Ra Capital Management, L.P.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Ra Capital Management, L.P. reported 80 stock positions worth $8.7 billion. Its top holding was Ascendis Pharma A/S (ASND) at 16.7% of the portfolio, followed by Vaxcyte (PCVX, 11.5%) and Janux Therapeutics (JANX, 4.8%). Compared with Q2 2024, it opened 9 new positions, sold out of 6, added to 9 and reduced 14. The biggest buy was Vaxcyte (PCVX, shares +6%) and the biggest sale Ascendis Pharma A/S (ASND, shares −4%).

Most Recent 13F
Q2 2026
Location
BOSTON, MA
CIK
0001346824
Portfolio Value
$8.7B (Q3 2024)
SEC Filing
0001104659-24-119034 ↗ filed Nov 14, 2024

Holdings Value

0$5.0B$10.0B$15.0B Q1 2024: $7.9B Q1 2024 Q2 2024: $7.6B Q2 2024 Q3 2024: $8.7B $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 80 stocks · $8.7B
ASND Ascendis Pharma A/S 16.72% 9,710,428 $1.4B Reduce -3.9%
PCVX Vaxcyte Inc. 11.45% 8,689,190 $992.9M Add +5.9%
JANX Janux Therapeutics Inc. 4.80% 9,165,652 $416.4M No change
LEGN Legend Biotech Corp.-ADR 4.22% 7,506,934 $365.8M No change
RYTM Rhythm Pharmaceuticals Inc. 3.68% 6,084,412 $318.8M No change
RNAM Avidity Biosciences Inc. 3.34% 6,300,408 $289.4M Add +16.7%
TYRA Tyra Biosciences Inc. 2.82% 10,416,609 $244.9M No change
EVH Evolent Health Inc. Class A 2.78% 8,514,862 $240.8M No change
EWTX Edgewise Therapeutics Inc. 2.74% 8,909,091 $237.8M No change
BIIB Biogen Inc. 2.65% 1,184,456 $229.6M Add +20.6%
DYN Dyne Therapeutics Inc. 2.64% 6,381,144 $229.2M Add +5.5%
RXST Rxsight Inc. 2.23% 3,916,825 $193.6M Add +6.0%
BCAX Bicara Therapeutics Inc. 2.04% 6,955,993 $177.2M New
CLYM Climb Bio Inc. filed as ELIEM THERAPEUTICS INC 1.84% 31,419,267 $159.9M No change
SPRY Ars Pharmaceuticals Inc. 1.82% 10,860,977 $157.5M No change
ACLX Arcellx Inc. 1.78% 1,851,479 $154.6M Add +15.4%
ARTV Artiva Biotherapeutics Inc. 1.76% 9,853,302 $152.2M New
WVE Wave Life Sciences Ltd. 1.72% 18,202,009 $149.3M No change
GERN Geron Corp. 1.69% 32,285,755 $146.6M Reduce -30.1%
VRNA Verona Pharma Ltd. 1.66% 5,009,653 $144.1M Reduce -34.4%
NAMS Newamsterdam Pharma Co. NV 1.54% 8,064,000 $133.9M No change
APGE Apogee Therapeutics Inc. 1.33% 1,961,863 $115.2M No change
DAWN Day One Biopharmaceuticals I 1.26% 7,871,721 $109.7M No change
ETNB 89BIO Inc. 1.21% 14,175,398 $104.9M No change
RXRX Recursion Pharmaceuticals-A 1.17% 15,384,615 $101.4M No change
LENZ Lenz Therapeutics Inc. 1.14% 4,178,823 $99.2M No change
PEPG Pepgen Inc. 1.05% 10,689,545 $91.4M No change
AXSM Axsome Therapeutics Inc. 1.04% 1,000,000 $89.9M No change
GPCR Structure Therapeutics Inc. 0.96% 1,896,772 $83.2M No change
TRML Tourmaline Bio Inc. 0.75% 2,538,925 $65.3M No change
DNTH Dianthus Therapeutics Inc. 0.74% 2,333,000 $63.9M No change
MLYS Mineralys Therapeutics Inc. 0.68% 4,850,984 $58.7M No change
ACRV Acrivon Therapeutics Inc. 0.67% 8,340,508 $58.4M No change
ATXS Astria Therapeutics Inc. 0.65% 5,105,213 $56.2M Add +1.2%
FDMT 4D Molecular Therapeutics Inc. 0.64% 5,098,211 $55.1M No change
CGON CG Oncology Inc. 0.61% 1,397,433 $52.7M No change
BCYC Bicycle Therapeutics PLC-ADR 0.59% 2,253,000 $51.0M No change
NKTX Nkarta Inc. 0.56% 10,805,129 $48.8M No change
BIOA Bioage Labs Inc. 0.53% 2,210,589 $46.0M New
GHRS GH Research PLC 0.52% 6,686,689 $44.7M Add +1.3%
PRAX Praxis Precision Medicines I 0.51% 761,955 $43.8M Reduce -38.3%
IDYA Ideaya Biosciences Inc. 0.49% 1,347,252 $42.7M New
LRMR Larimar Therapeutics Inc. 0.46% 6,045,351 $39.6M No change
MBX MBX Biosciences Inc. 0.45% 1,511,334 $39.3M New
ABOS Acumen Pharmaceuticals Inc. 0.43% 14,932,063 $37.0M No change
FULC Fulcrum Therapeutics Inc. 0.42% 10,229,099 $36.5M Reduce -11.9%
ITOS Iteos Therapeutics Inc. 0.38% 3,184,711 $32.5M Reduce -9.4%
SLDB Solid Biosciences Inc. 0.35% 4,330,446 $30.2M No change
CCCC C4 Therapeutics Inc. 0.32% 4,878,000 $27.8M No change
ELVN Enliven Therapeutics Inc. 0.31% 1,061,233 $27.1M Reduce -50.0%
ANRO Alto Neuroscience Inc. 0.27% 2,075,154 $23.7M Reduce -0.5%
SERA Sera Prognostics Inc. Class A 0.27% 3,032,808 $23.7M No change
TSHA Taysha Gene Therapies Inc. 0.25% 10,872,503 $21.9M No change
IMTX Immatics NV 0.23% 1,750,000 $20.0M No change
AEROVATE THERAPEUTICS INC 0.22% 9,192,092 $19.2M No change
NUVL Nuvalent Inc. Class A 0.21% 176,281 $18.0M Add +47.2%
THRD Third Harmonic Bio Inc. 0.20% 1,280,826 $17.4M Reduce -37.0%
VOR Vor Biopharma Inc. 0.18% 22,748,880 $15.9M No change
INSM Insmed Inc. 0.17% 200,000 $14.6M No change
PLRX Pliant Therapeutics Inc. 0.17% 1,281,000 $14.4M No change
TNYA Tenaya Therapeutics Inc. 0.16% 6,982,587 $13.5M Reduce -8.4%
ZURA Zura Bio Ltd. 0.15% 3,217,503 $13.1M No change
HOWL Werewolf Therapeutics Inc. 0.15% 6,144,881 $13.0M No change
CRVO Cervomed Inc. 0.14% 817,120 $11.9M No change
XNCR Xencor Inc. 0.13% 575,000 $11.6M New
ACET Adicet Bio Inc. 0.13% 7,541,000 $10.9M No change
ARVN Arvinas Inc. 0.12% 421,348 $10.4M No change
AVTX Avalo Therapeutics Inc. 0.11% 967,000 $9.2M New
CMRX Chimerix Inc. 0.09% 8,800,000 $8.2M No change
BOLD Boundless Bio Inc. 0.09% 2,180,631 $7.6M No change
CDTX Cidara Therapeutics Inc. 0.09% 703,080 $7.6M New
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 0.09% 750,000 $7.5M No change
LXEO Lexeo Therapeutics Inc. 0.06% 546,554 $4.9M Reduce -18.8%
TARA Protara Therapeutic Inc. 0.04% 1,900,000 $3.5M No change
ADGM Adagio Medical Holdings Inc. 0.04% 1,333,926 $3.4M New
SRZN Surrozen Inc. 0.04% 282,580 $3.4M No change
MGX Metagenomi Therapeutics Inc. 0.03% 1,305,239 $2.8M Reduce -11.7%
ANTX AN2 Therapeutics Inc. 0.02% 1,999,997 $2.1M Reduce -64.0%
RGLS Regulus Therapeutics Inc. 0.01% 766,834 $1.2M Reduce -87.7%
SCLX Scilex Holding Co. 0.00% 261,179 $241K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $2.3M (not counted above)
SecurityClassShares / PrincipalValueChange
NAMSW Newamsterdam Pharma Co. NV-27 *W EXP 99/99/999 333,333$2.3MNo change

Total filed on the 13F, all lines: $8.7B.

Portfolio Sells Q2 2024 → Q3 2024
ASND Ascendis Pharma A/S Reduce -3.9% 16.72% −1.52
LBPH Longboard Pharmaceuticals Inc. Sold out 0.00% −1.18
GERN Geron Corp. Reduce -30.1% 1.69% −0.90
URGN Urogen Pharma Ltd. Sold out 0.00% −0.68
FULC Fulcrum Therapeutics Inc. Reduce -11.9% 0.42% −0.53
ELVN Enliven Therapeutics Inc. Reduce -50.0% 0.31% −0.34
ITOS Iteos Therapeutics Inc. Reduce -9.4% 0.38% −0.32
NRIX Nurix Therapeutics Inc. Sold out 0.00% −0.18
PRAX Praxis Precision Medicines I Reduce -38.3% 0.51% −0.17
CYBIN INC Sold out 0.00% −0.16
TNYA Tenaya Therapeutics Inc. Reduce -8.4% 0.16% −0.16
THRD Third Harmonic Bio Inc. Reduce -37.0% 0.20% −0.15
RGLS Regulus Therapeutics Inc. Reduce -87.7% 0.01% −0.13
ANTX AN2 Therapeutics Inc. Reduce -64.0% 0.02% −0.13
MGNX Macrogenics Inc. Sold out 0.00% −0.12
LXEO Lexeo Therapeutics Inc. Reduce -18.8% 0.06% −0.09
MGX Metagenomi Therapeutics Inc. Reduce -11.7% 0.03% −0.05
ANRO Alto Neuroscience Inc. Reduce -0.5% 0.27% −0.02
UNICYCIVE THERAPEUTICS INC Sold out 0.00% −0.02
VRNA Verona Pharma Ltd. Reduce -34.4% 1.66% +0.20

Portfolio Buys Q2 2024 → Q3 2024
PCVX Vaxcyte Inc. Add +5.9% 11.45% +3.25
BCAX Bicara Therapeutics Inc. New 2.04% +2.04
ARTV Artiva Biotherapeutics Inc. New 1.76% +1.76
ACLX Arcellx Inc. Add +15.4% 1.78% +0.61
BIOA Bioage Labs Inc. New 0.53% +0.53
IDYA Ideaya Biosciences Inc. New 0.49% +0.49
MBX MBX Biosciences Inc. New 0.45% +0.45
RNAM Avidity Biosciences Inc. Add +16.7% 3.34% +0.42
XNCR Xencor Inc. New 0.13% +0.13
AVTX Avalo Therapeutics Inc. New 0.11% +0.11
NUVL Nuvalent Inc. Class A Add +47.2% 0.21% +0.09
CDTX Cidara Therapeutics Inc. New 0.09% +0.09
ATXS Astria Therapeutics Inc. Add +1.2% 0.65% +0.04
ADGM Adagio Medical Holdings Inc. New 0.04% +0.04
DYN Dyne Therapeutics Inc. Add +5.5% 2.64% −0.18
BIIB Biogen Inc. Add +20.6% 2.65% −0.36
GHRS GH Research PLC Add +1.3% 0.52% −0.50
RXST Rxsight Inc. Add +6.0% 2.23% −0.71

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