RA Capital Management, L.P.
BOSTON, MA
$11.5bn in 84 US stocks at the end of 30 June 2026. The top 10 are 60.4% of the money. It changed about 44.2% of the portfolio this quarter.
Value
$11.5bn
Stocks
84
Top 10 share
60.4%
Turnover
44.2%
What changed this quarter
New
Bought for the first time this quarter.
- Ascendis Pharma A/SASND23.8% of the fund
- Parabilis MedicinesPBLS6.9% of the fund
- Hemab Therapeutics HoldingsCOAG2.5% of the fund
- Abivax SAABVX1.3% of the fund
- Oruka TherapeuticsORKA1.3% of the fund
- Intellia TherapeuticsNTLA0.7% of the fund
- Definium TherapeuticsDFTX0.6% of the fund
- Sana BiotechnologySANA0.6% of the fund
- Prelude TherapeuticsPRLD0.3% of the fund
- Q32 BioQTTB0.3% of the fund
- Editas MedicineEDIT0.3% of the fund
- AltimmuneALT0.2% of the fund
- Faeth TherapeuticsFTH0.2% of the fund
- Aura BiosciencesAURA0.2% of the fund
- Seaport TherapeuticsSPTX0.1% of the fund
- JATT II AcquisitionJATT<0.1% of the fund
- Amanat AcquisitionAMAN<0.1% of the fund
Added
Bought more of a stock they already held.
- Artiva BiotherapeuticsARTV1.5% of the fund+82%
- Solid BiosciencesSLDB1.0% of the fund+29%
- XencorXNCR0.7% of the fund+8%
- Aclaris TherapeuticsACRS0.6% of the fund+87%
- RezoluteRZLT0.4% of the fund+3%
- Acrivon TherapeuticsACRV0.2% of the fund+47%
- Avalo TherapeuticsAVTX0.2% of the fund+51%
Cut
Sold some of their stake.
- Edgewise TherapeuticsEWTX3.0% of the fund-20%
- Nuvalent1.3% of the fund-51%
- GeronGERN0.5% of the fund-33%
- Vor BiopharmaVOR0.4% of the fund-56%
- Aktis OncologyAKTS0.4% of the fund-13%
- Adicet BioACET<0.1% of the fund-21%
- Werewolf TherapeuticsHOWL<0.1% of the fund-64%
- Palatin TechnologiesPTN<0.1% of the fund-11%
Sold out
Sold their entire stake.
- Ascendis Pharma A/SASND-100%
- Dianthus TherapeuticsDNTH-100%
- Praxis Precision MedicinesPRAX-100%
- Sarepta TherapeuticsSRPT-100%
- Spyre TherapeuticsSYRE-100%
- Fulcrum TherapeuticsFULC-100%
- Olema PharmaceuticalsOLMA-100%
- Design TherapeuticsDSGN-100%
- Travere TherapeuticsTVTX-100%
- GrailGRAL-100%
- Relmada TherapeuticsRLMD-100%
- Sutro BiopharmaSTRO-100%
- Contineum TherapeuticsCTNM-100%
- Inspire Medical SystemsINSP-100%
- Hinge HealthHNGE-100%
- GeneDx HoldingsWGS-100%
- Atrium TherapeuticsRNA-100%
- MapLight TherapeuticsMPLT-100%
Holdings
- Parabilis MedicinesPBLS
- Share
- 6.9%
- Value
- $792m
- Shares
- 28,933,371
New
- Hemab Therapeutics HoldingsCOAG
- Share
- 2.5%
- Value
- $287m
- Shares
- 7,808,627
New
- Nuvalent
- Share
- 1.3%
- Value
- $154m
- Shares
- 1,246,456
-51%
- Abivax SAABVX
- Share
- 1.3%
- Value
- $151m
- Shares
- 1,132,557
New
- ZAI LABZLAB
- Share
- 0.9%
- Value
- $109m
- Shares
- 5,743,533
Held
- Damora Therapeutics
- Share
- 0.5%
- Value
- $62m
- Shares
- 2,399,702
Held
- Bright Minds BiosciencesDRUG
- Share
- 0.2%
- Value
- $19m
- Shares
- 265,000
Held
- Seaport TherapeuticsSPTX
- Share
- 0.1%
- Value
- $15m
- Shares
- 700,000
New
- Helix Acquisition Corp. IIIHLXC
- Share
- 0.1%
- Value
- $13m
- Shares
- 1,250,000
Held
- Newamsterdam Pharma CompanyNAMSW
- Share
- <0.1%
- Value
- $7m
- Shares
- 333,333
Held
- JATT II AcquisitionJATT
- Share
- <0.1%
- Value
- $6m
- Shares
- 500,000
New
- Amanat AcquisitionAMAN
- Share
- <0.1%
- Value
- $4m
- Shares
- 375,000
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Ascendis Pharma A/SASND | 23.8% | $2.7bn | 10,281,496 | New |
| Parabilis MedicinesPBLS | 6.9% | $792m | 28,933,371 | New |
| Rhythm PharmaceuticalsRYTM | 6.4% | $740m | 6,666,837 | Held |
| VaxcytePCVX | 5.8% | $667m | 11,474,599 | Held |
| Sionna TherapeuticsSION | 3.8% | $436m | 9,905,045 | Held |
| Tyra BiosciencesTYRA | 3.4% | $390m | 12,198,625 | Held |
| Edgewise TherapeuticsEWTX | 3.0% | $341m | 8,392,730 | -20% |
| NewAmsterdam PharmaNAMS | 2.8% | $324m | 9,550,191 | Held |
| Hemab Therapeutics HoldingsCOAG | 2.5% | $287m | 7,808,627 | New |
| SepternaSEPN | 2.0% | $234m | 6,995,858 | Held |
| Bicara TherapeuticsBCAX | 1.9% | $215m | 7,255,993 | Held |
| Mineralys TherapeuticsMLYS | 1.8% | $208m | 7,692,750 | Held |
| GH ResearchGHRS | 1.8% | $205m | 7,636,813 | Held |
| Disc MedicineIRON | 1.6% | $179m | 2,450,221 | Held |
| SpyGlass PharmaSGP | 1.6% | $179m | 8,021,117 | Held |
| Artiva BiotherapeuticsARTV | 1.5% | $174m | 17,955,642 | +82% |
| Janux TherapeuticsJANX | 1.5% | $172m | 11,189,693 | Held |
| Taysha Gene TherapiesTSHA | 1.4% | $160m | 23,555,648 | Held |
| Biocryst PharmaceuticalsBCRX | 1.4% | $158m | 15,827,186 | Held |
| Wave Life SciencesWVE | 1.4% | $157m | 26,975,505 | Held |
| Nuvalent | 1.3% | $154m | 1,246,456 | -51% |
| Abivax SAABVX | 1.3% | $151m | 1,132,557 | New |
| Oruka TherapeuticsORKA | 1.3% | $148m | 1,554,597 | New |
| Climb BioCLYM | 1.3% | $147m | 11,300,939 | Held |
| Solid BiosciencesSLDB | 1.0% | $120m | 12,036,126 | +29% |
| ZAI LABZLAB | 0.9% | $109m | 5,743,533 | Held |
| ARS PharmaceuticalsSPRY | 0.8% | $87m | 10,860,977 | Held |
| XencorXNCR | 0.7% | $85m | 5,274,274 | +8% |
| Jade BiosciencesJBIO | 0.7% | $82m | 3,671,083 | Held |
| Intellia TherapeuticsNTLA | 0.7% | $77m | 4,526,926 | New |
| LB PharmaceuticalsLBRX | 0.6% | $72m | 2,208,604 | Held |
| Definium TherapeuticsDFTX | 0.6% | $71m | 1,500,000 | New |
| Aclaris TherapeuticsACRS | 0.6% | $67m | 12,723,026 | +87% |
| 4D Molecular TherapeuticsFDMT | 0.6% | $67m | 5,049,779 | Held |
| Sana BiotechnologySANA | 0.6% | $65m | 18,750,000 | New |
| Damora Therapeutics | 0.5% | $62m | 2,399,702 | Held |
| Monopar TherapeuticsMNPR | 0.5% | $62m | 667,207 | Held |
| Acumen PharmaceuticalsABOS | 0.5% | $56m | 20,992,669 | Held |
| GeronGERN | 0.5% | $55m | 42,809,751 | -33% |
| RezoluteRZLT | 0.4% | $49m | 9,445,039 | +3% |
| EvommuneEVMN | 0.4% | $46m | 3,494,638 | Held |
| Vor BiopharmaVOR | 0.4% | $44m | 2,402,095 | -56% |
| Century TherapeuticsIPSC | 0.4% | $43m | 17,754,430 | Held |
| Aktis OncologyAKTS | 0.4% | $42m | 1,314,405 | -13% |
| BioAge LabsBIOA | 0.4% | $41m | 1,671,648 | Held |
| C4 TherapeuticsCCCC | 0.3% | $37m | 8,000,000 | Held |
| Mirum PharmaceuticalsMIRM | 0.3% | $37m | 318,554 | Held |
| Capricor TherapeuticsCAPR | 0.3% | $36m | 1,507,844 | Held |
| PepGenPEPG | 0.3% | $36m | 20,064,545 | Held |
| Prelude TherapeuticsPRLD | 0.3% | $35m | 6,475,882 | New |
| NkartaNKTX | 0.3% | $31m | 10,805,129 | Held |
| Q32 BioQTTB | 0.3% | $30m | 2,332,457 | New |
| Anteris Technologies GlobalAVR | 0.3% | $30m | 3,000,000 | Held |
| Editas MedicineEDIT | 0.3% | $29m | 8,889,000 | New |
| Ovid TherapeuticsOVID | 0.2% | $28m | 10,500,968 | Held |
| Assembly BiosciencesASMB | 0.2% | $28m | 1,020,410 | Held |
| ALX Oncology HoldingsALXO | 0.2% | $27m | 13,011,849 | Held |
| Benitec BiopharmaBNTC | 0.2% | $25m | 1,850,000 | Held |
| LENZ TherapeuticsLENZ | 0.2% | $24m | 4,178,823 | Held |
| Lexeo TherapeuticsLXEO | 0.2% | $23m | 5,000,000 | Held |
| Acrivon TherapeuticsACRV | 0.2% | $22m | 12,229,396 | +47% |
| AltimmuneALT | 0.2% | $20m | 6,500,000 | New |
| Karyopharm TherapeuticsKPTI | 0.2% | $19m | 1,917,354 | Held |
| Bright Minds BiosciencesDRUG | 0.2% | $19m | 265,000 | Held |
| Avalo TherapeuticsAVTX | 0.2% | $18m | 1,000,000 | +51% |
| OnKure TherapeuticsOKUR | 0.2% | $18m | 3,998,333 | Held |
| Faeth TherapeuticsFTH | 0.2% | $18m | 722,020 | New |
| Aura BiosciencesAURA | 0.2% | $18m | 2,500,000 | New |
| SAB BiotherapeuticsSABS | 0.1% | $17m | 4,401,500 | Held |
| Seaport TherapeuticsSPTX | 0.1% | $15m | 700,000 | New |
| Palisade BIOPALI | 0.1% | $15m | 7,124,116 | Held |
| Helix Acquisition Corp. IIIHLXC | 0.1% | $13m | 1,250,000 | Held |
| Waystar HoldingWAY | <0.1% | $11m | 529,400 | Held |
| EquilliumEQ | <0.1% | $10m | 3,096,336 | Held |
| MacrogenicsMGNX | <0.1% | $9m | 1,864,176 | Held |
| FreenomeFRNM | <0.1% | $8m | 750,000 | Held |
| Adicet BioACET | <0.1% | $8m | 932,624 | -21% |
| Newamsterdam Pharma CompanyNAMSW | <0.1% | $7m | 333,333 | Held |
| Corvus PharmaceuticalsCRVS | <0.1% | $7m | 450,000 | Held |
| Rani Therapeutics HoldingsRANI | <0.1% | $6m | 8,500,000 | Held |
| JATT II AcquisitionJATT | <0.1% | $6m | 500,000 | New |
| Amanat AcquisitionAMAN | <0.1% | $4m | 375,000 | New |
| Werewolf TherapeuticsHOWL | <0.1% | $859,349 | 2,387,744 | -64% |
| Palatin TechnologiesPTN | <0.1% | $670,318 | 62,124 | -11% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 93.9% since 30 June 2025.
Where the money is
Health care95.5%
Financial services0.2%
Technology0.1%
Other4.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.