BAKER BROS. ADVISORS LPBAKER BROS. ADVISORS LP

Institutional investor · Portfolio as of Q1 2026

SEC EDGAR SourceSEC Filings

Top Holdings84 positions

Activity:
Stock
Shares
Value
Weight
Avg Buy
Est. P&L
Held
Conviction

INCYTE CORP

30.7M$2.9B16.6%$85.03+37.25%
29 qtrssince 2019-Q1
Increased
62
ONCONC
ADR

BEONE MEDICINES LTD

8.8M$2.6B15.0%$149.13+100.30%
29 qtrssince 2019-Q1
Unchanged
0

INSMED INC

7.4M$1.2B7.0%$83.82+37.92%
29 qtrssince 2019-Q1
Increased
70

MADRIGAL PHARMACEUTICALS INC

2.1M$1.1B6.4%$166.39+222.55%
29 qtrssince 2019-Q1
Unchanged
0

ACADIA PHARMACEUTICALS INC

42.9M$954.9M5.5%$27.49-4.63%
29 qtrssince 2019-Q1
Unchanged
0

REVOLUTION MEDICINES INC

9.6M$929.3M5.3%$30.79+507.04%
21 qtrssince 2021-Q1
Increased
62

CELCUITY INC

7.9M$903.5M5.2%$25.54+321.17%
11 qtrssince 2023-Q3
Unchanged
0

KODIAK SCIENCES INC

19.9M$759.3M4.4%$33.79+22.24%
29 qtrssince 2019-Q1
Unchanged
0

KYMERA THERAPEUTICS INC

8.7M$721.1M4.1%$40.75+192.91%
23 qtrssince 2020-Q3
Unchanged
0

SUMMIT THERAPEUTICS INC

36.4M$690M4.0%$12.21+24.86%
8 qtrssince 2024-Q2
Unchanged
0

PRAXIS PRECISION MEDICINES I

1.8M$564.9M3.2%$205.88+57.85%
14 qtrssince 2022-Q4
Increased
82

RHYTHM PHARMACEUTICALS INC

5.6M$487.4M2.8%$23.84+354.67%
29 qtrssince 2019-Q1
Unchanged
0

ALKERMES PLC

10M$354M2.0%$26.82+93.65%
8 qtrssince 2024-Q2
Unchanged
0

GRAIL INC

4M$208.2M1.2%$42.63+68.89%
6 qtrssince 2024-Q4
Increased
76

EDGEWISE THERAPEUTICS INC

6.6M$207.1M1.2%$15.71+189.07%
21 qtrssince 2021-Q1
Unchanged
0

IONIS PHARMACEUTICALS INC

2M$153.8M0.9%$74.83-22.16%
3 qtrssince 2025-Q3
Increased
49

KINIKSA PHARMACEUTICALS INTL

2.8M$136.1M0.8%$18.70+239.19%
8 qtrssince 2024-Q2
Unchanged
0

IMMUNOVANT INC

5.5M$135.6M0.8%$21.82+81.99%
11 qtrssince 2023-Q3
Unchanged
0

ROIVANT SCIENCES LTD

4.9M$134.8M0.8%$13.62+164.07%
14 qtrssince 2022-Q4
Decreased
0

IDEAYA BIOSCIENCES INC

3.9M$131.5M0.8%$23.87+54.97%
15 qtrssince 2022-Q3
Increased
46
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$17.4B
AUM
84
Positions
Q1 2026
Filing
Rating · 3.5
Quarterly Portfolio Change
-3%Q4'24$9.4B-3%Q1'25$9B+14%Q2'25$10.3B+34%Q3'25$13.8B+23%Q4'25$17.1B+2%Q1'26$17.4B
Activity profile
$ moved · Q1'26
New10%Increased66%Decreased11%Exited14%
Composition
Equity vs derivatives
Equity100%Puts0%Calls0%
Holding period
Avg 3.5 years
<1Q6%1-4Q14%1-2Y14%2Y+65%

BAKER BROS. ADVISORS LP manages $17.4B across 84 positions as of Q1 2026. Top holdings: INCY (16.6%), ONC (15.0%), INSM (7.0%). Fund DNA: Concentrated Value. HoldingsIntel Rating: 3.5/5.0.

Q1 2026 Summary

Active quarter - 7 new positions, 9 exits, 18 increased. Top move: PRAX (INCREASED, conviction 82). Portfolio: $17.4B across 84 positions.

Top holdings by portfolio weight

Total AUM$17B
INCY16.62%
ONC15.00%
INSM6.97%
MDGL6.44%
ACAD5.48%
RVMD5.34%
CELC5.19%
KOD4.36%
KYMR4.14%
SMMT3.96%
Other3.24%

Portfolio allocation by GICS sector

Sectors1
Healthcare100.00%

Behavioral investing profile

Concentrated Value88%- primarily Healthcare
Compare DNA across all funds
7-dimension quality assessment
Strong(3.5 / 5.0)
Track Record66
Conviction39
Concentration100
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Position Outcomes

Best and worst performing positions by estimated return

Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.

Similar Funds

Funds with similar investing DNA

Accumulation Streaks

Positions with 2+ consecutive quarters of increases - persistent directional conviction.

Security
7Q
INCYINCYTE CORP
Q3 2024 Q1 2026+5,888 shares+$1B
4Q
IDYAIDEAYA BIOSCIENCES INC
Q2 2025 Q1 2026+2.9M shares+$114.1M
2Q
CRNXCRINETICS PHARMACEUTICALS IN
Q4 2025 Q1 2026+2.1M shares+$73.7M

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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer

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