Ra Capital Management, L.P.

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Ra Capital Management, L.P. reported 77 stock positions worth $7.6 billion. Its top holding was Ascendis Pharma A/S (ASND) at 18.2% of the portfolio, followed by Vaxcyte (PCVX, 8.2%) and Janux Therapeutics (JANX, 5.1%). Compared with Q1 2024, it opened 11 new positions, sold out of 9, added to 24 and reduced 6. The biggest buy was Climb Bio (CLYM, shares +139%) and the biggest sale an exit from Inhibrx.

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001346824
Portfolio Value
$7.6B (Q2 2024)
SEC Filing
0001104659-24-089629 ↗ filed Aug 14, 2024

Holdings Value

0$5.0B$10.0B$15.0B Q1 2024: $7.9B Q1 2024 Q2 2024: $7.6B $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 77 stocks · $7.6B
ASND Ascendis Pharma A/S 18.24% 10,108,400 $1.4B No change
PCVX Vaxcyte Inc. 8.20% 8,203,754 $619.5M No change
JANX Janux Therapeutics Inc. 5.08% 9,165,652 $383.9M No change
LEGN Legend Biotech Corp.-ADR 4.40% 7,506,934 $332.5M Add +9.4%
RYTM Rhythm Pharmaceuticals Inc. 3.31% 6,084,412 $249.8M Add +14.2%
BIIB Biogen Inc. 3.01% 982,139 $227.7M Add +32.6%
CLYM Climb Bio Inc. filed as ELIEM THERAPEUTICS INC 2.96% 31,419,267 $223.4M Add +138.9%
RXST Rxsight Inc. 2.94% 3,694,825 $222.3M Add +7.3%
RNAM Avidity Biosciences Inc. 2.92% 5,400,408 $220.6M Add +64.5%
DYN Dyne Therapeutics Inc. 2.82% 6,049,204 $213.5M Add +22.1%
GERN Geron Corp. 2.59% 46,202,425 $195.9M No change
PEPG Pepgen Inc. 2.26% 10,689,545 $170.6M No change
TYRA Tyra Biosciences Inc. 2.20% 10,416,609 $166.6M No change
EVH Evolent Health Inc. Class A 2.15% 8,514,862 $162.8M Add +48.4%
EWTX Edgewise Therapeutics Inc. 2.12% 8,909,091 $160.5M No change
NAMS Newamsterdam Pharma Co. NV 2.05% 8,064,000 $154.9M Add +2.5%
RXRX Recursion Pharmaceuticals-A 1.53% 15,384,615 $115.4M New
ETNB 89BIO Inc. 1.50% 14,175,398 $113.5M Add +11.0%
VRNA Verona Pharma Ltd. 1.46% 7,632,646 $110.4M Add +20.8%
DAWN Day One Biopharmaceuticals I 1.44% 7,871,721 $108.5M Add +0.8%
FDMT 4D Molecular Therapeutics Inc. 1.42% 5,098,211 $107.0M Add +0.9%
SPRY Ars Pharmaceuticals Inc. 1.22% 10,860,977 $92.4M No change
WVE Wave Life Sciences Ltd. 1.20% 18,202,009 $90.8M No change
LBPH Longboard Pharmaceuticals Inc. 1.18% 3,289,119 $88.9M No change
ACLX Arcellx Inc. 1.17% 1,604,014 $88.5M New
AXSM Axsome Therapeutics Inc. 1.07% 1,000,000 $80.5M No change
APGE Apogee Therapeutics Inc. 1.02% 1,961,863 $77.2M Reduce -0.8%
GHRS GH Research PLC 1.02% 6,601,689 $77.0M Add +5.6%
GPCR Structure Therapeutics Inc. 0.99% 1,896,772 $74.5M Add +25.6%
LENZ Lenz Therapeutics Inc. 0.96% 4,178,823 $72.3M No change
FULC Fulcrum Therapeutics Inc. 0.95% 11,609,704 $72.0M No change
NKTX Nkarta Inc. 0.84% 10,805,129 $63.9M No change
DNTH Dianthus Therapeutics Inc. 0.80% 2,333,000 $60.4M No change
MLYS Mineralys Therapeutics Inc. 0.75% 4,850,984 $56.8M No change
ITOS Iteos Therapeutics Inc. 0.69% 3,517,259 $52.2M Reduce -20.4%
URGN Urogen Pharma Ltd. 0.68% 3,083,430 $51.7M No change
PRAX Praxis Precision Medicines I 0.68% 1,235,599 $51.1M Add +49.2%
ELVN Enliven Therapeutics Inc. 0.66% 2,122,465 $49.6M No change
ACRV Acrivon Therapeutics Inc. 0.64% 8,340,508 $48.4M Add +73.4%
ATXS Astria Therapeutics Inc. 0.61% 5,043,756 $45.9M Add +14.3%
BCYC Bicycle Therapeutics PLC-ADR 0.60% 2,253,000 $45.6M Add +181.6%
CGON CG Oncology Inc. 0.58% 1,397,433 $44.1M No change
LRMR Larimar Therapeutics Inc. 0.58% 6,045,351 $43.8M No change
ABOS Acumen Pharmaceuticals Inc. 0.48% 14,932,063 $36.1M No change
TRML Tourmaline Bio Inc. 0.43% 2,538,925 $32.7M New
THRD Third Harmonic Bio Inc. 0.35% 2,033,056 $26.4M No change
SLDB Solid Biosciences Inc. 0.32% 4,330,446 $24.6M No change
TSHA Taysha Gene Therapies Inc. 0.32% 10,872,503 $24.4M No change
TNYA Tenaya Therapeutics Inc. 0.31% 7,622,347 $23.6M Add +32.5%
VOR Vor Biopharma Inc. 0.30% 22,748,880 $22.7M No change
CCCC C4 Therapeutics Inc. 0.30% 4,878,000 $22.5M No change
ANRO Alto Neuroscience Inc. 0.29% 2,085,554 $22.3M Add +50.5%
IMTX Immatics NV 0.27% 1,750,000 $20.3M No change
SERA Sera Prognostics Inc. Class A 0.24% 3,032,808 $18.0M Add +49.8%
AEROVATE THERAPEUTICS INC 0.20% 9,192,092 $15.3M Add +11.2%
HOWL Werewolf Therapeutics Inc. 0.20% 6,144,881 $15.0M No change
CRVO Cervomed Inc. 0.19% 817,120 $14.0M Reduce -5.2%
PLRX Pliant Therapeutics Inc. 0.18% 1,281,000 $13.8M No change
NRIX Nurix Therapeutics Inc. 0.18% 650,000 $13.6M New
INSM Insmed Inc. 0.18% 200,000 $13.4M New
ANTX AN2 Therapeutics Inc. 0.16% 5,551,295 $11.9M No change
CYBIN INC 0.16% 44,004,464 $11.9M Reduce -24.3%
ZURA Zura Bio Ltd. 0.15% 3,217,503 $11.3M New
ARVN Arvinas Inc. 0.15% 421,348 $11.2M No change
RGLS Regulus Therapeutics Inc. 0.15% 6,250,000 $11.2M No change
LXEO Lexeo Therapeutics Inc. 0.14% 672,712 $10.8M Add +1.8%
ACET Adicet Bio Inc. 0.12% 7,541,000 $9.1M No change
NUVL Nuvalent Inc. Class A 0.12% 119,789 $9.1M New
MGNX Macrogenics Inc. 0.12% 2,082,021 $8.8M No change
BOLD Boundless Bio Inc. 0.11% 2,180,631 $8.4M No change
CMRX Chimerix Inc. 0.10% 8,800,000 $7.7M No change
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 0.10% 750,000 $7.5M New
MGX Metagenomi Therapeutics Inc. 0.08% 1,477,749 $6.0M Reduce -15.3%
TARA Protara Therapeutic Inc. 0.05% 1,900,000 $4.0M New
SRZN Surrozen Inc. 0.04% 282,580 $3.1M New
UNICYCIVE THERAPEUTICS INC 0.02% 2,632,200 $1.3M Reduce -24.2%
SCLX Scilex Holding Co. 0.01% 261,179 $504K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $2.9M (not counted above)
SecurityClassShares / PrincipalValueChange
NAMSW Newamsterdam Pharma Co. NV-27 *W EXP 99/99/999 333,333$2.9MNo change

Total filed on the 13F, all lines: $7.6B.

Portfolio Sells Q1 2024 → Q2 2024
INHIBRX INC Sold out 0.00% −1.17
MDGL Madrigal Pharmaceuticals Inc. Sold out 0.00% −0.70
APGE Apogee Therapeutics Inc. Reduce -0.8% 1.02% −0.65
CTKB Cytek Biosciences Inc. Sold out 0.00% −0.58
VXRT Vaxart Inc. Sold out 0.00% −0.25
EYPT Eyepoint Inc. Sold out 0.00% −0.25
BDTX Black Diamond Therapeutics I Sold out 0.00% −0.23
MGX Metagenomi Therapeutics Inc. Reduce -15.3% 0.08% −0.15
CYBIN INC Reduce -24.3% 0.16% −0.15
IGMS Igm Biosciences Inc. Sold out 0.00% −0.12
CMPS Compass Pathways PLC Sold out 0.00% −0.08
ITOS Iteos Therapeutics Inc. Reduce -20.4% 0.69% −0.08
CVAC Curevac NV Sold out 0.00% −0.08
CRVO Cervomed Inc. Reduce -5.2% 0.19% −0.07
UNICYCIVE THERAPEUTICS INC Reduce -24.2% 0.02% −0.04

Portfolio Buys Q1 2024 → Q2 2024
CLYM Climb Bio Inc. Add +138.9% 2.96% +2.50
RNAM Avidity Biosciences Inc. Add +64.5% 2.92% +1.85
RXRX Recursion Pharmaceuticals-A New 1.53% +1.53
ACLX Arcellx Inc. New 1.17% +1.17
DYN Dyne Therapeutics Inc. Add +22.1% 2.82% +1.03
BIIB Biogen Inc. Add +32.6% 3.01% +0.98
RXST Rxsight Inc. Add +7.3% 2.94% +0.68
TRML Tourmaline Bio Inc. New 0.43% +0.43
RYTM Rhythm Pharmaceuticals Inc. Add +14.2% 3.31% +0.37
BCYC Bicycle Therapeutics PLC-ADR Add +181.6% 0.60% +0.35
ACRV Acrivon Therapeutics Inc. Add +73.4% 0.64% +0.20
NRIX Nurix Therapeutics Inc. New 0.18% +0.18
INSM Insmed Inc. New 0.18% +0.18
GHRS GH Research PLC Add +5.6% 1.02% +0.17
VRNA Verona Pharma Ltd. Add +20.8% 1.46% +0.17
GPCR Structure Therapeutics Inc. Add +25.6% 0.99% +0.16
ZURA Zura Bio Ltd. New 0.15% +0.15
NUVL Nuvalent Inc. Class A New 0.12% +0.12
FRNM Freenome Inc. New 0.10% +0.10
TARA Protara Therapeutic Inc. New 0.05% +0.05
SRZN Surrozen Inc. New 0.04% +0.04
PRAX Praxis Precision Medicines I Add +49.2% 0.68% +0.03
ANRO Alto Neuroscience Inc. Add +50.5% 0.29% +0.02
LXEO Lexeo Therapeutics Inc. Add +1.8% 0.14% +0.01
SCLX Scilex Holding Co. New 0.01% +0.01
SERA Sera Prognostics Inc. Class A Add +49.8% 0.24% +0.00
TNYA Tenaya Therapeutics Inc. Add +32.5% 0.31% −0.07
ATXS Astria Therapeutics Inc. Add +14.3% 0.61% −0.18
DAWN Day One Biopharmaceuticals I Add +0.8% 1.44% −0.21
EVH Evolent Health Inc. Class A Add +48.4% 2.15% −0.24
NAMS Newamsterdam Pharma Co. NV Add +2.5% 2.05% −0.32
ETNB 89BIO Inc. Add +11.0% 1.50% −0.39
LEGN Legend Biotech Corp.-ADR Add +9.4% 4.40% −0.50
FDMT 4D Molecular Therapeutics Inc. Add +0.9% 1.42% −0.63
AEROVATE THERAPEUTICS INC Add +11.2% 0.20% −2.91

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