Latest RA CAPITAL MANAGEMENT, L.P. Stock Portfolio

RA CAPITAL MANAGEMENT, L.P. Performance:

2025 Q4: 18.69%YTD: 28.52%2024: 1.96%

Performance for 2025 Q4 is 18.69%, and YTD is 28.52%, and 2024 is 1.96%.

About RA CAPITAL MANAGEMENT, L.P. and 13F Hedge Fund Stock Holdings

RA CAPITAL MANAGEMENT, L.P. is a hedge fund based in Boston, MA. On 2026-02-17, the fund reported it's updated stock portfolio. In the 13F Holdings report, RA CAPITAL MANAGEMENT, L.P. reported an equity portfolio of $9.8 Billions as of 31 Dec, 2025.

The top stock holdings of RA CAPITAL MANAGEMENT, L.P. are ASND, CDTX, RYTM. The fund has invested 22.5% of it's portfolio in ASCENDIS PHARMA A/S - ADR and 7.6% of portfolio in CIDARA THERAPEUTICS INC.

The fund managers got completely rid off 89BIO INC (ETNB), SCHOLAR ROCK HOLDING CORP (SRRK) and STRUCTURE THERAPEUTICS INC stocks. They significantly reduced their stock positions in CLIMB BIO INC (ELYM), ARCELLX INC (ACLX) and BELITE BIO INC - ADR (BLTE). RA CAPITAL MANAGEMENT, L.P. opened new stock positions in BIOCRYST PHARMACEUTICALS INC (BCRX), PRAXIS PRECISION MEDICINES I (PRAX) and OLEMA PHARMACEUTICALS INC (OLMA). The fund showed a lot of confidence in some stocks as they added substantially to JADE BIOSCIENCES INC (AVTE), DESIGN THERAPEUTICS INC (DSGN) and VOR BIOPHARMA INC (VOR).

RA CAPITAL MANAGEMENT, L.P. Annual Return Estimates Vs S&P 500

Our best estimate is that RA CAPITAL MANAGEMENT, L.P. made a return of 18.69% in the last quarter. In trailing 12 months, it's portfolio return was 28.52%.

Performance
S&P 500

New Buys

Ticker	$ Bought
biocryst pharmaceuticals inc	123,452,000
praxis precision medicines i	110,170,000
olema pharmaceuticals inc	65,000,000
evommune inc	59,214,100
spyre therapeutics inc	53,124,300
lexeo therapeutics inc	49,650,000
capricor therapeutics inc	43,516,400
grail inc	36,655,300

New stocks bought by RA CAPITAL MANAGEMENT, L.P.

Additions

Ticker	% Inc.
jade biosciences inc	245
design therapeutics inc	207
vor biopharma inc	172
nuvalent inc-a	50.83
monopar therapeutics inc	30.52
disc medicine inc	25.3
lb pharmaceuticals inc	24.29
4d molecular therapeutics in	23.89

Additions to existing portfolio by RA CAPITAL MANAGEMENT, L.P.

Reductions

Ticker	% Reduced
climb bio inc	-64.05
arcellx inc	-58.27
belite bio inc - adr	-50.57
dianthus therapeutics inc	-43.78
fulcrum therapeutics inc	-40.82
vaxcyte inc	-10.37
newamsterdam pharma co nv	-5.81
sionna therapeutics inc	-5.17

RA CAPITAL MANAGEMENT, L.P. reduced stake in above stock

Sold off

Ticker	$ Sold
89bio inc	-292,378,000
larimar therapeutics inc	-19,526,500
eledon pharmaceuticals inc	-9,236,820
prime medicine inc	-16,620,000
cytomx therapeutics inc	-8,489,650
tango therapeutics inc	-16,800,000
inflarx nv	-2,644,130
structure therapeutics inc	-42,487,700

RA CAPITAL MANAGEMENT, L.P. got rid off the above stocks

Sector Distribution

RA CAPITAL MANAGEMENT, L.P. has about 54.2% of it's holdings in Healthcare sector.

Sector	%
Healthcare	54.2
Others	44
	1.8

Market Cap. Distribution

RA CAPITAL MANAGEMENT, L.P. has about 6.4% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
UNALLOCATED	44
MID-CAP	30.4
SMALL-CAP	16.2
LARGE-CAP	6.4
MICRO-CAP	2.9

Stocks belong to which Index?

About 38.8% of the stocks held by RA CAPITAL MANAGEMENT, L.P. either belong to S&P 500 or RUSSELL 2000 index.

Index	%
Others	61.2
RUSSELL 2000	38.8

Top 5 Winners (%)		%
ELYM	climb bio inc	164.7 %
WVE	wave life sciences ltd	132.2 %
CDTX	cidara therapeutics inc	130.7 %
ADGI	invivyd inc	124.5 %
TYRA	tyra biosciences inc	87.9 %

Top 5 Winners ($)		$
CDTX	cidara therapeutics inc	421.1 M
RNA	avidity biosciences inc	246.8 M
WVE	wave life sciences ltd	176.2 M
TYRA	tyra biosciences inc	150.0 M
ASND	ascendis pharma a/s - adr	148.4 M

Top 5 Losers (%)		%
HOWL	werewolf therapeutics inc	-67.8 %
	lenz therapeutics inc	-65.7 %
VOR	vor biopharma inc	-65.1 %
JANX	janux therapeutics inc	-43.5 %
MNPR	monopar therapeutics inc	-18.1 %

Top 5 Losers ($)		$
VOR	vor biopharma inc	-131.6 M
	lenz therapeutics inc	-127.8 M
JANX	janux therapeutics inc	-119.1 M
ACLX	arcellx inc	-36.4 M
GHRS	gh research plc	-12.3 M

RA CAPITAL MANAGEMENT, L.P. Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of RA CAPITAL MANAGEMENT, L.P.

RA CAPITAL MANAGEMENT, L.P. has 71 stocks in it's portfolio. About 65.6% of the portfolio is in top 10 stocks. VOR proved to be the most loss making stock for the portfolio. CDTX was the most profitable stock for RA CAPITAL MANAGEMENT, L.P. last quarter.

Last Reported on: 17 Feb, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
ABOS	acumen pharmaceuticals inc	0.32	14,932,100	31,506,700	unchanged	0.00

ACET	adicet bio inc	0.08	948,249	7,984,260	new

ACET	adicet bio inc	0.00	0.00	0.00	sold off	-100

ACLX	arcellx inc	0.85	1,267,160	82,618,600	reduced	-58.27

ADGI	invivyd inc	0.43	17,119,100	42,284,200	unchanged	0.00

AGLE	spyre therapeutics inc	0.54	1,621,620	53,124,300	new

ASMB	assembly biosciences inc	0.36	1,020,410	34,704,100	unchanged	0.00

ASND	ascendis pharma a/s - adr	22.46	10,281,500	2,192,430,000	unchanged	0.00

AVTE	jade biosciences inc	0.58	3,671,080	56,644,800	added	245

AVTX	avalo therapeutics inc	0.12	662,968	12,039,500	unchanged	0.00

BCRX	biocryst pharmaceuticals inc	1.26	15,827,200	123,452,000	new

BLTE	belite bio inc - adr	0.71	432,484	69,180,100	reduced	-50.57

BNTC	benitec biopharma inc	0.26	1,850,000	24,919,500	new

CAPR	capricor therapeutics inc	0.45	1,507,840	43,516,400	new

CCCC	c4 therapeutics inc	0.16	8,000,000	15,280,000	new

CDTX	cidara therapeutics inc	7.62	3,365,520	743,410,000	unchanged	0.00

CTMX	cytomx therapeutics inc	0.00	0.00	0.00	sold off	-100

DSGN	design therapeutics inc	0.14	1,461,380	13,707,800	added	207

ELDN	eledon pharmaceuticals inc	0.00	0.00	0.00	sold off	-100

ELYM	climb bio inc	0.80	11,293,800	77,711,200	reduced	-64.05