RTW Investments, LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), RTW Investments, LP reported 72 stock positions worth $7.0 billion. Its top holding was Madrigal Pharmaceuticals (MDGL) at 8.6% of the portfolio, followed by Natera (NTRA, 6.2%) and PTC Therapeutics (PTCT, 5.4%). Compared with Q1 2025, it opened 11 new positions, sold out of 6, added to 26 and reduced 7. The biggest buy was a new position in Neurocrine Biosciences (NBIX) and the biggest sale Axsome Therapeutics (AXSM, shares −48%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001493215
Portfolio Value
$7.0B (Q2 2025)
SEC Filing
0001493215-25-000007 ↗ filed Aug 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 Q4 2024 Q1 2025: $6.5B Q1 2025 Q2 2025: $7.0B $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 72 stocks · $7.0B
MDGL Madrigal Pharmaceuticals Inc. 8.59% 1,993,687 $603.4M No change
NTRA Natera Inc. 6.24% 2,593,645 $438.2M Add +0.0%
PTCT PTC Therapeutics Inc. 5.39% 7,746,415 $378.3M Add +3.5%
ARGX Argenx SE - ADR 5.29% 673,497 $371.2M No change
PTGX Protagonist Therapeutics Inc. 4.53% 5,756,277 $318.1M Add +0.6%
INSM Insmed Inc. 4.42% 3,084,558 $310.4M Add +2.3%
AKRO Akero Therapeutics Inc. 4.16% 5,477,561 $292.3M Reduce -26.2%
VRNA Verona Pharma Ltd. 4.11% 3,051,878 $288.6M Add +7.1%
RNAM Avidity Biosciences Inc. 3.89% 9,618,845 $273.2M Add +10.0%
SYK Stryker Corp. 3.33% 590,517 $233.6M Add +0.1%
PEN Penumbra Inc. 3.16% 863,553 $221.6M Add +0.1%
MRUS Merus NV 3.00% 4,000,553 $210.4M Reduce -4.0%
ACAD Acadia Pharmaceuticals Inc. 2.76% 8,995,547 $194.0M Add +5.3%
ZLAB Zai Lab Ltd.-ADR 2.76% 5,536,876 $193.6M Add +76.5%
AXSM Axsome Therapeutics Inc. 2.26% 1,516,903 $158.3M Reduce -48.1%
RDNT Radnet Inc. 2.18% 2,690,344 $153.1M Add +16.1%
IMCR Immunocore Holdings PLC-ADR 2.18% 4,869,798 $152.8M No change
ALKS Alkermes PLC 1.91% 4,682,289 $134.0M Reduce -32.0%
NBIX Neurocrine Biosciences Inc. 1.90% 1,062,072 $133.5M New
TARS Tarsus Pharmaceuticals Inc. 1.80% 3,111,680 $126.1M Reduce -6.2%
APGE Apogee Therapeutics Inc. 1.68% 2,712,097 $117.8M No change
MASI Masimo Corp. 1.64% 683,294 $114.9M No change
ESTA Establishment Labs Holdings 1.57% 2,584,131 $110.4M Add +0.0%
ISRG Intuitive Surgical Inc. 1.57% 202,456 $110.0M No change
CYTK Cytokinetics Inc. 1.28% 2,721,158 $89.9M No change
DGX Quest Diagnostics Inc. 1.28% 500,000 $89.8M Add +405.1%
QURE Uniqure NV 1.02% 5,158,231 $71.9M Add +20.9%
GHRS GH Research PLC 0.96% 5,540,457 $67.5M Add +0.7%
URGN Urogen Pharma Ltd. 0.89% 4,543,895 $62.3M Add +18.5%
RARE Ultragenyx Pharmaceutical Inc. 0.88% 1,707,402 $62.1M No change
ABT Abbott Laboratories 0.86% 444,000 $60.4M New
STOK Stoke Therapeutics Inc. 0.83% 5,123,525 $58.2M No change
TSHA Taysha Gene Therapies Inc. 0.82% 25,021,584 $57.8M Add +33.2%
SYRE Spyre Therapeutics Inc. 0.77% 3,621,996 $54.2M No change
BBNX Beta Bionics Inc. 0.68% 3,299,191 $48.0M Reduce -0.0%
GEHC GE Healthcare Technology 0.66% 626,000 $46.4M Add +20.4%
GH Guardant Health Inc. 0.63% 856,501 $44.6M New
CGON CG Oncology Inc. 0.63% 1,701,216 $44.2M No change
RCKT Rocket Pharmaceuticals Inc. 0.62% 17,687,772 $43.3M No change
IMTX Immatics NV 0.53% 6,970,152 $37.5M Add +0.9%
SLNO Soleno Therapeutics Inc. 0.51% 424,408 $35.6M New
MLTX Moonlake Immunotherapeutics 0.50% 741,090 $35.0M New
TEM Tempus AI Inc. Class A 0.36% 400,000 $25.4M No change
LENZ Lenz Therapeutics Inc. 0.36% 863,389 $25.3M No change
CMPS Compass Pathways PLC 0.33% 8,221,929 $23.0M Add +48.5%
OBIO Orchestra Biomed Holdings Inc. 0.32% 8,306,062 $22.3M Add +1.2%
ORKA Oruka Therapeutics Inc. 0.31% 1,945,649 $21.8M No change
NGNE Neurogene Inc. 0.29% 1,362,456 $20.4M Add +1.0%
CNTA Centessa Pharmaceuticals Ltd. 0.29% 1,529,836 $20.1M Add +2959.7%
ETNB 89BIO Inc. 0.28% 1,967,527 $19.3M No change
REPL Replimune Group Inc. 0.27% 2,065,010 $19.2M No change
XNCR Xencor Inc. 0.27% 2,402,883 $18.9M No change
VSTM Verastem Inc. 0.25% 4,251,616 $17.6M Add +0.1%
DYN Dyne Therapeutics Inc. 0.23% 1,690,567 $16.1M No change
JBIO Jade Biosciences Inc. 0.21% 1,449,273 $14.5M New
CRNX Crinetics Pharmaceuticals Inc. 0.19% 467,000 $13.4M New
CGEM Cullinan Therapeutics Inc. 0.18% 1,705,960 $12.8M No change
XGN Exagen Inc. 0.17% 1,696,866 $11.8M Add +12.2%
RAPT Rapt Therapeutics Inc. 0.17% 1,470,499 $11.8M New
CRVS Corvus Pharmaceuticals Inc. 0.15% 2,679,479 $10.7M No change
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 0.11% 742,500 $7.9M No change
CTMX Cytomx Therapeutics Inc. 0.11% 3,461,500 $7.9M New
ALLURION TECHNOLOGIES INC 0.09% 2,542,603 $6.2M Add +142.1%
WVE Wave Life Sciences Ltd. 0.08% 900,000 $5.8M No change
CRGX Cargo Therapeutics Inc. 0.07% 1,212,562 $5.0M Reduce -70.6%
MIST Milestone Pharmaceuticals Inc. 0.07% 2,506,102 $4.9M No change
OMDA Omada Health Inc. 0.05% 200,000 $3.7M New
KMTS Kestra Medical Technologies 0.05% 200,000 $3.3M No change
CBLL Ceribell Inc. 0.04% 150,000 $2.8M No change
TENX Tenax Therapeutics Inc. 0.03% 378,346 $2.2M No change
IMUX Immunic Inc. 0.00% 402,107 $280K New
ADGM Adagio Medical Holdings Inc. 0.00% 209,361 $272K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $10K (not counted above)
SecurityClassShares / PrincipalValueChange
RCKTW Rocket Pharmaceuticals in-27 *W EXP 09/02/202 350,000$10KNo change

Total filed on the 13F, all lines: $7.0B.

Portfolio Sells Q1 2025 → Q2 2025
AXSM Axsome Therapeutics Inc. Reduce -48.1% 2.26% −2.96
ALKS Alkermes PLC Reduce -32.0% 1.91% −1.57
GMED Globus Medical Inc. Class A Sold out 0.00% −1.26
TARS Tarsus Pharmaceuticals Inc. Reduce -6.2% 1.80% −0.81
AKRO Akero Therapeutics Inc. Reduce -26.2% 4.16% −0.43
ARVN Arvinas Inc. Sold out 0.00% −0.36
GKOS Glaukos Corp. Sold out 0.00% −0.29
RAPT THERAPEUTICS INC Sold out 0.00% −0.22
CRGX Cargo Therapeutics Inc. Reduce -70.6% 0.07% −0.19
BEAM Beam Therapeutics Inc. Sold out 0.00% −0.13
BIOA Bioage Labs Inc. Sold out 0.00% −0.05
BBNX Beta Bionics Inc. Reduce -0.0% 0.68% +0.07
MRUS Merus NV Reduce -4.0% 3.00% +0.31

Portfolio Buys Q1 2025 → Q2 2025
NBIX Neurocrine Biosciences Inc. New 1.90% +1.90
VRNA Verona Pharma Ltd. Add +7.1% 4.11% +1.34
ZLAB Zai Lab Ltd.-ADR Add +76.5% 2.76% +1.02
DGX Quest Diagnostics Inc. Add +405.1% 1.28% +1.02
INSM Insmed Inc. Add +2.3% 4.42% +0.90
ABT Abbott Laboratories New 0.86% +0.86
GH Guardant Health Inc. New 0.63% +0.63
NTRA Natera Inc. Add +0.0% 6.24% +0.63
ACAD Acadia Pharmaceuticals Inc. Add +5.3% 2.76% +0.59
SLNO Soleno Therapeutics Inc. New 0.51% +0.51
MLTX Moonlake Immunotherapeutics New 0.50% +0.50
TSHA Taysha Gene Therapies Inc. Add +33.2% 0.82% +0.42
RDNT Radnet Inc. Add +16.1% 2.18% +0.42
QURE Uniqure NV Add +20.9% 1.02% +0.33
PTGX Protagonist Therapeutics Inc. Add +0.6% 4.53% +0.30
CNTA Centessa Pharmaceuticals Ltd. Add +2959.7% 0.29% +0.28
URGN Urogen Pharma Ltd. Add +18.5% 0.89% +0.24
JBIO Jade Biosciences Inc. New 0.21% +0.21
CRNX Crinetics Pharmaceuticals Inc. New 0.19% +0.19
RAPT Rapt Therapeutics Inc. New 0.17% +0.17
CTMX Cytomx Therapeutics Inc. New 0.11% +0.11
XGN Exagen Inc. Add +12.2% 0.17% +0.09
CMPS Compass Pathways PLC Add +48.5% 0.33% +0.09
IMTX Immatics NV Add +0.9% 0.53% +0.06
OMDA Omada Health Inc. New 0.05% +0.05
NGNE Neurogene Inc. Add +1.0% 0.29% +0.05
ALLURION TECHNOLOGIES INC Add +142.1% 0.09% +0.04
GHRS GH Research PLC Add +0.7% 0.96% +0.03
GEHC GE Healthcare Technology Add +20.4% 0.66% +0.02
IMUX Immunic Inc. New 0.00% +0.00
SYK Stryker Corp. Add +0.1% 3.33% −0.03
ESTA Establishment Labs Holdings Add +0.0% 1.57% −0.04
RNAM Avidity Biosciences Inc. Add +10.0% 3.89% −0.06
VSTM Verastem Inc. Add +0.1% 0.25% −0.14
OBIO Orchestra Biomed Holdings Inc. Add +1.2% 0.32% −0.22
PEN Penumbra Inc. Add +0.1% 3.16% −0.37
PTCT PTC Therapeutics Inc. Add +3.5% 5.39% −0.44

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