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Livermore
Livermore
ZHEN

RTW Investments, LP

SEC CIK
0001493215
Latest filing
Aug 14, 2026

The latest 13F from RTW Investments, LP covers Q2 2026 (filed Aug 14, 2026): 84 long positions worth $11.7B. The top 10 holdings make up 47.7% of the portfolio, and the largest is Madrigal Pharmaceuticals, Inc. (MDGL) at 9.1%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
9
Est. +$483.5M
Added
26
Est. +$682.2M
Reduced
8
Est. −$336.5M
Sold out
13
Est. −$787.4M

Top 5 holdings

Share of this quarter's portfolio value

  1. MDGLMadrigal Pharmaceuticals, Inc.
    9.1%$1.07BHistory
  2. ARGXArgenx SE
    5.6%$658.2MHistory
  3. PTCTPTC Therapeutics, Inc.
    5.4%$631.9MHistory
  4. PTGXProtagonist Therapeutics, Inc
    5.3%$620.4MHistory
  5. CGONCG Oncology, Inc.
    5.2%$605.0MHistory

Share of portfolio

Top 5 holdings and the other 79 positions, by share of portfolio value

  1. MDGL9.1%
  2. ARGX5.6%
  3. PTCT5.4%
  4. PTGX5.3%
  5. CGON5.2%
  6. Other 79 positions69.4%

Biggest buys

New and added positions, by estimated amount bought

  1. KLRAKailera Therapeutics, Inc.
    +$237.4MNewHistory
  2. RAREUltragenyx Pharmaceutical Inc.
    +$138.5MAddedHistory
  3. CGONCG Oncology, Inc.
    +$108.7MAddedHistory
  4. ORKAOruka Therapeutics, Inc.
    +$102.9MAddedHistory
  5. GPCRStructure Therapeutics Inc.
    +$86.3MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. KLRAKailera Therapeutics, Inc.
    +2.03 pp0.0% → 2.0%History
  2. ORKAOruka Therapeutics, Inc.
    +1.55 pp1.0% → 2.6%History
  3. RAREUltragenyx Pharmaceutical Inc.
    +1.46 pp0.8% → 2.2%History
  4. QUREuniQure N.V.
    +1.13 pp0.4% → 1.5%History
  5. SYRESpyre Therapeutics, Inc.
    +1.13 pp2.1% → 3.2%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. APGEApogee Therapeutics, Inc.
    −$234.2MSold outHistory
  2. APLSApellis Pharmaceuticals, Inc.
    −$148.2MSold outHistory
  3. COGTCogent Biosciences, Inc.
    −$121.9MReducedHistory
  4. HNGEHinge Health, Inc.
    −$118.7MReducedHistory
  5. ISRGIntuitive Surgical Inc
    −$101.4MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. APGEApogee Therapeutics, Inc.
    −2.33 pp2.3% → 0.0%History
  2. APLSApellis Pharmaceuticals, Inc.
    −1.48 pp1.5% → 0.0%History
  3. COGTCogent Biosciences, Inc.
    −1.33 pp2.1% → 0.8%History
  4. ISRGIntuitive Surgical Inc
    −1.01 pp1.0% → 0.0%History
  5. CNTACentessa Pharmaceuticals plc
    −0.81 pp0.8% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$11.7B
+$1.66B (+16.5%) vs. prior quarter
Positions
84
−4 vs. prior quarter
Top 10 concentration
47.7%
Top 10 as share of value
Turnover
10.3%
Q2 2026, one quarter
Average holding period
12.4 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $11.7B (Q2 2026)

Q1 2021: $6.41BQ2 2021: $6.63BQ3 2021: $6.63BQ4 2021: $6.85BQ1 2022: $4.83BQ2 2022: $3.87BQ3 2022: $4.34BQ4 2022: $4.90BQ1 2023: $4.80BQ2 2023: $5.25BQ3 2023: $4.74BQ4 2023: $6.40BQ1 2024: $6.77BQ2 2024: $6.46BQ3 2024: $6.91BQ4 2024: $6.61BQ1 2025: $6.54BQ2 2025: $7.02BQ3 2025: $8.12BQ4 2025: $9.98BQ1 2026: $10.0BQ2 2026: $11.7B
Q1 2021Q2 2026
13F filings of RTW Investments, LP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202684$11.7BMDGLARGXPTCTvs. Q1 2026SEC
Q1 2026May 15, 202688$10.0BMDGLINSMPTGXvs. Q4 2025SEC
Q4 2025Feb 17, 202691$9.98BMDGLINSMPTCTvs. Q3 2025SEC
Q3 2025Nov 14, 202574$8.12BMDGLARGXAvidity Biosciences, Inc.vs. Q2 2025SEC
Q2 2025Aug 14, 202573$7.02BMDGLNTRAPTCTvs. Q1 2025SEC
Q1 2025May 15, 202568$6.54BMDGLARGXPTCTvs. Q4 2024SEC
Q4 2024Feb 14, 202572$6.61BMDGLARGXNTRAvs. Q3 2024SEC
Q3 2024Nov 14, 202468$6.91BMDGLAXSMAvidity Biosciences, Inc.vs. Q2 2024SEC
Q2 2024Aug 14, 202468$6.46BMDGLRCKTAXSMvs. Q1 2024SEC
Q1 2024May 15, 202469$6.77BRCKTIMCRAXSMvs. Q4 2023SEC
Q4 2023Feb 14, 202464$6.40BRCKTIMCRMRTXvs. Q3 2023SEC
Q3 2023Nov 14, 202367$4.74BRCKTIMCRAXSMvs. Q2 2023SEC
Q2 2023Aug 14, 202362$5.25BIMCRRCKTALNYvs. Q1 2023SEC
Q1 2023May 15, 202360$4.80BRXDXPTCTALNYvs. Q4 2022SEC
Q4 2022Feb 14, 202377$4.90BALNYRXDXRCKTvs. Q3 2022SEC
Q3 2022Nov 14, 202286$4.34BALNYPTCTRCKTvs. Q2 2022SEC
Q2 2022Aug 15, 2022107$3.87BALNYTMORCKTvs. Q1 2022SEC
Q1 2022May 16, 2022106$4.83BALNYRCKTTMOvs. Q4 2021SEC
Q4 2021Feb 14, 2022124$6.85BSPYRCKTALNYvs. Q3 2021SEC
Q3 2021Nov 15, 2021120$6.63BRCKTSPYALNYvs. Q2 2021SEC
Q2 2021Aug 13, 2021113$6.63BRCKTSPYALNYvs. Q1 2021SEC
Q1 2021May 14, 2021111$6.41BRCKTSPYVCEL–SEC

13D and 13G filings

Companies where RTW Investments, LP reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

33 companies, largest stake first.

Companies where RTW Investments, LP owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
OBIOOrchestra BioMed Holdings, Inc.13D/A19.20%11.9M shares−0.50 ppfrom 19.70%Oct 12, 20228 filingsApr 29, 2026SEC
ALURAllurion Technologies, Inc.13D/A17.60%1.05M shares–Feb 24, 20251 filingFeb 24, 2025SEC
ESTAEstablishment Labs Holdings Inc.13G/A9.99%2.82M shares–Feb 12, 20215 filingsFeb 14, 2025SEC
NGNENeurogene Inc.13G/A9.99%1.50M shares–Nov 14, 20242 filingsFeb 14, 2025SEC
CMPSCOMPASS Pathways plc13G/A9.90%13.0M shares0.00 ppfrom 9.90%May 15, 20253 filingsMay 15, 2026SEC
MISTMilestone Pharmaceuticals Inc.13G/A9.90%12.4M shares0.00 ppfrom 9.90%Feb 12, 20216 filingsMay 15, 2026SEC
VSTMVerastem, Inc.13G/A9.90%9.02M shares0.00 ppfrom 9.90%May 15, 20254 filingsMay 15, 2026SEC
STOKStoke Therapeutics, Inc.13G/A9.90%5.94M shares−0.09 ppfrom 9.99%Feb 12, 20216 filingsMay 15, 2026SEC
TENXTenax Therapeutics, Inc.13G/A9.90%2.87M shares0.00 ppfrom 9.90%May 15, 20254 filingsAug 14, 2026SEC
ALURAllurion Technologies, Inc.13D/A9.90%67.4K shares0.00 ppfrom 9.90%Aug 11, 202313 filingsSep 2, 2026SEC
CGONCG Oncology, Inc.13G/A9.70%8.51M shares+1.40 ppfrom 8.30%May 15, 20262 filingsAug 14, 2026SEC
IMTXImmatics N.V.13G/A9.60%12.9M shares+1.10 ppfrom 8.50%Nov 14, 20245 filingsMay 15, 2026SEC
TNGXTango Therapeutics, Inc.13G9.30%13.3M sharesNewMay 15, 20261 filingMay 15, 2026SEC
CSTLCastle Biosciences Inc13G/A9.30%2.76M shares+2.10 ppfrom 7.20%Feb 17, 20262 filingsMay 15, 2026SEC
REPLReplimune Group, Inc.13G/A8.90%7.36M shares+0.70 ppfrom 8.20%Nov 14, 20252 filingsMay 15, 2026SEC
GHRSGH Research PLC13G/A8.90%5.50M shares–Feb 14, 20242 filingsMay 15, 2025SEC
CADLCandel Therapeutics, Inc.13G8.80%6.42M sharesNewMay 15, 20261 filingMay 15, 2026SEC
XNCRXencor Inc13G8.70%6.22M sharesNewNov 14, 20251 filingNov 14, 2025SEC
KLRAKailera Therapeutics, Inc.13G8.30%10.8M sharesNewAug 14, 20261 filingAug 14, 2026SEC
PTGXProtagonist Therapeutics, Inc13G/A8.10%5.06M shares–Feb 12, 20215 filingsFeb 17, 2026SEC
TARSTarsus Pharmaceuticals, Inc.13G/A8.10%3.42M shares–Feb 12, 20215 filingsAug 14, 2025SEC
RAREUltragenyx Pharmaceutical Inc.13G7.90%7.80M shares–Feb 14, 20234 filingsAug 14, 2026SEC
IPSCCentury Therapeutics, Inc.13G7.10%13.0M sharesNewMay 15, 20261 filingMay 15, 2026SEC
TSHATaysha Gene Therapies, Inc.13G/A7.00%20.7M shares−1.30 ppfrom 8.30%Feb 14, 20246 filingsMay 15, 2026SEC
IRTCiRhythm Holdings, Inc.13G/A6.60%2.18M shares+1.40 ppfrom 5.20%May 15, 20262 filingsAug 14, 2026SEC

Showing the 25 largest of 33 stakes.

Latest filings

338 filings on file made by RTW Investments, LP or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by RTW Investments, LP
CompanyFiled (ET)FormStakeChangeEvent dateFiling
ALURAllurion Technologies, Inc.Sep 2, 20268:03 PM ET13D/A9.90%67.4K shares0.00 ppfrom 9.90%Aug 31, 2026SEC
QUREuniQure N.V.Aug 14, 20268:17 AM ET13G5.70%3.94M shares+1.60 ppfrom 4.10%Jun 30, 2026SEC
RAREUltragenyx Pharmaceutical Inc.Aug 14, 20268:15 AM ET13G7.90%7.80M shares–Jun 30, 2026SEC
TENXTenax Therapeutics, Inc.Aug 14, 20268:12 AM ET13G/A9.90%2.87M shares0.00 ppfrom 9.90%Jun 30, 2026SEC
SYRESpyre Therapeutics, Inc.Aug 14, 20268:10 AM ET13G/A4.80%4.25M shares−1.40 ppfrom 6.20%Below 5%Jun 30, 2026SEC
RDNTRadNet, Inc.Aug 14, 20268:08 AM ET13G/A6.20%4.85M shares+1.10 ppfrom 5.10%Jun 30, 2026SEC
ORKAOruka Therapeutics, Inc.Aug 14, 20268:04 AM ET13G5.20%3.14M shares+0.90 ppfrom 4.30%Jun 30, 2026SEC
KLRAKailera Therapeutics, Inc.Aug 14, 20268:03 AM ET13G8.30%10.8M sharesNewJun 30, 2026SEC
IRTCiRhythm Holdings, Inc.Aug 14, 20268:00 AM ET13G/A6.60%2.18M shares+1.40 ppfrom 5.20%Jun 30, 2026SEC
CGONCG Oncology, Inc.Aug 14, 20267:58 AM ET13G/A9.70%8.51M shares+1.40 ppfrom 8.30%Jun 30, 2026SEC
ALURAllurion Technologies, Inc.Jul 23, 20265:19 PM ET13D/A9.90%67.4K shares−29.50 ppfrom 39.40%Jul 21, 2026SEC
VSTMVerastem, Inc.May 15, 20268:42 AM ET13G/A9.90%9.02M shares0.00 ppfrom 9.90%Mar 31, 2026SEC
QUREuniQure N.V.May 15, 20268:40 AM ET13G/A4.10%2.59M shares−1.90 ppfrom 6.00%Below 5%Mar 31, 2026SEC
TENXTenax Therapeutics, Inc.May 15, 20268:38 AM ET13G/A9.90%1.87M shares0.00 ppfrom 9.90%Mar 31, 2026SEC
TSHATaysha Gene Therapies, Inc.May 15, 20268:36 AM ET13G/A7.00%20.7M shares−1.30 ppfrom 8.30%Mar 31, 2026SEC
TNGXTango Therapeutics, Inc.May 15, 20268:34 AM ET13G9.30%13.3M sharesNewMar 31, 2026SEC
STOKStoke Therapeutics, Inc.May 15, 20268:32 AM ET13G/A9.90%5.94M shares−0.09 ppfrom 9.99%Mar 31, 2026SEC
REPLReplimune Group, Inc.May 15, 20268:30 AM ET13G/A8.90%7.36M shares+0.70 ppfrom 8.20%Mar 31, 2026SEC
RAPTRAPT Therapeutics, Inc.May 15, 20268:28 AM ET13G/A0.00%0 shares−5.90 ppfrom 5.90%Below 5%Mar 31, 2026SEC
MISTMilestone Pharmaceuticals Inc.May 15, 20268:26 AM ET13G/A9.90%12.4M shares0.00 ppfrom 9.90%Mar 31, 2026SEC