RA Capital Management filed 217 trades across 22 companies in the most recent reporting window, with a clear sell-side tilt. The fund’s total sales reached $1.226 billion, while purchases totaled $829.36 million, producing a net outflow of roughly $397 million. That gap is driven by a handful of large disposals, not by scattered activity.
The most recent filings, dated August 12, show a single open-market sale of $31.73 million in SEPN. That transaction dwarfs the fund’s only other recent open-market purchase, a $247,693 buy in ARTV on July 31. The pattern is consistent across the prior two weeks: RA Capital made 13 open-market purchases and 2 open-market sales in total, but the dollar value of those sales is nearly 40 times the value of the buys. The ARTV purchases, which include six separate transactions between July 17 and July 31, range from $70,544 to $1.15 million, and the fund also added PBLS positions in five filings during that same period, with individual amounts from $189,722 to $2.67 million.
The sell side is concentrated in SEPN, but the fund also disposed of VOR holdings. A July 16 filing shows a $4,207 open-market sale in VOR, paired with a $4,200 option exercise on the same day. The remaining transactions are non-discretionary: the fund reported 17 option exercises and 8 grants or awards, all coded as compensation or mechanical events, with no dollar values attached. The data shows a fund that is actively trimming its largest positions while making smaller, incremental additions in earlier-stage names. The net direction is unambiguous, but the scale of the SEPN sale suggests a deliberate portfolio rebalancing rather than a broad exit from the sector.
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