2026 Q1 Portfolio Activity
In 2026 Q1, Ikarian Capital, LLC maintained a portfolio of 215 distinct positions. The most significant new addition was INVESCO QQQ TR, now representing 4.69% of the total fund value. They heavily accumulated shares in KODIAK SCIENCES INC, increasing the position by 75.9%. Conversely, Ikarian Capital, LLC completely exited their position in CIDARA THERAPEUTICS INC.
Position History
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Total Positions
215
Quarter
2026 Q1
Top Holding
XBI (8.3%)
Top 10 Concentration
42.5%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-50 of 215
Ikarian Capital, LLC Full Holdings List — 2026 Q1
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
XBI
PUT
SPDR SERIES TRU...
|
PUT Option | 8.30% | 8.09% |
#1
Prev: #1
|
5.8 |
—
|
-50,000 | -5.9% |
P
S
|
800,000 | $102,184,000 | 2019 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
TERN
TERNS PHARMACEU...
|
Healthcare | 6.23% | 5.04% |
#2
2
Prev: #4
|
4.5 |
—
|
-140,000 | -8.8% |
P
S
|
1,456,378 | $76,780,248 | 2022 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
TERN
PUT
TERNS PHARMACEU...
|
PUT Option | 5.14% | — |
#3
Prev: #—
|
6.6 |
—
|
1,200,000 | — |
NEW
|
1,200,000 | $63,264,000 | 2022 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
QQQ
PUT
INVESCO QQQ TR
|
PUT Option | 4.69% | — |
#4
Prev: #—
|
5.9 |
—
|
100,000 | — |
NEW
|
100,000 | $57,718,000 | 2020 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
IWM
PUT
ISHARES TR
|
PUT Option | 4.03% | — |
#5
Prev: #—
|
5.6 |
—
|
200,000 | — |
NEW
|
200,000 | $49,600,000 | 2020 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
KOD
KODIAK SCIENCES...
|
Healthcare | 3.92% | 1.57% |
#6
8
Prev: #14
|
4.6 |
—
|
546,008 | 75.9% |
P
S
|
1,265,795 | $48,252,106 | 2020 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
CYTK
PUT
CYTOKINETICS IN...
|
PUT Option | 2.95% | — |
#7
Prev: #—
|
4.7 |
—
|
550,500 | — |
NEW
|
550,500 | $36,283,455 | 2020 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ABVX
CALL
ABIVAX SA
|
CALL Option | 2.65% | 1.32% |
#8
11
Prev: #19
|
4.1 |
—
|
168,200 | 134.5% |
P
S
|
293,300 | $32,658,955 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
BMY
PUT
BRISTOL-MYERS S...
|
PUT Option | 2.46% | — |
#9
Prev: #—
|
4.5 |
—
|
500,000 | — |
NEW
|
500,000 | $30,325,000 | 2020 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
CYTK
CALL
CYTOKINETICS IN...
|
CALL Option | 2.19% | 1.44% |
#10
6
Prev: #16
|
3.4 |
—
|
117,500 | 40.4% |
P
S
|
408,400 | $26,917,644 | 2020 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ALMS
ALUMIS INC
|
Healthcare | 2.17% | — |
#11
Prev: #—
|
4.4 |
—
|
1,213,548 | — |
NEW
|
1,213,548 | $26,734,462 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
PCVX
VAXCYTE INC
|
Healthcare | 2.02% | 1.36% |
#12
5
Prev: #17
|
2.8 |
—
|
50,000 | 13.2% |
P
S
|
428,682 | $24,910,711 | 2020 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
PRAX
PRAXIS PRECISIO...
|
Healthcare | 1.87% | 1.99% |
#13
3
Prev: #10
|
1.2 |
—
|
-15,000 | -17.3% |
P
S
|
71,581 | $23,062,682 | 2023 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
HROW
HARROW INC
|
Healthcare | 1.55% | 0.70% |
#14
27
Prev: #41
|
3.6 |
—
|
359,700 | 196.2% |
P
S
|
543,047 | $19,147,837 | 2020 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
RLMD
RELMADA THERAPE...
|
Healthcare | 1.52% | 1.16% |
#15
10
Prev: #25
|
1.1 |
—
|
-380,000 | -12.4% |
P
S
|
2,688,359 | $18,710,978 | 2020 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
CYTK
CYTOKINETICS IN...
|
Healthcare | 1.52% | 0.86% |
#16
17
Prev: #33
|
3.6 |
—
|
110,900 | 64.2% |
P
S
|
283,572 | $18,690,231 | 2020 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
TENX
TENAX THERAPEUT...
|
Healthcare | 1.32% | 0.92% |
#17
14
Prev: #31
|
2.5 |
—
|
50,000 | 5.2% |
P
S
|
1,017,600 | $16,271,424 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
CAPR
CAPRICOR THERAP...
|
Healthcare | 1.30% | 1.30% |
#18
2
Prev: #20
|
1.0 |
—
|
-50,000 | -8.7% |
P
S
|
528,015 | $16,051,656 | 2024 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
RVMD
REVOLUTION MEDI...
|
Healthcare | 1.29% | 0.86% |
#19
13
Prev: #32
|
2.5 |
—
|
25,000 | 18.1% |
P
S
|
163,142 | $15,865,561 | 2021 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
NVO
CALL
NOVO-NORDISK A ...
|
CALL Option | 1.19% | — |
#20
Prev: #—
|
4.0 |
—
|
400,000 | — |
NEW
|
400,000 | $14,700,000 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
CLDX
CELLDEX THERAPE...
|
Healthcare | 1.19% | — |
#21
Prev: #—
|
4.0 |
—
|
461,247 | — |
NEW
|
461,247 | $14,630,755 | 2020 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
PHVS
PHARVARIS N V
|
Healthcare | 1.12% | 1.05% |
#22
6
Prev: #28
|
1.4 |
—
|
no change | no change |
P
S
|
486,856 | $13,753,683 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
N/A
CONNECT BIOPHAR...
|
|
Unknown | 1.07% | 1.05% |
#23
6
Prev: #29
|
2.4 |
—
|
600,000 | 12.5% |
P
S
|
5,388,486 | $13,117,835 | — | 13F Filing | 2026-03-31 | 2026-05-15 | ||
|
DRUG
BRIGHT MINDS BI...
|
Healthcare | 0.99% | 0.97% |
#24
6
Prev: #30
|
0.9 |
—
|
7,226 | 4.5% |
P
S
|
166,647 | $12,160,232 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
BBIO
BRIDGEBIO PHARM...
|
Healthcare | 0.97% | — |
#25
Prev: #—
|
3.9 |
—
|
160,120 | — |
NEW
|
160,120 | $11,890,511 | 2020 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ORKA
ORUKA THERAPEUT...
|
Healthcare | 0.96% | — |
#26
Prev: #—
|
3.9 |
—
|
242,021 | — |
NEW
|
242,021 | $11,871,130 | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ANRO
ALTO NEUROSCIEN...
|
Healthcare | 0.94% | 0.72% |
#27
11
Prev: #38
|
1.4 |
—
|
no change | no change |
P
S
|
515,000 | $11,577,200 | 2024 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ANIP
CALL
ANI PHARMACEUTI...
|
CALL Option | 0.94% | 0.51% |
#28
28
Prev: #56
|
3.4 |
—
|
67,200 | 81.2% |
P
S
|
150,000 | $11,535,000 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
SLNO
SOLENO THERAPEU...
|
Healthcare | 0.94% | 0.25% |
#29
52
Prev: #81
|
3.4 |
—
|
275,300 | 400.0% |
P
S
|
344,123 | $11,521,238 | 2020 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
MAZE
MAZE THERAPEUTI...
|
Healthcare | 0.92% | 2.09% |
#30
21
Prev: #9
|
0.4 |
—
|
-265,681 | -41.2% |
P
S
|
378,999 | $11,313,120 | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ANIP
ANI PHARMACEUTI...
|
Healthcare | 0.92% | — |
#31
Prev: #—
|
3.9 |
—
|
147,085 | — |
NEW
|
147,085 | $11,310,837 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
CAPR
CALL
CAPRICOR THERAP...
|
CALL Option | 0.86% | — |
#32
Prev: #—
|
3.8 |
—
|
350,000 | — |
NEW
|
350,000 | $10,640,000 | 2024 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
CTNM
CONTINEUM THERA...
|
Healthcare | 0.86% | 0.25% |
#33
46
Prev: #79
|
3.3 |
—
|
525,000 | 185.6% |
P
S
|
807,874 | $10,550,835 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
RARE
ULTRAGENYX PHAR...
|
Healthcare | 0.82% | 0.02% |
#34
114
Prev: #148
|
3.3 |
—
|
469,900 | 3708.5% |
P
S
|
482,571 | $10,109,863 | 2019 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
IONS
IONIS PHARMACEU...
|
Healthcare | 0.77% | 1.25% |
#35
13
Prev: #22
|
0.3 |
—
|
-75,000 | -37.1% |
P
S
|
127,038 | $9,539,284 | 2020 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
RVMD
PUT
REVOLUTION MEDI...
|
PUT Option | 0.75% | — |
#36
Prev: #—
|
3.8 |
—
|
95,000 | — |
NEW
|
95,000 | $9,238,750 | 2021 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
OLMA
OLEMA PHARMACEU...
|
Healthcare | 0.72% | 1.48% |
#37
22
Prev: #15
|
0.3 |
—
|
-160,373 | -21.1% |
P
S
|
598,281 | $8,920,370 | 2024 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
EPRX
EUPRAXIA PHARMA...
|
Healthcare | 0.71% | 0.36% |
#38
28
Prev: #66
|
3.3 |
—
|
604,741 | 99.1% |
P
S
|
1,214,741 | $8,794,726 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
GLTO
DAMORA THERAPEU...
|
Healthcare | 0.71% | 0.51% |
#39
15
Prev: #54
|
2.3 |
—
|
50,000 | 17.5% |
P
S
|
335,710 | $8,694,889 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
IONS
CALL
IONIS PHARMACEU...
|
CALL Option | 0.68% | 0.58% |
#40
10
Prev: #50
|
2.3 |
—
|
17,500 | 18.5% |
P
S
|
112,100 | $8,417,589 | 2020 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
OLMA
CALL
OLEMA PHARMACEU...
|
CALL Option | 0.67% | 0.39% |
#41
22
Prev: #63
|
3.3 |
—
|
349,800 | 174.9% |
P
S
|
549,800 | $8,197,518 | 2024 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
PVLA
PALVELLA THERAP...
|
Healthcare | 0.65% | — |
#42
Prev: #—
|
3.8 |
—
|
64,626 | — |
NEW
|
64,626 | $8,055,631 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
FULC
FULCRUM THERAPE...
|
Healthcare | 0.65% | 1.21% |
#43
20
Prev: #23
|
0.3 |
—
|
-326,311 | -23.7% |
P
S
|
1,049,161 | $8,047,065 | 2020 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
VERA
VERA THERAPEUTI...
|
Healthcare | 0.65% | — |
#44
Prev: #—
|
3.8 |
—
|
200,000 | — |
NEW
|
200,000 | $8,045,999 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
SPRB
SPRUCE BIOSCIEN...
|
Healthcare | 0.64% | 0.83% |
#45
11
Prev: #34
|
1.3 |
—
|
no change | no change |
P
S
|
121,356 | $7,930,614 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
IVA
INVENTIVA SA
|
Healthcare | 0.64% | 0.18% |
#46
50
Prev: #96
|
3.3 |
—
|
926,500 | 184.3% |
P
S
|
1,429,101 | $7,842,781 | 2020 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
JBIO
JADE BIOSCIENCE...
|
Healthcare | 0.58% | 0.36% |
#47
18
Prev: #65
|
3.2 |
—
|
212,349 | 70.8% |
P
S
|
512,349 | $7,198,503 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
OCGN
OCUGEN INC
|
Healthcare | 0.58% | — |
#48
Prev: #—
|
3.7 |
—
|
3,962,972 | — |
NEW
|
3,962,972 | $7,172,979 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
ZURA
ZURA BIO LTD
|
Healthcare | 0.58% | 0.33% |
#49
22
Prev: #71
|
2.7 |
—
|
391,170 | 48.8% |
P
S
|
1,193,492 | $7,101,278 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-15 | |||
|
OVID
OVID THERAPEUTI...
|
Healthcare | 0.52% | 0.03% |
#50
92
Prev: #142
|
3.2 |
—
|
2,647,146 | 1069.3% |
P
S
|
2,894,704 | $6,426,242 | 2019 Q4 | 13F Filing | 2026-03-31 | 2026-05-15 |
Showing 1-50 of 215 holdings