Ra Capital Management, L.P.

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Ra Capital Management, L.P. reported 75 stock positions worth $7.9 billion. Its top holding was Ascendis Pharma A/S (ASND) at 19.5% of the portfolio, followed by Vaxcyte (PCVX, 7.1%) and Legend Biotech Corp.-ADR (LEGN, 4.9%). Compared with Q4 2023, it opened 21 new positions, sold out of 7, added to 18 and reduced 5. The biggest buy was a new position in Edgewise Therapeutics (EWTX) and the biggest sale an exit from Immunogen (IMGN).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001346824
Portfolio Value
$7.9B (Q1 2024)
SEC Filing
0001104659-24-062062 ↗ filed May 15, 2024

Holdings Value

0$5.0B$10.0B$15.0B Q1 2024: $7.9B $7.9B Q1 2024 Q2 2024: $7.6B Q2 2024 Q3 2024: $8.7B Q3 2024 Q4 2024: $7.5B Q4 2024 Q1 2025: $6.0B Q1 2025 Q2 2025: $5.9B Q2 2025 Q3 2025: $8.1B Q3 2025 Q4 2025: $9.8B Q4 2025 Q1 2026: $9.4B Q1 2026 Q2 2026: $11.5B Q2 2026

Holdings 75 stocks · $7.9B
ASND Ascendis Pharma A/S 19.45% 10,108,400 $1.5B Add +0.0%
PCVX Vaxcyte Inc. 7.13% 8,203,754 $560.4M Add +4.0%
LEGN Legend Biotech Corp.-ADR 4.90% 6,861,097 $384.8M Add +9.5%
JANX Janux Therapeutics Inc. 4.39% 9,165,652 $345.1M No change
AEROVATE THERAPEUTICS INC 3.11% 8,263,982 $244.4M No change
RYTM Rhythm Pharmaceuticals Inc. 2.94% 5,330,412 $231.0M No change
EVH Evolent Health Inc. Class A 2.39% 5,736,132 $188.1M Add +125.0%
NAMS Newamsterdam Pharma Co. NV 2.37% 7,864,000 $186.0M No change
RXST Rxsight Inc. 2.26% 3,442,825 $177.6M Add +1.1%
TYRA Tyra Biosciences Inc. 2.17% 10,416,609 $170.8M Add +44.0%
EWTX Edgewise Therapeutics Inc. 2.07% 8,909,091 $162.5M New
FDMT 4D Molecular Therapeutics Inc. 2.05% 5,051,511 $160.9M Add +21.3%
BIIB Biogen Inc. 2.03% 740,727 $159.7M Add +39.0%
PEPG Pepgen Inc. 2.00% 10,689,545 $157.1M Add +31.4%
GERN Geron Corp. 1.94% 46,202,425 $152.5M No change
ETNB 89BIO Inc. 1.89% 12,766,948 $148.6M Add +11.8%
DYN Dyne Therapeutics Inc. 1.79% 4,954,779 $140.7M New
APGE Apogee Therapeutics Inc. 1.67% 1,977,901 $131.4M No change
DAWN Day One Biopharmaceuticals I 1.64% 7,809,852 $129.0M No change
NKTX Nkarta Inc. 1.49% 10,805,129 $116.8M Add +38.4%
WVE Wave Life Sciences Ltd. 1.43% 18,202,009 $112.3M No change
SPRY Ars Pharmaceuticals Inc. 1.41% 10,860,977 $111.0M Add +14.8%
FULC Fulcrum Therapeutics Inc. 1.40% 11,609,704 $109.6M No change
VRNA Verona Pharma Ltd. 1.29% 6,317,990 $101.7M No change
LENZ Lenz Therapeutics Inc. 1.19% 4,178,823 $93.3M New
INHIBRX INC 1.17% 2,629,837 $91.9M Reduce -44.3%
RNAM Avidity Biosciences Inc. 1.07% 3,282,180 $83.8M Add +33.7%
AXSM Axsome Therapeutics Inc. 1.02% 1,000,000 $79.8M No change
LBPH Longboard Pharmaceuticals Inc. 0.90% 3,289,119 $71.0M New
DNTH Dianthus Therapeutics Inc. 0.89% 2,333,000 $70.0M New
GHRS GH Research PLC 0.85% 6,251,714 $66.6M Add +11.9%
GPCR Structure Therapeutics Inc. 0.82% 1,510,362 $64.7M Add +210.2%
MLYS Mineralys Therapeutics Inc. 0.80% 4,850,984 $62.6M Add +52.6%
ATXS Astria Therapeutics Inc. 0.79% 4,413,150 $62.1M New
CGON CG Oncology Inc. 0.78% 1,397,433 $61.3M New
ABOS Acumen Pharmaceuticals Inc. 0.77% 14,932,063 $60.5M No change
ITOS Iteos Therapeutics Inc. 0.77% 4,417,259 $60.3M No change
SLDB Solid Biosciences Inc. 0.73% 4,330,446 $57.7M Add +26.4%
MDGL Madrigal Pharmaceuticals Inc. 0.70% 204,500 $54.6M No change
VOR Vor Biopharma Inc. 0.69% 22,748,880 $53.9M No change
PRAX Praxis Precision Medicines I 0.64% 828,380 $50.5M New
URGN Urogen Pharma Ltd. 0.59% 3,083,430 $46.3M No change
LRMR Larimar Therapeutics Inc. 0.58% 6,045,351 $45.9M New
CTKB Cytek Biosciences Inc. 0.58% 6,809,404 $45.7M No change
CCCC C4 Therapeutics Inc. 0.51% 4,878,000 $39.9M No change
HOWL Werewolf Therapeutics Inc. 0.51% 6,144,881 $39.8M No change
ELVN Enliven Therapeutics Inc. 0.48% 2,122,465 $37.3M No change
CLYM Climb Bio Inc. filed as ELIEM THERAPEUTICS INC 0.46% 13,150,849 $36.0M No change
ACRV Acrivon Therapeutics Inc. 0.44% 4,810,508 $34.4M No change
TSHA Taysha Gene Therapies Inc. 0.40% 10,872,503 $31.2M Reduce -41.1%
BOLD Boundless Bio Inc. 0.40% 2,180,631 $31.1M New
MGNX Macrogenics Inc. 0.39% 2,082,021 $30.6M Reduce -48.6%
TNYA Tenaya Therapeutics Inc. 0.38% 5,755,050 $30.1M Add +4.5%
CYBIN INC 0.31% 58,139,535 $24.0M New
ANRO Alto Neuroscience Inc. 0.27% 1,385,491 $21.3M New
CRVO Cervomed Inc. 0.26% 861,573 $20.1M New
VXRT Vaxart Inc. 0.25% 15,384,615 $20.0M New
BCYC Bicycle Therapeutics PLC-ADR 0.25% 800,000 $19.9M No change
EYPT Eyepoint Inc. 0.25% 938,591 $19.4M New
THRD Third Harmonic Bio Inc. 0.24% 2,033,056 $19.2M No change
PLRX Pliant Therapeutics Inc. 0.24% 1,281,000 $19.1M No change
SERA Sera Prognostics Inc. Class A 0.23% 2,024,221 $18.4M New
MGX Metagenomi Therapeutics Inc. 0.23% 1,744,415 $18.4M New
IMTX Immatics NV 0.23% 1,750,000 $18.4M New
ANTX AN2 Therapeutics Inc. 0.23% 5,551,295 $18.0M No change
RGLS Regulus Therapeutics Inc. 0.23% 6,250,000 $18.0M New
BDTX Black Diamond Therapeutics I 0.23% 3,525,754 $17.9M No change
ACET Adicet Bio Inc. 0.23% 7,541,000 $17.7M New
ARVN Arvinas Inc. 0.22% 421,348 $17.4M No change
LXEO Lexeo Therapeutics Inc. 0.13% 660,938 $10.4M New
CMRX Chimerix Inc. 0.12% 8,800,000 $9.3M No change
IGMS Igm Biosciences Inc. 0.12% 937,500 $9.0M No change
CMPS Compass Pathways PLC 0.08% 791,359 $6.6M Reduce -38.5%
CVAC Curevac NV 0.08% 1,965,707 $6.0M Reduce -28.4%
UNICYCIVE THERAPEUTICS INC 0.06% 3,470,688 $4.8M No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $3.7M (not counted above)
SecurityClassShares / PrincipalValueChange
NAMSW Newamsterdam Pharma Co. NV-27 *W EXP 99/99/999 333,333$3.7MNo change

Total filed on the 13F, all lines: $7.9B.

Portfolio Sells Q4 2023 → Q1 2024
IMGN Immunogen Inc. Sold out 0.00% −11.00
CBAY Cymabay Therapeutics Inc. Sold out 0.00% −2.56
INHIBRX INC Reduce -44.3% 1.17% −1.63
ICVX Icosavax Inc. Sold out 0.00% −1.47
ALPN Alpine Immune Sciences Inc. Sold out 0.00% −1.46
HARP Harpoon Therapeutics Inc. Sold out 0.00% −0.27
MGNX Macrogenics Inc. Reduce -48.6% 0.39% −0.22
TSHA Taysha Gene Therapies Inc. Reduce -41.1% 0.40% −0.11
CVAC Curevac NV Reduce -28.4% 0.08% −0.10
CMPS Compass Pathways PLC Reduce -38.5% 0.08% −0.09
CNTB Connect Biopharma Hldgs Ltd. Sold out 0.00% −0.06
SABS Sab Biotherapeutics Inc. Sold out 0.00% −0.03

Portfolio Buys Q4 2023 → Q1 2024
EWTX Edgewise Therapeutics Inc. New 2.07% +2.07
DYN Dyne Therapeutics Inc. New 1.79% +1.79
LENZ Lenz Therapeutics Inc. New 1.19% +1.19
PEPG Pepgen Inc. Add +31.4% 2.00% +1.14
EVH Evolent Health Inc. Class A Add +125.0% 2.39% +1.08
LBPH Longboard Pharmaceuticals Inc. New 0.90% +0.90
DNTH Dianthus Therapeutics Inc. New 0.89% +0.89
ATXS Astria Therapeutics Inc. New 0.79% +0.79
CGON CG Oncology Inc. New 0.78% +0.78
FDMT 4D Molecular Therapeutics Inc. Add +21.3% 2.05% +0.73
RNAM Avidity Biosciences Inc. Add +33.7% 1.07% +0.72
NKTX Nkarta Inc. Add +38.4% 1.49% +0.68
PRAX Praxis Precision Medicines I New 0.64% +0.64
TYRA Tyra Biosciences Inc. Add +44.0% 2.17% +0.61
SPRY Ars Pharmaceuticals Inc. Add +14.8% 1.41% +0.60
LRMR Larimar Therapeutics Inc. New 0.58% +0.58
GPCR Structure Therapeutics Inc. Add +210.2% 0.82% +0.51
SLDB Solid Biosciences Inc. Add +26.4% 0.73% +0.41
BOLD Boundless Bio Inc. New 0.40% +0.40
MLYS Mineralys Therapeutics Inc. Add +52.6% 0.80% +0.37
GHRS GH Research PLC Add +11.9% 0.85% +0.34
CYBIN INC New 0.31% +0.31
ANRO Alto Neuroscience Inc. New 0.27% +0.27
CRVO Cervomed Inc. New 0.26% +0.26
VXRT Vaxart Inc. New 0.25% +0.25
EYPT Eyepoint Inc. New 0.25% +0.25
SERA Sera Prognostics Inc. Class A New 0.23% +0.23
MGX Metagenomi Therapeutics Inc. New 0.23% +0.23
IMTX Immatics NV New 0.23% +0.23
RGLS Regulus Therapeutics Inc. New 0.23% +0.23
ACET Adicet Bio Inc. New 0.23% +0.23
LXEO Lexeo Therapeutics Inc. New 0.13% +0.13
RXST Rxsight Inc. Add +1.1% 2.26% +0.12
TNYA Tenaya Therapeutics Inc. Add +4.5% 0.38% +0.10
ETNB 89BIO Inc. Add +11.8% 1.89% −0.10
BIIB Biogen Inc. Add +39.0% 2.03% −0.12
ASND Ascendis Pharma A/S Add +0.0% 19.45% −0.44
PCVX Vaxcyte Inc. Add +4.0% 7.13% −0.61
LEGN Legend Biotech Corp.-ADR Add +9.5% 4.90% −0.99

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 83$11.5BASND, PBLS, RYTM, PCVX, SION
Q1 2026 84$9.4BASND, PCVX, RYTM, TYRA, SION
Q4 2025 70$9.8BASND, CDTX, RYTM, RNAM, PCVX
Q3 2025 66$8.1BASND, RYTM, PCVX, RNAM, CDTX
Q2 2025 62$5.9BASND, PCVX, RYTM, JANX, RNAM
Q1 2025 84$6.0BASND, PCVX, RYTM, JANX, NAMS
Q4 2024 88$7.5BASND, PCVX, JANX, RYTM, LEGN
Q3 2024 80$8.7BASND, PCVX, JANX, LEGN, RYTM
Q2 2024 77$7.6BASND, PCVX, JANX, LEGN, RYTM
Q1 2024Amended 75$7.9BASND, PCVX, LEGN, JANX, AEROVATE THERAPEUTICS INC