RA Capital Management, L.P. has demonstrated a clear selling bias in its recent trading activity, with $2.59 billion in total sales compared to $355.2 million in purchases across 147 transactions involving five companies. The firm's most significant divestments occurred in January 2026, when it disposed of its entire position in Cidara Therapeutics (CDTX) through multiple transactions totaling $2.43 billion. This massive exit from CDTX accounted for nearly 94% of RA Capital's total sell-side activity.
More recently, the firm has shifted toward purchasing stakes in early-stage biotech companies. Between late February and March 2026, RA Capital acquired shares in Mineralys Therapeutics (MLYS), Wave Life Sciences (WVE), and Abivax (ABOS), with notable purchases including a $30 million investment in WVE on March 26 and a $20 million stake in ABOS on March 16. The firm also participated in a $40 million private placement for Black Mountain Acquisition Corp. (BCAX) in late February. While these recent acquisitions suggest renewed interest in emerging biotech names, RA Capital's overall trading history remains heavily weighted toward exits, particularly its complete liquidation of CDTX holdings earlier this year. The firm has not reported any sales since March 2026, focusing instead on building positions in MLYS, WVE, and ABOS.
AI-assisted summary