BAKER BROS. ADVISORS LP
CIK 1263508 · View on SEC EDGAR ↗
- Portfolio value
- $20.0B
- Positions
- 84
- As of
- June 30, 2026
#311 of 9,443 by 13F value · top 3.3%
Portfolio value QoQ: +14.6% 13F does not disclose cash
- Top 10 holdings weight
- 72.82%
- Top 25 holdings weight
- 91.30%
- Positions above 1%
- 16
- Effective number of positions
- 13.1
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 2.5% Est. buys $758,564,505 · sells $466,697,232
Median holding: 5.0 quarters Tracked Q4 2024–Q2 2026 · 59.2% still held
- New positions
- 8
- Increased
- 16
- Decreased
- 7
- Closed
- 8
On this page
- Performance vs S&P How this manager's 13F portfolio performed against the S&P 500.
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
- Related The person behind this filer, where we can match one.
Performance vs S&P 500
Annualized: +51.1% · S&P 500: +18.0%
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Priceable coverage: 99.2% · Options excluded: 0.0%
Sector breakdown
Healthcare
99.2%
Other/Unmapped
0.8%
Full portfolio 84 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| INCY Incyte Corporation - Common Stock | $3,487,217,729 | 17.48% | 30,762,330 | $593,553,672 | Up ×6 | ||
| ONC BeOne Medicines Ltd. - American Depositary Shares | $2,508,182,548 | 12.57% | 8,801,567 | $-104,872,221 | Up ×1 | ||
| RVMD Revolution Medicines, Inc. - Common Stock | $2,143,111,899 | 10.74% | 11,443,357 | $1,213,853,431 | Up ×2 | ||
| MDGL Madrigal Pharmaceuticals, Inc. - Common Stock | $1,150,754,190 | 5.77% | 2,143,131 | $29,637,968 | Up ×1 | ||
| ACAD ACADIA Pharmaceuticals Inc. - Common Stock | $1,085,696,471 | 5.44% | 42,912,904 | $130,816,152 | Up ×1 | ||
| KYMR Kymera Therapeutics, Inc. - Common Stock | $992,725,940 | 4.97% | 8,657,242 | $271,664,254 | |||
| INSM Insmed Incorporated - Common Stock | $937,841,355 | 4.70% | 8,796,111 | $-275,658,716 | Up ×2 | ||
| CELC Celcuity Inc. - Common Stock | $828,150,159 | 4.15% | 7,915,792 | $-75,358,340 | |||
| KOD Kodiak Sciences Inc - Common Stock | $776,051,487 | 3.89% | 19,919,186 | $16,732,117 | |||
| RYTM Rhythm Pharmaceuticals, Inc. - Common Stock | $622,265,747 | 3.12% | 5,604,483 | $134,843,860 | |||
| PRAX Praxis Precision Medicines, Inc. - Common Stock | $586,953,158 | 2.94% | 1,753,198 | $22,090,294 | |||
| ALKS Alkermes plc - Ordinary Shares | $524,592,729 | 2.63% | 10,012,267 | $170,558,968 | |||
| SMMT Summit Therapeutics Inc. - Common Stock | $477,697,090 | 2.39% | 32,786,348 | $-212,277,464 | Down ×1 | ||
| GRAL GRAIL, Inc. - Common Stock | $275,033,478 | 1.38% | 4,028,614 | $66,834,706 | |||
| ABCL AbCellera Biologics Inc. - Common Shares | $259,145,283 | 1.30% | 33,012,138 | $153,482,259 | Up ×2 | ||
| IMVT Immunovant, Inc. - Common Stock | $209,419,027 | 1.05% | 5,435,220 | $73,845,263 | Down ×1 | ||
| IDYA IDEAYA Biosciences, Inc. - Common Stock | $186,723,818 | 0.94% | 5,010,030 | $55,225,938 | Up ×5 | ||
| KNSA Kiniksa Pharmaceuticals International, plc - Class A Ordinary Shares | $181,275,420 | 0.91% | 2,834,643 | $45,191,675 | Up ×1 | ||
| ROIV Roivant Sciences Ltd. - Common Shares | $166,928,649 | 0.84% | 4,716,831 | $32,092,722 | Down ×2 | ||
| ARWR Arrowhead Pharmaceuticals, Inc. - Common Stock | $162,431,742 | 0.81% | 1,992,783 | $37,484,248 | |||
| IONS Ionis Pharmaceuticals, Inc. - Common Stock | $162,364,274 | 0.81% | 2,047,727 | $8,600,454 | |||
| EWTX Edgewise Therapeutics, Inc. - Common Stock | $150,400,843 | 0.75% | 3,701,719 | $-56,741,267 | Down ×1 | ||
| REPL Replimune Group, Inc. - Common Stock | $122,271,870 | 0.61% | 11,045,336 | $37,775,050 | |||
| NRIX Nurix Therapeutics, Inc. - Common stock | $113,016,569 | 0.57% | 4,658,556 | $40,808,951 | |||
| STOK Stoke Therapeutics, Inc. - Common Stock | $109,176,726 | 0.55% | 3,336,697 | $533,872 | |||
| GLUE Monte Rosa Therapeutics, Inc. - Common Stock | $105,166,811 | 0.53% | 4,345,736 | $33,679,454 | |||
| IMTX Immatics N.V. - Ordinary Shares | $96,321,763 | 0.48% | 9,508,565 | $-11,098,496 | Down ×2 | ||
| DNLI Denali Therapeutics Inc. - Common Stock | $96,047,122 | 0.48% | 3,734,336 | $24,398,578 | Up ×1 | ||
| CRNX Crinetics Pharmaceuticals, Inc. - Common Stock | $87,991,820 | 0.44% | 2,351,465 | $2,586,611 | |||
| DNTH Dianthus Therapeutics, Inc. - Common Stock | $83,068,947 | 0.42% | 852,164 | $11,555,344 | |||
| GPCR Structure Therapeutics Inc. - American Depositary Shares | $76,883,831 | 0.39% | 1,432,529 | $7,835,933 | |||
| Unknown issuer (CUSIP: 15102KAA8) | $69,158,687 | 0.35% | 30,750,000 | $-5,709,876 | |||
| RAPP Rapport Therapeutics, Inc. - Common Stock | $64,467,240 | 0.32% | 1,547,090 | $16,058,794 | |||
| ALMS Alumis Inc. - Common Stock | $56,631,750 | 0.28% | 2,012,500 | $12,296,375 | |||
| PRLD Prelude Therapeutics Incorporated - Common Stock | $53,959,982 | 0.27% | 10,123,824 | $19,336,504 | |||
| RLAY Relay Therapeutics, Inc. - Common Stock | $52,889,110 | 0.27% | 2,826,783 | $41,345,946 | Up ×1 | ||
| MIRM Mirum Pharmaceuticals, Inc. - common stock | $52,210,293 | 0.26% | 445,975 | $11,011,122 | |||
| BCYC Bicycle Therapeutics plc - American Depositary Shares | $46,153,914 | 0.23% | 10,885,357 | $-4,354,142 | |||
| ELVN Enliven Therapeutics, Inc. - Common Stock | $45,938,443 | 0.23% | 905,191 | $10,454,956 | |||
| CLDX Celldex Therapeutics, Inc. - Common Stock | $44,004,955 | 0.22% | 1,182,611 | $22,899,419 | Up ×1 | ||
| VRDN Viridian Therapeutics, Inc. - Common Stock | $43,776,169 | 0.22% | 2,383,025 | $5,210,147 | Up ×1 | ||
| DSGN Design Therapeutics, Inc. - Common Stock | $38,756,882 | 0.19% | 2,678,430 | $11,242,076 | Up ×3 | ||
| TRDA Entrada Therapeutics, Inc. - Common Stock | $37,335,293 | 0.19% | 5,072,730 | $-26,682,560 | |||
| SNSE Sensei Biotherapeutics, Inc. - Common Stock | $32,160,275 | 0.16% | 1,286,411 | Up ×1 | |||
| AKTS Aktis Oncology, Inc. - Common stock | $32,112,393 | 0.16% | 996,351 | $14,287,674 | |||
| NGNE Neurogene Inc. - Common Stock | $31,188,682 | 0.16% | 991,691 | $11,196,191 | |||
| JBIO Jade Biosciences, Inc. - Common Stock | $27,340,066 | 0.14% | 1,230,426 | $4,282,091 | Down ×1 | ||
| TSHA Taysha Gene Therapies, Inc. - Common Stock | $27,272,388 | 0.14% | 4,004,756 | $9,371,129 | |||
| RCUS Arcus Biosciences, Inc. Common Stock | $26,045,677 | 0.13% | 844,816 | $17,068,263 | Up ×2 | ||
| IRON Disc Medicine, Inc. - Common Stock | $25,573,913 | 0.13% | 349,657 | $3,216,844 | |||
| ABSI Absci Corporation - Common Stock | $24,742,367 | 0.12% | 2,134,803 | $18,337,958 | |||
| Unknown issuer (CUSIP: 370920100) | $24,016,166 | 0.12% | 1,423,602 | $6,221,141 | |||
| DBVT DBV Technologies S.A. - American Depositary Shares | $23,967,370 | 0.12% | 1,461,425 | $-6,561,798 | |||
| XENE Xenon Pharmaceuticals Inc. - Common Shares | $22,345,755 | 0.11% | 370,208 | $818,160 | |||
| TECX Tectonic Therapeutic, Inc. - Common Stock | $20,892,713 | 0.10% | 607,788 | $2,105,986 | |||
| CERS Cerus Corporation - Common Stock | $18,674,659 | 0.09% | 6,395,431 | $459,471 | Down ×1 | ||
| CTMX CytomX Therapeutics, Inc. - Common Stock | $18,659,348 | 0.09% | 4,975,826 | $-4,727,034 | |||
| DYN Dyne Therapeutics, Inc. - Common Stock | $18,066,702 | 0.09% | 813,449 | $3,318,872 | |||
| CYTK Cytokinetics, Incorporated - Common Stock | $17,997,836 | 0.09% | 211,267 | Up ×1 | |||
| XNCR Xencor, Inc. - Common Stock | $17,743,907 | 0.09% | 1,102,106 | $4,452,509 | |||
| SION Sionna Therapeutics, Inc. - Common Stock | $17,596,000 | 0.09% | 400,000 | $1,560,000 | |||
| NTLA Intellia Therapeutics, Inc. - Common Stock | $15,739,525 | 0.08% | 930,232 | ||||
| Unknown issuer (CUSIP: 698955101) | $13,685,000 | 0.07% | 500,000 | Up ×1 | |||
| MPLT MapLight Therapeutics, Inc. - Common Stock | $13,071,027 | 0.07% | 364,705 | $5,656,574 | |||
| Unknown issuer (CUSIP: 05348Y105) | $11,522,000 | 0.06% | 350,000 | Up ×1 | |||
| EVMN Evommune, Inc. Common Stock | $11,261,813 | 0.06% | 847,390 | $-8,219,683 | |||
| BNTX BioNTech SE - American Depositary Shares | $11,142,086 | 0.06% | 119,743 | $499,328 | |||
| TNGX Tango Therapeutics, Inc. - Common Stock | $10,419,990 | 0.05% | 333,333 | Up ×1 | |||
| AVTX Avalo Therapeutics, Inc. - Common Stock | $10,164,000 | 0.05% | 550,000 | Up ×1 | |||
| SERA Sera Prognostics, Inc. - Class A Common Stock | $10,006,669 | 0.05% | 5,498,170 | $-1,154,616 | |||
| VSTM Verastem, Inc. - Common Stock | $9,547,471 | 0.05% | 2,499,338 | $6,448,259 | Up ×1 | ||
| SGMT Sagimet Biosciences Inc. - Series A Common Stock | $7,366,659 | 0.04% | 952,996 | $2,387,255 | |||
| EIKN Eikon Therapeutics, Inc. - Common Stock | $7,249,993 | 0.04% | 555,555 | $1,372,221 | |||
| LBRX LB Pharmaceuticals Inc - Common Stock | $6,491,000 | 0.03% | 200,000 | $1,559,000 | |||
| VTVT vTv Therapeutics Inc. - Class A Common Stock | $5,584,022 | 0.03% | 148,314 | $-298,111 | |||
| WVE Wave Life Sciences Ltd. - Ordinary Shares | $4,779,527 | 0.02% | 822,638 | $-1,184,599 | |||
| TARA Protara Therapeutics, Inc. - Common Stock | $3,711,565 | 0.02% | 971,614 | $-1,350,544 | |||
| TCRX TScan Therapeutics, Inc. - Common Stock | $2,729,375 | 0.01% | 2,784,792 | $-83,265 | |||
| IMNM Immunome, Inc. - Common Stock | $1,171,934 | 0.01% | 55,306 | Up ×1 | |||
| SKYE Skye Bioscience, Inc. - Common Stock | $1,092,116 | 0.01% | 1,575,243 | $123,972 | |||
| SANA Sana Biotechnology, Inc. - Common Stock | $1,083,586 | 0.01% | 310,483 | $189,395 | |||
| ALGS Aligos Therapeutics, Inc. - Common stock | $479,227 | 0.00% | 83,055 | $-137,872 | |||
| TYRA Tyra Biosciences, Inc. - Common Stock | $338,788 | 0.00% | 10,607 | $-67,460 | |||
| SRZNW Surrozen, Inc. - Warrant | $13,750 | 0.00% | 833,333 | $417 | |||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| SNSE | $32,160,275 | 1,286,411 | 0.16% |
| CYTK | $17,997,836 | 211,267 | 0.09% |
| NTLA | $15,739,525 | 930,232 | 0.08% |
| Unknown issuer (CUSIP: 698955101) | $13,685,000 | 500,000 | 0.07% |
| Unknown issuer (CUSIP: 05348Y105) | $11,522,000 | 350,000 | 0.06% |
| TNGX | $10,419,990 | 333,333 | 0.05% |
| AVTX | $10,164,000 | 550,000 | 0.05% |
| IMNM | $1,171,934 | 55,306 | 0.01% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| RVMD | Bought more | +1.9M | +$1.2B |
| INCY | Bought more | +18K | +$593.6M |
| INSM | Bought more | +1.4M | -$275.7M |
| KYMR | Price move only | +0 | +$271.7M |
| SMMT | Trimmed | -3.6M | -$212.3M |
| ALKS | Price move only | +0 | +$170.6M |
| ABCL | Bought more | +2.7M | +$153.5M |
| RYTM | Price move only | +0 | +$134.8M |
| ACAD | Bought more | +16K | +$130.8M |
| ONC | Bought more | +3K | -$104.9M |
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| ABVX | June 30, 2026 | 875,796 | $97,519,885 | -11.7% |
| RARE | March 31, 2026 | 2,772,692 | $63,771,916 | 26.8% |
| MRUS | Dec. 31, 2025 | 574,377 | $54,077,595 | No longer tracked |
| SYRE | June 30, 2026 | 1,000,000 | $50,440,000 | 19.3% |
| NTLA | Dec. 31, 2025 | 2,746,674 | $47,435,060 | 41.0% |
| TERN | March 31, 2026 | 950,000 | $38,380,000 | No longer tracked |
| RNA | Dec. 31, 2025 | 625,000 | $27,231,250 | -81.1% |
| CNTA | June 30, 2026 | 670,751 | $26,642,230 | No longer tracked |
| KRYS | March 31, 2025 | 169,934 | $26,621,860 | 88.2% |
| PCVX | Dec. 31, 2025 | 640,885 | $23,084,678 | 33.5% |
| CRSP | June 30, 2025 | 654,099 | $22,258,989 | 18.2% |
| IMCR | June 30, 2026 | 734,397 | $22,142,070 | 13.8% |
| BCRX | March 31, 2026 | 2,822,727 | $22,017,271 | 3.3% |
| CDTX | Dec. 31, 2025 | 227,272 | $21,763,567 | No longer tracked |
| VTYX | March 31, 2026 | 2,349,280 | $21,213,998 | No longer tracked |
| VRNA | Sept. 30, 2025 | 223,843 | $21,171,071 | No longer tracked |
| VERV | Sept. 30, 2025 | 1,691,530 | $18,995,882 | No longer tracked |
| CTNM | June 30, 2026 | 1,420,838 | $18,556,144 | -3.1% |
| ARGX | June 30, 2026 | 25,174 | $18,383,314 | 11.2% |
| CNTA | June 30, 2025 | 1,227,178 | $17,646,820 | No longer tracked |
| BPMC | Sept. 30, 2025 | 125,538 | $16,091,461 | No longer tracked |
| AKRO | Dec. 31, 2025 | 324,630 | $15,413,432 | No longer tracked |
| NUVL | March 31, 2026 | 143,937 | $14,478,623 | No longer tracked |
| ACLX | Dec. 31, 2025 | 166,825 | $13,696,333 | No longer tracked |
| CMPS | June 30, 2026 | 2,344,720 | $12,966,302 | -1.1% |
| TSVT | June 30, 2025 | 2,497,526 | $12,337,778 | No longer tracked |
| BCAX | June 30, 2025 | 833,333 | $10,858,329 | 171.4% |
| IONS | June 30, 2025 | 357,915 | $10,798,296 | 50.5% |
| PHVS | June 30, 2026 | 375,000 | $10,593,750 | 5.6% |
| VKTX | Dec. 31, 2025 | 366,083 | $9,620,661 | -1.7% |
| MIRM | March 31, 2025 | 190,476 | $7,876,183 | 122.1% |
| ARVN | March 31, 2025 | 405,576 | $7,774,892 | 34.9% |
| AGIO | Dec. 31, 2025 | 189,866 | $7,621,221 | 25.3% |
| DYN | June 30, 2025 | 672,096 | $7,030,124 | 173.3% |
| BMEA | March 31, 2025 | 1,451,990 | $5,633,721 | -35.9% |
| HRTX | Dec. 31, 2025 | 4,251,951 | $5,357,458 | -75.5% |
| MBX | Dec. 31, 2025 | 277,777 | $4,861,098 | 111.4% |
| RGLS | June 30, 2025 | 2,694,044 | $4,714,577 | No longer tracked |
| IGMS | Sept. 30, 2025 | 4,096,210 | $4,587,755 | No longer tracked |
| FDMT | March 31, 2026 | 475,737 | $3,568,028 | 68.7% |
| VIR | March 31, 2026 | 542,539 | $3,271,510 | 5.8% |
| FATE | Sept. 30, 2025 | 2,485,018 | $2,783,220 | 102.4% |
| ARCT | March 31, 2025 | 151,329 | $2,568,053 | 0.4% |
| PRME | June 30, 2025 | 1,028,466 | $2,046,647 | 37.6% |
| CADL | Sept. 30, 2025 | 355,112 | $1,796,867 | 161.1% |
| MRSN | March 31, 2025 | 1,086,115 | $1,553,144 | No longer tracked |
| RCKT | Sept. 30, 2025 | 552,079 | $1,352,594 | 8.1% |
| GBIO | Dec. 31, 2025 | 194,493 | $1,190,297 | No longer tracked |
| CMPX | June 30, 2025 | 547,498 | $1,040,246 | -5.8% |
| HOOK | Sept. 30, 2025 | 812,814 | $1,020,082 | No longer tracked |
| KALA | March 31, 2026 | 1,804,055 | $1,002,874 | 420.2% |
| PTCT | March 31, 2025 | 20,400 | $920,856 | 43.2% |
| NMRA | Sept. 30, 2025 | 1,034,600 | $758,672 | -12.6% |
| PMVP | March 31, 2025 | 322,024 | $486,256 | 22.9% |
| VYNE | Dec. 31, 2025 | 851,353 | $285,203 | No longer tracked |
| FHTX | March 31, 2025 | 45,027 | $212,527 | 91.2% |
| CYPH | June 30, 2025 | 404,744 | $123,487 | 295.6% |
| IPSC | June 30, 2025 | 241,684 | $115,042 | 272.1% |
| ACRV | March 31, 2026 | 22,809 | $54,970 | 59.7% |
| OPTEY | Dec. 31, 2025 | 2,087,320 | $0 | No longer tracked |