604,741 | 1,214,741 | $8,794,724 | |
| CNTB | Connect Biopharma Holdings Ltd | +600,000 | 5,533,086 | $14,496,685 | |
| CTNM | Contineum Therapeutics, Inc. | +525,000 | 807,874 | $10,550,834 | |
| AVTX | Avalo Therapeutics, Inc. | +470,794 | 560,000 | $8,360,800 | |
| ZURA | Zura Bio Ltd | +391,170 | 1,193,492 | $7,101,277 | |
| ANNX | Annexon, Inc. | +350,000 | 580,244 | $3,214,551 | |
| LPCN | Lipocine Inc. | +309,014 | 508,556 | $4,063,362 | |
| CAPR | Capricor Therapeutics, Inc. | +300,000 | 878,015 | $26,691,656 | |
| CMPS | COMPASS Pathways plc | +275,000 | 675,000 | $3,732,750 | |
| ANIP | Ani Pharmaceuticals Inc | +214,285 | 297,085 | $22,845,836 | |
| JBIO | Jade Biosciences, Inc. | +212,349 | 512,349 | $7,198,503 | |
| BHVN | Biohaven Ltd. | +200,000 | 412,481 | $3,489,589 | |
| OLMA | Olema Pharmaceuticals, Inc. | +189,427 | 1,148,081 | $17,117,887 | |
| TENX | Tenax Therapeutics, Inc. | +164,300 | 1,131,900 | $18,099,081 | |
| SRZN | Surrozen, Inc./DE | +107,319 | 173,107 | $5,042,606 | |
| PCVX | Vaxcyte, Inc. | +50,000 | 428,682 | $24,910,711 | |
| DMRA | Damora Therapeutics, Inc. | +50,000 | 335,710 | $8,694,889 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
18 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| CMPX | Compass Therapeutics, Inc. | −782,000 | 18,000 | $95,220 | |
| RLMD | Relmada Therapeutics, Inc. | −380,000 | 2,688,359 | $18,710,978 | |
| FULC | Fulcrum Therapeutics, Inc. | −326,311 | 1,049,161 | $8,047,064 | |
| SLDB | Solid Biosciences Inc. | −320,000 | 264,409 | $1,903,744 | |
| VIR | Vir Biotechnology, Inc. | −282,454 | 293,258 | $2,627,591 | |
| SLNO | Soleno Therapeutics Inc | −253,600 | 344,123 | $11,521,238 | |
| MAZE | Maze Therapeutics, Inc. | −251,281 | 393,399 | $11,742,960 | |
| FBRX | Forte Biosciences, Inc. | −181,028 | 118,972 | $3,081,374 | |
| HROW | Harrow, Inc. | −150,000 | 543,047 | $19,147,837 | |
| JAZZ | Jazz Pharmaceuticals plc | −147,907 | 12,460 | $2,355,563 | |
| IONS | Ionis Pharmaceuticals Inc | −57,500 | 239,138 | $17,956,872 | |
| NUVL | Nuvalent, Inc. | −36,000 | 23,594 | $2,417,205 | |
| RARE | Ultragenyx Pharmaceutical Inc. | −35,200 | 482,571 | $10,109,862 | |
| FTH | Faeth Therapeutics, Inc. | −15,000 | 6,351 | $200,183 | |
| PRAX | Praxis Precision Medicines, Inc. | −15,000 | 71,581 | $23,062,682 | |
| INSM | INSMED Inc | −13,723 | 4,214 | $689,073 | |
| LLY | ELI LILLY & Co | −7,268 | 6,547 | $6,021,734 | |
| CPIX | Cumberland Pharmaceuticals Inc | −2,779 | 553,153 | $1,797,747 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
23 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| QQQ | Invesco Qqq Trust, Series 1 | 100,000 | $57,718,000 | |
| BMY | Bristol Myers Squibb Co | 500,000 | $30,325,000 | |
| CLDX | Celldex Therapeutics, Inc. | 575,247 | $18,246,834 | |
| BBIO | BridgeBio Pharma, Inc. | 218,620 | $16,234,721 | |
| NVO | Novo Nordisk A S | 400,000 | $14,700,000 | |
| ORKA | Oruka Therapeutics, Inc. | 242,021 | $11,871,130 | |
| VERA | Vera Therapeutics, Inc. | 271,700 | $10,930,491 | |
| EYPT | EyePoint, Inc. | 740,800 | $9,548,912 | |
| PVLA | Palvella Therapeutics, Inc. | 64,626 | $8,055,630 | |
| OCGN | Ocugen, Inc. | 3,962,972 | $7,172,979 | |
| TECX | Tectonic Therapeutic, Inc. | 157,537 | $4,869,468 | |
| KYMR | Kymera Therapeutics, Inc. | 50,400 | $4,197,816 | |
| CRDL | Cardiol Therapeutics Inc. | 2,725,000 | $3,678,750 | |
| ARWR | Arrowhead Pharmaceuticals, Inc. | 57,500 | $3,605,250 | |
| ELVN | Enliven Therapeutics, Inc. | 83,700 | $3,281,040 | |
| REPL | Replimune Group, Inc. | 300,000 | $2,295,000 | |
| AVR | Anteris Technologies Global Corp. | 366,571 | $2,034,469 | |
| DFTX | Definium Therapeutics, Inc. | 58,803 | $1,111,376 | |
| CNTA | Centessa Pharmaceuticals plc | 18,113 | $719,448 | |
| PMN | ProMIS Neurosciences Inc. | 55,000 | $698,500 | |
| ACAD | Acadia Pharmaceuticals Inc | 28,099 | $625,483 | |
| PASG | Passage BIO, Inc. | 68,124 | $534,773 | |
| ANL | Adlai Nortye Ltd. | 33,899 | $234,581 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| AMGN | Amgen Inc | 245,000 | $80,190,950 | |
| OMER | Omeros Corp | 1,500,000 | $25,770,000 | |
| CORT | Corcept Therapeutics Inc | 586,093 | $20,396,036 | |
| CRNX | Crinetics Pharmaceuticals, Inc. | 368,500 | $17,153,675 | |
| NBIX | Neurocrine Biosciences Inc | 105,062 | $14,900,943 | |
| CTMX | CytomX Therapeutics, Inc. | 3,172,616 | $13,515,344 | |
| CELC | Celcuity Inc. | 105,545 | $10,527,058 | |
| APLS | Apellis Pharmaceuticals, Inc. | 397,347 | $9,981,356 | |
| DXCM | Dexcom Inc | 137,500 | $9,125,875 | |
| PTCT | Ptc Therapeutics, Inc. | 118,657 | $9,013,185 | |
| CGON | CG Oncology, Inc. | 199,473 | $8,282,118 | |
| MLYS | Mineralys Therapeutics, Inc. | 200,000 | $7,258,000 | |
| AGIO | Agios Pharmaceuticals, Inc. | 252,689 | $6,878,194 | |
| ADMA | Adma Biologics, Inc. | 234,854 | $4,283,736 | |
| KRYS | Krystal Biotech, Inc. | 14,814 | $3,652,243 | |
| TGTX | Tg Therapeutics, Inc. | 117,903 | $3,514,688 | |
| ZBIO | Zenas BioPharma, Inc. | 93,600 | $3,398,616 | |
| AQST | Aquestive Therapeutics, Inc. | 500,000 | $3,230,000 | |
| GOSS | Gossamer Bio, Inc. | 1,000,000 | $3,100,000 | |
| NKTR | Nektar Therapeutics | 72,600 | $3,069,528 | |
| ERAS | Erasca, Inc. | 735,396 | $2,735,673 | |
| NAMS | NewAmsterdam Pharma Co N.V. | 45,830 | $1,607,716 | |
| TVTX | Travere Therapeutics, Inc. | 36,600 | $1,398,486 | |
| CPRX | Catalyst Pharmaceuticals, Inc. | 57,388 | $1,339,435 | |
| GPCR | Structure Therapeutics Inc. | 4,824 | $335,509 | |
| No positions match the current search. | ||||
135 tracked positions ·
$1,085,287,529 total
· filing declares
161 positions · $1,231,685,555
· as of Mar 31, 2026
Showing 1–50
of 135 positions by value
· page 1 of 3
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| TERN |
Terns Pharmaceuticals, Inc.
PUT
+ SHARES
Healthcare
|
Added | 2,656,378 | $140,044,248 | 12.90% | |
| CYTK |
Cytokinetics Inc
PUT
CALL
+ SHARES
Healthcare
|
Added | 1,242,472 | $81,891,329 | 7.55% | |
| QQQ |
Invesco Qqq Trust, Series 1
PUT
|
NEW | 100,000 | $57,718,000 | 5.32% | |
| KOD |
Kodiak Sciences Inc.
CALL
+ SHARES
Healthcare
|
Added | 1,365,795 | $52,064,105 | 4.80% | |
| ABVX |
Abivax S.A.
CALL
+ SHARES
Healthcare
|
Added | 350,935 | $39,076,612 | 3.60% | |
| ALMS |
Alumis Inc.
CALL
+ SHARES
Healthcare
|
Added | 1,478,148 | $32,563,600 | 3.00% | |
| BMY |
Bristol Myers Squibb Co
PUT
Healthcare
|
NEW | 500,000 | $30,325,000 | 2.79% | |
| CAPR |
Capricor Therapeutics, Inc.
CALL
+ SHARES
Healthcare
|
Added | 878,015 | $26,691,656 | 2.46% | |
| RVMD |
Revolution Medicines, Inc.
PUT
+ SHARES
Healthcare
|
Added | 258,142 | $25,104,309 | 2.31% | |
| PCVX |
Vaxcyte, Inc.
Healthcare
|
Added | 428,682 | $24,910,711 | 2.30% | |
| PRAX |
Praxis Precision Medicines, Inc.
Healthcare
|
Reduced | 71,581 | $23,062,682 | 2.13% | |
| ANIP |
Ani Pharmaceuticals Inc
CALL
+ SHARES
Healthcare
|
Added | 297,085 | $22,845,836 | 2.11% | |
| HROW |
Harrow, Inc.
Healthcare
|
Reduced | 543,047 | $19,147,837 | 1.76% | |
| RLMD |
Relmada Therapeutics, Inc.
Healthcare
|
Reduced | 2,688,359 | $18,710,978 | 1.72% | |
| CLDX |
Celldex Therapeutics, Inc.
PUT
+ SHARES
Healthcare
|
NEW | 575,247 | $18,246,834 | 1.68% | |
| TENX |
Tenax Therapeutics, Inc.
CALL
+ SHARES
Healthcare
|
Added | 1,131,900 | $18,099,081 | 1.67% | |
| IONS |
Ionis Pharmaceuticals Inc
CALL
+ SHARES
Healthcare
|
Reduced | 239,138 | $17,956,872 | 1.65% | |
| OLMA |
Olema Pharmaceuticals, Inc.
CALL
+ SHARES
Healthcare
|
Added | 1,148,081 | $17,117,887 | 1.58% | |
| BBIO |
BridgeBio Pharma, Inc.
CALL
+ SHARES
Healthcare
|
NEW | 218,620 | $16,234,721 | 1.50% | |
| NVO |
Novo Nordisk A S
CALL
Healthcare
|
NEW | 400,000 | $14,700,000 | 1.35% | |
| CNTB |
Connect Biopharma Holdings Ltd
CALL
+ SHARES
Healthcare
|
Added | 5,533,086 | $14,496,685 | 1.34% | |
| KPTI |
Karyopharm Therapeutics Inc.
PUT
CALL
+ SHARES
Healthcare
|
Added | 2,573,435 | $14,334,032 | 1.32% | |
| PHVS |
Pharvaris N.V.
Healthcare
|
Held | 486,856 | $13,753,682 | 1.27% | |
| DRUG |
Bright Minds Biosciences Inc.
Healthcare
|
Added | 166,647 | $12,160,231 | 1.12% | |
| ORKA |
Oruka Therapeutics, Inc.
Healthcare
|
NEW | 242,021 | $11,871,130 | 1.09% | |
| MAZE |
Maze Therapeutics, Inc.
PUT
+ SHARES
Healthcare
|
Reduced | 393,399 | $11,742,960 | 1.08% | |
| ANRO |
Alto Neuroscience, Inc.
Healthcare
|
Held | 515,000 | $11,577,200 | 1.07% | |
| SLNO |
Soleno Therapeutics Inc
Healthcare
|
Reduced | 344,123 | $11,521,238 | 1.06% | |
| DBVT |
DBV Technologies S.A.
Healthcare
|
Held | 525,000 | $10,967,250 | 1.01% | |
| VERA |
Vera Therapeutics, Inc.
CALL
+ SHARES
Healthcare
|
NEW | 271,700 | $10,930,491 | 1.01% | |
| CTNM |
Contineum Therapeutics, Inc.
Healthcare
|
Added | 807,874 | $10,550,834 | 0.97% | |
| RARE |
Ultragenyx Pharmaceutical Inc.
Healthcare
|
Reduced | 482,571 | $10,109,862 | 0.93% | |
| EYPT |
EyePoint, Inc.
PUT
CALL
Healthcare
|
NEW | 740,800 | $9,548,912 | 0.88% | |
| EPRX |
Eupraxia Pharmaceuticals Inc.
Healthcare
|
Added | 1,214,741 | $8,794,724 | 0.81% | |
| DMRA |
Damora Therapeutics, Inc.
Healthcare
|
Added | 335,710 | $8,694,889 | 0.80% | |
| AVTX |
Avalo Therapeutics, Inc.
PUT
CALL
Healthcare
|
Added | 560,000 | $8,360,800 | 0.77% | |
| PVLA |
Palvella Therapeutics, Inc.
Healthcare
|
NEW | 64,626 | $8,055,630 | 0.74% | |
| FULC |
Fulcrum Therapeutics, Inc.
Healthcare
|
Reduced | 1,049,161 | $8,047,064 | 0.74% | |
| IVA |
Inventiva S.A.
Healthcare
|
Added | 1,429,101 | $7,931,510 | 0.73% | |
| SPRB |
Spruce Biosciences, Inc.
Healthcare
|
Held | 121,356 | $7,930,614 | 0.73% | |
| JBIO |
Jade Biosciences, Inc.
Healthcare
|
Added | 512,349 | $7,198,503 | 0.66% | |
| OCGN |
Ocugen, Inc.
Healthcare
|
NEW | 3,962,972 | $7,172,979 | 0.66% | |
| ZURA |
Zura Bio Ltd
Healthcare
|
Added | 1,193,492 | $7,101,277 | 0.65% | |
| OVID |
Ovid Therapeutics Inc.
Healthcare
|
Added | 2,894,704 | $6,426,242 | 0.59% | |
| LLY |
ELI LILLY & Co
Healthcare
|
Reduced | 6,547 | $6,021,734 | 0.55% | |
| ACOG |
Alpha Cognition Inc.
Healthcare
|
Held | 1,056,259 | $5,798,861 | 0.53% | |
| PTHS |
Pelthos Therapeutics Inc.
Healthcare
|
Reduced | 256,598 | $5,391,123 | 0.50% | |
| SRZN |
Surrozen, Inc./DE
Healthcare
|
Added | 173,107 | $5,042,606 | 0.46% | |
| TECX |
Tectonic Therapeutic, Inc.
Healthcare
|
NEW | 157,537 | $4,869,468 | 0.45% | |
| SLN |
Silence Therapeutics plc
Healthcare
|
Held | 865,784 | $4,562,681 | 0.42% |
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.