RTW INVESTMENTS, LP — Quarter-over-Quarter 13F Allocation Shifts Q1 2026
In Q1 2026, RTW INVESTMENTS, LP initiated 9 new positions, increased allocation to 10 existing positions, trimmed 10 positions, and exited 12 positions entirely. The fund's 13F equity book grew from $9.98B to $10.05B (+0.7% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $9.98BPrior quarter
- $10.05BCurrent quarter
- + $0.07BNet delta
- +0.7%% change
New Position Initiations Q1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| WAYSTAR HLDG CORP | WAY | 0.39% | Holders → |
| CANDEL THERAPEUTICS INC | CADL | 0.31% | Holders → |
| AKTIS ONCOLOGY, INC. | AKTS | 0.28% | Holders → |
| DIANTHUS THERAPEUTICS INC | DNTH | 0.21% | Holders → |
| CENTURY THERAPEUTICS INC | IPSC | 0.20% | Holders → |
| AVALO THERAPEUTICS INC | AVTX | 0.13% | Holders → |
| OCUGEN INC | OCGN | 0.12% | Holders → |
| ATAIBECKLEY INC | ATAI | 0.07% | Holders → |
| DEFINIUM THERAPEUTICS INC | DFTX | 0.06% | Holders → |
Largest Allocation Increases Q1 2026
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| ERASCA INC | ERAS | +2.60% | +10917.43% | History → |
| TANGO THERAPEUTICS INC | TNGX | +2.64% | +791.92% | History → |
| CELCUITY INC | CELC | +2.90% | +452.50% | History → |
| HINGE HEALTH INC | HNGE | +0.58% | +445.97% | Holders → |
| CG ONCOLOGY INC | CGON | +3.87% | +247.14% | History → |
| MILESTONE PHARMACEUTICALS IN | MIST | +0.02% | +152.62% | Holders → |
| INTUITIVE SURGICAL, INC. | ISRG | +0.43% | +117.33% | Holders → |
| FULGENT GENETICS INC | FLGT | +0.02% | +82.83% | Holders → |
| COMPASS THERAPEUTICS INC | CMPX | +0.09% | +67.46% | Holders → |
| IRHYTHM HOLDINGS INC | IRTC | +-0.14% | +41.16% | Holders → |
Largest Allocation Reductions Q1 2026
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| JADE BIOSCIENCES, INC. | JBIO | -0.14% | -60.45% | Holders → |
| STRYKER CORPORATION | SYK | -0.54% | -59.18% | Holders → |
| LARIMAR THERAPEUTICS INC | LRMR | -0.05% | -52.00% | Holders → |
| APELLIS PHARMACEUTICALS INC | APLS | -0.45% | -51.93% | Holders → |
| EXAGEN INC | XGN | -0.04% | -50.00% | Holders → |
| UNIQURE NV | QURE | -0.47% | -30.31% | Holders → |
| COGENT BIOSCIENCES INC | COGT | -0.61% | -28.10% | Holders → |
| BETA BIONICS INC | BBNX | -0.56% | -20.00% | Holders → |
| NATERA | NTRA | -0.95% | -16.67% | History → |
| TAYSHA GENE THERAPIES INC | TSHA | -0.29% | -16.58% | Holders → |
Exited Positions Q1 2026
Positions present in the prior 13F-HR filing that no longer appear in Q1 2026.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| PENUMBRA INC | PEN | 2.70% |
| AXSOME THERAPEUTICS | AXSM | 1.62% |
| INSULET CORP | PODD | 0.92% |
| MASIMO CORP | MASI | 0.89% |
| RAPT THERAPEUTICS INC | SYN_75382E208 | 0.56% |
| TEMPUS AI INC | TEM | 0.12% |
| IQVIA HLDGS INC | IQV | 0.10% |
| ATAI BECKLEY NV | SYN_N0731H103 | 0.08% |
| ALLURION TECHNOLOGIES INC | ALUR | 0.07% |
| STRUCTURE THERAPEUTICS INC. | GPCR | 0.07% |
| MIND MEDICINE MINDMED INC | SYN_60255C885 | 0.04% |
| CORVUS PHARMACEUTICALS INC | CRVS | 0.03% |
Methodology & FAQ
How RTW INVESTMENTS, LP Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for RTW INVESTMENTS, LP against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did RTW INVESTMENTS, LP initiate in Q1 2026?
RTW INVESTMENTS, LP established 9 new positions in Q1 2026: WAYSTAR HLDG CORP (WAY, 0.39%), CANDEL THERAPEUTICS INC (CADL, 0.31%), AKTIS ONCOLOGY, INC. (AKTS, 0.28%), DIANTHUS THERAPEUTICS INC (DNTH, 0.21%), CENTURY THERAPEUTICS INC (IPSC, 0.20%), AVALO THERAPEUTICS INC (AVTX, 0.13%), OCUGEN INC (OCGN, 0.12%), ATAIBECKLEY INC (ATAI, 0.07%), DEFINIUM THERAPEUTICS INC (DFTX, 0.06%).
Which existing positions saw the largest allocation increases for RTW INVESTMENTS, LP in Q1 2026?
The largest portfolio-weight increases in existing positions were: ERASCA INC (ERAS, +2.60% weight, +10917.43% shares), TANGO THERAPEUTICS INC (TNGX, +2.64% weight, +791.92% shares), CELCUITY INC (CELC, +2.90% weight, +452.50% shares), HINGE HEALTH INC (HNGE, +0.58% weight, +445.97% shares), CG ONCOLOGY INC (CGON, +3.87% weight, +247.14% shares), MILESTONE PHARMACEUTICALS IN (MIST, +0.02% weight, +152.62% shares), INTUITIVE SURGICAL, INC. (ISRG, +0.43% weight, +117.33% shares), FULGENT GENETICS INC (FLGT, +0.02% weight, +82.83% shares), COMPASS THERAPEUTICS INC (CMPX, +0.09% weight, +67.46% shares), IRHYTHM HOLDINGS INC (IRTC, +-0.14% weight, +41.16% shares).
Which positions did RTW INVESTMENTS, LP fully exit in Q1 2026?
RTW INVESTMENTS, LP fully exited 12 positions in Q1 2026: PENUMBRA INC (PEN, last-reported weight 2.70%), AXSOME THERAPEUTICS (AXSM, last-reported weight 1.62%), INSULET CORP (PODD, last-reported weight 0.92%), MASIMO CORP (MASI, last-reported weight 0.89%), RAPT THERAPEUTICS INC (SYN_75382E208, last-reported weight 0.56%), TEMPUS AI INC (TEM, last-reported weight 0.12%), IQVIA HLDGS INC (IQV, last-reported weight 0.10%), ATAI BECKLEY NV (SYN_N0731H103, last-reported weight 0.08%), ALLURION TECHNOLOGIES INC (ALUR, last-reported weight 0.07%), STRUCTURE THERAPEUTICS INC. (GPCR, last-reported weight 0.07%), MIND MEDICINE MINDMED INC (SYN_60255C885, last-reported weight 0.04%), CORVUS PHARMACEUTICALS INC (CRVS, last-reported weight 0.03%).
Which existing positions saw the largest allocation reductions for RTW INVESTMENTS, LP in Q1 2026?
The largest portfolio-weight reductions in positions kept open were: JADE BIOSCIENCES, INC. (JBIO, -0.14% weight, -60.45% shares), STRYKER CORPORATION (SYK, -0.54% weight, -59.18% shares), LARIMAR THERAPEUTICS INC (LRMR, -0.05% weight, -52.00% shares), APELLIS PHARMACEUTICALS INC (APLS, -0.45% weight, -51.93% shares), EXAGEN INC (XGN, -0.04% weight, -50.00% shares), UNIQURE NV (QURE, -0.47% weight, -30.31% shares), COGENT BIOSCIENCES INC (COGT, -0.61% weight, -28.10% shares), BETA BIONICS INC (BBNX, -0.56% weight, -20.00% shares), NATERA (NTRA, -0.95% weight, -16.67% shares), TAYSHA GENE THERAPIES INC (TSHA, -0.29% weight, -16.58% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity.