RA Capital Management Portfolio
13F Holdings & Position Changes — Last filed May 15, 2026
13F Holdings & Position Changes — Last filed May 15, 2026
Crossover biotech fund that invests from late-stage private through public markets. Known for rigorous scientific analysis and the "biotech social contract" framework. Kolchinsky, a virologist by training, emphasizes understanding drug pricing dynamics and long-term value creation in biotech.
RA Capital Management is a $10B biotech-focused hedge fund managed by Peter Kolchinsky, PhD. As of their latest 13F filing (Q1 2026), the fund holds 83 positions worth $9.2B. This quarter they initiated 15 new positions and exited 78. Their largest holding is ASND ($2.4B).
RA initiated 15 new positions and increased 24 this quarter. Portfolio grew +3.0% to $9.2B. 297 upcoming catalysts across holdings.
Portfolio Value (13F)
$9.2B
Holdings
83
Top 10 Concentration
62.7%
QoQ Change
+3.0%
Turnover
6.2%
Portfolio Value Trend
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| # | Ticker | Company | Change | Value | % of Portfolio | SI % Float ? | Trend |
|---|---|---|---|---|---|---|---|
| 1 | ASND | Ascendis Pharma A/S | $2.4B | 25.51% | 3.6% | ||
| 2 | PCVX | Vaxcyte Inc. | Increased | $666.8M | 7.23% | 10.1% | |
| 3 | RYTM | Rhythm Pharmaceuticals Inc. | $579.8M | 6.29% | 11.8% | ||
| 4 | TYRA | Tyra Biosciences, Inc. | $467.2M | 5.07% | 30.7% | ||
| 5 | SION | Sionna Therapeutics, Inc. | $397.1M | 4.31% | 18.0% | ||
| 6 | EWTX | Edgewise Therapeutics, Inc. | $328.5M | 3.56% | 13.1% | ||
| 7 | NAMSW | NewAmsterdam Pharma Co N.V. | $312.4M | 3.39% | — | ||
| 8 | NUVL | Nuvalent Inc. | Increased↑3Q | $259.6M | 2.82% | 6.6% | |
| 9 | MLYS | Mineralys Therapeutics, Inc. | Increased↑4Q | $208.4M | 2.26% | 11.8% | |
| 10 | SGP | SpyGlass Pharma, Inc. | New | $207.8M | 2.25% | 9.1% | — |
Share changes reflect active decisions. Value changes include price moves.
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RA Capital Management held 83 biotech stocks in their 13F portfolio this quarter. Their top positions include ASND, PCVX, RYTM, TYRA, SION. The full holdings table is available on BiotechEdge with position sizes, quarter-over-quarter changes, and AI analysis.
RA Capital Management's tracked biotech portfolio is worth $9.2B across 83 positions, with total assets under management of approximately $10B. Portfolio values are based on 13F filings with the SEC.
RA Capital Management initiated 15 new positions this quarter, including SGP, SRPT, DMRA, IPSC, MIRM and 10 more. They also increased 24 existing positions.
RA Capital Management fully exited 78 positions this quarter, including COGT, CELC, NRIX, ITOS, ENTA and 73 more. They also trimmed 3 existing positions.
Crossover biotech fund that invests from late-stage private through public markets. Known for rigorous scientific analysis and the "biotech social contract" framework. Kolchinsky, a virologist by training, emphasizes understanding drug pricing dynamics and long-term value creation in biotech.
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