RA CAPITAL MANAGEMENT, L.P.

CIK

1346824

Location

BOSTON, MA

Portfolio Value

Mid $9,431,068,368

Diversification

Diversified

Filing Date

Global Rank

#439 / 8,622 ▲ 45 · as of Mar 2026

Top Industry

Biotechnology 96.9%

3Y Alpha vs SPY

+8.4%

Period ended 4 months ago

Filed May 15, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+106.5%

SPY

+67.9%

Annualised alpha

+8.5%

Max drawdown

−48.8%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

84 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

24.9%

−1.3 pts

Top 5

47.3%

−2.3 pts

Top 10

61.3%

−4.5 pts

HHI

832

Diversified−96

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Healthcare	99.9%	$9,418,368,368	83
Financial Services	0.1%	$12,700,000	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

17 positions

Ticker	Company	Δ Shares	Shares	Value
WVE	Wave Life Sciences Ltd.	+8,772,496	26,975,505	$195,572,411
ABOS	Acumen Pharmaceuticals, Inc.	+6,060,606	20,992,669	$49,542,698
SLDB	Solid Biosciences Inc.	+3,528,555	9,339,978	$67,247,841
DSGN	Design Therapeutics, Inc.	+1,511,592	2,972,973	$31,632,432
DNTH	Dianthus Therapeutics, Inc. /DE/	+1,000,000	2,611,733	$219,176,633
PCVX	Vaxcyte, Inc.	+750,000	11,474,599	$666,788,947
NUVL	Nuvalent, Inc.	+654,088	2,534,145	$259,623,155
IRON	Disc Medicine, Inc.	+474,089	2,450,221	$156,667,130
WAY	Waystar Holding Corp.	+385,000	529,400	$12,763,834
MLYS	Mineralys Therapeutics, Inc.	+369,000	7,692,750	$208,396,597
BCAX	Bicara Therapeutics Inc.	+300,000	7,255,993	$144,321,700
HNGE	Hinge Health, Inc.	+284,500	364,613	$14,059,477
ACET	Adicet Bio, Inc.	+234,375	1,182,624	$8,053,669
INSP	Inspire Medical Systems, Inc.	+183,699	325,663	$16,797,697
WGS	GeneDx Holdings Corp.	+151,843	209,887	$13,478,943
EVMN	Evommune, Inc.	+35,868	3,494,638	$80,341,727
CLYM	Climb Bio, Inc.	+7,111	11,300,939	$77,411,431
No positions match the current search.

Trimmed

Positions the filer reduced

2 positions

Ticker	Company	Δ Shares	Shares	Value
CTNM	Contineum Therapeutics, Inc.	−883,699	1,296,012	$16,925,916
FDMT	4D Molecular Therapeutics, Inc.	−603,432	5,049,779	$47,013,442
No positions match the current search.

New Positions

Positions the filer opened this quarter

24 positions

Ticker	Company	Shares	Value
SGP	SpyGlass Pharma, Inc.	8,021,117	$207,827,141
ZLAB	Zai Lab Ltd	5,707,262	$107,353,598
SRPT	Sarepta Therapeutics, Inc.	3,902,596	$84,920,488
DMRA	Damora Therapeutics, Inc.	2,399,310	$62,142,129
XNCR	Xencor Inc	4,897,237	$59,060,678
IPSC	Century Therapeutics, Inc.	17,754,430	$40,125,011
MIRM	Mirum Pharmaceuticals, Inc.	318,554	$29,428,018
BIOA	BioAge Labs, Inc.	1,650,648	$28,869,833
AKTS	Aktis Oncology, Inc.	1,503,084	$26,890,172
ALXO	Alx Oncology Holdings Inc	13,011,849	$26,088,757
ACRS	Aclaris Therapeutics, Inc.	6,804,072	$25,515,270
TVTX	Travere Therapeutics, Inc.	746,841	$22,188,646
RLMD	Relmada Therapeutics, Inc.	2,947,369	$20,513,688
DRUG	Bright Minds Biosciences Inc.	265,000	$19,337,050
STRO	Sutro Biopharma, Inc.	715,307	$17,818,297
AVR	Anteris Technologies Global Corp.	3,000,000	$16,650,000
OKUR	OnKure Therapeutics, Inc.	3,998,333	$16,553,098
HLXC	Helix Acquisition Corp. III	1,250,000	$12,700,000
RNA	Atrium Therapeutics, Inc.	864,102	$11,553,043
KPTI	Karyopharm Therapeutics Inc.	1,917,354	$10,679,661
CRVS	Corvus Pharmaceuticals, Inc.	450,000	$6,583,500
EQ	Equillium, Inc.	3,096,336	$6,192,672
MGNX	Macrogenics Inc	1,864,176	$5,387,468
MPLT	MapLight Therapeutics, Inc.	248,294	$5,047,817
No positions match the current search.

Sold Out

Positions the filer fully exited

7 positions

Ticker	Company	Shares	Value
ACLX	Arcellx, Inc.	1,267,156	$82,618,571
BLTE	Belite Bio, Inc	432,484	$69,180,140
IVVD	Invivyd, Inc.	17,119,096	$42,284,167
MDLN	Medline Inc.	335,000	$14,070,000
PGNY	Progyny, Inc.	96,628	$2,481,407
KIDS	Orthopediatrics Corp	109,959	$1,952,871
HCAT	Health Catalyst, Inc.	793,749	$1,897,060
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

84 tracked positions · $9,431,068,368 total · as of Mar 31, 2026

All sectors Financial Services Healthcare

Showing 1–50 of 84 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
ASND	Ascendis Pharma A/S Healthcare	Held	10,281,496	0	$2,351,686,580	+7.3%	24.94%
PCVX	Vaxcyte, Inc. Healthcare	Added	11,474,599	+750,000	$666,788,947	+34.8%	7.07%
RYTM	Rhythm Pharmaceuticals, Inc. Healthcare	Held	6,666,837	0	$579,814,813	−18.8%	6.15%
TYRA	Tyra Biosciences, Inc. Healthcare	Held	12,198,625	0	$467,207,337	+45.7%	4.95%
SION	Sionna Therapeutics, Inc. Healthcare	Held	9,905,045	0	$397,093,254	−2.6%	4.21%
EWTX	Edgewise Therapeutics, Inc. Healthcare	Held	10,428,437	0	$328,495,765	+26.9%	3.48%
NAMS	NewAmsterdam Pharma Co N.V. Healthcare	Held	9,550,191	0	$305,701,613	−8.8%	3.24%
NUVL	Nuvalent, Inc. Healthcare	Added	2,534,145	+654,088	$259,623,155	+37.3%	2.75%
DNTH	Dianthus Therapeutics, Inc. /DE/ Healthcare	Added	2,611,733	+1,000,000	$219,176,633	+230.0%	2.32%
MLYS	Mineralys Therapeutics, Inc. Healthcare	Added	7,692,750	+369,000	$208,396,597	−21.6%	2.21%
SGP	SpyGlass Pharma, Inc. Healthcare	NEW	8,021,117	NEW	$207,827,141	NEW	2.20%
WVE	Wave Life Sciences Ltd. Healthcare	Added	26,975,505	+8,772,496	$195,572,411	−36.8%	2.07%
SEPN	Septerna, Inc. Healthcare	Held	6,995,858	0	$168,110,467	−13.8%	1.78%
IRON	Disc Medicine, Inc. Healthcare	Added	2,450,221	+474,089	$156,667,130	−0.2%	1.66%
JANX	Janux Therapeutics, Inc. Healthcare	Held	11,189,693	0	$155,536,732	+0.7%	1.65%
BCRX	Biocryst Pharmaceuticals Inc Healthcare	Held	15,827,186	0	$150,674,810	+22.1%	1.60%
BCAX	Bicara Therapeutics Inc. Healthcare	Added	7,255,993	+300,000	$144,321,700	+23.3%	1.53%
PRAX	Praxis Precision Medicines, Inc. Healthcare	Held	373,787	0	$120,430,433	+9.3%	1.28%
GHRS	GH Research PLC Healthcare	Held	7,676,697	0	$107,934,359	+10.7%	1.14%
ZLAB	Zai Lab Ltd Healthcare	NEW	5,707,262	NEW	$107,353,598	NEW	1.14%
TSHA	Taysha Gene Therapies, Inc. Healthcare	Held	23,555,648	0	$105,293,746	−18.7%	1.12%
VOR	Vor Biopharma Inc. Healthcare	Held	5,404,998	0	$96,425,164	+36.4%	1.02%
GERN	Geron Corp Healthcare	Held	63,771,366	0	$95,019,335	+12.9%	1.01%
SPRY	ARS Pharmaceuticals, Inc. Healthcare	Held	10,860,977	0	$87,213,645	−31.1%	0.92%
SRPT	Sarepta Therapeutics, Inc. Healthcare	NEW	3,902,596	NEW	$84,920,488	NEW	0.90%
SYRE	Spyre Therapeutics, Inc. Healthcare	Held	1,621,620	0	$81,794,512	+54.0%	0.87%
EVMN	Evommune, Inc. Healthcare	Added	3,494,638	+35,868	$80,341,727	+35.7%	0.85%
CLYM	Climb Bio, Inc. Healthcare	Added	11,300,939	+7,111	$77,411,431	+71.4%	0.82%
SLDB	Solid Biosciences Inc. Healthcare	Added	9,339,978	+3,528,555	$67,247,841	+105.2%	0.71%
ARTV	Artiva Biotherapeutics, Inc. Healthcare	Held	9,853,302	0	$63,455,264	+50.1%	0.67%
DMRA	Damora Therapeutics, Inc. Healthcare	NEW	2,399,310	NEW	$62,142,129	NEW	0.66%
XNCR	Xencor Inc Healthcare	NEW	4,897,237	NEW	$59,060,678	NEW	0.63%
LBRX	Lb Pharmaceuticals Inc Healthcare	Held	2,208,604	0	$54,464,174	+10.8%	0.58%
JBIO	Jade Biosciences, Inc. Healthcare	Held	3,671,083	0	$51,578,716	−8.9%	0.55%
ABOS	Acumen Pharmaceuticals, Inc. Healthcare	Added	20,992,669	+6,060,606	$49,542,698	+57.2%	0.53%
FDMT	4D Molecular Therapeutics, Inc. Healthcare	Reduced	5,049,779	-603,432	$47,013,442	+10.9%	0.50%
FULC	Fulcrum Therapeutics, Inc. Healthcare	Held	6,053,960	0	$46,433,873	−32.2%	0.49%
CAPR	Capricor Therapeutics, Inc. Healthcare	Held	1,507,844	0	$45,838,457	+5.3%	0.49%
IPSC	Century Therapeutics, Inc. Healthcare	NEW	17,754,430	NEW	$40,125,011	NEW	0.43%
OLMA	Olema Pharmaceuticals, Inc. Healthcare	Held	2,600,000	0	$38,766,000	−40.4%	0.41%
LENZ	LENZ Therapeutics, Inc. Healthcare	Held	4,178,823	0	$38,236,230	−42.8%	0.41%
MNPR	Monopar Therapeutics Healthcare	Held	667,207	0	$36,556,271	−16.1%	0.39%
PEPG	PepGen Inc. Healthcare	Held	20,064,545	0	$35,514,244	−72.8%	0.38%
DSGN	Design Therapeutics, Inc. Healthcare	Added	2,972,973	+1,511,592	$31,632,432	+130.8%	0.34%
MIRM	Mirum Pharmaceuticals, Inc. Healthcare	NEW	318,554	NEW	$29,428,018	NEW	0.31%
BIOA	BioAge Labs, Inc. Healthcare	NEW	1,650,648	NEW	$28,869,833	NEW	0.31%
LXEO	Lexeo Therapeutics, Inc. Healthcare	Held	5,000,000	0	$28,700,000	−42.2%	0.30%
ASMB	Assembly Biosciences, Inc. Healthcare	Held	1,020,410	0	$28,316,377	−18.4%	0.30%
RZLT	Rezolute, Inc. Healthcare	Held	9,180,000	0	$27,999,000	+29.2%	0.30%
AKTS	Aktis Oncology, Inc. Healthcare	NEW	1,503,084	NEW	$26,890,172	NEW	0.29%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.