BAKER BROS. ADVISORS LP
Institutional investor · Portfolio as of Q4 2025
Top Holdings86 positions
Stock | Shares | Value | Weight | Avg Buy | Est. P&L | Held | Conviction |
|---|---|---|---|---|---|---|---|
INCYTE CORP | 30.7M | $3B | 17.8% | $85.03 | +16.32% | 28 qtrssince 2019-Q1 | Increased 62 |
BEIGENE LTD-ADR | 8.8M | $2.7B | 15.7% | $149.13 | +104.34% | 28 qtrssince 2019-Q1 | Unchanged 0 |
MADRIGAL PHARMACEUTICALS INC | 2.1M | $1.2B | 7.3% | $166.39 | +250.81% | 28 qtrssince 2019-Q1 | Unchanged 0 |
INSMED INC | 6.6M | $1.1B | 6.7% | $75.89 | +129.41% | 28 qtrssince 2019-Q1 | Decreased 0 |
ACADIA Pharmaceuticals Inc. | 42.9M | $1.1B | 6.7% | $27.49 | -2.88% | 28 qtrssince 2019-Q1 | Unchanged 0 |
CELCUITY INC | 7.9M | $789.5M | 4.6% | $25.54 | +291.18% | 10 qtrssince 2023-Q3 | Unchanged 0 |
REVOLUTION MEDICINES INC | 9.5M | $753.1M | 4.4% | $30.05 | +165.14% | 20 qtrssince 2021-Q1 | Unchanged 0 |
KYMERA THERAPEUTICS INC | 8.7M | $673.6M | 3.9% | $40.75 | +91.72% | 22 qtrssince 2020-Q3 | Increased 73 |
SUMMIT THERAPEUTICS INC | 36.4M | $636.5M | 3.7% | $12.21 | +43.20% | 7 qtrssince 2024-Q2 | Increased 63 |
RHYTHM PHARMACEUTICALS INC | 5.6M | $599.9M | 3.5% | $23.84 | +347.79% | 28 qtrssince 2019-Q1 | Unchanged 0 |
Kodiak Sciences, Inc. | 19.9M | $556.9M | 3.3% | $33.79 | -17.29% | 28 qtrssince 2019-Q1 | Increased 66 |
PRAXIS PRECISION MEDICINES I | 1.1M | $332M | 1.9% | $143.39 | +107.14% | 13 qtrssince 2022-Q4 | Increased 71 |
ALKERMES PLC | 10M | $280.1M | 1.6% | $26.97 | +3.74% | 7 qtrssince 2024-Q2 | Increased 59 |
GRAIL INC | 2.1M | $178.5M | 1.0% | $33.19 | +157.00% | 5 qtrssince 2024-Q4 | Increased 60 |
EDGEWISE THERAPEUTICS INC | 6.6M | $163.2M | 1.0% | $15.71 | +56.22% | 20 qtrssince 2021-Q1 | Decreased 0 |
ARROWHEAD PHARMACEUTICALS IN | 2.2M | $144.4M | 0.8% | $33.91 | +98.34% | 3 qtrssince 2025-Q2 | Increased 54 |
IONIS PHARMACEUTICALS INC | 1.8M | $141.8M | 0.8% | $74.28 | +6.31% | 2 qtrssince 2025-Q3 | Increased 69 |
IMMUNOVANT INC | 5.5M | $138.7M | 0.8% | $21.82 | +16.18% | 10 qtrssince 2023-Q3 | Unchanged 0 |
IMMATICS N.V | 12.1M | $127M | 0.7% | $8.87 | +13.56% | 22 qtrssince 2020-Q3 | Unchanged 0 |
IDEAYA BIOSCIENCES INC | 3.6M | $125.1M | 0.7% | $22.92 | +50.54% | 14 qtrssince 2022-Q3 | Increased 47 |
BAKER BROS. ADVISORS LP manages $17.1B across 86 positions as of Q4 2025. Top holdings: INCY (17.8%), ONC (15.7%), MDGL (7.3%). Fund DNA: Balanced Allocator. HoldingsIntel Rating: 3.5/5.0.
Active quarter - 9 new positions, 14 exits, 23 increased. Top move: KYMR (INCREASED, conviction 73). Portfolio: $17.1B across 86 positions.
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Portfolio allocation by GICS sector
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Position Outcomes
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Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.
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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer