Baker Bros. Advisors LP
NEW YORK, NY
$19.9bn in 83 US stocks at the end of 30 June 2026. The top 10 are 73.1% of the money. It changed about 11.8% of the portfolio this quarter.
Value
$19.9bn
Stocks
83
Top 10 share
73.1%
Turnover
11.8%
What changed this quarter
New
Bought for the first time this quarter.
- Faeth TherapeuticsFTH0.2% of the fund
- CytokineticsCYTK<0.1% of the fund
- Intellia TherapeuticsNTLA<0.1% of the fund
- Parabilis MedicinesPBLS<0.1% of the fund
- Avalyn PharmaAVLN<0.1% of the fund
- Tango TherapeuticsTNGX<0.1% of the fund
- Avalo TherapeuticsAVTX<0.1% of the fund
- ImmunomeIMNM<0.1% of the fund
Added
Bought more of a stock they already held.
- Revolution MedicinesRVMD10.8% of the fund+20%
- InsmedINSM4.7% of the fund+19%
- AbCellera BiologicsABCL1.3% of the fund+9%
- IDEAYA BiosciencesIDYA0.9% of the fund+27%
- Relay TherapeuticsRLAY0.3% of the fund+144%
- Celldex TherapeuticsCLDX0.2% of the fund+78%
- Viridian TherapeuticsVRDN0.2% of the fund+21%
- Design TherapeuticsDSGN0.2% of the fund+4%
- Arcus BiosciencesRCUS0.1% of the fund+103%
- VerastemVSTM<0.1% of the fund+327%
Cut
Sold some of their stake.
- Summit TherapeuticsSMMT2.4% of the fund-10%
- Roivant SciencesROIV0.8% of the fund-3%
- Edgewise TherapeuticsEWTX0.8% of the fund-44%
- ImmaticsIMTX0.5% of the fund-13%
- Jade BiosciencesJBIO0.1% of the fund-25%
- CerusCERS<0.1% of the fund-36%
Sold out
Sold their entire stake.
- Abivax SAABVX-100%
- Celcuity-100%
- Spyre TherapeuticsSYRE-100%
- Centessa Pharmaceuticals-100%
- Immunocore HldgsIMCR-100%
- Contineum TherapeuticsCTNM-100%
- Argenx SEARGX-100%
- COMPASS PathwaysCMPS-100%
- PharvarisPHVS-100%
Holdings
- Beone MedicinesONC
- Share
- 12.6%
- Value
- $2.5bn
- Shares
- 8,801,567
Held
- Crinetics PharmaceuticalsCRNX
- Share
- 0.4%
- Value
- $88m
- Shares
- 2,351,465
Held
- Structure TherapeuticsGPCR
- Share
- 0.4%
- Value
- $77m
- Shares
- 1,432,529
Held
- Bicycle TherapeuticsBCYC
- Share
- 0.2%
- Value
- $46m
- Shares
- 10,885,357
Held
- Generate BiomedicinesGENB
- Share
- 0.1%
- Value
- $24m
- Shares
- 1,423,602
Held
- DBV Technologies S ADBVT
- Share
- 0.1%
- Value
- $24m
- Shares
- 1,461,425
Held
- Parabilis MedicinesPBLS
- Share
- <0.1%
- Value
- $14m
- Shares
- 500,000
New
- Avalyn PharmaAVLN
- Share
- <0.1%
- Value
- $12m
- Shares
- 350,000
New
- Biontech SEBNTX
- Share
- <0.1%
- Value
- $11m
- Shares
- 119,743
Held
- Skye Bioscience
- Share
- <0.1%
- Value
- $1m
- Shares
- 1,575,243
Held
- Surrozen
- Share
- <0.1%
- Value
- $13,750
- Shares
- 833,333
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| IncyteINCY | 17.5% | $3.5bn | 30,762,330 | Held |
| Beone MedicinesONC | 12.6% | $2.5bn | 8,801,567 | Held |
| Revolution MedicinesRVMD | 10.8% | $2.1bn | 11,443,357 | +20% |
| Madrigal PharmaceuticalsMDGL | 5.8% | $1.2bn | 2,143,131 | Held |
| Acadia PharmaceuticalsACAD | 5.5% | $1.1bn | 42,912,904 | Held |
| Kymera TherapeuticsKYMR | 5.0% | $993m | 8,657,242 | Held |
| InsmedINSM | 4.7% | $938m | 8,796,111 | +19% |
| CelcuityCELC | 4.2% | $828m | 7,915,792 | Held |
| Kodiak SciencesKOD | 3.9% | $776m | 19,919,186 | Held |
| Rhythm PharmaceuticalsRYTM | 3.1% | $622m | 5,604,483 | Held |
| Praxis Precision MedicinesPRAX | 3.0% | $587m | 1,753,198 | Held |
| Alkermes plc.ALKS | 2.6% | $525m | 10,012,267 | Held |
| Summit TherapeuticsSMMT | 2.4% | $478m | 32,786,348 | -10% |
| GrailGRAL | 1.4% | $275m | 4,028,614 | Held |
| AbCellera BiologicsABCL | 1.3% | $259m | 33,012,138 | +9% |
| ImmunovantIMVT | 1.1% | $209m | 5,435,220 | Held |
| IDEAYA BiosciencesIDYA | 0.9% | $187m | 5,010,030 | +27% |
| Kiniksa Pharmaceuticals InternationalKNSA | 0.9% | $181m | 2,834,643 | Held |
| Roivant SciencesROIV | 0.8% | $167m | 4,716,831 | -3% |
| Arrowhead PharmaceuticalsARWR | 0.8% | $162m | 1,992,783 | Held |
| Ionis PharmaceuticalsIONS | 0.8% | $162m | 2,047,727 | Held |
| Edgewise TherapeuticsEWTX | 0.8% | $150m | 3,701,719 | -44% |
| Replimune GroupREPL | 0.6% | $122m | 11,045,336 | Held |
| Nurix TherapeuticsNRIX | 0.6% | $113m | 4,658,556 | Held |
| Stoke TherapeuticsSTOK | 0.5% | $109m | 3,336,697 | Held |
| Monte Rosa TherapeuticsGLUE | 0.5% | $105m | 4,345,736 | Held |
| ImmaticsIMTX | 0.5% | $96m | 9,508,565 | -13% |
| Denali TherapeuticsDNLI | 0.5% | $96m | 3,734,336 | Held |
| Crinetics PharmaceuticalsCRNX | 0.4% | $88m | 2,351,465 | Held |
| Dianthus TherapeuticsDNTH | 0.4% | $83m | 852,164 | Held |
| Structure TherapeuticsGPCR | 0.4% | $77m | 1,432,529 | Held |
| Rapport TherapeuticsRAPP | 0.3% | $64m | 1,547,090 | Held |
| AlumisALMS | 0.3% | $57m | 2,012,500 | Held |
| Prelude TherapeuticsPRLD | 0.3% | $54m | 10,123,824 | Held |
| Relay TherapeuticsRLAY | 0.3% | $53m | 2,826,783 | +144% |
| Mirum PharmaceuticalsMIRM | 0.3% | $52m | 445,975 | Held |
| Bicycle TherapeuticsBCYC | 0.2% | $46m | 10,885,357 | Held |
| Enliven TherapeuticsELVN | 0.2% | $46m | 905,191 | Held |
| Celldex TherapeuticsCLDX | 0.2% | $44m | 1,182,611 | +78% |
| Viridian TherapeuticsVRDN | 0.2% | $44m | 2,383,025 | +21% |
| Design TherapeuticsDSGN | 0.2% | $39m | 2,678,430 | +4% |
| Entrada TherapeuticsTRDA | 0.2% | $37m | 5,072,730 | Held |
| Faeth TherapeuticsFTH | 0.2% | $32m | 1,286,411 | New |
| Aktis OncologyAKTS | 0.2% | $32m | 996,351 | Held |
| NeurogeneNGNE | 0.2% | $31m | 991,691 | Held |
| Jade BiosciencesJBIO | 0.1% | $27m | 1,230,426 | -25% |
| Taysha Gene TherapiesTSHA | 0.1% | $27m | 4,004,756 | Held |
| Arcus BiosciencesRCUS | 0.1% | $26m | 844,816 | +103% |
| Disc MedicineIRON | 0.1% | $26m | 349,657 | Held |
| AbsciABSI | 0.1% | $25m | 2,134,803 | Held |
| Generate BiomedicinesGENB | 0.1% | $24m | 1,423,602 | Held |
| DBV Technologies S ADBVT | 0.1% | $24m | 1,461,425 | Held |
| Xenon PharmaceuticalsXENE | 0.1% | $22m | 370,208 | Held |
| Tectonic TherapeuticTECX | 0.1% | $21m | 607,788 | Held |
| CerusCERS | <0.1% | $19m | 6,395,431 | -36% |
| CytomX TherapeuticsCTMX | <0.1% | $19m | 4,975,826 | Held |
| Dyne TherapeuticsDYN | <0.1% | $18m | 813,449 | Held |
| CytokineticsCYTK | <0.1% | $18m | 211,267 | New |
| XencorXNCR | <0.1% | $18m | 1,102,106 | Held |
| Sionna TherapeuticsSION | <0.1% | $18m | 400,000 | Held |
| Intellia TherapeuticsNTLA | <0.1% | $16m | 930,232 | New |
| Parabilis MedicinesPBLS | <0.1% | $14m | 500,000 | New |
| MapLight TherapeuticsMPLT | <0.1% | $13m | 364,705 | Held |
| Avalyn PharmaAVLN | <0.1% | $12m | 350,000 | New |
| EvommuneEVMN | <0.1% | $11m | 847,390 | Held |
| Biontech SEBNTX | <0.1% | $11m | 119,743 | Held |
| Tango TherapeuticsTNGX | <0.1% | $10m | 333,333 | New |
| Avalo TherapeuticsAVTX | <0.1% | $10m | 550,000 | New |
| Sera PrognosticsSERA | <0.1% | $10m | 5,498,170 | Held |
| VerastemVSTM | <0.1% | $10m | 2,499,338 | +327% |
| Sagimet BiosciencesSGMT | <0.1% | $7m | 952,996 | Held |
| Eikon TherapeuticsEIKN | <0.1% | $7m | 555,555 | Held |
| LB PharmaceuticalsLBRX | <0.1% | $6m | 200,000 | Held |
| vTv TherapeuticsVTVT | <0.1% | $6m | 148,314 | Held |
| Wave Life SciencesWVE | <0.1% | $5m | 822,638 | Held |
| Protara TherapeuticsTARA | <0.1% | $4m | 971,614 | Held |
| TScan TherapeuticsTCRX | <0.1% | $3m | 2,784,792 | Held |
| ImmunomeIMNM | <0.1% | $1m | 55,306 | New |
| Skye Bioscience | <0.1% | $1m | 1,575,243 | Held |
| Sana BiotechnologySANA | <0.1% | $1m | 310,483 | Held |
| Aligos TherapeuticsALGS | <0.1% | $479,227 | 83,055 | Held |
| Tyra BiosciencesTYRA | <0.1% | $338,788 | 10,607 | Held |
| Surrozen | <0.1% | $13,750 | 833,333 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 92.9% since 30 June 2025.
Where the money is
Health care86.6%
Other13.4%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.