RTW Investments, LP

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), RTW Investments, LP reported 87 stock positions worth $10.0 billion. Its top holding was Madrigal Pharmaceuticals (MDGL) at 10.4% of the portfolio, followed by Insmed (INSM, 7.9%) and Protagonist Therapeutics (PTGX, 5.3%). Compared with Q4 2025, it opened 7 new positions, sold out of 10, added to 30 and reduced 13. The biggest buy was CG Oncology (CGON, shares +247%) and the biggest sale an exit from Penumbra (PEN).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001493215
Portfolio Value
$10.0B (Q1 2026)
SEC Filing
0001493215-26-000130 ↗ filed May 15, 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 Q4 2025 Q1 2026: $10.0B $10.0B Q1 2026 Q2 2026: $11.7B Q2 2026

Holdings 87 stocks · $10.0B
MDGL Madrigal Pharmaceuticals Inc. 10.38% 1,993,687 $1.0B No change
INSM Insmed Inc. 7.88% 4,842,880 $791.9M Add +0.0%
PTGX Protagonist Therapeutics Inc. 5.31% 5,059,053 $533.2M No change
PTCT PTC Therapeutics Inc. 5.25% 7,746,415 $527.8M No change
ARGX Argenx SE - ADR 5.16% 709,446 $518.1M Add +5.3%
CGON CG Oncology Inc. 4.70% 6,984,808 $472.7M Add +247.1%
CELC Celcuity Inc. 3.45% 3,039,621 $346.9M Add +452.5%
TNGX Tango Therapeutics Inc. 2.77% 13,300,620 $278.2M Add +791.9%
ERAS Erasca Inc. 2.60% 16,157,175 $261.4M Add +10917.4%
NTRA Natera Inc. 2.49% 1,250,000 $250.0M Reduce -16.7%
RDNT Radnet Inc. 2.38% 4,285,000 $239.5M Add +8.8%
TARS Tarsus Pharmaceuticals Inc. 2.34% 3,346,025 $234.7M Add +0.3%
APGE Apogee Therapeutics Inc. 2.33% 2,782,097 $234.2M Add +2.6%
SYRE Spyre Therapeutics Inc. 2.09% 4,171,996 $210.4M No change
COGT Cogent Biosciences Inc. 2.09% 5,458,675 $210.1M Reduce -28.1%
IRTC Irhythm Holdings Inc. 1.96% 1,668,500 $196.9M Add +41.2%
STOK Stoke Therapeutics Inc. 1.82% 5,623,525 $183.1M Add +1.4%
CYTK Cytokinetics Inc. 1.78% 2,721,158 $179.4M No change
ACAD Acadia Pharmaceuticals Inc. 1.58% 7,144,524 $159.0M No change
ESTA Establishment Labs Holdings 1.50% 2,655,695 $150.8M Add +2.6%
APLS Apellis Pharmaceuticals Inc. 1.48% 3,685,045 $148.2M Reduce -51.9%
IMCR Immunocore Holdings PLC-ADR 1.46% 4,869,798 $146.8M No change
RGEN Repligen Corp. 1.41% 1,206,000 $142.1M Add +13.3%
NBIX Neurocrine Biosciences Inc. 1.39% 1,062,072 $139.9M No change
GH Guardant Health Inc. 1.36% 1,481,033 $136.8M No change
IMTX Immatics NV 1.26% 12,869,340 $126.6M Add +12.6%
ZLAB Zai Lab Ltd.-ADR 1.23% 6,574,032 $123.7M Reduce -5.5%
BLTE Belite Bio Inc. - ADR 1.13% 715,332 $114.1M No change
ISRG Intuitive Surgical Inc. 1.01% 220,000 $101.4M Add +117.3%
ORKA Oruka Therapeutics Inc. 1.00% 2,058,148 $101.0M No change
GHRS GH Research PLC 0.83% 5,933,815 $83.4M No change
XNCR Xencor Inc. 0.81% 6,777,461 $81.7M No change
URGN Urogen Pharma Ltd. 0.81% 4,543,895 $81.7M No change
CNTA Centessa Pharmaceuticals Ltd. 0.81% 2,054,175 $81.6M Add +14.7%
IMVT Immunovant Inc. 0.79% 3,177,849 $78.9M Reduce 0.0%
RARE Ultragenyx Pharmaceutical Inc. 0.76% 3,648,795 $76.4M Add +21.6%
HNGE Hinge Health Inc. Class A 0.74% 1,930,000 $74.4M Add +446.0%
CSTL Castle Biosciences Inc. 0.67% 2,758,335 $67.7M Add +30.4%
RCKT Rocket Pharmaceuticals Inc. 0.63% 17,687,772 $63.3M No change
TSHA Taysha Gene Therapies Inc. 0.61% 13,680,248 $61.2M Reduce -16.6%
ALKS Alkermes PLC 0.59% 1,672,356 $59.1M No change
CMPS Compass Pathways PLC 0.59% 10,632,390 $58.8M Add +21.4%
KOD Kodiak Sciences Inc. 0.56% 1,487,934 $56.7M Add +0.0%
REPL Replimune Group Inc. 0.56% 7,356,916 $56.3M Add +3.0%
CRNX Crinetics Pharmaceuticals Inc. 0.52% 1,451,326 $52.7M Add +7.4%
QURE Uniqure NV 0.42% 2,586,356 $42.3M Reduce -30.3%
WAY Waystar Holding Corp. 0.39% 1,630,000 $39.3M New
ARWR Arrowhead Pharmaceuticals Inc. 0.37% 585,682 $36.7M Add +0.2%
OBIO Orchestra Biomed Holdings Inc. 0.35% 8,306,063 $35.3M No change
VSTM Verastem Inc. 0.35% 6,576,306 $34.9M No change
EVMN Evommune Inc. 0.34% 1,502,235 $34.5M Add +17.0%
SYK Stryker Corp. 0.33% 100,000 $32.9M Reduce -59.2%
SVRA Savara Inc. 0.32% 5,952,380 $32.5M No change
CADL Candel Therapeutics Inc. 0.31% 6,422,018 $31.5M New
AQST Aquestive Therapeutics Inc. 0.31% 7,426,471 $30.8M Add +18.8%
AKTS Aktis Oncology Inc. 0.28% 1,592,043 $28.5M New
NGNE Neurogene Inc. 0.27% 1,362,456 $27.5M No change
CGEM Cullinan Therapeutics Inc. 0.24% 1,705,960 $24.2M No change
CMPX Compass Therapeutics Inc. 0.22% 4,186,599 $22.1M Add +67.5%
DNTH Dianthus Therapeutics Inc. 0.21% 248,063 $20.8M New
FLGT Fulgent Genetics Inc. 0.20% 1,289,000 $20.5M Add +82.8%
BBNX Beta Bionics Inc. 0.20% 2,000,000 $20.0M Reduce -20.0%
KYMR Kymera Therapeutics Inc. 0.20% 240,000 $20.0M No change
IPSC Century Therapeutics Inc. 0.20% 8,695,652 $19.7M New
BEAM Beam Therapeutics Inc. 0.14% 570,394 $13.6M No change
AVTX Avalo Therapeutics Inc. 0.13% 856,962 $12.8M New
OCGN Ocugen Inc. 0.12% 6,666,666 $12.1M New
HTFL Heartflow Inc. 0.12% 495,000 $12.0M No change
WVE Wave Life Sciences Ltd. 0.10% 1,350,000 $9.8M No change
FRNM Freenome Inc. filed as PERCEPTIVE CAP SOLUTIONS COR 0.08% 742,500 $8.1M No change
JBIO Jade Biosciences Inc. 0.08% 573,205 $8.1M Reduce -60.5%
CAPR Capricor Therapeutics Inc. 0.08% 250,000 $7.6M No change
MIST Milestone Pharmaceuticals Inc. 0.07% 6,331,001 $7.5M Add +152.6%
KLRS Kalaris Therapeutics Inc. 0.07% 1,300,000 $7.5M No change
IVA Inventiva SA - ADR 0.07% 1,298,702 $7.2M Add +0.0%
ATAI Ataibeckley Inc. 0.07% 2,000,000 $7.1M No change
CBIO Crescent Biopharma Inc. 0.07% 372,856 $6.8M No change
LRMR Larimar Therapeutics Inc. 0.07% 1,500,000 $6.8M Reduce -52.0%
TENX Tenax Therapeutics Inc. 0.06% 370,246 $5.9M Reduce -2.1%
DFTX Definium Therapeutics Inc. 0.06% 300,000 $5.7M No change
LMRI Lumexa Imaging Holdings Inc. 0.06% 650,000 $5.6M No change
FDMT 4D Molecular Therapeutics Inc. 0.04% 475,737 $4.4M No change
MDLN Medline Inc. Class A 0.03% 70,000 $3.1M No change
OMDA Omada Health Inc. 0.03% 200,000 $2.5M No change
IRON Disc Medicine Inc. 0.02% 30,000 $1.9M No change
IMA Imagenebio Inc. 0.02% 334,445 $1.7M No change
XGN Exagen Inc. 0.01% 395,231 $1.2M Reduce -50.0%
Other holdings (1): bonds, preferreds, convertibles and warrants · $7K (not counted above)
SecurityClassShares / PrincipalValueChange
RCKTW Rocket Pharmaceuticals in-27 *W EXP 09/02/202 350,000$7KNo change

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

Portfolio Sells Q4 2025 → Q1 2026
PEN Penumbra Inc. Sold out 0.00% −2.70
AXSM Axsome Therapeutics Inc. Sold out 0.00% −1.62
NTRA Natera Inc. Reduce -16.7% 2.49% −0.95
PODD Insulet Corp. Sold out 0.00% −0.92
MASI Masimo Corp. Sold out 0.00% −0.89
COGT Cogent Biosciences Inc. Reduce -28.1% 2.09% −0.61
BBNX Beta Bionics Inc. Reduce -20.0% 0.20% −0.56
RAPT Rapt Therapeutics Inc. Sold out 0.00% −0.56
SYK Stryker Corp. Reduce -59.2% 0.33% −0.54
QURE Uniqure NV Reduce -30.3% 0.42% −0.47
APLS Apellis Pharmaceuticals Inc. Reduce -51.9% 1.48% −0.45
TSHA Taysha Gene Therapies Inc. Reduce -16.6% 0.61% −0.29
JBIO Jade Biosciences Inc. Reduce -60.5% 0.08% −0.14
TEM Tempus AI Inc. Class A Sold out 0.00% −0.12
IQV Iqvia Holdings Inc. Sold out 0.00% −0.10
ALLURION TECHNOLOGIES INC Sold out 0.00% −0.07
GPCR Structure Therapeutics Inc. Sold out 0.00% −0.07
LRMR Larimar Therapeutics Inc. Reduce -52.0% 0.07% −0.05
XGN Exagen Inc. Reduce -50.0% 0.01% −0.04
CRVS Corvus Pharmaceuticals Inc. Sold out 0.00% −0.03
IMVT Immunovant Inc. Reduce 0.0% 0.79% −0.02
ZLAB Zai Lab Ltd.-ADR Reduce -5.5% 1.23% +0.00
TENX Tenax Therapeutics Inc. Reduce -2.1% 0.06% +0.01

Portfolio Buys Q4 2025 → Q1 2026
CGON CG Oncology Inc. Add +247.1% 4.70% +3.87
CELC Celcuity Inc. Add +452.5% 3.45% +2.90
TNGX Tango Therapeutics Inc. Add +791.9% 2.77% +2.64
ERAS Erasca Inc. Add +10917.4% 2.60% +2.60
HNGE Hinge Health Inc. Class A Add +446.0% 0.74% +0.58
ISRG Intuitive Surgical Inc. Add +117.3% 1.01% +0.43
WAY Waystar Holding Corp. New 0.39% +0.39
CNTA Centessa Pharmaceuticals Ltd. Add +14.7% 0.81% +0.36
CADL Candel Therapeutics Inc. New 0.31% +0.31
AKTS Aktis Oncology Inc. New 0.28% +0.28
APGE Apogee Therapeutics Inc. Add +2.6% 2.33% +0.28
DNTH Dianthus Therapeutics Inc. New 0.21% +0.21
IPSC Century Therapeutics Inc. New 0.20% +0.20
KOD Kodiak Sciences Inc. Add +0.0% 0.56% +0.15
AVTX Avalo Therapeutics Inc. New 0.13% +0.13
EVMN Evommune Inc. Add +17.0% 0.34% +0.12
OCGN Ocugen Inc. New 0.12% +0.12
CMPX Compass Therapeutics Inc. Add +67.5% 0.22% +0.09
RARE Ultragenyx Pharmaceutical Inc. Add +21.6% 0.76% +0.07
STOK Stoke Therapeutics Inc. Add +1.4% 1.82% +0.06
IMTX Immatics NV Add +12.6% 1.26% +0.06
MIST Milestone Pharmaceuticals Inc. Add +152.6% 0.07% +0.02
FLGT Fulgent Genetics Inc. Add +82.8% 0.20% +0.02
IVA Inventiva SA - ADR Add +0.0% 0.07% +0.01
CMPS Compass Pathways PLC Add +21.4% 0.59% −0.02
ARWR Arrowhead Pharmaceuticals Inc. Add +0.2% 0.37% −0.02
AQST Aquestive Therapeutics Inc. Add +18.8% 0.31% −0.10
CRNX Crinetics Pharmaceuticals Inc. Add +7.4% 0.52% −0.11
REPL Replimune Group Inc. Add +3.0% 0.56% −0.14
IRTC Irhythm Holdings Inc. Add +41.2% 1.96% −0.14
CSTL Castle Biosciences Inc. Add +30.4% 0.67% −0.15
RGEN Repligen Corp. Add +13.3% 1.41% −0.33
ESTA Establishment Labs Holdings Add +2.6% 1.50% −0.39
TARS Tarsus Pharmaceuticals Inc. Add +0.3% 2.34% −0.40
RDNT Radnet Inc. Add +8.8% 2.38% −0.43
ARGX Argenx SE - ADR Add +5.3% 5.16% −0.52
INSM Insmed Inc. Add +0.0% 7.88% −0.56

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