CIK: 0001263508
Total reported value
$17.4B
Reporting period: 2026-03-31 · Number of holdings: 84
BAKER BROS. ADVISORS LP disclosed 84 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $17.4B and a quarterly turnover rate of 14.6%.
Browse other institutions with $10B to $100B AUMBrowse other institutions starting with "B"
Baker Bros. Advisors LP's disclosed holdings carry a Herfindahl concentration index of 0.076 — mathematically equivalent to about 13 equally-sized positions, well below its 84 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.34), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 47% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add PRAX
+55.6% $232.8M
Trim ACAD
0.0% -$190.9M
Trim INCY
+0.0% -$142.9M
Add KOD
0.0% $202.4M
Add RVMD
+1.1% $176.1M
Trim MDGL
0.0% -$126.1M
Baker Bros is doubling down on its deep biotech conviction, aggressively adding to core positions like INCY and RVMD while pruning marginal names — a pure Alpha hunt that signals they see wide pricing dislocations within the sector. This is not a capital rotation out of health care, but a targeted reallocation into what they deem mispriced catalysts.
By betting on a heap of beaten-down biotech names at a time when the sector has been underperform, Baker Bros is pricing in a regime shift where product cycles and clinical data, not macro rates, will be the primary driver of returns. The opposing thesis is that biotech's compression is structural — reimbursement pressure, legislative drug pricing, or funding winter for small-cap R&D — and that selective bottom-up conviction will not overcome a sector-wide de-rating.
The single-sector overconcentration (100% Health Care) is the first-order vulnerability, but within that, the extreme contrarian posture (score 100.0) means this portfolio is systematically leaning into negative momentum, risking a liquidity trap if the broader biotech selloff accelerates and forces their small- and mid-cap holdings — bought cheap but now cheaper — to become the portfolio's own source of beta headaches.
The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | INCY | Incyte CORP | Stock-Healthcare | 16.62% | -1.16% | +0.00% | |
| 2 | ONC | Beone Medicines Ltd-adr | Stock-Other | 15.00% | -0.65% | — | |
| 3 | INSM | Insmed INC | Stock-Healthcare | 6.97% | +0.25% | +12.56% | |
| 4 | MDGL | Madrigal Pharmaceuticals INC | Stock-Healthcare | 6.44% | -0.86% | — | |
| 5 | ACAD | Acadia Pharmaceuticals INC | Stock-Healthcare | 5.48% | -1.23% | — | |
| 6 | RVMD | Revolution Medicines INC | Stock-Healthcare | 5.34% | +0.93% | +1.06% | |
| 7 | CELC | Celcuity INC | Stock-Other | 5.19% | +0.57% | — | |
| 8 | KOD | Kodiak Sciences INC | Stock-Other | 4.36% | +1.10% | — | |
| 9 | KYMR | Kymera Therapeutics INC | Stock-Other | 4.14% | +0.20% | — | |
| 10 | SMMT | Summit Therapeutics INC | Stock-Other | 3.96% | +0.23% | — | |
| 11 | PRAX | Praxis Precision Medicines I | Stock-Other | 3.24% | +1.30% | +55.63% | |
| 12 | RYTM | Rhythm Pharmaceuticals INC | Stock-Other | 2.80% | -0.71% | — | |
| 13 | ALKS | Alkermes plc | Stock-Healthcare | 2.03% | +0.39% | — | |
| 14 | GRAL | Grail INC | Stock-Healthcare | 1.20% | +0.15% | +93.19% | |
| 15 | EWTX | Edgewise Therapeutics INC | Stock-Other | 1.19% | +0.23% | — | |
| 16 | IONS | Ionis Pharmaceuticals INC | Stock-Healthcare | 0.88% | +0.05% | +14.28% | |
| 17 | KNSA | Kiniksa Pharmaceuticals International, plc | Stock-Other | 0.78% | +0.10% | — | |
| 18 | IMVT | Immunovant INC | Stock-Other | 0.78% | — | — | |
| 19 | ROIV | Roivant Sciences Ltd. | Stock-Healthcare | 0.77% | +0.06% | -12.37% | |
| 20 | IDYA | Ideaya Biosciences INC | Stock-Other | 0.76% | +0.03% | +9.06% | |
| 21 | ARWR | Arrowhead Pharmaceuticals In | Stock-Healthcare | 0.72% | -0.13% | -8.40% | |
| 22 | STOK | Stoke Therapeutics INC | Stock-Other | 0.62% | — | — | |
| 23 | ✓ | Immatics NV | Stock-Other | 0.62% | -0.12% | -9.74% | |
| 24 | ABCL | Abcellera Biologics INC | Stock-Other | 0.61% | +0.06% | +9.99% | |
| 25 | ABVX | Abivax Sa-adr | Stock-Other | 0.56% | -0.13% | — | |
| 26 | CRNX | Crinetics Pharmaceuticals In | Stock-Other | 0.49% | +0.04% | +42.61% | |
| 27 | REPL | Replimune Group INC | Stock-Other | 0.49% | -0.14% | — | |
| 28 | CELC 2.75 08-01-31 | Celcuity INC | Stock-Other | 0.43% | +0.04% | — | |
| 29 | NRIX | Nurix Therapeutics INC | Stock-Other | 0.41% | -0.11% | — | |
| 30 | DNLI | Denali Therapeutics INC | Stock-Other | 0.41% | +0.05% | — | |
| 31 | DNTH | Dianthus Therapeutics INC | Stock-Other | 0.41% | +0.22% | +7.90% | |
| 32 | GLUE | Monte Rosa Therapeutics INC | Stock-Other | 0.41% | — | — | |
| 33 | GPCR | Structure Therapeutics INC | Stock-Other | 0.40% | -0.18% | — | |
| 34 | TRDA | Entrada Therapeutics INC | Stock-Other | 0.37% | +0.06% | — | |
| 35 | BCYC | Bicycle Therapeutics Plc-adr | Stock-Other | 0.29% | -0.16% | — | |
| 36 | SYRE | Spyre Therapeutics INC | Stock-Other | 0.29% | +0.10% | — | |
| 37 | RAPP | Rapport Therapeutics INC | Stock-Other | 0.28% | — | — | |
| 38 | ALMS | Alumis INC | Stock-Other | 0.25% | +0.16% | +28.80% | |
| 39 | MIRM | Mirum Pharmaceuticals INC | Stock-Other | 0.24% | +0.24% | NEW | |
| 40 | VRDN | Viridian Therapeutics INC | Stock-Other | 0.22% | -0.14% | — | |
| 41 | ELVN | Enliven Therapeutics INC | Stock-Other | 0.20% | +0.18% | +233.52% | |
| 42 | PRLD | Prelude Therapeutics INC | Stock-Other | 0.20% | — | — | |
| 43 | DBVT | Dbv Technologies Sa-spon Adr | Stock-Other | 0.18% | — | — | |
| 44 | DSGN | Design Therapeutics INC | Stock-Other | 0.16% | +0.04% | +15.80% | |
| 45 | 260 | Centessa Pharmaceuticals-adr | Stock-Other | 0.15% | +0.05% | — | |
| 46 | CTMX | Cytomx Therapeutics INC | Stock-Other | 0.13% | — | +17.06% | |
| 47 | JBIO | Jade Biosciences INC | Stock-Other | 0.13% | — | — | |
| 48 | IRON | Disc Medicine INC | Stock-Other | 0.13% | — | +3.74% | |
| 49 | IMCR | Immunocore Holdings Plc-adr | Stock-Other | 0.13% | -0.34% | -68.38% | |
| 50 | XENE | Xenon Pharmaceuticals INC | Stock-Other | 0.12% | — | — |
Performance for Q3 2026
+12.4%
Performance Last 4 Quarters
+69.7%
Based on 79% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 84 | $17.4B | 15 | |
| 2025-12-31 | 86 | $17.1B | 30 | |
| 2025-09-30 | 91 | $13.8B | 46 | |
| 2025-06-30 | 89 | $10.3B | 0 | |
| 2025-03-31 | 89 | $9.0B | 100 | |
| 2024-12-31 | 95 | $9.4B | 0 | |
| 2024-09-30 | 93 | $9.6B | 0 | |
| 2024-06-30 | 95 | $7.8B | 0 | |
| 2024-03-31 | 87 | $8.0B | 0 | |
| 2023-12-31 | 84 | $8.8B | 0 | |
| 2023-09-30 | 101 | $17.4B | 0 | |
| 2023-06-30 | 107 | $17.3B | 0 | |
| 2023-03-31 | 105 | $18.4B | 0 | |
| 2022-12-31 | 113 | $16.7B | 0 | |
| 2022-09-30 | 115 | $15.3B | 0 | |
| 2022-06-30 | 117 | $17.6B | 0 | |
| 2022-03-31 | 118 | $17.4B | 0 | |
| 2021-12-31 | 121 | $20.6B | 0 | |
| 2021-09-30 | 122 | $22.8B | 0 | |
| 2021-06-30 | 120 | $22.8B | 17 | |
| 2021-03-31 | 126 | $23.1B | 30 | |
| 2020-12-31 | 126 | $26.5B | 27 | |
| 2020-09-30 | 120 | $25.0B | 92 | |
| 2020-06-30 | 114 | $22.7B | 35 | |
| 2020-03-31 | 110 | $16.2B | 18 | |
| 2019-12-31 | 99 | $18.8B | 35 | |
| 2019-09-30 | 109 | $14.7B | 22 | |
| 2019-06-30 | 103 | $14.7B | 13 | |
| 2019-03-31 | 96 | $15.6B | 28 | |
| 2018-12-31 | 93 | $12.2B | 26 | |
| 2018-09-30 | 97 | $15.2B | 20 | |
| 2018-06-30 | 119 | $13.3B | 35 | |
| 2018-03-31 | 114 | $11.8B | 21 | |
| 2017-12-31 | 123 | $11.5B | 21 | |
| 2017-09-30 | 121 | $12.3B | 15 | |
| 2017-06-30 | 120 | $11.4B | 16 | |
| 2017-03-31 | 119 | $12.2B | 41 | |
| 2016-12-31 | 133 | $10.2B | 17 | |
| 2016-09-30 | 134 | $11.0B | 20 | |
| 2016-06-30 | 135 | $9.5B | 19 | |
| 2016-03-31 | 134 | $9.5B | 28 | |
| 2015-12-31 | 133 | $12.1B | 17 | |
| 2015-09-30 | 133 | $10.8B | 33 | |
| 2015-06-30 | 126 | $11.4B | 71 | |
| 2015-03-31 | 130 | $12.0B | 38 | |
| 2014-12-31 | 121 | $9.8B | 29 | |
| 2014-09-30 | 110 | $7.9B | 30 | |
| 2014-06-30 | 107 | $8.2B | 18 | |
| 2014-03-31 | 108 | $7.9B | 25 | |
| 2013-12-31 | 95 | $7.1B | 38 | |
| 2013-09-30 | 82 | $7.0B | 36 | |
| 2013-06-30 | 75 | $5.1B | 0 |
Baker Bros. Advisors LP's most significant position changes for 2026-03-31: Sold out: Ultragenyx Pharmaceutical In (RARE); New buy: Mirum Pharmaceuticals INC (MIRM); Sold out: Terns Pharmaceuticals INC (430); Sold out: Biocryst Pharmaceuticals INC (BCRX); Sold out: Ventyx Biosciences INC (VTYXUSD).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | PRAX | Praxis Precision Medicines I | +1.3% | +55.63% | Add |
| 2 | KOD | Kodiak Sciences INC | +1.1% | — | Unchanged |
| 3 | RVMD | Revolution Medicines INC | +0.9% | +1.06% | Add |
| 4 | CELC | Celcuity INC | +0.6% | — | Unchanged |
| 5 | ALKS | Alkermes plc | +0.4% | — | Unchanged |
| 6 | INSM | Insmed INC | +0.3% | +12.56% | Add |
| 7 | SMMT | Summit Therapeutics INC | +0.2% | — | Unchanged |
| 8 | EWTX | Edgewise Therapeutics INC | +0.2% | — | Unchanged |
| 9 | DNTH | Dianthus Therapeutics INC | +0.2% | +7.90% | Add |
| 10 | KYMR | Kymera Therapeutics INC | +0.2% | — | Unchanged |
| 11 | ELVN | Enliven Therapeutics INC | +0.2% | +233.52% | Add |
| 12 | ALMS | Alumis INC | +0.2% | +28.80% | Add |
| 13 | GRAL | Grail INC | +0.2% | +93.19% | Add |
| 14 | KNSA | Kiniksa Pharmaceuticals International, plc | +0.1% | — | Unchanged |
| 15 | SYRE | Spyre Therapeutics INC | +0.1% | — | Unchanged |
| 16 | ROIV | Roivant Sciences Ltd. | +0.1% | -12.37% | Trim |
| 17 | TRDA | Entrada Therapeutics INC | +0.1% | — | Unchanged |
| 18 | ABCL | Abcellera Biologics INC | +0.1% | +9.99% | Add |
| 19 | IONS | Ionis Pharmaceuticals INC | +0.1% | +14.28% | Add |
| 20 | DNLI | Denali Therapeutics INC | +0.1% | — | Unchanged |
| 21 | 260 | Centessa Pharmaceuticals-adr | +0.1% | — | Unchanged |
| 22 | CRNX | Crinetics Pharmaceuticals In | 0% | +42.61% | Add |
| 23 | CELC 2.75 08-01-31 | Celcuity INC | 0% | — | Unchanged |
| 24 | DSGN | Design Therapeutics INC | 0% | +15.80% | Add |
| 25 | IDYA | Ideaya Biosciences INC | 0% | +9.06% | Add |
| 26 | NRIX | Nurix Therapeutics INC | -0.1% | — | Unchanged |
| 27 | ✓ | Immatics NV | -0.1% | -9.74% | Trim |
| 28 | ABVX | Abivax Sa-adr | -0.1% | — | Unchanged |
| 29 | ARWR | Arrowhead Pharmaceuticals In | -0.1% | -8.40% | Trim |
| 30 | REPL | Replimune Group INC | -0.1% | — | Unchanged |
| 31 | VRDN | Viridian Therapeutics INC | -0.1% | — | Unchanged |
| 32 | BNTX | Biontech Se-adr | -0.2% | -67.54% | Trim |
| 33 | BCYC | Bicycle Therapeutics Plc-adr | -0.2% | — | Unchanged |
| 34 | GPCR | Structure Therapeutics INC | -0.2% | — | Unchanged |
| 35 | IMCR | Immunocore Holdings Plc-adr | -0.3% | -68.38% | Trim |
| 36 | ONC | Beone Medicines Ltd-adr | -0.7% | — | Unchanged |
| 37 | RYTM | Rhythm Pharmaceuticals INC | -0.7% | — | Unchanged |
| 38 | MDGL | Madrigal Pharmaceuticals INC | -0.9% | — | Unchanged |
| 39 | INCY | Incyte CORP | -1.2% | +0.00% | Add |
| 40 | ACAD | Acadia Pharmaceuticals INC | -1.2% | — | Unchanged |
| 41 | RARE | Ultragenyx Pharmaceutical In | — | EXIT | Sold out |
| 42 | MIRM | Mirum Pharmaceuticals INC | — | NEW | New buy |
| 43 | 430 | Terns Pharmaceuticals INC | — | EXIT | Sold out |
| 44 | BCRX | Biocryst Pharmaceuticals INC | — | EXIT | Sold out |
| 45 | VTYXUSD | Ventyx Biosciences INC | — | EXIT | Sold out |
| 46 | EVMN | Evommune INC | — | NEW | New buy |
| 47 | AKTS | Aktis Oncology INC | — | NEW | New buy |
| 48 | GENB | Generate Biomedicines INC | — | NEW | New buy |
| 49 | NUVL | Nuvalent Inc-a | — | EXIT | Sold out |
| 50 | CMPS | Compass Pathways PLC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-13 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-17 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
Institutions with a similar AUM
CIK 0000909661
Total reported value
$17.5B
172 stks
2026-03-31
AUM within 0.7% of this institution
CIK 0001706766
Total reported value
$17.1B
1,484 stks
2026-03-31
AUM within 1.7% of this institution
CIK 0001040197
Total reported value
$17.7B
5,019 stks
2026-03-31
AUM within 1.7% of this institution
Institutions with overlapping top holdings
CIK 0001306923
Total reported value
$653.9M
51 stks
2026-03-31
2 of the top 5 holdings overlap, including Insmed INC
CIK 0001493215
Total reported value
$10.0B
88 stks
2026-03-31
2 of the top 5 holdings overlap, including Madrigal Pharmaceuticals INC
CIK 0001819257
Total reported value
$563.6M
29 stks
2026-03-31
2 of the top 5 holdings overlap, including Insmed INC