Institutional Manager · CIK 0001263508
BAKER BROS. ADVISORS LP
NEW YORK, NY · File #028-10519
Latest AUM
$17.08B
Positions
86
Top-10 Concentration
75.9%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| ADD | Kymera Therapeutics, Inc. | KYMR | +2,005,813 | +$156.1M | +$141.1M |
| ADD | Praxis Precision Medicines, Inc. | PRAX | +437,000 | +$128.8M | +$166.7M |
| ADD | Ionis Pharmaceuticals, Inc. | IONS | +1,225,043 | +$96.9M | +$7.8M |
| ADD | Kodiak Sciences Inc. | KOD | +2,608,696 | +$72.9M | +$200.6M |
| ADD | Crinetics Pharmaceuticals, Inc. | CRNX | +1,368,869 | +$63.7M | +$1.4M |
| EXITED | Merus N.V. | N5749R100 | -574,377 | -$54.1M | $0 |
| ADD | Alkermes plc | ALKS | +1,920,916 | +$53.7M | -$16.3M |
| EXITED | Intellia Therapeutics, Inc. | 45826J105 | -2,746,674 | -$47.4M | $0 |
| ADD | Summit Therapeutics Inc. | SMMT | +2,668,089 | +$46.7M | -$106.9M |
| REDUCE | Stoke Therapeutics, Inc. | STOK | -1,297,141 | -$41.2M | +$38.2M |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202586 pos · $17.08B
- 13F HOLDINGS REPORTQ/E Sep 202591 pos · $13.84B
- 13F HOLDINGS REPORTQ/E Jun 202589 pos · $10.31B
- 13F HOLDINGS REPORTQ/E Mar 202589 pos · $9.04B
- 13F HOLDINGS REPORTQ/E Dec 202495 pos · $9.36B
- 13F HOLDINGS REPORTQ/E Sep 202493 pos · $9.65B
- 13F HOLDINGS REPORTQ/E Jun 202495 pos · $7.83B
- 13F HOLDINGS REPORTQ/E Mar 202487 pos · $7.97B
- 13F HOLDINGS REPORTQ/E Dec 2023101 pos · $17.35B
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | Incyte Corporation | INCY | 30,743,991 | $3.04B | 18.15% |
| 2 | BeOne Medicines Ltd. | BEIGF | 8,799,053 | $2.67B | 15.98% |
| 3 | Madrigal Pharmaceuticals, Inc. | MDGL | 2,141,701 | $1.25B | 7.45% |
| 4 | Insmed Incorporated | INSM | 6,592,746 | $1.15B | 6.86% |
| 5 | ACADIA Pharmaceuticals Inc. | ACAD | 42,896,690 | $1.15B | 6.85% |
| 6 | Celcuity Inc. | CELC | 7,915,792 | $789.5M | 4.72% |
| 7 | Revolution Medicines, Inc. | RVMDW | 9,455,357 | $753.1M | 4.50% |
| 8 | Kymera Therapeutics, Inc. | KYMR | 8,657,242 | $673.6M | 4.03% |
| 9 | Summit Therapeutics Inc. | SMMT | 36,391,063 | $636.5M | 3.80% |
| 10 | Rhythm Pharmaceuticals, Inc. | RYTM | 5,604,483 | $599.9M | 3.59% |
| 11 | Kodiak Sciences Inc. | KOD | 19,919,186 | $556.9M | 3.33% |
| 12 | Praxis Precision Medicines, Inc. | PRAX | 1,126,488 | $332.0M | 1.98% |
| 13 | Alkermes plc | ALKS | 10,012,267 | $280.1M | 1.67% |
| 14 | GRAIL, Inc. | GRAL | 2,085,333 | $178.5M | 1.07% |
| 15 | Edgewise Therapeutics, Inc. | EWTX | 6,575,940 | $163.2M | 0.98% |
| 16 | Arrowhead Pharmaceuticals, Inc. | ARWR | 2,175,645 | $144.4M | 0.86% |
| 17 | Ionis Pharmaceuticals, Inc. | IONS | 1,791,841 | $141.8M | 0.85% |
| 18 | Immunovant, Inc. | IMVT | 5,457,881 | $138.7M | 0.83% |
| 19 | Immatics N.V. | IMTX | 12,094,094 | $127.0M | 0.76% |
| 20 | IDEAYA Biosciences, Inc. | IDYA | 3,618,826 | $125.1M | 0.75% |