Comparing Ra Capital Management's Q3 and Q4 2022 Holdings in Biotech Firms

Ra Capital Management, L.P. is one of the top biotech hedge funds, managing more than $6 billion in assets. As per their 13F filings with the SEC, they have made some interesting changes to their holdings in Q4 2022 compared to Q3 2022.

Ascendis Pharma A/S (ASND) has been a top holding for Ra Capital Management, with over 7 million shares held in September 2022. However, in December 2022, the firm reduced its holdings by over 8%, with only 6.9 million shares held. This reduction amounts to a change in the value of holdings by over $68 million, representing an 8.7% change.

Another interesting change was seen in Vaxcyte Inc (PCVX). The firm increased its holdings by over 155%, with 5.85 million shares held in December 2022 compared to 4.58 million in September 2022. This increase in holdings equates to a change in value of holdings by over $170 million, representing a 155.5% change.

Aerovate Therapeutics Inc (AVTE) saw a 76.7% increase in the value of holdings by Ra Capital Management, with holdings remaining the same in both quarters, at 8.26 million shares.

Ra Capital Management also increased its holdings in DICE Therapeutics Inc (DICE) by over 102%, with 6.85 million shares held in December 2022 compared to 5.2 million in September 2022. This increase in holdings equates to a change in value of holdings by over $108 million, representing a 102.3% change.

Verona Pharma PLC (I9SA.HA) saw an increase in holdings by over 4%, with 6.32 million shares held in December 2022 compared to 6.05 million in September 2022. This increase in holdings equates to a change in value of holdings by over $103 million, representing a 167% change.

Rhythm Pharmaceuticals Inc (RYTM) saw a 19.8% increase in the value of holdings by Ra Capital Management, with holdings remaining the same in both quarters, at 5.52 million shares.

Day One Biopharmaceuticals Inc (DAWN) saw an increase in holdings by over 7%, with 7.04 million shares held in both quarters. This increase in holdings equates to a change in value of holdings by over $10 million, representing a 7.4% change.

Vor Biopharma Inc (VOR) saw a massive increase in holdings by Ra Capital Management, with over 22 million shares held in December 2022 compared to 11.12 million in September 2022. This increase in holdings equates to a change in value of holdings by over $106 million, representing a 241.8% change.

Another interesting change was seen in the holdings of Bellus Health Inc. (BLU.TO). The firm reduced its holdings by 14.9%, with only 12.45 million shares held in December 2022 compared to 11.39 million in September 2022. This reduction in holdings amounts to a change in the value of holdings by over $17 million.

In summary, Ra Capital Management, L.P. made some interesting changes to its holdings in Q4 2022 compared to Q3 2022, with some stocks experiencing significant increases or decreases in holdings. It would be interesting to see how these changes pay off for the firm in the long run.