— Know what they know.
Not Investment Advice
Asset Manager ← All Institutions

Ikarian Capital, LLC

Q4 2025 · Filed 2026-02-18
Market Value
$677M
+51.3%
Holdings
127
+15
New Purchases
35
Added To
21
Closed
21
Reduced
47
Top 10 Concentration
44.9%
Turnover
44.1%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
TERN 9.53% 0.28% +9.25% $64M
CDTX 8.92% 5.95% +2.97% $60M
OLMA 2.80% 0.00% +2.80% $19M
LLY 2.19% 0.00% +2.19% $15M
AMGN 2.18% 0.00% +2.18% $15M
CAPR 2.46% 0.43% +2.04% $17M
CNTB 2.00% 0.00% +2.00% $14M
JAZZ 4.03% 2.29% +1.74% $27M
RVMD 1.63% 0.00% +1.63% $11M
CELC 1.56% 0.00% +1.56% $11M
SPRB 1.56% 0.03% +1.54% $11M
KOD 2.97% 1.51% +1.46% $20M
RLMD 2.19% 0.83% +1.36% $15M
HROW 1.33% 0.00% +1.33% $9M
ANRO 1.35% 0.10% +1.26% $9M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GMAB 0.00% 11.85% -11.85% $0
IONS 2.36% 6.07% -3.71% $16M
ABVX 4.30% 7.47% -3.17% $29M
DNTH 0.00% 3.04% -3.04% $0
PTCT 1.33% 3.85% -2.52% $9M
AKRO 0.00% 2.20% -2.20% $0
APLS 0.27% 2.29% -2.02% $2M
CRNX 0.00% 1.22% -1.22% $0
VRDN 0.00% 1.18% -1.18% $0
SNDX 0.00% 1.15% -1.15% $0
CYTK 1.62% 2.74% -1.11% $11M
CGON 1.22% 2.25% -1.02% $8M
TVTX 0.00% 1.02% -1.02% $0
GPCR 0.05% 1.02% -0.97% $336K
ARGX 0.00% 0.96% -0.96% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 1 $15M 2.2%
Large Cap 9 $78M 11.6%
Mid Cap 28 $244M 36.1%
Small Cap 48 $262M 38.8%
Micro Cap 41 $77M 11.4%

Portfolio Analytics

Avg Market Cap
$12.2B
Median Market Cap
$885M
Avg P/E
35.0
Median P/E
23.6
Avg Dividend Yield
0.00%
Avg Beta
0.84
# Stocks
126
# ETFs / Funds
1

Top Holdings (127 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 TERN 9.53% 1,596,378 $64M $40.40 $63M +1,432,176 +872.2%
2 CDTX 8.92% 273,243 $60M $220.89 $34M -4,461 -1.6%
3 ABVX 4.30% 205,985 $29M $141.42 -$4M -190,113 -48.0%
4 JAZZ 4.03% 160,367 $27M $170.00 $17M +82,567 +106.1%
5 MAZE 3.95% 644,680 $27M $41.43 $7M -96,145 -13.0%
6 RAPT 3.33% 665,271 $23M $33.87 $7M +50,271 +8.2%
7 KOD 2.97% 719,787 $20M $27.96 $13M +305,946 +73.9%
8 OLMA 2.80% 758,654 $19M $25.00 +758,654 NEW
9 PCVX 2.58% 378,682 $17M $46.14 $6M +67,000 +21.5%
10 CAPR 2.46% 578,015 $17M $28.86 $15M +313,373 +118.4%
11 IONS 2.36% 202,038 $16M $79.11 -$11M -213,125 -51.3%
12 FULC 2.30% 1,375,472 $16M $11.31 $4M +86,247 +6.7%
13 LLY 2.19% 13,815 $15M $1,074.68 +13,815 NEW
14 RLMD 2.19% 3,068,359 $15M $4.83 $11M +1,225,299 +66.5%
15 AMGN 2.18% 45,000 $15M $327.31 +45,000 NEW
16 CTMX 2.00% 3,172,616 $14M $4.26 $3M -200,000 -5.9%
17 PHVS 2.00% 486,856 $14M $27.75 $8M +276,691 +131.7%
18 CNTB 2.00% 4,788,486 $14M $2.82 +4,788,486 NEW
19 RVMD 1.63% 138,142 $11M $79.65 +138,142 NEW
20 CYTK 1.62% 172,672 $11M $63.54 -$1M -50,002 -22.5%
21 SPRB 1.56% 121,356 $11M $87.11 $10M +108,024 +810.3%
22 CELC 1.56% 105,545 $11M $99.74 +105,545 NEW
23 ANRO 1.35% 515,000 $9M $17.80 $9M +405,000 +368.2%
24 PTCT 1.33% 118,657 $9M $75.96 -$8M -161,894 -57.7%
25 HROW 1.33% 183,347 $9M $49.00 +183,347 NEW
26 VTYX 1.28% 958,704 $9M $9.03 $5M -350,900 -26.8%
27 CGON 1.22% 199,473 $8M $41.52 -$2M -50,000 -20.0%
28 PTHS 1.17% 255,758 $8M $31.00 $6M +193,307 +309.5%
29 NBIX 1.13% 54,062 $8M $141.83 +54,062 NEW
30 MLYS 1.07% 200,000 $7M $36.29 +200,000 NEW
31 DMRA 0.97% 285,710 $7M $23.01 +285,710 NEW
32 ADGI 0.97% 2,656,570 $7M $2.47 $4M +577,864 +27.8%
33 CORT 0.95% 185,593 $6M $34.80 +185,593 NEW
34 NUVL 0.89% 59,594 $6M $100.59 +59,594 NEW
35 LXEO 0.75% 513,011 $5M $9.93 $1M -54,590 -9.6%
36 LEGN 0.73% 226,888 $5M $21.74 +226,888 NEW
37 JBIO 0.68% 300,000 $5M $15.43 +300,000 NEW
38 DCTH 0.64% 431,251 $4M $10.10 -$280K
39 CMPX 0.63% 800,000 $4M $5.37 +800,000 NEW
40 ADMA 0.63% 234,854 $4M $18.24 $2M +75,000 +46.9%
41 ARVN 0.63% 358,257 $4M $11.86 $2M +132,000 +58.3%
42 KPTI 0.59% 544,554 $4M $7.36 $4M +517,297 +1897.8%
43 KRYS 0.54% 14,814 $4M $246.54 -$659K -9,607 -39.3%
44 TGTX 0.52% 117,903 $4M $29.81 -$3M -57,056 -32.6%
45 VIR 0.51% 575,712 $3M $6.03 $83K -17,662 -3.0%
46 NXTC 0.50% 238,303 $3M $14.19 +238,303 NEW
47 ALEC 0.48% 2,082,606 $3M $1.56 $999K +1,322,606 +174.0%
48 CTNM 0.48% 282,874 $3M $11.43 +282,874 NEW
49 AGIO 0.46% 115,489 $3M $27.22 -$2M -11,490 -9.1%
50 QNRX 0.45% 211,538 $3M $14.43 +211,538 NEW
51 KLRS 0.45% 360,000 $3M $8.44 +360,000 NEW
52 PRQR 0.45% 1,492,229 $3M $2.02 $1M +600,000 +67.2%
53 PEPG 0.43% 447,165 $3M $6.51 $435K -88,802 -16.6%
54 CMPS 0.41% 400,000 $3M $6.90 +400,000 NEW
55 BBOT 0.41% 220,231 $3M $12.52 -$82K -25,000 -10.2%
56 ERAS 0.40% 735,396 $3M $3.72 +735,396 NEW
57 TARS 0.38% 31,166 $3M $81.88 -$2M -42,453 -57.7%
58 GUTS 0.36% 1,100,000 $2M $2.20 -$442K -700,000 -38.9%
59 IVA 0.34% 502,601 $2M $4.63 +502,601 NEW
60 NMRA 0.34% 1,278,408 $2M $1.79 $2M +1,265,910 +10128.9%
61 CPIX 0.33% 555,932 $2M $3.98 $478K
62 QURE 0.32% 91,060 $2M $23.93 -$1M +32,450 +55.4%
63 CABA 0.29% 900,000 $2M $2.19 +900,000 NEW
64 DERM 0.29% 251,436 $2M $7.71 +251,436 NEW
65 APLS 0.27% 71,747 $2M $25.12 -$8M -380,155 -84.1%
66 SLN 0.26% 865,784 $2M $2.00 $425K -35,000 -3.9%
67 0LOV.L 0.24% 213,865 $2M $7.72 +213,865 NEW
68 INSM 0.24% 9,337 $2M $174.04 -$355K -4,414 -32.1%
69 WVE 0.21% 85,285 $1M $17.00 $747K -10,670 -11.1%
70 CPRX 0.20% 57,388 $1M $23.34 -$953K -59,000 -50.7%
71 LYEL 0.19% 41,081 $1M $30.78 $553K -2,718 -6.2%
72 ANNX 0.17% 230,244 $1M $5.02 +230,244 NEW
73 CYBN 0.16% 132,153 $1M $8.18 $254K -8,322 -5.9%
74 STIM 0.14% 701,182 $968K $1.38 -$2M -204,534 -22.6%
75 LABD 0.13% 40,822 $860K $21.06 -$3M -51,137 -55.6%
76 IOBT 0.12% 1,386,565 $844K $0.61 $290K -139,328 -9.1%
77 TRAW 0.11% 678,142 $766K $1.13 $714K +649,649 +2280.0%
78 KALV 0.08% 35,119 $567K $16.15 +35,119 NEW
79 ABOS 0.08% 254,312 $537K $2.11 $82K -11,457 -4.3%
80 SGMO 0.08% 1,218,671 $512K $0.42 -$360K -75,981 -5.9%
81 IMTX 0.08% 48,569 $510K $10.50 $89K -827 -1.7%
82 EQ 0.07% 303,555 $471K $1.55 -$5K -28,742 -8.7%
83 OVID 0.06% 247,558 $404K $1.63 -$1M -848,016 -77.4%
84 EVAX 0.05% 74,698 $356K $4.77 $56K -5,302 -6.6%
85 VKTX 0.05% 9,717 $342K $35.18 $79K -283 -2.8%
86 GPCR 0.05% 4,824 $336K $69.55 -$4M -158,413 -97.0%
87 RARE 0.04% 12,671 $291K $23.00 +12,671 NEW
88 VERU 0.04% 133,517 $286K $2.14 -$256K -9,006 -6.3%
89 CNSP 0.04% 45,830 $241K $5.25 +45,830 NEW
90 SNSE 0.03% 21,351 $228K $10.67 $15K -1,146 -5.1%
91 VYGR 0.03% 53,063 $209K $3.93 -$52K -2,703 -4.8%
92 LXRX 0.03% 164,674 $189K $1.15 -$49K -11,805 -6.7%
93 NEUP 0.03% 47,443 $184K $3.88 +47,443 NEW
94 GCTK 0.03% 45,830 $177K $3.87 +45,830 NEW
95 RNAC 0.02% 20,807 $150K $7.21 -$77K -1,359 -6.1%
96 SHPH 0.02% 68,993 $124K $1.80 +68,993 NEW
97 MGNX 0.02% 74,893 $121K $1.61 -$14K -5,178 -6.5%
98 PMVP 0.02% 89,136 $111K $1.25 -$25K -8,364 -8.6%
99 PURR 0.02% 30,001 $107K $3.56 +30,001 NEW
100 CMMB 0.01% 51,793 $85K $1.65 -$55K -1,469 -2.8%

Options Breakdown

47 Calls $156M Call Value 22 Puts $293M Put Value 1.88 P/C Ratio

Top Calls

SymbolSharesValueStatus
HROW 509,700 $25M
CYTK 290,900 $18M
ABVX 125,100 $17M NEW
RAPT 290,000 $10M
OMER 550,000 $9M NEW
DXCM 137,500 $9M NEW
APLS 325,600 $8M
RVMD 95,000 $8M
IONS 94,600 $7M
NBIX 51,000 $7M NEW

Top Puts

SymbolSharesValueStatus
XBI 850,000 $104M
CDTX 300,000 $66M NEW
AMGN 200,000 $65M NEW
CRNX 368,500 $17M NEW
OMER 950,000 $16M NEW
CORT 236,700 $8M NEW
RARE 255,100 $6M
AQST 500,000 $3M NEW
ALMS 211,100 $2M NEW
ZBIO 46,800 $2M NEW

New Positions

SymbolValue% Port
OLMA $19M 2.80%
LLY $15M 2.19%
AMGN $15M 2.18%
CNTB $14M 2.00%
RVMD $11M 1.63%
CELC $11M 1.56%
HROW $9M 1.33%
NBIX $8M 1.13%
MLYS $7M 1.07%
DMRA $7M 0.97%
CORT $6M 0.95%
NUVL $6M 0.89%
LEGN $5M 0.73%
JBIO $5M 0.68%
CMPX $4M 0.63%

Sold Out Positions

SymbolValue% Port
JANX —%
ARCT —%
ARGX —%
DYN —%
MBX —%
BBIO —%
COGT —%
ANAB —%
GMAB —%
IFRX —%
MLTX —%
VRDN —%
CRNX —%
DNTH —%
PRME —%
View SEC EDGAR Filings for Ikarian Capital, LLC →

Sign in to InsiderStreet

You'll also get our free weekly newsletter with
smart money signals, market insights, and alpha ideas.
Unsubscribe anytime.

For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms