RTW Investments, LP 13F holdings, Q3 2025
Holdings as of September 30, 2025 · filings on SEC EDGAR · latest filing →
RTW Investments, LP disclosed 74 US equity positions worth $8.1bn in its Q3 2025 13F filing. The largest position was MDGL at 11.3% of the reported book, followed by ARGX and RNAGBP. Against the Q2 2025 filing, it opened 3 new positions, added to 13 and reduced 11 among the top 50 holdings.
What did RTW Investments, LP own in Q3 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q2 2025 |
|---|---|---|---|---|---|---|---|
| 1 | MDGL MADRIGAL PHARMACEUTICALS INC | Healthcare | 11.3% | $914.4m | 1,993,687 | 0% | held |
| 2 | ARGX ARGENX SE | Healthcare | 6.1% | $496.7m | 673,497 | 0% | held |
| 3 | RNAGBP AVIDITY BIOSCIENCES INC | 6.1% | $495.5m | 11,372,829 | 18% | added | |
| 4 | PTCT PTC THERAPEUTICS INC | Healthcare | 5.9% | $475.4m | 7,746,415 | 0% | held |
| 5 | INSM INSMED INC | Healthcare | 5.5% | $444.2m | 3,084,558 | 0% | held |
| 6 | PTGX PROTAGONIST THERAPEUTICS INC | Healthcare | 4.7% | $382.4m | 5,756,277 | 0% | held |
| 7 | NTRA NATERA INC | Healthcare | 4.0% | $321.9m | 2,000,000 | -23% | reduced |
| 8 | AKERO THERAPEUTICS INC | 3.2% | $260.1m | 5,477,561 | 0% | held | |
| 9 | QURE UNIQURE NV | 3.2% | $258.3m | 4,424,968 | -14% | reduced | |
| 10 | PEN PENUMBRA INC | Healthcare | 2.7% | $219.5m | 866,499 | 0% | held |
| 11 | RDNT RADNET INC | Healthcare | 2.6% | $214.6m | 2,815,544 | 5% | added |
| 12 | MERUS N V | 2.3% | $190.7m | 2,025,277 | -49% | reduced | |
| 13 | TARS TARSUS PHARMACEUTICALS INC | Healthcare | 2.3% | $188.8m | 3,177,436 | 2% | added |
| 14 | SYK STRYKER CORPORATION | Healthcare | 2.2% | $181.1m | 490,000 | -17% | reduced |
| 15 | IMCR IMMUNOCORE HLDGS PLC | Healthcare | 2.2% | $176.9m | 4,869,798 | 0% | held |
| 16 | ACAD ACADIA PHARMACEUTICALS INC | Healthcare | 1.9% | $152.5m | 7,144,524 | -21% | reduced |
| 17 | CYTK CYTOKINETICS INC | Healthcare | 1.8% | $149.6m | 2,721,158 | 0% | held |
| 18 | NBIX NEUROCRINE BIOSCIENCES INC | Healthcare | 1.8% | $149.1m | 1,062,072 | 0% | held |
| 19 | AXSM AXSOME THERAPEUTICS INC | Healthcare | 1.7% | $135.9m | 1,118,883 | -26% | reduced |
| 20 | STOK STOKE THERAPEUTICS INC | Healthcare | 1.5% | $120.4m | 5,123,525 | 0% | held |
| 21 | APGE APOGEE THERAPEUTICS INC | Healthcare | 1.3% | $107.8m | 2,712,097 | 0% | held |
| 22 | ESTA ESTABLISHMENT LABS HLDGS INC | Healthcare | 1.3% | $106.1m | 2,588,831 | 0% | held |
| 23 | MASI* MASIMO CORP | 1.2% | $100.8m | 683,294 | 0% | held | |
| 24 | RARE ULTRAGENYX PHARMACEUTICAL IN | Healthcare | 1.2% | $98.0m | 3,258,266 | 91% | added |
| 25 | GH GUARDANT HEALTH INC | Healthcare | 1.1% | $92.5m | 1,481,033 | 73% | added |
| 26 | URGN UROGEN PHARMA LTD | Healthcare | 1.1% | $90.7m | 4,543,895 | 0% | held |
| 27 | ISRG INTUITIVE SURGICAL INC | Healthcare | 1.1% | $90.5m | 202,456 | 0% | held |
| 28 | GHRS GH RESEARCH PLC | 1.0% | $79.6m | 5,569,564 | 1% | added | |
| 29 | TSHA TAYSHA GENE THERAPIES INC | Healthcare | 1.0% | $79.6m | 24,354,291 | -3% | reduced |
| 30 | ZLAB ZAI LAB LTD | Healthcare | 1.0% | $77.7m | 2,291,372 | -59% | reduced |
| 31 | IMTX IMMATICS N.V | Healthcare | 0.9% | $75.1m | 8,815,617 | 26% | added |
| 32 | XNCR XENCOR INC | Healthcare | 0.9% | $73.0m | 6,221,054 | 159% | added |
| 33 | CGON CG ONCOLOGY INC | Healthcare | 0.8% | $68.5m | 1,701,216 | 0% | held |
| 34 | BBNX BETA BIONICS INC | Healthcare | 0.8% | $65.6m | 3,299,191 | 0% | held |
| 35 | SYRE SPYRE THERAPEUTICS INC | 0.7% | $60.7m | 3,621,996 | 0% | held | |
| 36 | RCKT ROCKET PHARMACEUTICALS INC | Healthcare | 0.7% | $57.7m | 17,687,772 | 0% | held |
| 37 | CNTA CENTESSA PHARMACEUTICALS PLC | 0.7% | $55.6m | 2,291,747 | 50% | added | |
| 38 | ALKS ALKERMES PLC | Healthcare | 0.6% | $50.2m | 1,672,356 | -64% | reduced |
| 39 | CMPS COMPASS PATHWAYS PLC | Healthcare | 0.6% | $49.9m | 8,707,390 | 6% | added |
| 40 | COGT COGENT BIOSCIENCES INC | Healthcare | 0.6% | $49.8m | 3,467,486 | – | new |
| 41 | VSTM VERASTEM INC | Healthcare | 0.6% | $47.9m | 5,426,306 | 28% | added |
| 42 | DGX QUEST DIAGNOSTICS INC | Healthcare | 0.6% | $47.6m | 250,000 | -50% | reduced |
| 43 | LENZ LENZ THERAPEUTICS INC | Healthcare | 0.5% | $40.2m | 863,389 | 0% | held |
| 44 | RAPT RAPT THERAPEUTICS INC | 0.5% | $37.9m | 1,470,499 | 0% | held | |
| 45 | ORKA ORUKA THERAPEUTICS INC | Healthcare | 0.5% | $37.4m | 1,945,649 | 0% | held |
| 46 | DYN DYNE THERAPEUTICS INC | Healthcare | 0.5% | $36.6m | 2,890,567 | 71% | added |
| 47 | CRNXGBP CRINETICS PHARMACEUTICALS IN | 0.4% | $36.3m | 872,387 | 87% | added | |
| 48 | AQST AQUESTIVE THERAPEUTICS INC | 0.4% | $34.9m | 6,250,000 | – | new | |
| 49 | ABVX ABIVAX SA | 0.4% | $29.7m | 350,000 | – | new | |
| 50 | GEHC GE HEALTHCARE TECHNOLOGIES I | Healthcare | 0.4% | $29.6m | 393,500 | -37% | reduced |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.