RTW Investments, LP

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), RTW Investments, LP reported 67 stock positions worth $6.5 billion. Its top holding was Madrigal Pharmaceuticals (MDGL) at 10.1% of the portfolio, followed by Argenx SE - ADR (ARGX, 6.1%) and PTC Therapeutics (PTCT, 5.8%). Compared with Q4 2024, it opened 10 new positions, sold out of 14, added to 18 and reduced 7. The biggest buy was Akero Therapeutics (AKRO, shares +8%) and the biggest sale an exit from Bruker (BRKR).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001493215
Portfolio Value
$6.5B (Q1 2025)
SEC Filing
0001493215-25-000003 ↗ filed May 15, 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 Q4 2024 Q1 2025: $6.5B $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 · $6.5B
MDGL Madrigal Pharmaceuticals Inc. 10.10% 1,993,687 $660.4M No change
ARGX Argenx SE - ADR 6.10% 673,497 $398.6M No change
PTCT PTC Therapeutics Inc. 5.83% 7,483,127 $381.3M Add +1.2%
NTRA Natera Inc. 5.61% 2,593,546 $366.8M Add +0.0%
AXSM Axsome Therapeutics Inc. 5.21% 2,922,729 $340.9M Reduce -27.9%
AKRO Akero Therapeutics Inc. 4.59% 7,419,340 $300.3M Add +8.2%
PTGX Protagonist Therapeutics Inc. 4.23% 5,719,415 $276.6M Add +4.0%
RNAM Avidity Biosciences Inc. 3.95% 8,746,926 $258.2M Add +10.3%
PEN Penumbra Inc. 3.53% 862,770 $230.7M Add +0.0%
INSM Insmed Inc. 3.52% 3,014,558 $230.0M No change
ALKS Alkermes PLC 3.48% 6,884,698 $227.3M Reduce -8.9%
SYK Stryker Corp. 3.36% 590,221 $219.7M No change
VRNA Verona Pharma Ltd. 2.77% 2,848,800 $180.9M Add +56.4%
MRUS Merus NV 2.68% 4,169,393 $175.5M No change
TARS Tarsus Pharmaceuticals Inc. 2.61% 3,316,032 $170.3M Add +2.5%
IMCR Immunocore Holdings PLC-ADR 2.21% 4,869,798 $144.5M No change
ACAD Acadia Pharmaceuticals Inc. 2.17% 8,540,117 $141.9M Reduce -1.9%
RCKT Rocket Pharmaceuticals Inc. 1.80% 17,687,772 $118.0M No change
RDNT Radnet Inc. 1.76% 2,317,582 $115.2M Add +17.1%
MASI Masimo Corp. 1.74% 683,294 $113.8M No change
ZLAB Zai Lab Ltd.-ADR 1.73% 3,136,680 $113.4M Add +25.0%
CYTK Cytokinetics Inc. 1.67% 2,721,158 $109.4M No change
ESTA Establishment Labs Holdings 1.61% 2,583,887 $105.4M Add +0.6%
APGE Apogee Therapeutics Inc. 1.55% 2,712,097 $101.3M No change
ISRG Intuitive Surgical Inc. 1.53% 202,456 $100.3M New
GMED Globus Medical Inc. Class A 1.26% 1,125,000 $82.3M Add +15.7%
RARE Ultragenyx Pharmaceutical Inc. 0.95% 1,707,402 $61.8M Reduce -13.2%
GHRS GH Research PLC 0.93% 5,499,769 $60.7M Add +65.3%
SYRE Spyre Therapeutics Inc. 0.89% 3,621,996 $58.4M No change
QURE Uniqure NV 0.69% 4,265,428 $45.2M Add +372.0%
URGN Urogen Pharma Ltd. 0.65% 3,834,794 $42.4M No change
GEHC GE Healthcare Technology 0.64% 520,000 $42.0M New
CGON CG Oncology Inc. 0.64% 1,701,216 $41.7M No change
BBNX Beta Bionics Inc. 0.62% 3,299,870 $40.4M New
OBIO Orchestra Biomed Holdings Inc. 0.54% 8,206,162 $35.1M No change
STOK Stoke Therapeutics Inc. 0.52% 5,123,525 $34.1M No change
IMTX Immatics NV 0.48% 6,909,510 $31.2M Add +5.6%
TSHA Taysha Gene Therapies Inc. 0.40% 18,787,866 $26.1M Add +116.6%
VSTM Verastem Inc. 0.39% 4,245,476 $25.6M New
XNCR Xencor Inc. 0.39% 2,402,883 $25.6M No change
ARVN Arvinas Inc. 0.36% 3,334,308 $23.4M No change
LENZ Lenz Therapeutics Inc. 0.34% 863,389 $22.2M No change
REPL Replimune Group Inc. 0.31% 2,065,010 $20.1M No change
ORKA Oruka Therapeutics Inc. 0.31% 1,945,649 $20.0M No change
TEM Tempus AI Inc. Class A 0.30% 400,000 $19.3M New
GKOS Glaukos Corp. 0.29% 190,000 $18.7M New
DYN Dyne Therapeutics Inc. 0.27% 1,690,567 $17.7M Reduce -67.6%
CRGX Cargo Therapeutics Inc. 0.26% 4,124,859 $16.8M No change
DGX Quest Diagnostics Inc. 0.26% 98,997 $16.8M New
CMPS Compass Pathways PLC 0.24% 5,538,168 $15.8M Add +78.7%
NGNE Neurogene Inc. 0.24% 1,348,656 $15.8M Reduce -0.1%
RAPT THERAPEUTICS INC 0.22% 11,764,000 $14.4M No change
ETNB 89BIO Inc. 0.22% 1,967,527 $14.3M Reduce -73.7%
CGEM Cullinan Therapeutics Inc. 0.20% 1,705,960 $12.9M No change
BEAM Beam Therapeutics Inc. 0.13% 438,659 $8.6M New
CRVS Corvus Pharmaceuticals Inc. 0.13% 2,679,479 $8.5M No change
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 0.12% 742,500 $7.6M No change
WVE Wave Life Sciences Ltd. 0.11% 900,000 $7.3M No change
XGN Exagen Inc. 0.08% 1,511,866 $5.4M No change
KMTS Kestra Medical Technologies 0.08% 200,000 $5.0M New
ALLURION TECHNOLOGIES INC 0.05% 1,050,063 $3.4M Add +790.6%
BIOA Bioage Labs Inc. 0.05% 786,353 $3.0M No change
CBLL Ceribell Inc. 0.04% 150,000 $2.9M No change
TENX Tenax Therapeutics Inc. 0.04% 378,346 $2.5M New
MIST Milestone Pharmaceuticals Inc. 0.03% 2,506,102 $2.0M No change
CNTA Centessa Pharmaceuticals Ltd. 0.01% 50,000 $719K No change
ADGM Adagio Medical Holdings Inc. 0.00% 209,361 $169K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $16K (not counted above)
SecurityClassShares / PrincipalValueChange
RCKTW Rocket Pharmaceuticals in-27 *W EXP 09/02/202 350,000$16KNo change

Total filed on the 13F, all lines: $6.5B.

Portfolio Sells Q4 2024 → Q1 2025
BRKR Bruker Corp. Sold out 0.00% −2.20
DYN Dyne Therapeutics Inc. Reduce -67.6% 0.27% −1.59
ETNB 89BIO Inc. Reduce -73.7% 0.22% −0.67
RARE Ultragenyx Pharmaceutical Inc. Reduce -13.2% 0.95% −0.31
ROIV Roivant Sciences Ltd. Sold out 0.00% −0.26
SAGE Sage Therapeutics Inc. Sold out 0.00% −0.25
ACAD Acadia Pharmaceuticals Inc. Reduce -1.9% 2.17% −0.25
TRML Tourmaline Bio Inc. Sold out 0.00% −0.23
NGNE Neurogene Inc. Reduce -0.1% 0.24% −0.23
DNTH Dianthus Therapeutics Inc. Sold out 0.00% −0.22
IMVT Immunovant Inc. Sold out 0.00% −0.20
PEPG Pepgen Inc. Sold out 0.00% −0.18
IDYA Ideaya Biosciences Inc. Sold out 0.00% −0.08
IMUX Immunic Inc. Sold out 0.00% −0.07
GPCR Structure Therapeutics Inc. Sold out 0.00% −0.05
SLRN Acelyrin Inc. Sold out 0.00% −0.05
RGNX Regenxbio Inc. Sold out 0.00% −0.04
EPIX Essa Pharma Inc. Sold out 0.00% −0.03
ARTV Artiva Biotherapeutics Inc. Sold out 0.00% −0.02
AXSM Axsome Therapeutics Inc. Reduce -27.9% 5.21% +0.03
ALKS Alkermes PLC Reduce -8.9% 3.48% +0.19

Portfolio Buys Q4 2024 → Q1 2025
AKRO Akero Therapeutics Inc. Add +8.2% 4.59% +1.71
ISRG Intuitive Surgical Inc. New 1.53% +1.53
VRNA Verona Pharma Ltd. Add +56.4% 2.77% +1.49
PTGX Protagonist Therapeutics Inc. Add +4.0% 4.23% +1.02
PTCT PTC Therapeutics Inc. Add +1.2% 5.83% +0.79
ZLAB Zai Lab Ltd.-ADR Add +25.0% 1.73% +0.74
GEHC GE Healthcare Technology New 0.64% +0.64
BBNX Beta Bionics Inc. New 0.62% +0.62
GHRS GH Research PLC Add +65.3% 0.93% +0.58
RNAM Avidity Biosciences Inc. Add +10.3% 3.95% +0.46
QURE Uniqure NV Add +372.0% 0.69% +0.45
PEN Penumbra Inc. Add +0.0% 3.53% +0.43
VSTM Verastem Inc. New 0.39% +0.39
TEM Tempus AI Inc. Class A New 0.30% +0.30
GKOS Glaukos Corp. New 0.29% +0.29
DGX Quest Diagnostics Inc. New 0.26% +0.26
TSHA Taysha Gene Therapies Inc. Add +116.6% 0.40% +0.17
BEAM Beam Therapeutics Inc. New 0.13% +0.13
KMTS Kestra Medical Technologies New 0.08% +0.08
CMPS Compass Pathways PLC Add +78.7% 0.24% +0.07
GMED Globus Medical Inc. Class A Add +15.7% 1.26% +0.04
TENX Tenax Therapeutics Inc. New 0.04% +0.04
ALLURION TECHNOLOGIES INC Add +790.6% 0.05% +0.03
TARS Tarsus Pharmaceuticals Inc. Add +2.5% 2.61% −0.10
ESTA Establishment Labs Holdings Add +0.6% 1.61% −0.18
IMTX Immatics NV Add +5.6% 0.48% −0.23
RDNT Radnet Inc. Add +17.1% 1.76% −0.33
NTRA Natera Inc. Add +0.0% 5.61% −0.60

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