RTW Investments, LP 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
RTW Investments, LP disclosed 91 US equity positions worth $10.0bn in its Q4 2025 13F filing. The largest position was MDGL at 11.6% of the reported book, followed by INSM and PTCT. Against the Q3 2025 filing, it opened 7 new positions, added to 18 and reduced 10 among the top 50 holdings.
What did RTW Investments, LP own in Q4 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | MDGL MADRIGAL PHARMACEUTICALS INC | Healthcare | 11.6% | $1.2bn | 1,993,687 | 0% | held |
| 2 | INSM INSMED INC | Healthcare | 8.4% | $842.9m | 4,842,879 | 57% | added |
| 3 | PTCT PTC THERAPEUTICS INC | Healthcare | 5.9% | $588.4m | 7,746,415 | 0% | held |
| 4 | ARGX ARGENX SE | Healthcare | 5.7% | $566.4m | 673,497 | 0% | held |
| 5 | PTGX PROTAGONIST THERAPEUTICS INC | Healthcare | 4.4% | $441.9m | 5,059,053 | -12% | reduced |
| 6 | NTRA NATERA INC | Healthcare | 3.4% | $343.6m | 1,500,000 | -25% | reduced |
| 7 | RDNT RADNET INC | Healthcare | 2.8% | $281.0m | 3,938,500 | 40% | added |
| 8 | TARS TARSUS PHARMACEUTICALS INC | Healthcare | 2.7% | $273.1m | 3,335,320 | 5% | added |
| 9 | COGT COGENT BIOSCIENCES INC | Healthcare | 2.7% | $269.7m | 7,592,241 | 119% | added |
| 10 | PEN PENUMBRA INC | Healthcare | 2.7% | $269.4m | 866,499 | 0% | held |
| 11 | IRTC IRHYTHM TECHNOLOGIES INC | Healthcare | 2.1% | $209.7m | 1,181,990 | – | new |
| 12 | APGE APOGEE THERAPEUTICS INC | Healthcare | 2.1% | $204.7m | 2,712,097 | 0% | held |
| 13 | APLSUSD APELLIS PHARMACEUTICALS INC | 1.9% | $192.6m | 7,666,764 | – | new | |
| 14 | ACAD ACADIA PHARMACEUTICALS INC | Healthcare | 1.9% | $190.8m | 7,144,524 | 0% | held |
| 15 | ESTA ESTABLISHMENT LABS HLDGS INC | Healthcare | 1.9% | $188.7m | 2,588,831 | 0% | held |
| 16 | STOK STOKE THERAPEUTICS INC | Healthcare | 1.8% | $176.1m | 5,546,856 | 8% | added |
| 17 | RGEN REPLIGEN CORP | Healthcare | 1.7% | $174.3m | 1,064,000 | – | new |
| 18 | CYTK CYTOKINETICS INC | Healthcare | 1.7% | $172.9m | 2,721,158 | 0% | held |
| 19 | IMCR IMMUNOCORE HLDGS PLC | Healthcare | 1.7% | $169.0m | 4,869,798 | 0% | held |
| 20 | AXSM AXSOME THERAPEUTICS INC | Healthcare | 1.6% | $162.2m | 888,001 | -21% | reduced |
| 21 | GH GUARDANT HEALTH INC | Healthcare | 1.5% | $151.3m | 1,481,033 | 0% | held |
| 22 | NBIX NEUROCRINE BIOSCIENCES INC | Healthcare | 1.5% | $150.6m | 1,062,072 | 0% | held |
| 23 | SYRE SPYRE THERAPEUTICS INC | 1.4% | $136.7m | 4,171,996 | 15% | added | |
| 24 | ZLAB ZAI LAB LTD | Healthcare | 1.2% | $122.8m | 6,959,032 | 204% | added |
| 25 | IMTX IMMATICS N.V | Healthcare | 1.2% | $120.1m | 11,433,354 | 30% | added |
| 26 | BLTE BELITE BIO INC | Healthcare | 1.1% | $114.4m | 715,332 | 129% | added |
| 27 | URGN UROGEN PHARMA LTD | Healthcare | 1.1% | $106.4m | 4,543,895 | 0% | held |
| 28 | XNCR XENCOR INC | Healthcare | 1.0% | $103.8m | 6,777,461 | 9% | added |
| 29 | PODD INSULET CORP | Healthcare | 0.9% | $92.3m | 324,600 | – | new |
| 30 | TSHA TAYSHA GENE THERAPIES INC | Healthcare | 0.9% | $90.2m | 16,398,297 | -33% | reduced |
| 31 | MASI* MASIMO CORP | 0.9% | $88.9m | 683,294 | 0% | held | |
| 32 | QURE UNIQURE NV | 0.9% | $88.8m | 3,711,462 | -16% | reduced | |
| 33 | SYK STRYKER CORPORATION | Healthcare | 0.9% | $86.1m | 245,000 | -50% | reduced |
| 34 | CGON CG ONCOLOGY INC | Healthcare | 0.8% | $83.5m | 2,012,127 | 18% | added |
| 35 | CSTL CASTLE BIOSCIENCES INC | Healthcare | 0.8% | $82.3m | 2,115,237 | – | new |
| 36 | IMVT IMMUNOVANT INC | Healthcare | 0.8% | $80.8m | 3,177,850 | – | new |
| 37 | BBNX BETA BIONICS INC | Healthcare | 0.8% | $76.2m | 2,500,000 | -24% | reduced |
| 38 | GHRS GH RESEARCH PLC | 0.8% | $75.4m | 5,933,815 | 7% | added | |
| 39 | REPL REPLIMUNE GROUP INC | Healthcare | 0.7% | $69.4m | 7,140,352 | 12% | added |
| 40 | RARE ULTRAGENYX PHARMACEUTICAL IN | Healthcare | 0.7% | $69.0m | 3,000,139 | -8% | reduced |
| 41 | CRNXGBP CRINETICS PHARMACEUTICALS IN | 0.6% | $62.9m | 1,351,326 | 55% | added | |
| 42 | ORKA ORUKA THERAPEUTICS INC | Healthcare | 0.6% | $62.4m | 2,058,148 | 6% | added |
| 43 | RCKT ROCKET PHARMACEUTICALS INC | Healthcare | 0.6% | $62.1m | 17,687,772 | 0% | held |
| 44 | CMPS COMPASS PATHWAYS PLC | Healthcare | 0.6% | $60.4m | 8,757,390 | 1% | added |
| 45 | ISRG INTUITIVE SURGICAL INC | Healthcare | 0.6% | $57.3m | 101,228 | -50% | reduced |
| 46 | RAPT RAPT THERAPEUTICS INC | 0.6% | $55.5m | 1,637,165 | 11% | added | |
| 47 | CELC CELCUITY INC | Healthcare | 0.5% | $54.9m | 550,160 | – | new |
| 48 | VSTM VERASTEM INC | Healthcare | 0.5% | $50.8m | 6,576,306 | 21% | added |
| 49 | ALKS ALKERMES PLC | Healthcare | 0.5% | $46.8m | 1,672,356 | 0% | held |
| 50 | CNTA CENTESSA PHARMACEUTICALS PLC | 0.4% | $44.8m | 1,790,837 | -22% | 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.