RA Capital Management has filed 223 Form 4 disclosures across 22 companies, with a net selling posture. The fund has sold $1.25 billion in shares against $829.4 million in open-market purchases, plus $80.6 million in acquired securities. The recent window shows a buying tilt: 11 open-market purchases against 3 sales, though the sales are concentrated in larger dollar amounts.
The largest recent open-market purchase was a $199.99 million buy of TYRA on September 15, 2026. The fund also accumulated positions in ARTV across six separate purchases between July 21 and July 31, totaling roughly $3.45 million, and bought PBLS in four transactions on July 21 and July 22 for about $3.33 million. The selling side includes a $21.58 million sale of SION on September 17, a $31.73 million sale of SEPN on August 12, and a $252,148 SION sale the same day. Several other recent filings are mechanical: option exercises in VOR and CLYM, and compensation grants in WVE, ARTV, and FRNM with no cash value.
The pattern suggests RA Capital is deploying capital into earlier-stage names like TYRA, ARTV, and PBLS while trimming larger positions in SION and SEPN. The dollar-weighted bias remains toward sales, but the recent activity is more balanced than the trailing totals imply.
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