RTW Investments, LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), RTW Investments, LP reported 90 stock positions worth $10.0 billion. Its top holding was Madrigal Pharmaceuticals (MDGL) at 11.6% of the portfolio, followed by Insmed (INSM, 8.4%) and PTC Therapeutics (PTCT, 5.9%). Compared with Q3 2025, it opened 29 new positions, sold out of 12, added to 20 and reduced 12. The biggest buy was Insmed (INSM, shares +57%) and the biggest sale an exit from Avidity Biosciences (RNAM).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001493215
Portfolio Value
$10.0B (Q4 2025)
SEC Filing
0001493215-26-000060 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $10.0B $10.0B Q4 2025 Q1 2026: $10.0B Q1 2026 Q2 2026: $11.7B Q2 2026

Holdings 90 stocks · $10.0B
MDGL Madrigal Pharmaceuticals Inc. 11.63% 1,993,687 $1.2B No change
INSM Insmed Inc. 8.44% 4,842,879 $842.9M Add +57.0%
PTCT PTC Therapeutics Inc. 5.89% 7,746,415 $588.4M No change
ARGX Argenx SE - ADR 5.67% 673,497 $566.4M No change
PTGX Protagonist Therapeutics Inc. 4.43% 5,059,053 $441.9M Reduce -12.1%
NTRA Natera Inc. 3.44% 1,500,000 $343.6M Reduce -25.0%
RDNT Radnet Inc. 2.81% 3,938,500 $281.0M Add +39.9%
TARS Tarsus Pharmaceuticals Inc. 2.74% 3,335,320 $273.1M Add +5.0%
COGT Cogent Biosciences Inc. 2.70% 7,592,241 $269.7M Add +119.0%
PEN Penumbra Inc. 2.70% 866,499 $269.4M No change
IRTC Irhythm Holdings Inc. 2.10% 1,181,990 $209.7M New
APGE Apogee Therapeutics Inc. 2.05% 2,712,097 $204.7M No change
APLS Apellis Pharmaceuticals Inc. 1.93% 7,666,764 $192.6M New
ACAD Acadia Pharmaceuticals Inc. 1.91% 7,144,524 $190.8M No change
ESTA Establishment Labs Holdings 1.89% 2,588,831 $188.7M No change
STOK Stoke Therapeutics Inc. 1.76% 5,546,856 $176.1M Add +8.3%
RGEN Repligen Corp. 1.75% 1,064,000 $174.3M New
CYTK Cytokinetics Inc. 1.73% 2,721,158 $172.9M No change
IMCR Immunocore Holdings PLC-ADR 1.69% 4,869,798 $169.0M No change
AXSM Axsome Therapeutics Inc. 1.62% 888,001 $162.2M Reduce -20.6%
GH Guardant Health Inc. 1.52% 1,481,033 $151.3M No change
NBIX Neurocrine Biosciences Inc. 1.51% 1,062,072 $150.6M No change
SYRE Spyre Therapeutics Inc. 1.37% 4,171,996 $136.7M Add +15.2%
ZLAB Zai Lab Ltd.-ADR 1.23% 6,959,032 $122.8M Add +203.7%
IMTX Immatics NV 1.20% 11,433,354 $120.1M Add +29.7%
BLTE Belite Bio Inc. - ADR 1.15% 715,332 $114.4M Add +128.9%
URGN Urogen Pharma Ltd. 1.07% 4,543,895 $106.4M No change
XNCR Xencor Inc. 1.04% 6,777,461 $103.8M Add +8.9%
PODD Insulet Corp. 0.92% 324,600 $92.3M New
TSHA Taysha Gene Therapies Inc. 0.90% 16,398,297 $90.2M Reduce -32.7%
MASI Masimo Corp. 0.89% 683,294 $88.9M No change
QURE Uniqure NV 0.89% 3,711,462 $88.8M Reduce -16.1%
SYK Stryker Corp. 0.86% 245,000 $86.1M Reduce -50.0%
CGON CG Oncology Inc. 0.84% 2,012,127 $83.5M Add +18.3%
CSTL Castle Biosciences Inc. 0.82% 2,115,237 $82.3M New
IMVT Immunovant Inc. 0.81% 3,177,850 $80.8M New
BBNX Beta Bionics Inc. 0.76% 2,500,000 $76.2M Reduce -24.2%
GHRS GH Research PLC 0.75% 5,933,815 $75.4M Add +6.5%
REPL Replimune Group Inc. 0.70% 7,140,352 $69.4M Add +11.6%
RARE Ultragenyx Pharmaceutical Inc. 0.69% 3,000,139 $69.0M Reduce -7.9%
CRNX Crinetics Pharmaceuticals Inc. 0.63% 1,351,326 $62.9M Add +54.9%
ORKA Oruka Therapeutics Inc. 0.62% 2,058,148 $62.4M Add +5.8%
RCKT Rocket Pharmaceuticals Inc. 0.62% 17,687,772 $62.1M No change
CMPS Compass Pathways PLC 0.61% 8,757,390 $60.4M Add +0.6%
ISRG Intuitive Surgical Inc. 0.57% 101,228 $57.3M Reduce -50.0%
RAPT Rapt Therapeutics Inc. 0.56% 1,637,165 $55.5M Add +11.3%
CELC Celcuity Inc. 0.55% 550,160 $54.9M New
VSTM Verastem Inc. 0.51% 6,576,306 $50.8M Add +21.2%
ALKS Alkermes PLC 0.47% 1,672,356 $46.8M No change
CNTA Centessa Pharmaceuticals Ltd. 0.45% 1,790,837 $44.8M Reduce -21.9%
KOD Kodiak Sciences Inc. 0.42% 1,487,933 $41.6M New
AQST Aquestive Therapeutics Inc. 0.40% 6,250,000 $40.4M No change
ARWR Arrowhead Pharmaceuticals Inc. 0.39% 584,716 $38.8M New
SVRA Savara Inc. 0.36% 5,952,380 $35.9M New
OBIO Orchestra Biomed Holdings Inc. 0.35% 8,306,063 $34.5M No change
NGNE Neurogene Inc. 0.28% 1,362,456 $28.1M No change
WVE Wave Life Sciences Ltd. 0.23% 1,350,000 $22.9M Add +50.0%
JBIO Jade Biosciences Inc. 0.22% 1,449,273 $22.4M No change
EVMN Evommune Inc. 0.22% 1,283,671 $22.0M New
KYMR Kymera Therapeutics Inc. 0.19% 240,000 $18.7M New
FLGT Fulgent Genetics Inc. 0.19% 705,027 $18.5M New
CGEM Cullinan Therapeutics Inc. 0.18% 1,705,960 $17.7M No change
HNGE Hinge Health Inc. Class A 0.16% 353,500 $16.4M New
BEAM Beam Therapeutics Inc. 0.16% 570,394 $15.8M New
HTFL Heartflow Inc. 0.14% 495,000 $14.4M No change
CMPX Compass Therapeutics Inc. 0.13% 2,500,000 $13.4M No change
TNGX Tango Therapeutics Inc. 0.13% 1,491,228 $13.2M New
LMRI Lumexa Imaging Holdings Inc. 0.12% 650,000 $12.0M New
LRMR Larimar Therapeutics Inc. 0.12% 3,125,000 $11.9M No change
TEM Tempus AI Inc. Class A 0.12% 200,000 $11.8M No change
KLRS Kalaris Therapeutics Inc. 0.11% 1,300,000 $11.0M New
IQV Iqvia Holdings Inc. 0.10% 46,000 $10.4M New
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 0.10% 742,500 $9.7M No change
ATAIBECKLEY INC 0.08% 2,000,000 $8.2M New
ALLURION TECHNOLOGIES INC 0.07% 5,891,430 $7.2M Add +131.7%
CAPR Capricor Therapeutics Inc. 0.07% 250,000 $7.2M New
GPCR Structure Therapeutics Inc. 0.07% 100,000 $7.0M New
IVA Inventiva SA - ADR 0.06% 1,298,701 $6.0M New
MIST Milestone Pharmaceuticals Inc. 0.05% 2,506,102 $5.1M No change
XGN Exagen Inc. 0.05% 790,462 $4.8M Reduce -53.4%
TENX Tenax Therapeutics Inc. 0.05% 378,346 $4.6M No change
CBIO Crescent Biopharma Inc. 0.04% 372,856 $4.4M New
MIND MEDICINE MINDMED INC 0.04% 300,000 $4.0M New
FDMT 4D Molecular Therapeutics Inc. 0.04% 475,737 $3.6M New
CRVS Corvus Pharmaceuticals Inc. 0.03% 447,607 $3.4M Reduce -83.3%
OMDA Omada Health Inc. 0.03% 200,000 $3.2M No change
MDLN Medline Inc. Class A 0.03% 70,000 $2.9M New
IRON Disc Medicine Inc. 0.02% 30,000 $2.4M New
IMA Imagenebio Inc. 0.02% 334,445 $2.3M No change
ERAS Erasca Inc. 0.01% 146,651 $546K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $9K (not counted above)
SecurityClassShares / PrincipalValueChange
RCKTW Rocket Pharmaceuticals in-27 *W EXP 09/02/202 350,000$9KNo change

Total filed on the 13F, all lines: $10.0B.

Portfolio Sells Q3 2025 → Q4 2025
RNAM Avidity Biosciences Inc. Sold out 0.00% −6.11
AKRO Akero Therapeutics Inc. Sold out 0.00% −3.20
MRUS Merus NV Sold out 0.00% −2.35
QURE Uniqure NV Reduce -16.1% 0.89% −2.29
SYK Stryker Corp. Reduce -50.0% 0.86% −1.37
DGX Quest Diagnostics Inc. Sold out 0.00% −0.59
ISRG Intuitive Surgical Inc. Reduce -50.0% 0.57% −0.54
NTRA Natera Inc. Reduce -25.0% 3.44% −0.52
RARE Ultragenyx Pharmaceutical Inc. Reduce -7.9% 0.69% −0.52
LENZ Lenz Therapeutics Inc. Sold out 0.00% −0.50
DYN Dyne Therapeutics Inc. Sold out 0.00% −0.45
ABVX Abivax SA-ADR Sold out 0.00% −0.37
GEHC GE Healthcare Technology Sold out 0.00% −0.36
PTGX Protagonist Therapeutics Inc. Reduce -12.1% 4.43% −0.29
ALEC Alector Inc. Sold out 0.00% −0.26
CNTA Centessa Pharmaceuticals Ltd. Reduce -21.9% 0.45% −0.24
CRVS Corvus Pharmaceuticals Inc. Reduce -83.3% 0.03% −0.21
XGN Exagen Inc. Reduce -53.4% 0.05% −0.18
CTMX Cytomx Therapeutics Inc. Sold out 0.00% −0.14
PEPG Pepgen Inc. Sold out 0.00% −0.09
TSHA Taysha Gene Therapies Inc. Reduce -32.7% 0.90% −0.08
AXSM Axsome Therapeutics Inc. Reduce -20.6% 1.62% −0.05
BBNX Beta Bionics Inc. Reduce -24.2% 0.76% −0.04
ADGM Adagio Medical Holdings Inc. Sold out 0.00% −0.01

Portfolio Buys Q3 2025 → Q4 2025
INSM Insmed Inc. Add +57.0% 8.44% +2.97
IRTC Irhythm Holdings Inc. New 2.10% +2.10
COGT Cogent Biosciences Inc. Add +119.0% 2.70% +2.09
APLS Apellis Pharmaceuticals Inc. New 1.93% +1.93
RGEN Repligen Corp. New 1.75% +1.75
PODD Insulet Corp. New 0.92% +0.92
BLTE Belite Bio Inc. - ADR Add +128.9% 1.15% +0.86
CSTL Castle Biosciences Inc. New 0.82% +0.82
IMVT Immunovant Inc. New 0.81% +0.81
SYRE Spyre Therapeutics Inc. Add +15.2% 1.37% +0.62
CELC Celcuity Inc. New 0.55% +0.55
KOD Kodiak Sciences Inc. New 0.42% +0.42
TARS Tarsus Pharmaceuticals Inc. Add +5.0% 2.74% +0.41
ARWR Arrowhead Pharmaceuticals Inc. New 0.39% +0.39
REPL Replimune Group Inc. Add +11.6% 0.70% +0.36
SVRA Savara Inc. New 0.36% +0.36
STOK Stoke Therapeutics Inc. Add +8.3% 1.76% +0.28
IMTX Immatics NV Add +29.7% 1.20% +0.28
ZLAB Zai Lab Ltd.-ADR Add +203.7% 1.23% +0.27
EVMN Evommune Inc. New 0.22% +0.22
KYMR Kymera Therapeutics Inc. New 0.19% +0.19
FLGT Fulgent Genetics Inc. New 0.19% +0.19
CRNX Crinetics Pharmaceuticals Inc. Add +54.9% 0.63% +0.18
RDNT Radnet Inc. Add +39.9% 2.81% +0.17
HNGE Hinge Health Inc. Class A New 0.16% +0.16
ORKA Oruka Therapeutics Inc. Add +5.8% 0.62% +0.16
BEAM Beam Therapeutics Inc. New 0.16% +0.16
WVE Wave Life Sciences Ltd. Add +50.0% 0.23% +0.15
XNCR Xencor Inc. Add +8.9% 1.04% +0.14
TNGX Tango Therapeutics Inc. New 0.13% +0.13
LMRI Lumexa Imaging Holdings Inc. New 0.12% +0.12
KLRS Kalaris Therapeutics Inc. New 0.11% +0.11
IQV Iqvia Holdings Inc. New 0.10% +0.10
RAPT Rapt Therapeutics Inc. Add +11.3% 0.56% +0.09
ATAIBECKLEY INC New 0.08% +0.08
CAPR Capricor Therapeutics Inc. New 0.07% +0.07
GPCR Structure Therapeutics Inc. New 0.07% +0.07
IVA Inventiva SA - ADR New 0.06% +0.06
CBIO Crescent Biopharma Inc. New 0.04% +0.04
MIND MEDICINE MINDMED INC New 0.04% +0.04
FDMT 4D Molecular Therapeutics Inc. New 0.04% +0.04
MDLN Medline Inc. Class A New 0.03% +0.03
IRON Disc Medicine Inc. New 0.02% +0.02
ALLURION TECHNOLOGIES INC Add +131.7% 0.07% +0.01
ERAS Erasca Inc. New 0.01% +0.01
CGON CG Oncology Inc. Add +18.3% 0.84% −0.01
CMPS Compass Pathways PLC Add +0.6% 0.61% −0.01
VSTM Verastem Inc. Add +21.2% 0.51% −0.08
GHRS GH Research PLC Add +6.5% 0.75% −0.23

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