RTW INVESTMENTS, LP 13F: Quarter-over-Quarter Portfolio Changes
RTW INVESTMENTS, LP reported a disclosed portfolio value of approximately $10.0 billion in its latest SEC Form 13F-HR filing for Q1 2026, up 0.7% quarter on quarter. Over the quarter, the fund initiated 8 new positions, bought more shares in 30 holdings, trimmed 13 holdings, and exited 11 positions.
RTW INVESTMENTS, LP's top buy was Erasca INC (ERAS) . The fund bought 10917.4% more shares, lifting the position's portfolio weight by 2.6 percentage points. Its top sell was Penumbra INC (PEN) . The fund exited the position completely after it had accounted for 2.7% of the previous portfolio.
New PositionsQ1 2026
Securities disclosed for the first time in Q1 2026 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Portfolio Weight | History |
|---|---|---|---|
| WAYSTAR HLDG CORP | WAY | 0.4% | Holders → |
| CANDEL THERAPEUTICS INC | CADL | 0.3% | Holders → |
| AKTIS ONCOLOGY INC | AKTS | 0.3% | Holders → |
| DIANTHUS THERAPEUTICS IN | DNTH | 0.2% | Holders → |
| CENTURY THERAPEUTICS INC | IPSC | 0.2% | Holders → |
| AVALO THERAPEUTICS INC | AVTX | 0.1% | Holders → |
| OCUGEN INC | OCGN | 0.1% | Holders → |
| DEFINIUM THERAPEUTICS INC | DFTX | 0.1% | Holders → |
Top BuysQ1 2026
Showing the top 10 buys among 30 existing positions where the fund bought more shares in Q1 2026. Ranked by portfolio-weight impact, with the percentage of additional shares shown separately.
| Company | Ticker | Portfolio Weight Change | More Shares | History |
|---|---|---|---|---|
| ERASCA INC | ERAS | +2.6% | +10917.4% | History → |
| TANGO THERAPEUTICS INC | TNGX | +2.6% | +791.9% | History → |
| CELCUITY INC | CELC | +2.9% | +452.5% | History → |
| HINGE HEALTH INC | HNGE | +0.6% | +446.0% | Holders → |
| CG ONCOLOGY INC | CGON | +3.9% | +247.1% | History → |
| MILESTONE PHARMACEUTICALS IN | MIST | +0.0% | +152.6% | Holders → |
| INTUITIVE SURGICAL INC | ISRG | +0.4% | +117.3% | Holders → |
| FULGENT GENETICS INC | FLGT | +0.0% | +82.8% | Holders → |
| COMPASS THERAPEUTICS INC | CMPX | +0.1% | +67.5% | Holders → |
| IRHYTHM HOLDINGS INC | IRTC | +-0.1% | +41.2% | Holders → |
Top SellsQ1 2026
Showing the top 10 sells among 13 existing positions where the fund sold shares in Q1 2026. Ranked by portfolio-weight impact. Full exits are listed separately.
| Company | Ticker | Portfolio Weight Change | Shares Sold | History |
|---|---|---|---|---|
| JADE BIOSCIENCES INC | JBIO | -0.1% | 60.4% | Holders → |
| STRYKER CORPORATION | SYK | -0.5% | 59.2% | Holders → |
| LARIMAR THERAPEUTICS INC | LRMR | -0.1% | 52.0% | Holders → |
| APELLIS PHARMACEUTICALS INC | APLS | -0.5% | 51.9% | Holders → |
| EXAGEN INC | XGN | -0.0% | 50.0% | Holders → |
| UNIQURE NV | QURE | -0.5% | 30.3% | Holders → |
| COGENT BIOSCIENCES INC | COGT | -0.6% | 28.1% | Holders → |
| BETA BIONICS INC | BBNX | -0.6% | 20.0% | Holders → |
| NATERA | NTRA | -1.0% | 16.7% | History → |
| TAYSHA GENE THERAPIES INC | TSHA | -0.3% | 16.6% | Holders → |
Full ExitsQ1 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 | 2.7% |
| AXSOME THERAPEUTICS | AXSM | 1.6% |
| INSULET CORP | PODD | 0.9% |
| MASIMO CORP | MASI | 0.9% |
| RAPT THERAPEUTICS INC | RAPT | 0.6% |
| TEMPUS AI INC | TEM | 0.1% |
| IQVIA HLDGS INC (IQV) | IQV | 0.1% |
| ALLURION TECHNOLOGIES INC | ALUR | 0.1% |
| STRUCTURE THERAPEUTICS INC | GPCR | 0.1% |
| MIND MEDICINE MINDMED INC | BRD1EUR | 0.0% |
| CORVUS PHARMACEUTICALS I | CRVS | 0.0% |
Net Portfolio Value ChangeQ1 2026
- $10.0BPrior quarter
- $10.0BCurrent quarter
- +$0.1BNet delta
- +0.7%% change
Methodology & FAQ
How RTW INVESTMENTS, LP Quarterly Changes Are Computed
All deltas are sourced from sequential SEC Form 13F-HR filings for RTW INVESTMENTS, LP: each row joins the most recent filing against the immediately preceding quarterly filing for the same fund. Share-count changes reflect reported trading activity, while portfolio weights can also move because of market price changes. Portfolio weights are normalized to exclude listed options for comparability. A complete description — including how confidential treatment filings are handled — is documented in the Methodology.
What stocks did RTW INVESTMENTS, LP buy in Q1 2026?
In Q1 2026, RTW INVESTMENTS, LP initiated 8 new positions (WAYSTAR HLDG CORP (WAY), CANDEL THERAPEUTICS INC (CADL), AKTIS ONCOLOGY INC (AKTS), DIANTHUS THERAPEUTICS IN (DNTH), CENTURY THERAPEUTICS INC (IPSC), AVALO THERAPEUTICS INC (AVTX), OCUGEN INC (OCGN), DEFINIUM THERAPEUTICS INC (DFTX)); bought more shares of ERASCA INC (ERAS), TANGO THERAPEUTICS INC (TNGX), CELCUITY INC (CELC), HINGE HEALTH INC (HNGE), CG ONCOLOGY INC (CGON) — the largest 5 of 30 adds.
What stocks did RTW INVESTMENTS, LP sell in Q1 2026?
In Q1 2026, RTW INVESTMENTS, LP fully sold 11 positions (PENUMBRA INC (PEN), AXSOME THERAPEUTICS (AXSM), INSULET CORP (PODD), MASIMO CORP (MASI), RAPT THERAPEUTICS INC (RAPT), TEMPUS AI INC (TEM), IQVIA HLDGS INC (IQV) (IQV), ALLURION TECHNOLOGIES INC (ALUR), STRUCTURE THERAPEUTICS INC (GPCR), MIND MEDICINE MINDMED INC (BRD1EUR), CORVUS PHARMACEUTICALS I (CRVS)); reduced holdings in JADE BIOSCIENCES INC (JBIO), STRYKER CORPORATION (SYK), LARIMAR THERAPEUTICS INC (LRMR), APELLIS PHARMACEUTICALS INC (APLS), EXAGEN INC (XGN) — the largest 5 of 13 reductions.
Which positions did RTW INVESTMENTS, LP initiate in Q1 2026?
RTW INVESTMENTS, LP established 8 new positions in Q1 2026: WAYSTAR HLDG CORP (WAY, 0.4%), CANDEL THERAPEUTICS INC (CADL, 0.3%), AKTIS ONCOLOGY INC (AKTS, 0.3%), DIANTHUS THERAPEUTICS IN (DNTH, 0.2%), CENTURY THERAPEUTICS INC (IPSC, 0.2%), AVALO THERAPEUTICS INC (AVTX, 0.1%), OCUGEN INC (OCGN, 0.1%), DEFINIUM THERAPEUTICS INC (DFTX, 0.1%).
Which existing positions saw the largest allocation increases for RTW INVESTMENTS, LP in Q1 2026?
Of 30 existing positions with share-count increases in Q1 2026, the largest were: ERASCA INC (ERAS, +2.6% weight, +10917.4% shares), TANGO THERAPEUTICS INC (TNGX, +2.6% weight, +791.9% shares), CELCUITY INC (CELC, +2.9% weight, +452.5% shares), HINGE HEALTH INC (HNGE, +0.6% weight, +446.0% shares), CG ONCOLOGY INC (CGON, +3.9% weight, +247.1% shares), MILESTONE PHARMACEUTICALS IN (MIST, +0.0% weight, +152.6% shares), INTUITIVE SURGICAL INC (ISRG, +0.4% weight, +117.3% shares), FULGENT GENETICS INC (FLGT, +0.0% weight, +82.8% shares), COMPASS THERAPEUTICS INC (CMPX, +0.1% weight, +67.5% shares), IRHYTHM HOLDINGS INC (IRTC, +-0.1% weight, +41.2% shares).
Which positions did RTW INVESTMENTS, LP fully exit in Q1 2026?
RTW INVESTMENTS, LP fully exited 11 positions in Q1 2026: PENUMBRA INC (PEN, last-reported weight 2.7%), AXSOME THERAPEUTICS (AXSM, last-reported weight 1.6%), INSULET CORP (PODD, last-reported weight 0.9%), MASIMO CORP (MASI, last-reported weight 0.9%), RAPT THERAPEUTICS INC (RAPT, last-reported weight 0.6%), TEMPUS AI INC (TEM, last-reported weight 0.1%), IQVIA HLDGS INC (IQV) (IQV, last-reported weight 0.1%), ALLURION TECHNOLOGIES INC (ALUR, last-reported weight 0.1%), STRUCTURE THERAPEUTICS INC (GPCR, last-reported weight 0.1%), MIND MEDICINE MINDMED INC (BRD1EUR, last-reported weight 0.0%), CORVUS PHARMACEUTICALS I (CRVS, last-reported weight 0.0%).
Which existing positions saw the largest allocation reductions for RTW INVESTMENTS, LP in Q1 2026?
Of 13 existing positions with share-count reductions in Q1 2026, the largest were: JADE BIOSCIENCES INC (JBIO, -0.1% weight, -60.4% shares), STRYKER CORPORATION (SYK, -0.5% weight, -59.2% shares), LARIMAR THERAPEUTICS INC (LRMR, -0.1% weight, -52.0% shares), APELLIS PHARMACEUTICALS INC (APLS, -0.5% weight, -51.9% shares), EXAGEN INC (XGN, -0.0% weight, -50.0% shares), UNIQURE NV (QURE, -0.5% weight, -30.3% shares), COGENT BIOSCIENCES INC (COGT, -0.6% weight, -28.1% shares), BETA BIONICS INC (BBNX, -0.6% weight, -20.0% shares), NATERA (NTRA, -1.0% weight, -16.7% shares), TAYSHA GENE THERAPIES INC (TSHA, -0.3% weight, -16.6% 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. All deltas on this page are sourced from sequential SEC Form 13F-HR filings.