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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
+8.63%
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
$9.44B
AUM Growth
-$323M
Cap. Flow
-$311M
Cap. Flow %
-3.3%
Top 10 Hldgs %
61.29%
Holding
95
New
24
Increased
17
Reduced
2
Closed
10

Top Buys

Rank Stock Value
1
SGP
SpyGlass Pharma
SGP
+$216M
2
WVE icon
Wave Life Sciences
WVE
+$114M
3
ZLAB icon
Zai Lab
ZLAB
+$106M
4
SRPT icon
Sarepta Therapeutics
SRPT
+$75.5M
5
NUVL
Nuvalent
NUVL
+$66.7M

Top Sells

Rank Stock Value
1
CDTX
Cidara Therapeutics
CDTX
+$743M
2
RNAM
Avidity Biosciences
RNAM
+$623M
3
ACLX
Arcellx
ACLX
+$82.6M
4
BLTE
Belite Bio
BLTE
+$69.2M
5
IVVD icon
Invivyd
IVVD
+$42.3M

Sector Composition

Rank Sector Weight
1 Healthcare 99.71%
2 Financials 0.22%
3 Miscellaneous 0.07%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ASND icon
1
Ascendis Pharma A/S
ASND
$16.4B
$2.35B 24.92%
10,281,496
– –
PCVX icon
2
Vaxcyte
PCVX
$9.1B
$667M 7.07%
11,474,599
+750,000
+7% +$40.7M
RYTM icon
3
Rhythm Pharmaceuticals
RYTM
$7.75B
$580M 6.14%
6,666,837
– –
TYRA icon
4
Tyra Biosciences
TYRA
$1.56B
$467M 4.95%
12,198,625
– –
SION
5
Sionna Therapeutics
SION
$274M
$397M 4.21%
9,905,045
– –
EWTX icon
6
Edgewise Therapeutics
EWTX
$4.8B
$328M 3.48%
10,428,437
– –
NAMS icon
7
NewAmsterdam Pharma
NAMS
$3.2B
$306M 3.24%
9,550,191
– –
NUVL
8
DELISTED
Nuvalent
NUVL
$260M 2.75%
2,534,145
+654,088
+35% +$66.7M
DNTH icon
9
Dianthus Therapeutics
DNTH
$6.24B
$219M 2.32%
2,611,733
+1,000,000
+62% +$57.9M
MLYS icon
10
Mineralys Therapeutics
MLYS
$2.3B
$208M 2.21%
7,692,750
+369,000
+5% +$10.8M
SGP
11
SpyGlass Pharma
SGP
$901M
$208M 2.2%
+8,021,117
New +$216M
WVE icon
12
Wave Life Sciences
WVE
$1.02B
$196M 2.07%
26,975,505
+8,772,496
+48% +$114M
SEPN
13
Septerna Inc
SEPN
$1.89B
$168M 1.78%
6,995,858
– –
IRON icon
14
Disc Medicine
IRON
$3.17B
$157M 1.66%
2,450,221
+474,089
+24% +$32.9M
JANX icon
15
Janux Therapeutics
JANX
$1.15B
$156M 1.65%
11,189,693
– –
BCRX icon
16
BioCryst Pharmaceuticals
BCRX
$2.52B
$151M 1.6%
15,827,186
– –
BCAX
17
Bicara Therapeutics
BCAX
$1.64B
$144M 1.53%
7,255,993
+300,000
+4% +$5.16M
PRAX icon
18
Praxis Precision Medicines
PRAX
$10.3B
$120M 1.28%
373,787
– –
GHRS icon
19
GH Research
GHRS
$1.97B
$108M 1.14%
7,676,697
– –
ZLAB icon
20
Zai Lab
ZLAB
$3.01B
$107M 1.14%
+5,707,262
New +$106M
TSHA icon
21
Taysha Gene Therapies
TSHA
$1.94B
$105M 1.12%
23,555,648
– –
VOR icon
22
Vor Biopharma
VOR
$1.39B
$96.4M 1.02%
5,404,998
– –
GERN icon
23
Geron
GERN
$983M
$95M 1.01%
63,771,366
– –
SPRY icon
24
ARS Pharmaceuticals
SPRY
$600M
$87.2M 0.92%
10,860,977
– –
SRPT icon
25
Sarepta Therapeutics
SRPT
$2.28B
$84.9M 0.9%
+3,902,596
New +$75.5M
1
2 3 4

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MG
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CC
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AI
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BMSSC
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HTC
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WAM
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RA Capital Management's Q1 2026 Portfolio in Review

As of Q1 2026, RA Capital Management held 95 positions worth $9.44B, down 3.3% from $9.76B the previous quarter. Its ten largest holdings account for 61% of the portfolio.

RA Capital Management withdrew a net $311M in Q1 2026, closing 10 positions and reducing 2 holdings. Its most notable exit was Cidara Therapeutics, an estimated $743M 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 and Miscellaneous.

Against the trend, RA Capital Management opened a new position in SpyGlass Pharma worth $208M.

  • RA Capital Management's largest Q1 2026 buy was SpyGlass Pharma: 8,021,117 shares worth $208M.
  • RA Capital Management added most to Wave Life Sciences in Q1 2026, an estimated $114M increase.
  • RA Capital Management's biggest Q1 2026 reduction was Contineum Therapeutics, cutting an estimated $11.9M.
  • RA Capital Management fully exited Cidara Therapeutics in Q1 2026, selling an estimated $743M.
  • RA Capital Management's ten largest holdings make up 61% of its $9.44B portfolio in Q1 2026.
  • RA Capital Management opened 24 new positions and closed 10 in Q1 2026.
  • RA Capital Management's portfolio value fell 3.3% quarter-over-quarter to $9.44B.

Based on RA Capital Management's 13F filing for Q1 2026, filed 15 May 2026.