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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
+13.87%
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
$5.94B
AUM Growth
-$52.2M
Cap. Flow
-$312M
Cap. Flow %
-5.26%
Top 10 Hldgs %
66.2%
Holding
90
New
5
Increased
10
Reduced
9
Closed
27

Top Buys

Rank Stock Value
1
CDTX
Cidara Therapeutics
CDTX
+$54.6M
2
RNAM
Avidity Biosciences
RNAM
+$28.8M
3
TSHA icon
Taysha Gene Therapies
TSHA
+$27.6M
4
JBIO
Jade Biosciences
JBIO
+$27.2M
5
TYRA icon
Tyra Biosciences
TYRA
+$14.8M

Top Sells

Rank Stock Value
1
APGE icon
Apogee Therapeutics
APGE
+$58.6M
2
ZLAB icon
Zai Lab
ZLAB
+$46.8M
3
DAWN
Day One Biopharmaceuticals
DAWN
+$45.6M
4
URGN icon
UroGen Pharma
URGN
+$35.5M
5
RYTM icon
Rhythm Pharmaceuticals
RYTM
+$32M

Sector Composition

Rank Sector Weight
1 Healthcare 99.82%
2 Financials 0.13%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ASND icon
1
Ascendis Pharma A/S
ASND
$16.6B
$1.77B 29.9%
10,281,496
– –
PCVX icon
2
Vaxcyte
PCVX
$7.68B
$389M 6.55%
11,965,991
-223,158
-2% -$7.32M
RYTM icon
3
Rhythm Pharmaceuticals
RYTM
$7.39B
$351M 5.92%
5,561,359
-523,053
-9% -$32M
JANX icon
4
Janux Therapeutics
JANX
$921M
$258M 4.35%
11,189,693
– –
RNAM
5
DELISTED
Avidity Biosciences
RNAM
$206M 3.48%
7,266,031
+965,623
+15% +$28.8M
ACLX
6
DELISTED
Arcellx
ACLX
$200M 3.37%
3,036,527
– –
ETNB
7
DELISTED
89bio
ETNB
$195M 3.29%
19,889,683
– –
SPRY icon
8
ARS Pharmaceuticals
SPRY
$571M
$190M 3.19%
10,860,977
– –
NAMS icon
9
NewAmsterdam Pharma
NAMS
$3.27B
$184M 3.09%
10,138,938
– –
SION
10
Sionna Therapeutics
SION
$2.07B
$181M 3.05%
10,445,322
– –
CDTX
11
DELISTED
Cidara Therapeutics
CDTX
$164M 2.76%
3,365,523
+2,272,727
+208% +$54.6M
EWTX icon
12
Edgewise Therapeutics
EWTX
$4.34B
$130M 2.19%
9,902,633
+993,542
+11% +$14.3M
LENZ
13
LENZ Therapeutics
LENZ
$178M
$122M 2.06%
4,178,823
– –
WVE icon
14
Wave Life Sciences
WVE
$1.12B
$118M 1.99%
18,202,009
– –
TYRA icon
15
Tyra Biosciences
TYRA
$1.87B
$117M 1.97%
12,198,625
+1,561,335
+15% +$14.8M
GHRS icon
16
GH Research
GHRS
$1.94B
$93.6M 1.58%
7,676,697
+732,049
+11% +$8.03M
DYN icon
17
Dyne Therapeutics
DYN
$4.19B
$92.5M 1.56%
9,714,392
– –
GERN icon
18
Geron
GERN
$917M
$85.1M 1.43%
60,379,366
– –
IRON icon
19
Disc Medicine
IRON
$2.82B
$83.5M 1.41%
1,577,106
– –
MLYS icon
20
Mineralys Therapeutics
MLYS
$2.36B
$83.2M 1.4%
6,147,280
– –
SEPN
21
Septerna Inc
SEPN
$1.54B
$73.9M 1.25%
6,995,858
– –
FULC icon
22
Fulcrum Therapeutics
FULC
$247M
$70.4M 1.19%
10,229,099
– –
BCAX
23
Bicara Therapeutics
BCAX
$1.75B
$64.6M 1.09%
6,955,993
– –
VOR icon
24
Vor Biopharma
VOR
$1.08B
$64.2M 1.08%
1,982,302
– –
TSHA icon
25
Taysha Gene Therapies
TSHA
$1.65B
$54.4M 0.92%
23,555,648
+12,683,145
+117% +$27.6M
1
2 3 4

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RA Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, RA Capital Management held 90 positions worth $5.94B, down 0.87% from $5.99B the previous quarter. Its ten largest holdings account for 66% of the portfolio.

RA Capital Management withdrew a net $312M in Q2 2025, closing 27 positions and reducing 9 holdings. Its most notable exit was Apogee Therapeutics, an estimated $58.6M position sold in full.

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

Against the trend, RA Capital Management opened a new position in Hinge Health worth $15.5M.

  • RA Capital Management's largest Q2 2025 buy was Hinge Health: 300,000 shares worth $15.5M.
  • RA Capital Management added most to Cidara Therapeutics in Q2 2025, an estimated $54.6M increase.
  • RA Capital Management's biggest Q2 2025 reduction was Rhythm Pharmaceuticals, cutting an estimated $32M.
  • RA Capital Management fully exited Apogee Therapeutics in Q2 2025, selling an estimated $58.6M.
  • RA Capital Management's ten largest holdings make up 66% of its $5.94B portfolio in Q2 2025.
  • RA Capital Management opened 5 new positions and closed 27 in Q2 2025.
  • RA Capital Management's portfolio value fell 0.87% quarter-over-quarter to $5.94B.

Based on RA Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.