RA CAPITAL MANAGEMENT, LLC

Hedge Fund • Long/Short

RA CAPITAL MANAGEMENT, LLC is a Long/Short Hedge Fund based in Boston, MA led by Michael Saulnier, reporting $12.6B in AUM as of Q3 2025 with 65% Healthcare concentration, 64% concentrated in top 10 holdings, and 25% allocation to ASND.

CFOMichael Saulnier

Portfolio Value: $8.1B
Positions: 66
Top Holding: ASND at 25.39%
Last Reported: Q3 2025

Address200 Berkeley Street, 18th Floor, Boston, MA, 02116, United States

Top Holdings

Largest long holdings in RA CAPITAL MANAGEMENT, LLC's portfolio (64.4% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 ASND Ascendis Pharma ASND	Unknown Unknown	$2.0B	25.39%	—	— 10.3M shares	Q4 2022 Held for 2y 11m
2 Rhythm Pharmaceuticals, Inc. RYTM	Biotechnology Healthcare	$573.8M	7.13%	+$12.1M Bought	8.55% 5.7M shares	Q2 2018 Held for 7y 5m
3 Vaxcyte, Inc. PCVX	Biotechnology Healthcare	$431.0M	5.35%	—	9.22% 12.0M shares	Q2 2020 Held for 5y 5m
4 Avidity Biosciences RNA	Biotechnology Healthcare	$376.5M	4.68%	+$59.9M Bought	5.92% 8.6M shares	Q3 2021 Held for 4y 2m
5 Cidara Therapeutics CDTX	Biotechnology Healthcare	$322.3M	4.00%	—	13.27% 3.4M shares	Q3 2024 Held for 1y 2m
6 Sionna Therapeutics, Inc. Common Stock SION	Unknown Unknown	$307.2M	3.82%	—	23.66% 10.4M shares	Q1 2025 Held for 8 months
7 89bio, Inc. ETNB	Biotechnology Healthcare	$292.4M	3.63%	—	13.39% 19.9M shares	Q4 2019 Held for 5y 11m
8 NewAmsterdam Pharma Company NAMS	Biotechnology Healthcare	$288.4M	3.58%	—	9.00% 10.1M shares	Q4 2022 Held for 2y 11m
9 Mineralys Therapeutics, Inc. MLYS	Biotechnology Healthcare	$277.7M	3.45%	+$44.6M Bought	9.44% 7.3M shares	Q1 2023 Held for 2y 8m
10 Janux Therapeutics JANX	Biotechnology Healthcare	$273.5M	3.40%	—	18.62% 11.2M shares	Q2 2021 Held for 4y 5m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in RA CAPITAL MANAGEMENT, LLC's latest filing

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Market Value

$8.1B

Prior: $5.9B

Q/Q Change

+35.63%

+$2.1B

Net Flows % of MV

+0.399%

Turnover Ratio

4.26%

New Purchases

7 stocks

$109.3M

Added To

7 stocks

+$169.6M

Sold Out Of

11 stocks

$243.4M

Reduced Holdings

2 stocks

-$3.4M

Increased Positions

Position	Shares Δ	Change
1 LBRX LB Pharmaceuticals Inc Common Stock LBRX	New	0 → 1.8M +$28.1M
2 Assembly Biosciences ASMB	New	0 → 1.0M +$26.1M
3 Contineum Therapeutics, Inc. CTNM	New	0 → 2.1M +$24.9M
4 Prime Medicine PRME	New	0 → 3.0M +$16.6M
5 Inspire Medical Systems INSP	New	0 → 114.9K +$8.5M

Decreased Positions

Position	Shares Δ	Change
1 Dyne Therapeutics, Inc. DYN	Sold	9.7M → 0 −$92.5M
2 RxSight, Inc. RXST	Sold	3.7M → 0 −$48.1M
3 Tourmaline Bio TRML	Sold	2.5M → 0 −$40.6M
4 Enliven Therapeutics ELVN	Sold	849.0K → 0 −$17.0M
5 Hinge Health, Inc. HNGE	Sold	300.0K → 0 −$15.5M