BAKER BROS. ADVISORS LP
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| INCYTE CORP | INCY | $3.5B | 30,762,330 | +0.86pp | 31q | HELD | |
| BEONE MEDICINES LTD | ONC | $2.5B | 8,801,567 | -2.43pp | 31q | HELD | |
| REVOLUTION MEDICINES INC | RVMD | $2.1B | 11,443,357 | +5.40pp | 22q | +19.8%+$353.6M | |
| MADRIGAL PHARMACEUTICALS INC | MDGL | $1.2B | 2,143,131 | -0.67pp | 31q | HELD | |
| ACADIA PHARMACEUTICALS INC | ACAD | $1.1B | 42,912,904 | -0.04pp | 31q | HELD | |
| KYMERA THERAPEUTICS INC | KYMR | $992.7M | 8,657,242 | +0.83pp | 24q | HELD | |
| INSMED INC | INSM | $937.8M | 8,796,111 | -2.27pp | 31q | +18.5%+$146.6M | |
| CELCUITY INC | CELC | $828.2M | 7,915,792 | -1.04pp | 12q | HELD | |
| KODIAK SCIENCES INC | KOD | $776.1M | 19,919,186 | -0.47pp | 31q | HELD | |
| RHYTHM PHARMACEUTICALS INC | RYTM | $622.3M | 5,604,483 | +0.32pp | 31q | HELD | |
| PRAXIS PRECISION MEDICINES I | PRAX | $587.0M | 1,753,198 | -0.30pp | 10q | HELD | |
| ALKERMES PLC | ALKS | $524.6M | 10,012,267 | +0.60pp | 9q | HELD | |
| SUMMIT THERAPEUTICS INC | SMMT | $477.7M | 32,786,348 | -1.57pp | 9q | -9.9%-$52.5M | |
| GRAIL INC | GRAL | $275.0M | 4,028,614 | +0.18pp | 7q | HELD | |
| ABCELLERA BIOLOGICS INC | ABCL | $259.1M | 33,012,138 | +0.69pp | 23q | +9.0%+$21.5M | |
| IMMUNOVANT INC | IMVT | $209.4M | 5,435,220 | +0.27pp | 12q | HELD | |
| IDEAYA BIOSCIENCES INC | IDYA | $186.7M | 5,010,030 | +0.18pp | 16q | +26.9%+$39.6M | |
| KINIKSA PHARMACEUTICALS INTL | KNSA | $181.3M | 2,834,643 | +0.13pp | 9q | HELD | |
| ROIVANT SCIENCES LTD | ROIV | $166.9M | 4,716,831 | +0.06pp | 15q | -3.1%-$5.3M | |
| ARROWHEAD PHARMACEUTICALS IN | ARWR | $162.4M | 1,992,783 | +0.10pp | 5q | HELD | |
| IONIS PHARMACEUTICALS INC | IONS | $162.4M | 2,047,727 | -0.07pp | 4q | HELD | |
| EDGEWISE THERAPEUTICS INC | EWTX | $150.4M | 3,701,719 | -0.44pp | 22q | -43.7%-$116.8M | |
| REPLIMUNE GROUP INC | REPL | $122.3M | 11,045,336 | +0.13pp | 25q | HELD | |
| NURIX THERAPEUTICS INC | NRIX | $113.0M | 4,658,556 | +0.15pp | 24q | HELD | |
| STOKE THERAPEUTICS INC | STOK | $109.2M | 3,336,697 | -0.08pp | 16q | HELD | |
| MONTE ROSA THERAPEUTICS INC | GLUE | $105.2M | 4,345,736 | +0.12pp | 14q | HELD | |
| IMMATICS N.V | IMTX | $96.3M | 9,508,565 | -0.13pp | 24q | -12.9%-$14.3M | |
| DENALI THERAPEUTICS INC | DNLI | $96.0M | 3,734,336 | +0.07pp | 26q | HELD | |
| CRINETICS PHARMACEUTICALS IN | CRNX | $88.0M | 2,351,465 | -0.05pp | 5q | HELD | |
| DIANTHUS THERAPEUTICS INC | DNTH | $83.1M | 852,164 | +0.01pp | 5q | HELD | |
| STRUCTURE THERAPEUTICS INC | GPCR | $76.9M | 1,432,529 | -0.01pp | 8q | HELD | |
| CELCUITY INC | $69.2M | 30,750,000 | -0.08pp | 4q | DEBT | ||
| RAPPORT THERAPEUTICS INC | RAPP | $64.5M | 1,547,090 | +0.05pp | 5q | HELD | |
| ALUMIS INC | ALMS | $56.6M | 2,012,500 | +0.03pp | 9q | HELD | |
| PRELUDE THERAPEUTICS INC | PRLD | $54.0M | 10,123,824 | +0.07pp | 24q | HELD | |
| RELAY THERAPEUTICS INC | RLAY | $52.9M | 2,826,783 | +0.20pp | 14q | +143.7%+$31.2M | |
| MIRUM PHARMACEUTICALS INC | MIRM | $52.2M | 445,975 | +0.03pp | 2q | HELD | |
| BICYCLE THERAPEUTICS PLC | BCYC | $46.2M | 10,885,357 | -0.06pp | 16q | HELD | |
| ENLIVEN THERAPEUTICS INC | ELVN | $45.9M | 905,191 | +0.03pp | 10q | HELD | |
| CELLDEX THERAPEUTICS INC NEW | CLDX | $44.0M | 1,182,611 | +0.10pp | 11q | +77.7%+$19.2M | |
| VIRIDIAN THERAPEUTICS INC | VRDN | $43.8M | 2,383,025 | flat | 5q | +20.9%+$7.6M | |
| DESIGN THERAPEUTICS INC | DSGN | $38.8M | 2,678,430 | +0.04pp | 22q | +3.6%+$1.3M | |
| ENTRADA THERAPEUTICS INC | TRDA | $37.3M | 5,072,730 | -0.18pp | 19q | HELD | |
| FAETH THERAPEUTICS INC | FTH | $32.2M | 1,286,411 | - | new | NEW | |
| AKTIS ONCOLOGY INC | AKTS | $32.1M | 996,351 | +0.06pp | 2q | HELD | |
| NEUROGENE INC | NGNE | $31.2M | 991,691 | +0.04pp | 11q | HELD | |
| JADE BIOSCIENCES INC | JBIO | $27.3M | 1,230,426 | flat | 3q | -25.0%-$9.1M | |
| TAYSHA GENE THERAPIES INC | TSHA | $27.3M | 4,004,756 | +0.03pp | 12q | HELD | |
| ARCUS BIOSCIENCES INC | RCUS | $26.0M | 844,816 | +0.08pp | 3q | +103.3%+$13.2M | |
| DISC MEDICINE INC | IRON | $25.6M | 349,657 | flat | 7q | HELD | |
| ABSCI CORPORATION | ABSI | $24.7M | 2,134,803 | +0.09pp | 3q | HELD | |
| GENERATE BIOMEDICINES INC | GENB | $24.0M | 1,423,602 | +0.02pp | 2q | HELD | |
| DBV TECHNOLOGIES S A | DBVT | $24.0M | 1,461,425 | -0.06pp | 7q | HELD | |
| XENON PHARMACEUTICALS INC | XENE | $22.3M | 370,208 | -0.01pp | 25q | HELD | |
| TECTONIC THERAPEUTIC INC | TECX | $20.9M | 607,788 | flat | 6q | HELD | |
| CERUS CORP | CERS | $18.7M | 6,395,431 | -0.01pp | 31q | -36.1%-$10.5M | |
| CYTOMX THERAPEUTICS INC | CTMX | $18.7M | 4,975,826 | -0.04pp | 5q | HELD | |
| DYNE THERAPEUTICS INC | DYN | $18.1M | 813,449 | +0.01pp | 3q | HELD | |
| CYTOKINETICS INC | CYTK | $18.0M | 211,267 | - | new | NEW | |
| XENCOR INC | XNCR | $17.7M | 1,102,106 | +0.01pp | 15q | HELD | |
| SIONNA THERAPEUTICS INC | SION | $17.6M | 400,000 | flat | 6q | HELD | |
| INTELLIA THERAPEUTICS INC | NTLA | $15.7M | 930,232 | - | new | NEW | |
| PARABILIS MEDICINES INC | PBLS | $13.7M | 500,000 | - | new | NEW | |
| MAPLIGHT THERAPEUTICS INC | MPLT | $13.1M | 364,705 | +0.02pp | 3q | HELD | |
| AVALYN PHARMACEUTICALS INC | AVLN | $11.5M | 350,000 | - | new | NEW | |
| EVOMMUNE INC | EVMN | $11.3M | 847,390 | -0.06pp | 2q | HELD | |
| BIONTECH SE | BNTX | $11.1M | 119,743 | -0.01pp | 7q | HELD | |
| TANGO THERAPEUTICS INC | TNGX | $10.4M | 333,333 | - | new | NEW | |
| AVALO THERAPEUTICS INC | AVTX | $10.2M | 550,000 | - | new | NEW | |
| SERA PROGNOSTICS INC | SERA | $10.0M | 5,498,170 | -0.01pp | 20q | HELD | |
| VERASTEM INC | VSTM | $9.5M | 2,499,338 | +0.03pp | 2q | +327.4%+$7.3M | |
| SAGIMET BIOSCIENCES INC | SGMT | $7.4M | 952,996 | +0.01pp | 12q | HELD | |
| EIKON THERAPEUTICS INC | EIKN | $7.2M | 555,555 | flat | 2q | HELD | |
| LB PHARMACEUTICALS INC | LBRX | $6.5M | 200,000 | flat | 4q | HELD | |
| VTV THERAPEUTICS INC | VTVT | $5.6M | 148,314 | -0.01pp | 10q | HELD | |
| WAVE LIFE SCIENCES LTD | WVE | $4.8M | 822,638 | -0.01pp | 8q | HELD | |
| PROTARA THERAPEUTICS INC | TARA | $3.7M | 971,614 | -0.01pp | 25q | HELD | |
| TSCAN THERAPEUTICS INC | TCRX | $2.7M | 2,784,792 | flat | 20q | HELD | |
| IMMUNOME INC | IMNM | $1.2M | 55,306 | - | new | NEW | |
| SKYE BIOSCIENCE INC | SKYE | $1.1M | 1,575,243 | flat | 9q | HELD | |
| SANA BIOTECHNOLOGY INC | SANA | $1.1M | 310,483 | flat | 14q | HELD | |
| ALIGOS THERAPEUTICS INC | ALGS | $479.2K | 83,055 | flat | 8q | HELD | |
| TYRA BIOSCIENCES INC | TYRA | $338.8K | 10,607 | flat | 11q | HELD | |
| SURROZEN INC | SRZNW | $13.8K | 833,333 | flat | 20q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Biotech & Pharma | $18.7B | 93.9% |
| Healthcare Services | $1.1B | 5.6% |
| Other sectors | $18.7M | 0.1% |
| Not classified | $94.4M | 0.5% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $20.0B | 84 | 8 | 10 | 6 | 8 | 72.8% | 45 |
| Q1 2026 | $17.4B | 84 | 7 | 17 | 6 | 9 | 73.5% | 45 |
| Q4 2025 | $17.1B | 86 | 9 | 21 | 7 | 13 | 74.4% | 48 |
| Q3 2025 | $13.8B | 90 | 12 | 13 | 5 | 10 | 79.1% | 45 |
| Q2 2025 | $10.3B | 88 | 12 | 18 | 8 | 12 | 81.6% | 45 |
| Q1 2025 | $9.0B | 88 | 4 | 9 | 15 | 11 | 81.8% | 45 |
| Q4 2024 | $9.4B | 95 | 10 | 18 | 4 | 8 | 76.5% | 45 |
| Q3 2024 | $9.6B | 93 | 6 | 12 | 1 | 8 | 77.9% | 45 |
| Q2 2024 | $7.8B | 95 | 16 | 13 | 10 | 8 | 76.3% | 45 |
| Q1 2024 | $8.0B | 87 | 13 | 14 | 7 | 10 | 77.1% | 45 |
| Q4 2023 | $8.8B | 84 | 5 | 22 | 12 | 22 | 81.0% | 45 |
| Q3 2023 | $17.4B | 101 | 9 | 14 | 11 | 15 | 90.2% | 45 |
| Q2 2023 | $17.3B | 107 | 10 | 17 | 11 | 8 | 87.6% | 45 |
| Q1 2023 | $18.4B | 105 | 7 | 18 | 7 | 15 | 90.4% | 45 |
| Q4 2022 | $16.7B | 113 | 14 | 16 | 8 | 16 | 87.0% | 45 |
| Q3 2022 | $15.3B | 115 | 12 | 4 | 16 | 14 | 84.7% | 45 |
| Q2 2022 | $17.6B | 117 | 5 | 22 | 7 | 6 | 87.5% | 46 |
| Q1 2022 | $17.4B | 118 | 2 | 13 | 4 | 5 | 85.0% | 46 |
| Q4 2021 | $20.6B | 121 | 5 | 17 | 9 | 6 | 83.5% | 45 |
| Q3 2021 | $22.8B | 122 | 12 | 19 | 7 | 10 | 82.7% | 46 |
| Q2 2021 | $22.8B | 120 | 9 | 14 | 10 | 15 | 81.6% | 47 |
| Q1 2021 | $23.1B | 126 | 12 | 17 | 15 | 12 | 80.5% | 47 |
| Q4 2020 | $26.5B | 126 | 15 | 14 | 60 | 9 | 84.2% | 47 |
| Q3 2020 | $25.0B | 120 | 14 | 12 | 61 | 8 | 85.7% | 47 |
| Q2 2020 | $22.7B | 114 | 15 | 18 | 16 | 11 | 85.2% | 45 |
| Q1 2020 | $16.2B | 110 | 18 | 22 | 18 | 7 | 86.3% | 45 |
| Q4 2019 | $18.8B | 99 | 8 | 20 | 10 | 18 | 85.0% | 45 |
| Q3 2019 | $14.7B | 109 | 9 | 11 | 5 | 3 | 85.9% | 45 |
| Q2 2019 | $14.7B | 103 | 11 | 15 | 17 | 4 | 84.4% | 45 |
| Q1 2019 | $15.6B | 96 | 7 | 11 | 6 | 4 | 85.5% | 45 |
| Q4 2018 | $12.2B | 93 | 0 | 0 | 0 | 0 | 86.1% | 44 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.