RTW Investments, LP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), RTW Investments, LP reported 71 stock positions worth $6.6 billion. Its top holding was Madrigal Pharmaceuticals (MDGL) at 9.3% of the portfolio, followed by Argenx SE - ADR (ARGX, 6.3%) and Natera (NTRA, 6.2%). Compared with Q3 2024, it opened 9 new positions, sold out of 5, added to 21 and reduced 16. The biggest buy was a new position in Verona Pharma (VRNA) and the biggest sale an exit from Geron (GERN).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001493215
Portfolio Value
$6.6B (Q4 2024)
SEC Filing
0001493152-25-006608 ↗ filed Feb 14, 2025

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 $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 71 stocks · $6.6B
MDGL Madrigal Pharmaceuticals Inc. 9.30% 1,993,687 $615.2M No change
ARGX Argenx SE - ADR 6.26% 673,497 $414.2M Add +2.9%
NTRA Natera Inc. 6.21% 2,593,323 $410.5M No change
AXSM Axsome Therapeutics Inc. 5.18% 4,051,365 $342.8M Reduce -3.3%
PTCT PTC Therapeutics Inc. 5.05% 7,393,127 $333.7M No change
RNAM Avidity Biosciences Inc. 3.49% 7,932,870 $230.7M Reduce -2.5%
RCKT Rocket Pharmaceuticals Inc. 3.36% 17,687,772 $222.3M No change
ALKS Alkermes PLC 3.29% 7,557,835 $217.4M Add +13.6%
SYK Stryker Corp. 3.21% 590,221 $212.5M Add +48.7%
PTGX Protagonist Therapeutics Inc. 3.21% 5,498,545 $212.2M Add +1.3%
INSM Insmed Inc. 3.15% 3,014,558 $208.1M Reduce -7.9%
PEN Penumbra Inc. 3.10% 862,450 $204.8M Add +8.4%
AKRO Akero Therapeutics Inc. 2.89% 6,859,823 $190.8M Add +15.9%
TARS Tarsus Pharmaceuticals Inc. 2.71% 3,236,549 $179.2M Reduce -5.2%
MRUS Merus NV 2.65% 4,169,393 $175.3M No change
ACAD Acadia Pharmaceuticals Inc. 2.42% 8,705,501 $159.7M Reduce -36.5%
BRKR Bruker Corp. 2.20% 2,481,119 $145.4M Reduce -28.7%
IMCR Immunocore Holdings PLC-ADR 2.17% 4,869,798 $143.7M No change
RDNT Radnet Inc. 2.09% 1,978,582 $138.2M Add +9.4%
CYTK Cytokinetics Inc. 1.94% 2,721,158 $128.0M No change
DYN Dyne Therapeutics Inc. 1.86% 5,218,641 $123.0M Reduce -23.5%
APGE Apogee Therapeutics Inc. 1.86% 2,712,097 $122.9M Add +0.0%
ESTA Establishment Labs Holdings 1.79% 2,569,687 $118.4M Reduce -2.9%
MASI Masimo Corp. 1.71% 683,294 $112.9M Reduce -53.3%
VRNA Verona Pharma Ltd. 1.28% 1,821,019 $84.6M New
SYRE Spyre Therapeutics Inc. 1.28% 3,621,996 $84.3M Add +11.2%
RARE Ultragenyx Pharmaceutical Inc. 1.25% 1,968,002 $82.8M No change
GMED Globus Medical Inc. Class A 1.22% 972,000 $80.4M New
ZLAB Zai Lab Ltd.-ADR 0.99% 2,509,119 $65.7M New
ARVN Arvinas Inc. 0.97% 3,334,308 $63.9M Add +19.8%
CRGX Cargo Therapeutics Inc. 0.90% 4,124,859 $59.5M Add +0.6%
ETNB 89BIO Inc. 0.88% 7,478,061 $58.5M Add +1.4%
STOK Stoke Therapeutics Inc. 0.85% 5,123,525 $56.5M Add +10.1%
XNCR Xencor Inc. 0.83% 2,402,883 $55.2M Add +317.9%
CGON CG Oncology Inc. 0.74% 1,701,216 $48.8M Add +26.6%
IMTX Immatics NV 0.70% 6,540,540 $46.5M Reduce -34.6%
URGN Urogen Pharma Ltd. 0.62% 3,834,794 $40.8M Add +1.3%
ORKA Oruka Therapeutics Inc. 0.57% 1,945,649 $37.7M Add +5.1%
OBIO Orchestra Biomed Holdings Inc. 0.50% 8,206,162 $32.8M Add +0.0%
NGNE Neurogene Inc. 0.47% 1,350,256 $30.9M Add +18.9%
REPL Replimune Group Inc. 0.38% 2,065,010 $25.0M Add +82.1%
LENZ Lenz Therapeutics Inc. 0.38% 863,389 $24.9M No change
GHRS GH Research PLC 0.35% 3,327,129 $23.3M No change
CGEM Cullinan Therapeutics Inc. 0.31% 1,705,960 $20.8M No change
RAPT THERAPEUTICS INC 0.28% 11,764,000 $18.6M New
ROIV Roivant Sciences Ltd. 0.26% 1,454,273 $17.2M No change
SAGE Sage Therapeutics Inc. 0.25% 3,002,370 $16.3M Reduce -46.3%
QURE Uniqure NV 0.24% 903,625 $16.0M Add +8936.3%
TSHA Taysha Gene Therapies Inc. 0.23% 8,672,630 $15.0M Reduce -42.0%
TRML Tourmaline Bio Inc. 0.23% 736,681 $14.9M Reduce -0.7%
DNTH Dianthus Therapeutics Inc. 0.22% 666,667 $14.5M No change
CRVS Corvus Pharmaceuticals Inc. 0.22% 2,679,479 $14.3M New
IMVT Immunovant Inc. 0.20% 530,614 $13.1M New
PEPG Pepgen Inc. 0.18% 3,193,097 $12.1M New
CMPS Compass Pathways PLC 0.18% 3,098,987 $11.7M New
WVE Wave Life Sciences Ltd. 0.17% 900,000 $11.1M No change
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 0.11% 742,500 $7.6M No change
XGN Exagen Inc. 0.09% 1,511,866 $6.2M No change
MIST Milestone Pharmaceuticals Inc. 0.09% 2,506,102 $5.9M Reduce -23.0%
IDYA Ideaya Biosciences Inc. 0.08% 200,000 $5.1M No change
IMUX Immunic Inc. 0.07% 4,567,717 $4.6M No change
BIOA Bioage Labs Inc. 0.07% 786,353 $4.6M No change
CBLL Ceribell Inc. 0.06% 150,000 $3.9M New
GPCR Structure Therapeutics Inc. 0.05% 125,000 $3.4M No change
SLRN Acelyrin Inc. 0.05% 978,310 $3.1M No change
RGNX Regenxbio Inc. 0.04% 350,000 $2.7M No change
EPIX Essa Pharma Inc. 0.03% 1,113,002 $2.0M Reduce -65.9%
ARTV Artiva Biotherapeutics Inc. 0.02% 148,844 $1.5M No change
ALLURION TECHNOLOGIES INC 0.02% 2,947,551 $1.3M Reduce -20.3%
CNTA Centessa Pharmaceuticals Ltd. 0.01% 50,000 $838K No change
ADGM Adagio Medical Holdings Inc. 0.00% 209,361 $220K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $12K (not counted above)
SecurityClassShares / PrincipalValueChange
RCKTW Rocket Pharmaceuticals in-27 *W EXP 09/02/202 350,000$12KNo change

Total filed on the 13F, all lines: $6.6B.

Portfolio Sells Q3 2024 → Q4 2024
GERN Geron Corp. Sold out 0.00% −2.90
RNAM Avidity Biosciences Inc. Reduce -2.5% 3.49% −1.92
DYN Dyne Therapeutics Inc. Reduce -23.5% 1.86% −1.68
BRKR Bruker Corp. Reduce -28.7% 2.20% −1.28
MASI Masimo Corp. Reduce -53.3% 1.71% −1.11
IMTX Immatics NV Reduce -34.6% 0.70% −0.95
GKOS Glaukos Corp. Sold out 0.00% −0.73
ACAD Acadia Pharmaceuticals Inc. Reduce -36.5% 2.42% −0.63
SAGE Sage Therapeutics Inc. Reduce -46.3% 0.25% −0.34
TEM Tempus AI Inc. Class A Sold out 0.00% −0.33
INSM Insmed Inc. Reduce -7.9% 3.15% −0.31
AXSM Axsome Therapeutics Inc. Reduce -3.3% 5.18% −0.26
EPIX Essa Pharma Inc. Reduce -65.9% 0.03% −0.26
TSHA Taysha Gene Therapies Inc. Reduce -42.0% 0.23% −0.21
TXG 10X Genomics Inc. Class A Sold out 0.00% −0.16
TRML Tourmaline Bio Inc. Reduce -0.7% 0.23% −0.05
SABS Sab Biotherapeutics Inc. Sold out 0.00% −0.02
ALLURION TECHNOLOGIES INC Reduce -20.3% 0.02% −0.01
MIST Milestone Pharmaceuticals Inc. Reduce -23.0% 0.09% +0.02
ESTA Establishment Labs Holdings Reduce -2.9% 1.79% +0.13
TARS Tarsus Pharmaceuticals Inc. Reduce -5.2% 2.71% +1.09

Portfolio Buys Q3 2024 → Q4 2024
VRNA Verona Pharma Ltd. New 1.28% +1.28
GMED Globus Medical Inc. Class A New 1.22% +1.22
SYK Stryker Corp. Add +48.7% 3.21% +1.14
ARGX Argenx SE - ADR Add +2.9% 6.26% +1.13
ZLAB Zai Lab Ltd.-ADR New 0.99% +0.99
PEN Penumbra Inc. Add +8.4% 3.10% +0.86
XNCR Xencor Inc. Add +317.9% 0.83% +0.67
ALKS Alkermes PLC Add +13.6% 3.29% +0.59
AKRO Akero Therapeutics Inc. Add +15.9% 2.89% +0.43
RAPT THERAPEUTICS INC New 0.28% +0.28
RDNT Radnet Inc. Add +9.4% 2.09% +0.27
QURE Uniqure NV Add +8936.3% 0.24% +0.24
CRVS Corvus Pharmaceuticals Inc. New 0.22% +0.22
IMVT Immunovant Inc. New 0.20% +0.20
REPL Replimune Group Inc. Add +82.1% 0.38% +0.20
PEPG Pepgen Inc. New 0.18% +0.18
CMPS Compass Pathways PLC New 0.18% +0.18
ETNB 89BIO Inc. Add +1.4% 0.88% +0.09
CBLL Ceribell Inc. New 0.06% +0.06
STOK Stoke Therapeutics Inc. Add +10.1% 0.85% +0.03
CGON CG Oncology Inc. Add +26.6% 0.74% +0.00
ARVN Arvinas Inc. Add +19.8% 0.97% −0.03
URGN Urogen Pharma Ltd. Add +1.3% 0.62% −0.08
ORKA Oruka Therapeutics Inc. Add +5.1% 0.57% −0.09
SYRE Spyre Therapeutics Inc. Add +11.2% 1.28% −0.11
OBIO Orchestra Biomed Holdings Inc. Add +0.0% 0.50% −0.11
CRGX Cargo Therapeutics Inc. Add +0.6% 0.90% −0.19
NGNE Neurogene Inc. Add +18.9% 0.47% −0.22
PTGX Protagonist Therapeutics Inc. Add +1.3% 3.21% −0.32
APGE Apogee Therapeutics Inc. Add +0.0% 1.86% −0.45

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