RA CAPITAL MANAGEMENT, L.P.
Institutional investor · Portfolio as of Q3 2025
Top Holdings67 positions
Stock | Shares | Value | Weight | Avg Buy | Est. P&L | Held | Conviction |
|---|---|---|---|---|---|---|---|
ASCENDIS PHARMA A/S | 10.3M | $2B | 25.2% | $95.48 | +100.67% | 28 qtrssince 2018-Q4 | Unchanged 0 |
RHYTHM PHARMACEUTICALS INC | 5.7M | $573.8M | 7.1% | $27.07 | +271.73% | 28 qtrssince 2018-Q4 | Increased 62 |
VAXCYTE INC | 12M | $431M | 5.3% | $49.07 | -29.38% | 22 qtrssince 2020-Q2 | Unchanged 0 |
| 8.6M | $376.5M | 4.6% | $20.21 | +110.96% | 17 qtrssince 2021-Q3 | Increased 67 | |
CIDARA THERAPEUTICS INC | 3.4M | $322.3M | 4.0% | $38.56 | +147.04% | 5 qtrssince 2024-Q3 | Unchanged 0 |
SIONNA THERAPEUTICS INC | 10.4M | $307.2M | 3.8% | $11.56 | +155.36% | 3 qtrssince 2025-Q1 | Unchanged 0 |
89BIO INC | 19.9M | $292.4M | 3.6% | — | — | 24 qtrssince 2019-Q4 | Unchanged 0 |
NewAmsterdam Pharma Company N.V. | 10.1M | $288.4M | 3.6% | $14.11 | +95.07% | 12 qtrssince 2022-Q4 | Unchanged 0 |
MINERALYS THERAPEUTICS INC | 7.3M | $277.7M | 3.4% | $18.66 | +110.92% | 11 qtrssince 2023-Q1 | Increased 67 |
JANUX THERAPEUTICS INC | 11.2M | $273.5M | 3.4% | $27.88 | -14.99% | 18 qtrssince 2021-Q2 | Unchanged 0 |
ARCELLX INC | 3M | $249.3M | 3.1% | $65.62 | +20.55% | 6 qtrssince 2024-Q2 | Unchanged 0 |
LENZ THERAPEUTICS INC | 4.2M | $194.6M | 2.4% | $22.33 | +101.03% | 7 qtrssince 2024-Q1 | Unchanged 0 |
TYRA BIOSCIENCES INC | 12.2M | $170.7M | 2.1% | $15.72 | -15.41% | 17 qtrssince 2021-Q3 | Unchanged 0 |
EDGEWISE THERAPEUTICS INC | 10.4M | $169.1M | 2.1% | $17.63 | -10.67% | 7 qtrssince 2024-Q1 | Increased 55 |
WAVE LIFE SCIENCES LTD | 18.2M | $133.2M | 1.6% | $19.79 | -63.98% | 28 qtrssince 2018-Q4 | Unchanged 0 |
Septerna, Inc. | 7M | $131.6M | 1.6% | $23.23 | -21.87% | 4 qtrssince 2024-Q4 | Unchanged 0 |
Dianthus Therapeutics, Inc. | 2.9M | $112.8M | 1.4% | $26.51 | +49.21% | 7 qtrssince 2024-Q1 | Unchanged 0 |
BICARA THERAPEUTICS INC | 7M | $109.8M | 1.4% | $25.44 | -45.48% | 5 qtrssince 2024-Q3 | Unchanged 0 |
GH RESEARCH PLC | 7.7M | $109.8M | 1.4% | $16.40 | -11.38% | 18 qtrssince 2021-Q2 | Unchanged 0 |
ARS PHARMACEUTICALS INC | 10.9M | $109.2M | 1.3% | $5.93 | +63.99% | 12 qtrssince 2022-Q4 | Unchanged 0 |
RA CAPITAL MANAGEMENT, L.P. manages $8.1B across 67 positions as of Q3 2025. Top holdings: ASND (25.2%), RYTM (7.1%), PCVX (5.3%). Fund DNA: Balanced Allocator. HoldingsIntel Rating: 2/5.0.
Active quarter - 15 new positions, 11 exits, 7 increased. Top move: RNAM (INCREASED, conviction 67). Portfolio: $8.1B across 67 positions.
Top holdings by portfolio weight
Portfolio allocation by GICS sector
Behavioral investing profile
Position Outcomes
Best and worst performing positions by estimated return
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Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.
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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer