RTW Investments, LP

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), RTW Investments, LP reported 67 stock positions worth $6.9 billion. Its top holding was Madrigal Pharmaceuticals (MDGL) at 6.1% of the portfolio, followed by Axsome Therapeutics (AXSM, 5.4%) and Avidity Biosciences (RNAM, 5.4%). Compared with Q2 2024, it opened 11 new positions, sold out of 11, added to 14 and reduced 10. The biggest buy was a new position in Geron (GERN) and the biggest sale an exit from Intuitive Surgical (ISRG).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001493215
Portfolio Value
$6.9B (Q3 2024)
SEC Filing
0001493152-24-045409 ↗ filed Nov 14, 2024

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 $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 Q2 2026

Holdings 67 stocks · $6.9B
MDGL Madrigal Pharmaceuticals Inc. 6.12% 1,993,687 $423.1M Add +4.1%
AXSM Axsome Therapeutics Inc. 5.45% 4,189,557 $376.5M Reduce -9.6%
RNAM Avidity Biosciences Inc. 5.40% 8,132,870 $373.5M Reduce -7.7%
ARGX Argenx SE - ADR 5.13% 654,430 $354.8M No change
NTRA Natera Inc. 4.76% 2,593,323 $329.2M No change
RCKT Rocket Pharmaceuticals Inc. 4.73% 17,687,772 $326.7M No change
PTCT PTC Therapeutics Inc. 3.97% 7,393,127 $274.3M No change
DYN Dyne Therapeutics Inc. 3.54% 6,818,641 $244.9M Add +6.8%
PTGX Protagonist Therapeutics Inc. 3.53% 5,426,112 $244.2M Add +2.6%
BRKR Bruker Corp. 3.48% 3,481,119 $240.4M Add +1.1%
INSM Insmed Inc. 3.46% 3,272,008 $238.9M Reduce -10.1%
ACAD Acadia Pharmaceuticals Inc. 3.05% 13,707,506 $210.8M No change
MRUS Merus NV 3.01% 4,169,393 $208.3M No change
GERN Geron Corp. 2.90% 44,111,916 $200.3M New
MASI Masimo Corp. 2.82% 1,462,400 $195.0M No change
ALKS Alkermes PLC 2.69% 6,654,033 $186.2M Reduce -5.7%
AKRO Akero Therapeutics Inc. 2.46% 5,919,435 $169.8M Add +9.0%
APGE Apogee Therapeutics Inc. 2.31% 2,712,096 $159.3M No change
PEN Penumbra Inc. 2.24% 795,750 $154.6M Add +7.2%
IMCR Immunocore Holdings PLC-ADR 2.19% 4,869,798 $151.6M No change
CYTK Cytokinetics Inc. 2.08% 2,721,158 $143.7M No change
SYK Stryker Corp. 2.07% 396,921 $143.4M New
RDNT Radnet Inc. 1.82% 1,808,604 $125.5M Reduce -2.5%
ESTA Establishment Labs Holdings 1.66% 2,645,703 $114.5M Reduce -1.1%
IMTX Immatics NV 1.65% 10,000,000 $114.1M No change
TARS Tarsus Pharmaceuticals Inc. 1.62% 3,412,486 $112.2M No change
RARE Ultragenyx Pharmaceutical Inc. 1.58% 1,968,002 $109.3M Reduce -39.6%
SYRE Spyre Therapeutics Inc. 1.39% 3,258,360 $95.8M No change
CRGX Cargo Therapeutics Inc. 1.09% 4,098,955 $75.6M Add +0.5%
ARVN Arvinas Inc. 0.99% 2,782,329 $68.5M Reduce -6.3%
STOK Stoke Therapeutics Inc. 0.83% 4,652,285 $57.2M Add +10.1%
ETNB 89BIO Inc. 0.79% 7,378,548 $54.6M No change
CGON CG Oncology Inc. 0.73% 1,344,074 $50.7M No change
GKOS Glaukos Corp. 0.73% 386,291 $50.3M No change
URGN Urogen Pharma Ltd. 0.70% 3,787,347 $48.1M Add +6.5%
NGNE Neurogene Inc. 0.69% 1,135,256 $47.6M Add +6.0%
ORKA Oruka Therapeutics Inc. 0.66% 1,850,648 $45.4M New
OBIO Orchestra Biomed Holdings Inc. 0.61% 8,206,159 $42.2M Add +46.0%
SAGE Sage Therapeutics Inc. 0.58% 5,591,700 $40.4M Add +2.0%
TSHA Taysha Gene Therapies Inc. 0.43% 14,946,420 $30.0M Reduce -20.5%
CGEM Cullinan Therapeutics Inc. 0.41% 1,705,960 $28.6M Add +62.1%
TEM Tempus AI Inc. Class A 0.33% 400,000 $22.6M No change
GHRS GH Research PLC 0.32% 3,327,129 $22.3M No change
LENZ Lenz Therapeutics Inc. 0.30% 863,389 $20.5M No change
EPIX Essa Pharma Inc. 0.29% 3,261,496 $19.8M Add +41.9%
TRML Tourmaline Bio Inc. 0.28% 741,656 $19.1M No change
DNTH Dianthus Therapeutics Inc. 0.26% 666,667 $18.3M No change
ROIV Roivant Sciences Ltd. 0.24% 1,454,273 $16.8M No change
BIOA Bioage Labs Inc. 0.24% 786,353 $16.4M New
REPL Replimune Group Inc. 0.18% 1,133,787 $12.4M No change
XNCR Xencor Inc. 0.17% 575,000 $11.6M New
TXG 10X Genomics Inc. Class A 0.16% 502,856 $11.4M No change
IMUX Immunic Inc. 0.11% 4,567,717 $7.5M No change
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 0.11% 742,500 $7.4M No change
WVE Wave Life Sciences Ltd. 0.11% 900,000 $7.4M New
IDYA Ideaya Biosciences Inc. 0.09% 200,000 $6.3M New
GPCR Structure Therapeutics Inc. 0.08% 125,000 $5.5M No change
MIST Milestone Pharmaceuticals Inc. 0.07% 3,256,102 $4.9M No change
SLRN Acelyrin Inc. 0.07% 978,310 $4.8M No change
XGN Exagen Inc. 0.07% 1,511,866 $4.7M No change
RGNX Regenxbio Inc. 0.05% 350,000 $3.7M No change
ARTV Artiva Biotherapeutics Inc. 0.03% 148,844 $2.3M New
ALLURION TECHNOLOGIES INC 0.03% 3,697,549 $2.3M No change
SABS Sab Biotherapeutics Inc. 0.02% 635,276 $1.7M Reduce -17.2%
CNTA Centessa Pharmaceuticals Ltd. 0.01% 50,000 $800K New
ADGM Adagio Medical Holdings Inc. 0.01% 209,361 $540K New
QURE Uniqure NV 0.00% 10,000 $49K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $23K (not counted above)
SecurityClassShares / PrincipalValueChange
RCKTW Rocket Pharmaceuticals in-27 *W EXP 09/02/202 350,000$23KNo change

Total filed on the 13F, all lines: $6.9B.

Portfolio Sells Q2 2024 → Q3 2024
ISRG Intuitive Surgical Inc. Sold out 0.00% −1.39
VCEL Vericel Corp. Sold out 0.00% −0.57
FULC Fulcrum Therapeutics Inc. Sold out 0.00% −0.56
RARE Ultragenyx Pharmaceutical Inc. Reduce -39.6% 1.58% −0.49
AXSM Axsome Therapeutics Inc. Reduce -9.6% 5.45% −0.33
INSM Insmed Inc. Reduce -10.1% 3.46% −0.32
ARVN Arvinas Inc. Reduce -6.3% 0.99% −0.23
ESTA Establishment Labs Holdings Reduce -1.1% 1.66% −0.23
TSHA Taysha Gene Therapies Inc. Reduce -20.5% 0.43% −0.22
KYTX Kyverna Therapeutics Inc. Sold out 0.00% −0.22
RNAM Avidity Biosciences Inc. Reduce -7.7% 5.40% −0.16
VRDN Viridian Therapeutics Inc. Sold out 0.00% −0.12
ARCA BIOPHARMA INC Sold out 0.00% −0.08
CUTRQ Cutera Inc. Sold out 0.00% −0.03
SGMT Sagimet Biosciences Inc. Class A Sold out 0.00% −0.03
CTMX Cytomx Therapeutics Inc. Sold out 0.00% −0.02
ARYD Arya Sciences Acquisition-A Sold out 0.00% −0.02
ACET Adicet Bio Inc. Sold out 0.00% −0.02
SABS Sab Biotherapeutics Inc. Reduce -17.2% 0.02% −0.01
ALKS Alkermes PLC Reduce -5.7% 2.69% +0.06
RDNT Radnet Inc. Reduce -2.5% 1.82% +0.12

Portfolio Buys Q2 2024 → Q3 2024
GERN Geron Corp. New 2.90% +2.90
SYK Stryker Corp. New 2.07% +2.07
PTGX Protagonist Therapeutics Inc. Add +2.6% 3.53% +0.70
ORKA Oruka Therapeutics Inc. New 0.66% +0.66
AKRO Akero Therapeutics Inc. Add +9.0% 2.46% +0.48
BIOA Bioage Labs Inc. New 0.24% +0.24
PEN Penumbra Inc. Add +7.2% 2.24% +0.17
XNCR Xencor Inc. New 0.17% +0.17
CGEM Cullinan Therapeutics Inc. Add +62.1% 0.41% +0.13
WVE Wave Life Sciences Ltd. New 0.11% +0.11
EPIX Essa Pharma Inc. Add +41.9% 0.29% +0.10
IDYA Ideaya Biosciences Inc. New 0.09% +0.09
NGNE Neurogene Inc. Add +6.0% 0.69% +0.09
BRKR Bruker Corp. Add +1.1% 3.48% +0.08
CRGX Cargo Therapeutics Inc. Add +0.5% 1.09% +0.06
DYN Dyne Therapeutics Inc. Add +6.8% 3.54% +0.05
ARTV Artiva Biotherapeutics Inc. New 0.03% +0.03
CNTA Centessa Pharmaceuticals Ltd. New 0.01% +0.01
ADGM Adagio Medical Holdings Inc. New 0.01% +0.01
QURE Uniqure NV New 0.00% +0.00
STOK Stoke Therapeutics Inc. Add +10.1% 0.83% −0.06
OBIO Orchestra Biomed Holdings Inc. Add +46.0% 0.61% −0.10
URGN Urogen Pharma Ltd. Add +6.5% 0.70% −0.23
SAGE Sage Therapeutics Inc. Add +2.0% 0.58% −0.34
MDGL Madrigal Pharmaceuticals Inc. Add +4.1% 6.12% −2.19

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