RTW Investments, LP

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), RTW Investments, LP reported 83 stock positions worth $11.7 billion. Its top holding was Madrigal Pharmaceuticals (MDGL) at 9.1% of the portfolio, followed by Argenx SE - ADR (ARGX, 5.6%) and PTC Therapeutics (PTCT, 5.4%). Compared with Q1 2026, it opened 9 new positions, sold out of 13, added to 26 and reduced 8. The biggest buy was a new position in Kailera Therapeutics (KLRA) and the biggest sale an exit from Apogee Therapeutics (APGE).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001493215
Portfolio Value
$11.7B (Q2 2026)
SEC Filing
0001493215-26-000164 ↗ filed Aug 14, 2026

Holdings Value

0$5.0B$10.0B$15.0B Q1 2024: $6.8B Q1 2024 Q2 2024: $6.5B Q2 2024 Q3 2024: $6.9B Q3 2024 Q4 2024: $6.6B Q4 2024 Q1 2025: $6.5B Q1 2025 Q2 2025: $7.0B Q2 2025 Q3 2025: $8.1B Q3 2025 Q4 2025: $10.0B Q4 2025 Q1 2026: $10.0B Q1 2026 Q2 2026: $11.7B $11.7B Q2 2026

Holdings 83 stocks · $11.7B
MDGL Madrigal Pharmaceuticals Inc. 9.14% 1,993,687 $1.1B No change
ARGX Argenx SE - ADR 5.62% 709,446 $658.2M No change
PTCT PTC Therapeutics Inc. 5.39% 7,746,415 $631.9M No change
PTGX Protagonist Therapeutics Inc. 5.30% 5,061,175 $620.4M Add +0.0%
CGON CG Oncology Inc. 5.16% 8,514,590 $605.0M Add +21.9%
INSM Insmed Inc. 4.41% 4,842,880 $516.3M No change
TNGX Tango Therapeutics Inc. 3.71% 13,900,620 $434.5M Add +4.5%
SYRE Spyre Therapeutics Inc. 3.22% 4,251,996 $377.5M Add +1.9%
CELC Celcuity Inc. 2.95% 3,304,903 $345.8M Add +8.7%
ERAS Erasca Inc. 2.81% 17,946,754 $328.8M Add +11.1%
RDNT Radnet Inc. 2.55% 4,846,958 $298.9M Add +13.1%
ORKA Oruka Therapeutics Inc. 2.55% 3,139,030 $298.7M Add +52.5%
NTRA Natera Inc. 2.32% 1,000,000 $271.4M Reduce -20.0%
RARE Ultragenyx Pharmaceutical Inc. 2.22% 7,796,895 $260.3M Add +113.7%
IRTC Irhythm Holdings Inc. 2.22% 2,182,631 $259.6M Add +30.8%
CYTK Cytokinetics Inc. 2.08% 2,862,003 $243.8M Add +5.2%
KLRA Kailera Therapeutics Inc. 2.03% 10,776,820 $237.4M New
ESTA Establishment Labs Holdings 1.95% 2,655,695 $227.9M No change
GH Guardant Health Inc. 1.90% 1,481,033 $222.2M No change
NBIX Neurocrine Biosciences Inc. 1.82% 1,267,925 $213.7M Add +19.4%
TARS Tarsus Pharmaceuticals Inc. 1.80% 3,357,059 $211.3M Add +0.3%
STOK Stoke Therapeutics Inc. 1.57% 5,623,525 $184.0M No change
QURE Uniqure NV 1.55% 3,941,572 $181.5M Add +52.4%
ACAD Acadia Pharmaceuticals Inc. 1.54% 7,144,524 $180.8M No change
RGEN Repligen Corp. 1.45% 1,240,637 $169.3M Add +2.9%
URGN Urogen Pharma Ltd. 1.43% 4,543,895 $167.2M No change
GHRS GH Research PLC 1.36% 5,933,815 $159.5M No change
IMCR Immunocore Holdings PLC-ADR 1.32% 4,869,798 $154.6M No change
CMPS Compass Pathways PLC 1.29% 10,700,974 $151.4M Add +0.7%
IMTX Immatics NV 1.12% 12,946,176 $131.1M Add +0.6%
ZLAB Zai Lab Ltd.-ADR 1.07% 6,574,032 $124.9M No change
IMVT Immunovant Inc. 1.05% 3,177,849 $122.4M No change
BLTE Belite Bio Inc. - ADR 0.94% 715,332 $110.2M No change
XNCR Xencor Inc. 0.93% 6,777,461 $109.1M No change
TSHA Taysha Gene Therapies Inc. 0.79% 13,560,258 $92.3M Reduce -0.9%
COGT Cogent Biosciences Inc. 0.76% 2,309,021 $89.4M Reduce -57.7%
ALKS Alkermes PLC 0.75% 1,672,356 $87.6M No change
GPCR Structure Therapeutics Inc. 0.74% 1,607,507 $86.3M New
REPL Replimune Group Inc. 0.70% 7,411,581 $82.0M Add +0.7%
CSTL Castle Biosciences Inc. 0.57% 2,778,335 $66.3M Add +0.7%
CADL Candel Therapeutics Inc. 0.56% 6,422,018 $66.1M No change
RCKT Rocket Pharmaceuticals Inc. 0.52% 17,687,772 $60.5M No change
KOD Kodiak Sciences Inc. 0.49% 1,487,934 $58.0M No change
AKTS Aktis Oncology Inc. 0.44% 1,592,043 $51.3M No change
AXGN Axogen Inc. 0.40% 1,011,576 $46.7M New
DHR Danaher Corp. 0.37% 230,000 $43.8M New
CGEM Cullinan Therapeutics Inc. 0.37% 2,364,347 $43.1M Add +38.6%
NGNE Neurogene Inc. 0.37% 1,362,456 $42.8M No change
HNGE Hinge Health Inc. Class A 0.35% 500,000 $41.5M Reduce -74.1%
OBIO Orchestra Biomed Holdings Inc. 0.35% 9,556,063 $41.2M Add +15.1%
SLDB Solid Biosciences Inc. 0.33% 3,892,926 $38.9M New
SVRA Savara Inc. 0.31% 5,952,380 $36.7M No change
AQST Aquestive Therapeutics Inc. 0.26% 7,426,471 $30.9M No change
KYMR Kymera Therapeutics Inc. 0.23% 240,000 $27.5M No change
VSTM Verastem Inc. 0.22% 6,635,793 $25.3M Add +0.9%
DNTH Dianthus Therapeutics Inc. 0.21% 248,063 $24.2M No change
BBNX Beta Bionics Inc. 0.20% 1,500,000 $23.5M Reduce -25.0%
IPSC Century Therapeutics Inc. 0.18% 8,695,652 $21.3M No change
EVMN Evommune Inc. 0.17% 1,502,235 $20.0M No change
BEAM Beam Therapeutics Inc. 0.17% 570,394 $19.6M No change
DFTX Definium Therapeutics Inc. 0.16% 400,000 $18.8M Add +33.3%
IDYA Ideaya Biosciences Inc. 0.12% 370,370 $13.8M New
ATAI Ataibeckley Inc. 0.09% 2,000,000 $10.5M No change
MIST Milestone Pharmaceuticals Inc. 0.09% 7,833,336 $10.5M Add +23.7%
OCGN Ocugen Inc. 0.09% 6,666,666 $10.2M No change
TENX Tenax Therapeutics Inc. 0.09% 696,570 $10.1M Add +88.1%
HTFL Heartflow Inc. 0.07% 295,000 $8.7M Reduce -40.4%
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 0.07% 742,500 $8.1M No change
WVE Wave Life Sciences Ltd. 0.07% 1,350,000 $7.8M No change
LRMR Larimar Therapeutics Inc. 0.07% 2,565,999 $7.8M Add +71.1%
LMRI Lumexa Imaging Holdings Inc. 0.06% 650,000 $7.3M No change
ALLO Allogene Therapeutics Inc. 0.06% 3,250,000 $6.8M New
CBIO Crescent Biopharma Inc. 0.06% 372,856 $6.7M No change
FDMT 4D Molecular Therapeutics Inc. 0.05% 475,737 $6.3M No change
MAZE Maze Therapeutics Inc. 0.05% 212,000 $6.3M New
CAPR Capricor Therapeutics Inc. 0.05% 250,000 $6.0M No change
KLRS Kalaris Therapeutics Inc. 0.05% 1,300,000 $5.3M No change
ABVX Abivax SA-ADR 0.03% 26,400 $3.5M New
AVTX Avalo Therapeutics Inc. 0.03% 175,000 $3.2M Reduce -79.6%
MDLN Medline Inc. Class A 0.02% 70,000 $2.8M No change
IRON Disc Medicine Inc. 0.02% 30,000 $2.2M No change
IMA Imagenebio Inc. 0.02% 334,445 $2.0M No change
XGN Exagen Inc. 0.01% 195,000 $907K Reduce -50.7%
Other holdings (1): bonds, preferreds, convertibles and warrants · $1K (not counted above)
SecurityClassShares / PrincipalValueChange
RCKTW Rocket Pharmaceuticals in-27 *W EXP 09/02/202 350,000$1KNo change

Total filed on the 13F, all lines: $11.7B.

Portfolio Sells Q1 2026 → Q2 2026
APGE Apogee Therapeutics Inc. Sold out 0.00% −2.33
APLS Apellis Pharmaceuticals Inc. Sold out 0.00% −1.48
COGT Cogent Biosciences Inc. Reduce -57.7% 0.76% −1.33
ISRG Intuitive Surgical Inc. Sold out 0.00% −1.01
CNTA Centessa Pharmaceuticals Ltd. Sold out 0.00% −0.81
CRNX Crinetics Pharmaceuticals Inc. Sold out 0.00% −0.52
WAY Waystar Holding Corp. Sold out 0.00% −0.39
HNGE Hinge Health Inc. Class A Reduce -74.1% 0.35% −0.39
ARWR Arrowhead Pharmaceuticals Inc. Sold out 0.00% −0.37
SYK Stryker Corp. Sold out 0.00% −0.33
CMPX Compass Therapeutics Inc. Sold out 0.00% −0.22
FLGT Fulgent Genetics Inc. Sold out 0.00% −0.20
NTRA Natera Inc. Reduce -20.0% 2.32% −0.17
AVTX Avalo Therapeutics Inc. Reduce -79.6% 0.03% −0.10
JBIO Jade Biosciences Inc. Sold out 0.00% −0.08
IVA Inventiva SA - ADR Sold out 0.00% −0.07
HTFL Heartflow Inc. Reduce -40.4% 0.07% −0.05
OMDA Omada Health Inc. Sold out 0.00% −0.03
XGN Exagen Inc. Reduce -50.7% 0.01% −0.00
BBNX Beta Bionics Inc. Reduce -25.0% 0.20% +0.00
TSHA Taysha Gene Therapies Inc. Reduce -0.9% 0.79% +0.18

Portfolio Buys Q1 2026 → Q2 2026
KLRA Kailera Therapeutics Inc. New 2.03% +2.03
ORKA Oruka Therapeutics Inc. Add +52.5% 2.55% +1.55
RARE Ultragenyx Pharmaceutical Inc. Add +113.7% 2.22% +1.46
QURE Uniqure NV Add +52.4% 1.55% +1.13
SYRE Spyre Therapeutics Inc. Add +1.9% 3.22% +1.13
TNGX Tango Therapeutics Inc. Add +4.5% 3.71% +0.94
GPCR Structure Therapeutics Inc. New 0.74% +0.74
CMPS Compass Pathways PLC Add +0.7% 1.29% +0.71
CGON CG Oncology Inc. Add +21.9% 5.16% +0.46
NBIX Neurocrine Biosciences Inc. Add +19.4% 1.82% +0.43
AXGN Axogen Inc. New 0.40% +0.40
DHR Danaher Corp. New 0.37% +0.37
SLDB Solid Biosciences Inc. New 0.33% +0.33
CYTK Cytokinetics Inc. Add +5.2% 2.08% +0.30
IRTC Irhythm Holdings Inc. Add +30.8% 2.22% +0.26
ERAS Erasca Inc. Add +11.1% 2.81% +0.21
RDNT Radnet Inc. Add +13.1% 2.55% +0.17
REPL Replimune Group Inc. Add +0.7% 0.70% +0.14
CGEM Cullinan Therapeutics Inc. Add +38.6% 0.37% +0.13
IDYA Ideaya Biosciences Inc. New 0.12% +0.12
DFTX Definium Therapeutics Inc. Add +33.3% 0.16% +0.10
ALLO Allogene Therapeutics Inc. New 0.06% +0.06
MAZE Maze Therapeutics Inc. New 0.05% +0.05
RGEN Repligen Corp. Add +2.9% 1.45% +0.03
ABVX Abivax SA-ADR New 0.03% +0.03
TENX Tenax Therapeutics Inc. Add +88.1% 0.09% +0.03
MIST Milestone Pharmaceuticals Inc. Add +23.7% 0.09% +0.01
OBIO Orchestra Biomed Holdings Inc. Add +15.1% 0.35% +0.00
LRMR Larimar Therapeutics Inc. Add +71.1% 0.07% −0.00
PTGX Protagonist Therapeutics Inc. Add +0.0% 5.30% −0.01
CSTL Castle Biosciences Inc. Add +0.7% 0.57% −0.11
VSTM Verastem Inc. Add +0.9% 0.22% −0.13
IMTX Immatics NV Add +0.6% 1.12% −0.14
CELC Celcuity Inc. Add +8.7% 2.95% −0.50
TARS Tarsus Pharmaceuticals Inc. Add +0.3% 1.80% −0.53

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 83$11.7BMDGL, ARGX, PTCT, PTGX, CGON
Q1 2026 87$10.0BMDGL, INSM, PTGX, PTCT, ARGX
Q4 2025 90$10.0BMDGL, INSM, PTCT, ARGX, PTGX
Q3 2025 73$8.1BMDGL, ARGX, RNAM, PTCT, INSM
Q2 2025 72$7.0BMDGL, NTRA, PTCT, ARGX, PTGX
Q1 2025 67$6.5BMDGL, ARGX, PTCT, NTRA, AXSM
Q4 2024 71$6.6BMDGL, ARGX, NTRA, AXSM, PTCT
Q3 2024 67$6.9BMDGL, AXSM, RNAM, ARGX, NTRA
Q2 2024 67$6.5BMDGL, RCKT, AXSM, RNAM, ARGX
Q1 2024 68$6.8BRCKT, IMCR, AXSM, RARE, BRKR