RTW Investments, LP

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), RTW Investments, LP reported 73 stock positions worth $8.1 billion. Its top holding was Madrigal Pharmaceuticals (MDGL) at 11.3% of the portfolio, followed by Argenx SE - ADR (ARGX, 6.1%) and Avidity Biosciences (RNAM, 6.1%). Compared with Q2 2025, it opened 10 new positions, sold out of 9, added to 17 and reduced 12. The biggest buy was Avidity Biosciences (RNAM, shares +18%) and the biggest sale an exit from Verona Pharma (VRNA).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001493215
Portfolio Value
$8.1B (Q3 2025)
SEC Filing
0001493215-25-000054 ↗ filed Nov 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 Q2 2025 Q3 2025: $8.1B $8.1B Q3 2025 Q4 2025: $10.0B Q4 2025 Q1 2026: $10.0B Q1 2026 Q2 2026: $11.7B Q2 2026

Holdings 73 stocks · $8.1B
MDGL Madrigal Pharmaceuticals Inc. 11.27% 1,993,687 $914.4M No change
ARGX Argenx SE - ADR 6.12% 673,497 $496.7M No change
RNAM Avidity Biosciences Inc. 6.11% 11,372,829 $495.5M Add +18.2%
PTCT PTC Therapeutics Inc. 5.86% 7,746,415 $475.4M No change
INSM Insmed Inc. 5.47% 3,084,558 $444.2M No change
PTGX Protagonist Therapeutics Inc. 4.71% 5,756,277 $382.4M No change
NTRA Natera Inc. 3.97% 2,000,000 $321.9M Reduce -22.9%
AKRO Akero Therapeutics Inc. 3.20% 5,477,561 $260.1M No change
QURE Uniqure NV 3.18% 4,424,968 $258.3M Reduce -14.2%
PEN Penumbra Inc. 2.70% 866,499 $219.5M Add +0.3%
RDNT Radnet Inc. 2.64% 2,815,544 $214.6M Add +4.7%
MRUS Merus NV 2.35% 2,025,277 $190.7M Reduce -49.4%
TARS Tarsus Pharmaceuticals Inc. 2.33% 3,177,436 $188.8M Add +2.1%
SYK Stryker Corp. 2.23% 490,000 $181.1M Reduce -17.0%
IMCR Immunocore Holdings PLC-ADR 2.18% 4,869,798 $176.9M No change
ACAD Acadia Pharmaceuticals Inc. 1.88% 7,144,524 $152.5M Reduce -20.6%
CYTK Cytokinetics Inc. 1.84% 2,721,158 $149.6M No change
NBIX Neurocrine Biosciences Inc. 1.84% 1,062,072 $149.1M No change
AXSM Axsome Therapeutics Inc. 1.67% 1,118,883 $135.9M Reduce -26.2%
STOK Stoke Therapeutics Inc. 1.48% 5,123,525 $120.4M No change
APGE Apogee Therapeutics Inc. 1.33% 2,712,097 $107.8M No change
ESTA Establishment Labs Holdings 1.31% 2,588,831 $106.1M Add +0.2%
MASI Masimo Corp. 1.24% 683,294 $100.8M No change
RARE Ultragenyx Pharmaceutical Inc. 1.21% 3,258,266 $98.0M Add +90.8%
GH Guardant Health Inc. 1.14% 1,481,033 $92.5M Add +72.9%
URGN Urogen Pharma Ltd. 1.12% 4,543,895 $90.7M No change
ISRG Intuitive Surgical Inc. 1.12% 202,456 $90.5M No change
GHRS GH Research PLC 0.98% 5,569,564 $79.6M Add +0.5%
TSHA Taysha Gene Therapies Inc. 0.98% 24,354,291 $79.6M Reduce -2.7%
ZLAB Zai Lab Ltd.-ADR 0.96% 2,291,372 $77.7M Reduce -58.6%
IMTX Immatics NV 0.93% 8,815,617 $75.1M Add +26.5%
XNCR Xencor Inc. 0.90% 6,221,054 $73.0M Add +158.9%
CGON CG Oncology Inc. 0.84% 1,701,216 $68.5M No change
BBNX Beta Bionics Inc. 0.81% 3,299,191 $65.6M No change
SYRE Spyre Therapeutics Inc. 0.75% 3,621,996 $60.7M No change
RCKT Rocket Pharmaceuticals Inc. 0.71% 17,687,772 $57.7M No change
CNTA Centessa Pharmaceuticals Ltd. 0.68% 2,291,747 $55.6M Add +49.8%
ALKS Alkermes PLC 0.62% 1,672,356 $50.2M Reduce -64.3%
CMPS Compass Pathways PLC 0.61% 8,707,390 $49.9M Add +5.9%
COGT Cogent Biosciences Inc. 0.61% 3,467,486 $49.8M New
VSTM Verastem Inc. 0.59% 5,426,306 $47.9M Add +27.6%
DGX Quest Diagnostics Inc. 0.59% 250,000 $47.6M Reduce -50.0%
LENZ Lenz Therapeutics Inc. 0.50% 863,389 $40.2M No change
RAPT Rapt Therapeutics Inc. 0.47% 1,470,499 $37.9M No change
ORKA Oruka Therapeutics Inc. 0.46% 1,945,649 $37.4M No change
DYN Dyne Therapeutics Inc. 0.45% 2,890,567 $36.6M Add +71.0%
CRNX Crinetics Pharmaceuticals Inc. 0.45% 872,387 $36.3M Add +86.8%
AQST Aquestive Therapeutics Inc. 0.43% 6,250,000 $34.9M New
ABVX Abivax SA-ADR 0.37% 350,000 $29.7M New
GEHC GE Healthcare Technology 0.36% 393,500 $29.6M Reduce -37.1%
REPL Replimune Group Inc. 0.33% 6,395,732 $26.8M Add +209.7%
NGNE Neurogene Inc. 0.29% 1,362,456 $23.6M No change
BLTE Belite Bio Inc. - ADR 0.28% 312,500 $23.1M New
ALEC Alector Inc. 0.26% 6,990,806 $20.7M New
OBIO Orchestra Biomed Holdings Inc. 0.25% 8,306,063 $20.6M Add +0.0%
CRVS Corvus Pharmaceuticals Inc. 0.24% 2,679,479 $19.7M No change
XGN Exagen Inc. 0.23% 1,696,866 $18.6M No change
HTFL Heartflow Inc. 0.21% 495,000 $16.7M New
TEM Tempus AI Inc. Class A 0.20% 200,000 $16.1M Reduce -50.0%
JBIO Jade Biosciences Inc. 0.15% 1,449,273 $12.5M No change
CTMX Cytomx Therapeutics Inc. 0.14% 3,461,500 $11.0M No change
CGEM Cullinan Therapeutics Inc. 0.12% 1,705,960 $10.1M No change
LRMR Larimar Therapeutics Inc. 0.12% 3,125,000 $10.1M New
CMPX Compass Therapeutics Inc. 0.11% 2,500,000 $8.8M New
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 0.10% 742,500 $7.8M No change
PEPG Pepgen Inc. 0.09% 1,500,000 $6.9M New
WVE Wave Life Sciences Ltd. 0.08% 900,000 $6.6M No change
ALLURION TECHNOLOGIES INC 0.06% 2,542,603 $5.2M No change
MIST Milestone Pharmaceuticals Inc. 0.06% 2,506,102 $5.0M No change
OMDA Omada Health Inc. 0.05% 200,000 $4.4M No change
TENX Tenax Therapeutics Inc. 0.04% 378,346 $2.9M No change
IMA Imagenebio Inc. 0.03% 334,445 $2.7M New
ADGM Adagio Medical Holdings Inc. 0.01% 209,361 $406K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $14K (not counted above)
SecurityClassShares / PrincipalValueChange
RCKTW Rocket Pharmaceuticals in-27 *W EXP 09/02/202 350,000$14KNo change

Total filed on the 13F, all lines: $8.1B.

Portfolio Sells Q2 2025 → Q3 2025
VRNA Verona Pharma Ltd. Sold out 0.00% −4.11
NTRA Natera Inc. Reduce -22.9% 3.97% −2.27
ZLAB Zai Lab Ltd.-ADR Reduce -58.6% 0.96% −1.80
ALKS Alkermes PLC Reduce -64.3% 0.62% −1.29
SYK Stryker Corp. Reduce -17.0% 2.23% −1.10
ACAD Acadia Pharmaceuticals Inc. Reduce -20.6% 1.88% −0.89
ABT Abbott Laboratories Sold out 0.00% −0.86
DGX Quest Diagnostics Inc. Reduce -50.0% 0.59% −0.69
MRUS Merus NV Reduce -49.4% 2.35% −0.65
AXSM Axsome Therapeutics Inc. Reduce -26.2% 1.67% −0.58
SLNO Soleno Therapeutics Inc. Sold out 0.00% −0.51
MLTX Moonlake Immunotherapeutics Sold out 0.00% −0.50
GEHC GE Healthcare Technology Reduce -37.1% 0.36% −0.30
ETNB 89BIO Inc. Sold out 0.00% −0.28
TEM Tempus AI Inc. Class A Reduce -50.0% 0.20% −0.16
CRGX Cargo Therapeutics Inc. Sold out 0.00% −0.07
KMTS Kestra Medical Technologies Sold out 0.00% −0.05
CBLL Ceribell Inc. Sold out 0.00% −0.04
IMUX Immunic Inc. Sold out 0.00% −0.00
TSHA Taysha Gene Therapies Inc. Reduce -2.7% 0.98% +0.16
QURE Uniqure NV Reduce -14.2% 3.18% +2.16

Portfolio Buys Q2 2025 → Q3 2025
RNAM Avidity Biosciences Inc. Add +18.2% 6.11% +2.21
XNCR Xencor Inc. Add +158.9% 0.90% +0.63
COGT Cogent Biosciences Inc. New 0.61% +0.61
TARS Tarsus Pharmaceuticals Inc. Add +2.1% 2.33% +0.53
GH Guardant Health Inc. Add +72.9% 1.14% +0.51
RDNT Radnet Inc. Add +4.7% 2.64% +0.46
AQST Aquestive Therapeutics Inc. New 0.43% +0.43
CNTA Centessa Pharmaceuticals Ltd. Add +49.8% 0.68% +0.40
IMTX Immatics NV Add +26.5% 0.93% +0.39
ABVX Abivax SA-ADR New 0.37% +0.37
VSTM Verastem Inc. Add +27.6% 0.59% +0.34
RARE Ultragenyx Pharmaceutical Inc. Add +90.8% 1.21% +0.32
CMPS Compass Pathways PLC Add +5.9% 0.61% +0.29
BLTE Belite Bio Inc. - ADR New 0.28% +0.28
CRNX Crinetics Pharmaceuticals Inc. Add +86.8% 0.45% +0.26
ALEC Alector Inc. New 0.26% +0.26
DYN Dyne Therapeutics Inc. Add +71.0% 0.45% +0.22
HTFL Heartflow Inc. New 0.21% +0.21
LRMR Larimar Therapeutics Inc. New 0.12% +0.12
CMPX Compass Therapeutics Inc. New 0.11% +0.11
PEPG Pepgen Inc. New 0.09% +0.09
REPL Replimune Group Inc. Add +209.7% 0.33% +0.06
IMA Imagenebio Inc. New 0.03% +0.03
GHRS GH Research PLC Add +0.5% 0.98% +0.02
OBIO Orchestra Biomed Holdings Inc. Add +0.0% 0.25% −0.06
ESTA Establishment Labs Holdings Add +0.2% 1.31% −0.26
PEN Penumbra Inc. Add +0.3% 2.70% −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