This Fund Bet $20 Million on RAPT Therapeutics as Stock Surges 500% This Past Year and Buyout Offer Emerges

On February 17, 2026, Great Point Partners disclosed a new position in RAPT Therapeutics (NASDAQ:RAPT), acquiring 581,187 shares in the fourth quarter.

What happened

According to an SEC filing dated February 17, 2026, Great Point Partners established a new position in RAPT Therapeutics (NASDAQ:RAPT), acquiring 581,187 shares during the fourth quarter. The fund reported a quarter-end valuation increase of $19.68 million for this stake.

What else to know

• This new holding accounts for 6.38% of Great Point Partners LLC’s 13F reportable assets under management as of December 31, 2025.
• Top holdings after the filing:
  • NASDAQ: APGE: $28.23 million (9.2% of AUM)
  • NASDAQ: AMLX: $21.14 million (6.9% of AUM)
  • NASDAQ: ZURA: $20.00 million (6.5% of AUM)
  • NASDAQ:IRON: $19.85 million (6.4% of AUM)
  • NASDAQ: RAPT: $19.68 million (6.4% of AUM)
• As of February 17, 2026, shares of RAPT Therapeutics were priced at $57.84, skyrocketing 502.5% over the past year and vastly outperforming the S&P 500’s roughly 13% gain in the same period.

Company overview

Company snapshot

• RAPT Therapeutics develops oral small molecule therapies targeting oncology and inflammatory diseases, with lead candidates RPT193 (inflammation) and FLX475 (oncology) in clinical trials.
• The firm operates as a clinical-stage biopharmaceutical company, generating value through the advancement of proprietary drug candidates for licensing, partnership, or future commercialization.
• It serves patients with unmet medical needs in oncology and immunology, targeting healthcare providers, research institutions, and potential pharmaceutical collaborators.

RAPT Therapeutics is a clinical-stage biotechnology company specializing in the discovery and development of oral small-molecule therapies for oncology and inflammatory conditions. The company's strategy centers on advancing a focused pipeline of CCR4 antagonists and kinase inhibitors to address significant gaps in current treatment options. RAPT leverages its scientific expertise and targeted approach to position itself competitively within the immunology and oncology therapeutic landscape.

What this transaction means for investors

This move, and what’s happened since, shows how quickly clinical-stage biotech risk can flip into strategic value. RAPT reported a $17.6 million third-quarter net loss and held $157.3 million in cash and marketable securities as of September 30, 2025, later bolstered by a $250 million equity raise at $30 per share. At the time, the story centered on advancing ozureprubart into Phase 2b for food allergy and exploring a registrational path in chronic spontaneous urticaria.

Then, in January, GSK agreed to acquire RAPT for $58 per share in cash, implying an equity value of about $2.2 billion and an upfront investment of roughly $1.9 billion net of cash. The deal is expected to close in the first quarter.

The key point: The acquisition was announced after quarter-end, so it did not drive the original buying rationale. The portfolio already leaned heavily into immunology names such as Apogee, Amylyx, Zura and Disc, reflecting a concentrated bet on differentiated immune biology.

For long-term investors, this underscores two lessons. First, validated targets like IgE can attract deep-pocketed buyers. Second, concentrated biotech portfolios accept volatility in exchange for occasional outsized exits.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.