RTW Investments Portfolio
13F Holdings & Position Changes — Last filed Feb 17, 2026
13F Holdings & Position Changes — Last filed Feb 17, 2026
RTW Investments is a $10B biotech-focused hedge fund managed by Roderick Wong, MD. As of their latest 13F filing (Q4 2025), the fund holds 87 positions worth $9.7B. This quarter they initiated 24 new positions and exited 56. Their largest holding is MDGL ($1.2B).
RTW initiated 24 new positions and increased 24 this quarter. Portfolio grew +25.4% to $9.7B. 330 upcoming catalysts across holdings. 10 insider buys detected in portfolio companies.
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RTW Investments held 87 biotech stocks in their 13F portfolio this quarter. Their top positions include MDGL, INSM, PTCT, ARGX, PTGX. The full holdings table is available on BiotechEdge with position sizes, quarter-over-quarter changes, and AI analysis.
RTW Investments's tracked biotech portfolio is worth $9.7B across 87 positions, with total assets under management of approximately $10B. Portfolio values are based on 13F filings with the SEC.
RTW Investments initiated 24 new positions this quarter, including APLS, ESTA, RGEN, PODD, CELC and 19 more. They also increased 24 existing positions.
RTW Investments fully exited 56 positions this quarter, including EXAS, TMO, ALNY, CBLL, IMUX and 51 more. They also trimmed 12 existing positions.
Data-driven biotech fund led by a physician-investor who combines clinical expertise with quantitative analysis. RTW takes concentrated positions across the biotech lifecycle, from crossover privates to public equities, with a focus on therapeutic areas where clinical data can be independently modeled.
| 4 | ARGX | 673,497 | $566.4M |
| 5 | PTGX | Decreased | 5,059,053 | $441.9M |
| 6 | NTRA | Decreased | 1,500,000 | $343.6M |
| 7 | RDNT | Increased | 3,938,500 | $281.0M |
| 8 | TARS | Increased | 3,335,320 | $273.1M |
| 9 | COGT | Increased | 7,592,241 | $269.7M |
| 10 | PEN | 866,499 | $269.4M |
| 11 | APGE | 2,712,097 | $204.7M |
| 12 | APLS | New | 7,666,764 | $192.6M |
| 13 | ACAD | 7,144,524 | $190.8M |
| 14 | ESTA | New | 2,588,831 | $188.7M |
| 15 | STOK | Increased | 5,546,856 | $176.1M |
| 16 | RGEN | New | 1,064,000 | $174.3M |
| 17 | CYTK | 2,721,158 | $172.9M |
| 18 | IMCR | 4,869,798 | $169.0M |
| 19 | AXSM | Decreased | 888,001 | $162.2M |
| 20 | GH | 1,481,033 | $151.3M |
| 21 | NBIX | 1,062,072 | $150.6M |
| 22 | SYRE | Increased | 4,171,996 | $136.7M |
| 23 | ZLAB | Increased | 6,959,032 | $122.8M |
| 24 | IMTX | Increased | 11,433,354 | $120.0M |
| 25 | BLTE | Increased | 715,332 | $114.4M |
| 26 | URGN | 4,543,895 | $106.4M |
| 27 | XNCR | Increased | 6,777,461 | $103.8M |
| 28 | PODD | New | 324,600 | $92.3M |
| 29 | TSHA | Decreased | 16,398,297 | $90.2M |
| 30 | MASI | 683,294 | $88.9M |
| 31 | QURE | Decreased | 3,711,462 | $88.8M |
| 32 | SYK | Decreased | 245,000 | $86.1M |
| 33 | CGON | Increased | 2,012,127 | $83.5M |
| 34 | CSTL | Increased | 2,115,237 | $82.3M |
| 35 | IMVT | Increased | 3,177,850 | $80.8M |
| 36 | BBNX | Decreased | 2,500,000 | $76.2M |
| 37 | GHRS | Increased | 5,933,815 | $75.4M |
| 38 | CMPS | Increased | 11,257,390 | $73.9M |
| 39 | REPL | Increased | 7,140,352 | $69.4M |
| 40 | RARE | Decreased | 3,000,139 | $69.0M |
| 41 | CRNX | Increased | 1,351,326 | $62.9M |
| 42 | ORKA | Increased | 2,058,148 | $62.4M |
| 43 | RCKT | 18,037,772 | $62.1M |
| 44 | ISRG | Decreased | 101,228 | $57.3M |
| 45 | CELC | New | 550,160 | $54.9M |
| 46 | VSTM | Increased | 6,576,306 | $50.8M |
| 47 | ALKS | 1,672,356 | $46.8M |
| 48 | CNTA | Decreased | 1,790,837 | $44.8M |
| 49 | KOD | New | 1,487,933 | $41.6M |
| 50 | AQST | 6,250,000 | $40.4M |
| 51 | ARWR | New | 584,716 | $38.8M |
| 52 | SVRA | New | 5,952,380 | $35.9M |
| 53 | OBIO | 8,306,063 | $34.5M |
| 54 | NGNE | 1,362,456 | $28.1M |
| 55 | WVE | Increased | 1,350,000 | $22.9M |
| 56 | JBIO | 1,449,273 | $22.4M |
| 57 | EVMN | New | 1,283,671 | $22.0M |
| 58 | KYMR | New | 240,000 | $18.7M |
| 59 | FLGT | New | 705,027 | $18.5M |
| 60 | CGEM | 1,705,960 | $17.7M |
| 61 | HNGE | New | 353,500 | $16.4M |
| 62 | BEAM | Increased | 570,394 | $15.8M |
| 63 | HTFL | 495,000 | $14.4M |
| 64 | TNGX | Increased | 1,491,228 | $13.2M |
| 65 | LMRI | New | 650,000 | $12.0M |
| 66 | LRMR | 3,125,000 | $11.9M |
| 67 | TEM | 200,000 | $11.8M |
| 68 | KLRS | New | 1,300,000 | $11.0M |
| 69 | IQV | New | 46,000 | $10.4M |
| 70 | PCSC | 742,500 | $9.7M |
| 71 | ATAI | New | 2,000,000 | $8.2M |
| 72 | ALURW | Increased | 5,891,430 | $7.2M |
| 73 | CAPR | New | 250,000 | $7.2M |
| 74 | GPCR | Increased | 100,000 | $7.0M |
| 75 | IVEVF | New | 1,298,701 | $6.0M |
| 76 | MIST | 2,506,102 | $5.1M |
| 77 | XGN | Decreased | 790,462 | $4.8M |
| 78 | TENX | 378,346 | $4.6M |
| 79 | CBIO | New | 372,856 | $4.4M |
| 80 | MNMD | New | 300,000 | $4.0M |
| 81 | FDMT | New | 475,737 | $3.6M |
| 82 | CRVS | Decreased | 447,607 | $3.4M |
| 83 | OMDA | 200,000 | $3.2M |
| 84 | MDLN | New | 70,000 | $2.9M |
| 85 | IRON | New | 30,000 | $2.4M |
| 86 | IMA | 334,445 | $2.3M |
| 87 | ERAS | New | 146,651 | $546K |
| Q2 2025 |
| $6.6B |
| +6.4% |
| Q1 2025 | $6.2B | -0.4% |
| Q4 2024 | $6.2B | -3.8% |
| Q3 2024 | $6.5B | +8.2% |
| Q2 2024 | $6.0B | -1.4% |
| Q1 2024 | $6.0B | +8.7% |
| Q4 2023 | $5.6B | +36.0% |
| Q3 2023 | $4.1B | +42.2% |
| Q2 2023 | $2.9B | — |