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RTW INVESTMENTS, LP

Q4 2025 · Filed 2026-02-17
Market Value
$9.7B
+22.0%
Holdings
96
+20
New Purchases
27
Added To
19
Closed
12
Reduced
12
Top 10 Concentration
51.7%
Turnover
40.6%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
INSM 8.65% 5.56% +3.09% $843M
IRTC 2.15% 0.00% +2.15% $210M
COGT 2.77% 0.62% +2.14% $270M
APLS 1.98% 0.00% +1.98% $193M
RGEN 1.79% 0.00% +1.79% $174M
PODD 0.95% 0.00% +0.95% $92M
BLTE 1.17% 0.29% +0.88% $114M
CSTL 0.84% 0.00% +0.84% $82M
IMVT 0.83% 0.00% +0.83% $81M
SYRE 1.40% 0.76% +0.64% $137M
ESTA 1.94% 1.33% +0.61% $189M
CELC 0.56% 0.00% +0.56% $55M
MDGL 11.91% 11.44% +0.47% $1.2B
TARS 2.80% 2.36% +0.44% $273M
KOD 0.43% 0.00% +0.43% $42M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
RNAM 0.00% 6.20% -6.20% $0
AKRO 0.00% 3.25% -3.25% $0
MRUS 0.00% 2.39% -2.39% $0
QURE 0.91% 3.23% -2.32% $89M
SYK 0.88% 2.27% -1.38% $86M
DGX 0.00% 0.60% -0.60% $0
ISRG 0.59% 1.13% -0.54% $57M
RARE 0.71% 1.23% -0.52% $69M
LENZ 0.00% 0.50% -0.50% $0
NTRA 3.52% 4.03% -0.50% $344M
IMCR 1.73% 2.21% -0.48% $169M
DYN 0.00% 0.46% -0.46% $0
ARGX 5.81% 6.22% -0.41% $566M
ABVX 0.00% 0.37% -0.37% $0
GEHC 0.00% 0.37% -0.37% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 17 $3.9B 40.4%
Mid Cap 36 $4.1B 41.6%
Small Cap 31 $1.7B 17.2%
Micro Cap 12 $89M 0.9%

Portfolio Analytics

Avg Market Cap
$8.3B
Median Market Cap
$2.3B
Avg P/E
46.5
Median P/E
36.3
Avg Dividend Yield
0.00%
Avg Beta
0.97
# Stocks
96
# ETFs / Funds
0

Top Holdings (96 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 MDGL 11.91% 1,993,687 $1.2B $582.34 $247M
2 INSM 8.65% 4,842,879 $843M $174.04 $399M +1,758,321 +57.0%
3 PTCT 6.04% 7,746,415 $588M $75.96 $113M
4 ARGX 5.81% 673,497 $566M $840.95 $70M
5 PTGX 4.53% 5,059,053 $442M $87.34 $59M -697,224 -12.1%
6 NTRA 3.52% 1,500,000 $344M $229.09 $22M -500,000 -25.0%
7 RDNT 2.88% 3,938,500 $281M $71.35 $66M +1,122,956 +39.9%
8 TARS 2.80% 3,335,320 $273M $81.88 $84M +157,884 +5.0%
9 COGT 2.77% 7,592,241 $270M $35.52 $220M +4,124,755 +119.0%
10 PEN 2.76% 866,499 $269M $310.91 $50M
11 IRTC 2.15% 1,181,990 $210M $177.44 +1,181,990 NEW
12 APLS 1.98% 7,666,764 $193M $25.12 +7,666,764 NEW
13 ACAD 1.96% 7,144,524 $191M $26.71 $38M
14 ESTA 1.94% 2,588,831 $189M $72.88 $83M
15 STOK 1.81% 5,546,856 $176M $31.74 $56M +423,331 +8.3%
16 RGEN 1.79% 1,064,000 $174M $163.86 +1,064,000 NEW
17 CYTK 1.77% 2,721,158 $173M $63.54 $23M
18 IMCR 1.73% 4,869,798 $169M $34.71 -$8M
19 AXSM 1.66% 888,001 $162M $182.64 $26M -230,882 -20.6%
20 GH 1.55% 1,481,033 $151M $102.14 $59M
21 NBIX 1.55% 1,062,072 $151M $141.83 $2M
22 SYRE 1.40% 4,171,996 $137M $32.76 $76M +550,000 +15.2%
23 ZLAB 1.26% 6,959,032 $123M $17.64 $45M +4,667,660 +203.7%
24 IMTX 1.23% 11,433,354 $120M $10.50 $45M +2,617,737 +29.7%
25 BLTE 1.17% 715,332 $114M $159.96 $91M +402,832 +128.9%
26 URGN 1.09% 4,543,895 $106M $23.42 $16M
27 XNCR 1.06% 6,777,461 $104M $15.31 $31M +556,407 +8.9%
28 PODD 0.95% 324,600 $92M $284.24 +324,600 NEW
29 TSHA 0.93% 16,398,297 $90M $5.50 $11M -7,955,994 -32.7%
30 MASI 0.91% 683,294 $89M $130.06 -$12M
31 QURE 0.91% 3,711,462 $89M $23.93 -$169M -713,506 -16.1%
32 SYK 0.88% 245,000 $86M $351.47 -$95M -245,000 -50.0%
33 CGON 0.86% 2,012,127 $84M $41.52 $15M +310,911 +18.3%
34 CSTL 0.84% 2,115,237 $82M $38.90 +2,115,237 NEW
35 IMVT 0.83% 3,177,850 $81M $25.42 +3,177,850 NEW
36 BBNX 0.78% 2,500,000 $76M $30.47 $11M -799,191 -24.2%
37 GHRS 0.77% 5,933,815 $75M $12.70 -$4M +364,251 +6.5%
38 REPL 0.71% 7,140,352 $69M $9.72 $43M +744,620 +11.6%
39 RARE 0.71% 3,000,139 $69M $23.00 -$29M -258,127 -7.9%
40 CRNX 0.65% 1,351,326 $63M $46.55 $27M +478,939 +54.9%
41 ORKA 0.64% 2,058,148 $62M $30.31 $25M +112,499 +5.8%
42 RCKT 0.64% 17,687,772 $62M $3.51 $4M
43 CMPS 0.62% 8,757,390 $60M $6.90 $11M +50,000 +0.6%
44 ISRG 0.59% 101,228 $57M $566.36 -$33M -101,228 -50.0%
45 RAPT 0.57% 1,637,165 $55M $33.87 $18M +166,666 +11.3%
46 CELC 0.56% 550,160 $55M $99.74 +550,160 NEW
47 0LOV.L 0.52% 6,576,306 $51M $7.72 $3M +1,150,000 +21.2%
48 ALKS 0.48% 1,672,356 $47M $27.98 -$3M
49 CNTA 0.46% 1,790,837 $45M $25.01 -$11M -500,910 -21.9%
50 KOD 0.43% 1,487,933 $42M $27.96 +1,487,933 NEW
51 AQST 0.41% 6,250,000 $40M $6.46 $5M
52 ARWR 0.40% 584,716 $39M $66.39 +584,716 NEW
53 SVRA 0.37% 5,952,380 $36M $6.03 +5,952,380 NEW
54 OBIO 0.35% 8,306,063 $34M $4.15 $14M
55 NGNE 0.29% 1,362,456 $28M $20.60 $4M
56 WVE 0.24% 1,350,000 $23M $17.00 $16M +450,000 +50.0%
57 JBIO 0.23% 1,449,273 $22M $15.43 $10M
58 EVMN 0.23% 1,283,671 $22M $17.12 +1,283,671 NEW
59 KYMR 0.19% 240,000 $19M $77.81 +240,000 NEW
60 FLGT 0.19% 705,027 $19M $26.27 +705,027 NEW
61 CGEM 0.18% 1,705,960 $18M $10.35 $8M
62 HNGE 0.17% 353,500 $16M $46.45 +353,500 NEW
63 BEAM 0.16% 570,394 $16M $27.72 +570,394 NEW
64 HTFL 0.15% 495,000 $14M $29.15 -$2M
65 CMPX 0.14% 2,500,000 $13M $5.37 $5M
66 TNGX 0.14% 1,491,228 $13M $8.86 +1,491,228 NEW
67 LMRI 0.12% 650,000 $12M $18.50 +650,000 NEW
68 LRMR 0.12% 3,125,000 $12M $3.81 $2M
69 TEM 0.12% 200,000 $12M $59.05 -$4M
70 KLRS 0.11% 1,300,000 $11M $8.44 +1,300,000 NEW
71 IQV 0.11% 46,000 $10M $225.41 +46,000 NEW
72 ATAI 0.08% 2,000,000 $8M $4.09 +2,000,000 NEW
73 CAPR 0.07% 250,000 $7M $28.86 +250,000 NEW
74 GPCR 0.07% 100,000 $7M $69.55 +100,000 NEW
75 IVA 0.06% 1,298,701 $6M $4.65 +1,298,701 NEW
76 MIST 0.05% 2,506,102 $5M $2.02 $50K
77 XGN 0.05% 790,462 $5M $6.08 -$14M -906,404 -53.4%
78 FDMT 0.04% 475,737 $4M $7.50 +475,737 NEW
79 CRVS 0.04% 447,607 $3M $7.70 -$16M -2,231,872 -83.3%
80 OMDA 0.03% 200,000 $3M $15.78 -$1M
81 MDLN 0.03% 70,000 $3M $42.00 +70,000 NEW
82 IRON 0.02% 30,000 $2M $79.41 +30,000 NEW
83 IMA 0.02% 334,445 $2M $6.90 -$418K
84 ERAS 0.01% 146,651 $546K $3.72 +146,651 NEW
85 ADGM —% -$406K -209,361 -100.0% SOLD
86 ALEC —% -$21M -6,990,806 -100.0% SOLD
87 LENZ —% -$40M -863,389 -100.0% SOLD
88 AKRO —% -$260M -5,477,561 -100.0% SOLD
89 PEPG —% -$7M -1,500,000 -100.0% SOLD
90 MRUS —% -$191M -2,025,277 -100.0% SOLD
91 RNAM —% -$496M -11,372,829 -100.0% SOLD
92 DGX —% -$48M -250,000 -100.0% SOLD
93 ABVX —% -$30M -350,000 -100.0% SOLD
94 DYN —% -$37M -2,890,567 -100.0% SOLD
95 CTMX —% -$11M -3,461,500 -100.0% SOLD
96 GEHC —% -$30M -393,500 -100.0% SOLD

New Positions

SymbolValue% Port
IRTC $210M 2.15%
APLS $193M 1.98%
RGEN $174M 1.79%
PODD $92M 0.95%
CSTL $82M 0.84%
IMVT $81M 0.83%
CELC $55M 0.56%
KOD $42M 0.43%
ARWR $39M 0.40%
SVRA $36M 0.37%
EVMN $22M 0.23%
KYMR $19M 0.19%
FLGT $19M 0.19%
HNGE $16M 0.17%
BEAM $16M 0.16%

Sold Out Positions

SymbolValue% Port
DYN —%
LENZ —%
GEHC —%
CTMX —%
ALEC —%
ABVX —%
ADGM —%
PEPG —%
DGX —%
AKRO —%
RNAM —%
MRUS —%
View SEC EDGAR Filings for RTW INVESTMENTS, LP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms