1y return+88.9%S&P 500 +20.9%
3y return+89.4%S&P 500 +68.5%
5y return+7.3%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since March 31, 2020: $124 against $290 in the S&P 500.2
Ra Capital Management, L.P.S&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| Ascendis Pharma A/sCUSIP K08588103 | $2.7B | 23.8% | New |
| PBLSParabilis Medicines Inc | $791.9M | 6.9% | New |
| RYTMRhythm Pharmaceuticals Inc | $740.2M | 6.4% | |
| PCVXVaxcyte Inc | $667.0M | 5.8% | |
| SIONSionna Therapeutics Inc | $435.7M | 3.8% | |
| TYRATyra Biosciences Inc | $389.6M | 3.4% | |
| EWTXEdgewise Therapeutics Inc | $341.0M | 3.0% | −19.5% |
| Newamsterdam Pharma Co NvCUSIP N62509109 | $323.7M | 2.8% | |
| COAGHemab Therapeutics Holdings | $286.8M | 2.5% | New |
| SEPNSepterna Inc | $234.3M | 2.0% | |
| BCAXBicara Therapeutics Inc | $215.4M | 1.9% | |
| MLYSMineralys Therapeutics Inc | $207.6M | 1.8% | |
| Gh Research PLCCUSIP G3855L106 | $205.3M | 1.8% | |
| IRONDisc Medicine Inc | $179.2M | 1.6% | |
| SGPSpyglass Pharma Inc | $178.6M | 1.6% | |
| ARTVArtiva Biotherapeutics Inc | $174.2M | 1.5% | +82.2% |
| JANXJanux Therapeutics Inc | $171.9M | 1.5% | |
| TSHATaysha Gene Therapies Inc | $160.4M | 1.4% | |
| BCRXBiocryst Pharmaceuticals Inc | $158.3M | 1.4% | |
| Wave Life Sciences LtdCUSIP Y95308105 | $156.7M | 1.4% | |
| Nuvalent Inc-aCUSIP 670703107 | $153.9M | 1.3% | −50.8% |
| ABVXAbivax Sa-adr | $150.9M | 1.3% | New |
| ORKAOruka Therapeutics Inc | $148.0M | 1.3% | New |
| CLYMClimb Bio Inc | $147.4M | 1.3% | |
| SLDBSolid Biosciences Inc | $120.2M | 1.0% | +28.9% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| MNPRMonopar Therapeutics Inc | December 31, 2024 | +320.9% | $61.8M |
| SIONSionna Therapeutics Inc | March 31, 2025 | +320.6% | $435.7M |
| Newamsterdam Pharma Co NvCUSIP N62509109 | December 31, 2022 | +222.1% | $323.7M |
| EWTXEdgewise Therapeutics Inc | March 31, 2024 | +122.8% | $341.0M |
| JBIOJade Biosciences Inc | June 30, 2025 | +122.4% | $81.6M |
| RZLTRezolute Inc | December 31, 2025 | +120.3% | $49.1M |
| TSHATaysha Gene Therapies Inc | September 30, 2023 | +115.5% | $160.4M |
| LBRXLb Pharmaceuticals Inc | September 30, 2025 | +105.5% | $71.7M |
| SLDBSolid Biosciences Inc | December 31, 2022 | +85.7% | $120.2M |
| PCVXVaxcyte Inc | June 30, 2020 | +83.9% | $667.0M |
Sold off last quarter
- Ascendis Pharma A/s - AdrCUSIP 04351P101 was $2.4B
- DNTHDianthus Therapeutics Inc was $219.2M
- PRAXPraxis Precision Medicines I was $120.4M
- SRPTSarepta Therapeutics Inc was $84.9M
- SYRESpyre Therapeutics Inc was $81.8M
- FULCFulcrum Therapeutics Inc was $46.4M
- OLMAOlema Pharmaceuticals Inc was $38.8M
- DSGNDesign Therapeutics Inc was $31.6M
- TVTXTravere Therapeutics Inc was $22.2M
- GRALGrail Inc was $22.1M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +14.7% | +14.8% |
| March 31, 2026 | +2.1% | −4.6% |
| December 31, 2025 | +20.9% | +2.4% |
| September 30, 2025 | +33.4% | +7.8% |
| June 30, 2025 | +4.6% | +10.5% |
| March 31, 2025 | −17.2% | −4.6% |
| December 31, 2024 | −15.2% | +2.1% |
| September 30, 2024 | +12.1% | +5.4% |
| June 30, 2024 | −9.2% | +4.0% |
| March 31, 2024 | +19.1% | +10.0% |
| December 31, 2023 | +25.2% | +11.2% |
| September 30, 2023 | −10.0% | −3.6% |
| June 30, 2023 | +8.2% | +8.3% |
| March 31, 2023 | −15.1% | +7.0% |
| December 31, 2022 | +10.8% | +7.1% |
| September 30, 2022 | +18.3% | −5.3% |
| June 30, 2022 | −19.4% | −16.5% |
| March 31, 2022 | −23.7% | −4.9% |
| December 31, 2021 | −20.9% | +10.7% |
| September 30, 2021 | −3.2% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Ra Capital Management, L.P. Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1346824&type=13F-HR&dateb=&owner=include&count=40CIK 1346824
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1346824/000110465926097251/Filed August 14, 2026 · accession 0001104659-26-097251