RA CAPITAL MANAGEMENT, L.P.RA CAPITAL MANAGEMENT, L.P.

Institutional investor · Portfolio as of Q1 2026

SEC EDGAR SourceSEC Filings

Top Holdings85 positions

Activity:
Stock
Shares
Value
Weight
Avg Buy
Est. P&L
Held
Conviction
ASNDASND
ADR

ASCENDIS PHARMA A/S

10.3M$2.4B24.9%$95.48+183.26%
30 qtrssince 2018-Q4
Unchanged
0

VAXCYTE INC

11.5M$666.8M7.1%$49.77+16.96%
24 qtrssince 2020-Q2
Increased
66

RHYTHM PHARMACEUTICALS INC

6.7M$579.8M6.1%$38.85+179.00%
30 qtrssince 2018-Q4
Unchanged
0

TYRA BIOSCIENCES INC

12.2M$467.2M5.0%$15.72+108.29%
19 qtrssince 2021-Q3
Unchanged
0

SIONNA THERAPEUTICS INC

9.9M$397.1M4.2%$11.56+291.78%
5 qtrssince 2025-Q1
Unchanged
0

EDGEWISE THERAPEUTICS INC

10.4M$328.5M3.5%$17.63+157.55%
9 qtrssince 2024-Q1
Unchanged
0

NEWAMSTERDAM PHARMA COMPANY

9.6M$305.7M3.2%$14.11+149.93%
14 qtrssince 2022-Q4
Unchanged
0

NUVALENT INC

2.5M$259.6M2.8%$92.70+33.66%
3 qtrssince 2025-Q3
Increased
68

DIANTHUS THERAPEUTICS INC

2.6M$219.2M2.3%$37.57+159.81%
9 qtrssince 2024-Q1
Increased
76

MINERALYS THERAPEUTICS INC

7.7M$208.4M2.2%$19.13+48.36%
13 qtrssince 2023-Q1
Increased
55
8M$207.8M2.2%$26.75-15.81%
1 qtr
New
79

WAVE LIFE SCIENCES LTD

27M$195.6M2.1%$17.73-64.74%
30 qtrssince 2018-Q4
Increased
72

SEPTERNA INC

7M$168.1M1.8%$23.23+54.67%
6 qtrssince 2024-Q4
Unchanged
0

DISC MEDICINE INC

2.5M$156.7M1.7%$58.68+30.53%
5 qtrssince 2025-Q1
Increased
58

JANUX THERAPEUTICS INC

11.2M$155.5M1.6%$27.88-41.17%
20 qtrssince 2021-Q2
Unchanged
0

BIOCRYST PHARMACEUTICALS INC

15.8M$150.7M1.6%$7.66+36.42%
2 qtrssince 2025-Q4
Unchanged
0

BICARA THERAPEUTICS INC

7.3M$144.3M1.5%$25.13+15.05%
7 qtrssince 2024-Q3
Increased
50

PRAXIS PRECISION MEDICINES I

373,787$120.4M1.3%$297.02+9.42%
2 qtrssince 2025-Q4
Unchanged
0

GH RESEARCH PLC

7.7M$107.9M1.1%$16.40+61.68%
20 qtrssince 2021-Q2
Unchanged
0
ZLABZLAB
ADR

ZAI LAB LTD

5.7M$107.4M1.1%$17.72+15.63%
1 qtr
New
69
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$9.4B
AUM
85
Positions
Q1 2026
Filing
Rating · 2.0
Quarterly Portfolio Change
-13%Q4'24$7.5B-20%Q1'25$6B-1%Q2'25$5.9B+37%Q3'25$8.1B+20%Q4'25$9.8B-3%Q1'26$9.4B
Activity profile
$ moved · Q1'26
New27%Increased22%Decreased0%Exited50%
Composition
Equity vs derivatives
Equity100%Puts0%Calls0%
Holding period
Avg 2.4 years
<1Q16%1-4Q21%1-2Y15%2Y+47%

RA CAPITAL MANAGEMENT, L.P. manages $9.4B across 85 positions as of Q1 2026. Top holdings: ASND (24.9%), PCVX (7.1%), RYTM (6.1%). Fund DNA: Balanced Allocator. HoldingsIntel Rating: 2/5.0.

Q1 2026 Summary

Active quarter - 24 new positions, 10 exits, 17 increased. Top move: SGP (NEW, conviction 79). Portfolio: $9.4B across 85 positions.

Top holdings by portfolio weight

Total AUM$9B
ASND24.92%
PCVX7.07%
RYTM6.14%
TYRA4.95%
SION4.21%
EWTX3.48%
NAMS3.24%
NUVL2.75%
DNTH2.32%
MLYS2.21%
Other2.20%

Portfolio allocation by GICS sector

Sectors2
Healthcare99.91%
Financial Services0.09%

Behavioral investing profile

Balanced Allocator88%- primarily Healthcare
Compare DNA across all funds
7-dimension quality assessment
Below Average(2.0 / 5.0)
Track Record56
Conviction42
Concentration92
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Position Outcomes

Best and worst performing positions by estimated return

Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.

Similar Funds

Funds with similar investing DNA

Accumulation Streaks

Positions with 2+ consecutive quarters of increases - persistent directional conviction.

Security
2Q
DSGNDSGNDESIGN THERAPEUTICS INC
Q4 2025 Q1 2026+2.5M shares+$28.1M
2Q
IRIRONDISC MEDICINE INC
Q4 2025 Q1 2026+873,115 shares+$52.5M
2Q
INSPINSPINSPIRE MED SYS INC
Q4 2025 Q1 2026+210,762 shares+$8.3M

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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer

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