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RCM

RA Capital Management Portfolio holdings

AUM $9.44B
1-Year Est. Return 157.3%
This Fund
S&P 500
This Quarter Est. Return
+42.12%
1 Year Est. Return
+157.3%
3 Year Est. Return
+589.39%
5 Year Est. Return
+654.96%
10 Year Est. Return
+50,915.53%
AUM
$9.76B
AUM Growth
+$1.65B
Cap. Flow
-$15.2M
Cap. Flow %
-0.16%
Top 10 Hldgs %
65.63%
Holding
88
New
21
Increased
14
Reduced
8
Closed
17

Top Buys

Rank Stock Value
1
BCRX icon
BioCryst Pharmaceuticals
BCRX
+$114M
2
RYTM icon
Rhythm Pharmaceuticals
RYTM
+$105M
3
RZLT icon
Rezolute
RZLT
+$72M
4
PRAX icon
Praxis Precision Medicines
PRAX
+$69.6M
5
EVMN
Evommune Inc
EVMN
+$65M

Top Sells

Rank Stock Value
1
ETNB
89bio
ETNB
+$292M
2
ACLX
Arcellx
ACLX
+$141M
3
PCVX icon
Vaxcyte
PCVX
+$55.5M
4
BLTE
Belite Bio
BLTE
+$52.4M
5
DNTH icon
Dianthus Therapeutics
DNTH
+$48.7M

Sector Composition

Rank Sector Weight
1 Healthcare 99.82%
2 Financials 0.1%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
OVID icon
51
Ovid Therapeutics
OVID
$474M
$17.5M 0.18%
+10,714,000
New +$16.5M
PALI icon
52
Palisade Bio
PALI
$360M
$16.7M 0.17%
+7,124,116
New +$13.7M
SABS icon
53
SAB Biotherapeutics
SABS
$294M
$16.5M 0.17%
4,401,500
– –
CCCC icon
54
C4 Therapeutics
CCCC
$399M
$15.3M 0.16%
+8,000,000
New +$19M
MDLN
55
Medline Inc
MDLN
$35.5B
$14.1M 0.14%
+335,000
New +$14.1M
DSGN icon
56
Design Therapeutics
DSGN
$826M
$13.7M 0.14%
1,461,381
+985,682
+207% +$7.72M
INSP icon
57
Inspire Medical Systems
INSP
$1.85B
$13.1M 0.13%
141,964
+27,063
+24% +$2.59M
AVTX icon
58
Avalo Therapeutics
AVTX
$980M
$12M 0.12%
662,968
– –
RANI icon
59
Rani Therapeutics
RANI
$92.2M
$11.5M 0.12%
+8,500,000
New +$12.8M
PCSC
60
DELISTED
Perceptive Capital Solutions
PCSC
$9.77M 0.1%
750,000
– –
ACET icon
61
Adicet Bio
ACET
$86.1M
$7.98M 0.08%
948,249
+476,936
+101% +$5.27M
NAMSW icon
62
NewAmsterdam Pharma Warrant
NAMSW
$69M
$7.67M 0.08%
333,333
– –
WGS icon
63
GeneDx Holdings
WGS
$2.1B
$7.55M 0.08%
58,044
– –
WAY
64
Waystar Holding Corp
WAY
$4.56B
$4.73M 0.05%
+144,400
New +$5.14M
HOWL icon
65
Werewolf Therapeutics
HOWL
$20.1M
$4.23M 0.04%
6,681,307
– –
HNGE
66
Hinge Health
HNGE
$6.15B
$3.72M 0.04%
+80,113
New +$3.86M
PGNY icon
67
Progyny
PGNY
$2.47B
$2.48M 0.03%
96,628
– –
QGEN icon
68
Qiagen
QGEN
$8.73B
$2.08M 0.02%
+43,976
New +$2.03M
KIDS icon
69
OrthoPediatrics
KIDS
$536M
$1.95M 0.02%
+109,959
New +$1.93M
HCAT icon
70
Health Catalyst
HCAT
$168M
$1.9M 0.02%
+793,749
New +$2.17M
PTN
71
Palatin Technologies
PTN
$14.3M
$1.08M 0.01%
+70,000
New +$1.3M
CTMX icon
72
CytomX Therapeutics
CTMX
$723M
– –
-2,661,331
Closed -$8.49M
ELDN icon
73
Eledon Pharmaceuticals
ELDN
$269M
– –
-3,566,338
Closed -$9.24M
ETNB
74
DELISTED
89bio
ETNB
– –
-19,889,683
Closed -$292M
EVH icon
75
Evolent Health
EVH
$350M
– –
-579,052
Closed -$4.9M
1 2
3
4

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BAMF
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RA Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, RA Capital Management held 88 positions worth $9.76B, up 20% from $8.12B the previous quarter. Its ten largest holdings account for 66% of the portfolio.

RA Capital Management's Q4 2025 filing shows 21 new, 14 increased, 8 reduced and 17 closed positions. Its largest new stake was BioCryst Pharmaceuticals: 15,827,186 shares worth $123M. The largest sale was 89bio, an estimated $292M.

By sector, the portfolio is most concentrated in Healthcare at 100% of assets, down from 100% a quarter earlier, followed by Financials.

  • RA Capital Management's largest Q4 2025 buy was BioCryst Pharmaceuticals: 15,827,186 shares worth $123M.
  • RA Capital Management added most to Rhythm Pharmaceuticals in Q4 2025, an estimated $105M increase.
  • RA Capital Management's biggest Q4 2025 reduction was Arcellx, cutting an estimated $141M.
  • RA Capital Management fully exited 89bio in Q4 2025, selling an estimated $292M.
  • RA Capital Management's ten largest holdings make up 66% of its $9.76B portfolio in Q4 2025.
  • RA Capital Management opened 21 new positions and closed 17 in Q4 2025.
  • RA Capital Management's portfolio value rose 20% quarter-over-quarter to $9.76B.

Based on RA Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.