RA CAPITAL MANAGEMENT, L.P.
Q4 2025 13F-HR Holdings
Net value change ($000)
+1,645,341
(20.3%)
New positions
22
Sold out positions
18
Turnover %
12.8%
Sector allocation + QoQ delta (equities-only)
Snapshot: Change Analysis
Compared to Q3 2025
Methodology:
sector metrics are equities-only;
instrument mix chart is ex-options;
options exposure is shown separately.
Why this matters.
Top Adds (Value $000, Stocks/ETFs)
| CDTX | 421,128 | 130.7% |
| RNAM | 246,788 | 65.5% |
| WAVE LIFE SCIENCES LTD | 176,212 | 132.3% |
| TYRA | 150,043 | 87.9% |
| ASND | 148,362 | 7.3% |
| RYTM | 139,858 | 24.4% |
| BCRX | 123,452 | NEW |
| PRAX | 110,170 | NEW |
| SION | 100,297 | 32.6% |
| EWTX | 89,633 | 53.0% |
Top Reduces (Value $000, Stocks/ETFs)
| 89bio, Inc. | -292,378 | -100.0% |
| ACLX | -166,680 | -66.9% |
| LENZ | -127,789 | -65.7% |
| JANX | -119,058 | -43.5% |
| DNTH | -46,386 | -41.1% |
| SRRK | -43,451 | -100.0% |
| GPCR | -42,488 | -100.0% |
| Metsera, Inc. | -35,350 | -100.0% |
| TVTX | -27,485 | -100.0% |
| VOR | -25,881 | -26.8% |
Instrument mix + QoQ Δ (ex-options)
How this table is calculated:
SEC
VALUE ($000) is used as reported.
For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received.
Column % is bucket-based:
non-options share is calculated inside non-option total, options share is calculated inside options total.
Details.
Filter:
Instrument:
| Issuer Name | Ticker | Sector | Industry | Class | History | Value ($000) | % | Shares | Shares Δ | Shares Δ% | Value Δ ($000) | Value Δ% | Principal | Option Type |
|---|