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RCM

RA Capital Management Portfolio holdings

AUM $11.5B
1-Year Est. Return 168.77%
This Fund
S&P 500
This Quarter Est. Return
+42.12%
1 Year Est. Return
+168.77%
3 Year Est. Return
+596.08%
5 Year Est. Return
+846.46%
10 Year Est. Return
+54,223.74%
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%
3 Miscellaneous 0.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ASND icon
1
Ascendis Pharma A/S
ASND
$16.3B
$2.19B 22.46%
10,281,496
– –
CDTX
2
DELISTED
Cidara Therapeutics
CDTX
$743M 7.62%
3,365,523
– –
RYTM icon
3
Rhythm Pharmaceuticals
RYTM
$7.38B
$714M 7.31%
6,666,837
+985,478
+17% +$105M
RNAM
4
DELISTED
Avidity Biosciences
RNAM
$623M 6.39%
8,641,031
– –
PCVX icon
5
Vaxcyte
PCVX
$8.9B
$495M 5.07%
10,724,599
-1,241,392
-10% -$55.5M
SION
6
Sionna Therapeutics
SION
$265M
$407M 4.17%
9,905,045
-540,277
-5% -$20.5M
NAMS icon
7
NewAmsterdam Pharma
NAMS
$3.1B
$335M 3.43%
9,550,191
-588,747
-6% -$21.4M
TYRA icon
8
Tyra Biosciences
TYRA
$1.49B
$321M 3.29%
12,198,625
– –
WVE icon
9
Wave Life Sciences
WVE
$993M
$309M 3.17%
18,203,009
+1,000
+0% +$10.2K
MLYS icon
10
Mineralys Therapeutics
MLYS
$2.26B
$266M 2.72%
7,323,750
– –
EWTX icon
11
Edgewise Therapeutics
EWTX
$4.64B
$259M 2.65%
10,428,437
– –
SEPN
12
Septerna Inc
SEPN
$1.82B
$195M 2%
6,995,858
– –
NUVL
13
DELISTED
Nuvalent
NUVL
$189M 1.94%
1,880,057
+633,601
+51% +$62.5M
IRON icon
14
Disc Medicine
IRON
$3.07B
$157M 1.61%
1,976,132
+399,026
+25% +$33.7M
JANX icon
15
Janux Therapeutics
JANX
$1.1B
$154M 1.58%
11,189,693
– –
PEPG icon
16
PepGen
PEPG
$213M
$131M 1.34%
20,064,545
– –
TSHA icon
17
Taysha Gene Therapies
TSHA
$1.88B
$130M 1.33%
23,555,648
– –
SPRY icon
18
ARS Pharmaceuticals
SPRY
$586M
$127M 1.3%
10,860,977
– –
BCRX icon
19
BioCryst Pharmaceuticals
BCRX
$2.51B
$123M 1.26%
+15,827,186
New +$114M
BCAX
20
Bicara Therapeutics
BCAX
$1.55B
$117M 1.2%
6,955,993
– –
PRAX icon
21
Praxis Precision Medicines
PRAX
$9.63B
$110M 1.13%
+373,787
New +$69.6M
GHRS icon
22
GH Research
GHRS
$1.92B
$97.5M 1%
7,676,697
– –
GERN icon
23
Geron
GERN
$970M
$84.2M 0.86%
63,771,366
+3,392,000
+6% +$4.26M
ACLX
24
DELISTED
Arcellx
ACLX
$82.6M 0.85%
1,267,156
-1,769,371
-58% -$141M
CLYM
25
Climb Bio
CLYM
$837M
$77.7M 0.8%
11,293,828
-20,125,439
-64% -$48.3M
1
2 3 4

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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 and Miscellaneous.

  • 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.