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BAKER BROS. ADVISORS LP — 13F Holdings & Portfolio

CIK 1263508 · latest 13F-HR filed 2026-05-15

Backtest portfolio

BAKER BROS. ADVISORS LP manages $17.42B in 13F-reported U.S. long-equity assets across 84 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are INCY (16.62%), ONC (15.00%), INSM (6.97%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 7 new positions, exited 9, added to 36, and trimmed 27.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM

$17.42B

Long-equity book

Holdings

84

Distinct positions

Period

2026-03-31

Filed 2026-05-15

Q/Q Activity

+7 / −9 / ↑36 / ↓27

vs 2025-12-31

Firm Profile & Key People
Name Title / Status Ownership Type

Top Adds (vs prior quarter)

  • Praxis Precision Medicines, Inc.$232.8M +70.1%
  • Kodiak Sciences Inc.$202.4M +36.3%
  • Revolution Medicines, Inc.$176.1M +23.4%
  • Celcuity Inc.$114.0M +14.4%
  • Alkermes plc$73.9M +26.4%
Show all 36 →

Top Trims

  • ACADIA Pharmaceuticals Inc.-$190.9M -16.7%
  • Madrigal Pharmaceuticals, Inc.-$126.1M -10.1%
  • Rhythm Pharmaceuticals, Inc.-$112.5M -18.7%
  • Immunocore Holdings plc-$58.5M -72.5%
  • Structure Therapeutics Inc.-$30.6M -30.7%
Show all 27 →

New Positions

  • Mirum Pharmaceuticals, Inc.$41.2M
  • Evommune, Inc.$19.5M
  • Aktis Oncology, Inc.$17.8M
  • Generate Biomedicines, Inc.$17.8M
  • COMPASS Pathways plc$13.0M
Show all 7 →

Exited Positions

  • Ultragenyx Pharmaceutical Inc.$63.8M
  • Terns Pharmaceuticals, Inc.$38.4M
  • BioCryst Pharmaceuticals, Inc.$22.0M
  • Ventyx Biosciences, Inc.$21.2M
  • Nuvalent, Inc.$14.5M
Show all 9 →
All Holdings

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 Incyte Corporation INCY 45337C102 $2.89B 16.62% 30,744,412 SH
2 BeOne Medicines Ltd. ONC 07725L102 $2.61B 15.00% 8,799,053 SH
3 Insmed Incorporated INSM 457669307 $1.21B 6.97% 7,421,111 SH
4 Madrigal Pharmaceuticals, Inc. MDGL 558868105 $1.12B 6.44% 2,141,701 SH
5 ACADIA Pharmaceuticals Inc. ACAD 004225108 $954.9M 5.48% 42,896,690 SH
6 Revolution Medicines, Inc. RVMD 76155X100 $929.3M 5.34% 9,555,357 SH
7 Celcuity Inc. CELC 15102K100 $903.5M 5.19% 7,915,792 SH
8 Kodiak Sciences Inc. KOD 50015M109 $759.3M 4.36% 19,919,186 SH
9 Kymera Therapeutics, Inc. KYMR 501575104 $721.1M 4.14% 8,657,242 SH
10 Summit Therapeutics Inc. SMMT 86627T108 $690.0M 3.96% 36,391,063 SH
11 Praxis Precision Medicines, Inc. PRAX 74006W207 $564.9M 3.24% 1,753,198 SH
12 Rhythm Pharmaceuticals, Inc. RYTM 76243J105 $487.4M 2.80% 5,604,483 SH
13 Alkermes plc ALKS G01767105 $354.0M 2.03% 10,012,267 SH
14 GRAIL, Inc. GRAL 384747101 $208.2M 1.20% 4,028,614 SH
15 Edgewise Therapeutics, Inc. EWTX 28036F105 $207.1M 1.19% 6,575,940 SH
16 Ionis Pharmaceuticals, Inc. IONS 462222100 $153.8M 0.88% 2,047,727 SH
17 Kiniksa Pharmaceuticals International, plc KNSA G52694109 $136.1M 0.78% 2,826,246 SH
18 Immunovant, Inc. IMVT 45258J102 $135.6M 0.78% 5,457,881 SH
19 Roivant Sciences Ltd. ROIV G76279101 $134.8M 0.77% 4,867,723 SH
20 IDEAYA Biosciences, Inc. IDYA 45166A102 $131.5M 0.76% 3,946,515 SH
21 Arrowhead Pharmaceuticals, Inc. ARWR 04280A100 $124.9M 0.72% 1,992,783 SH
22 Stoke Therapeutics, Inc. STOK 86150R107 $108.6M 0.62% 3,336,697 SH
23 Immatics N.V. IMTX N44445109 $107.4M 0.62% 10,916,693 SH
24 AbCellera Biologics Inc. ABCL 00288U106 $105.7M 0.61% 30,275,938 SH
25 Abivax S.A. ABVX 00370M103 $97.5M 0.56% 875,796 SH
26 Crinetics Pharmaceuticals, Inc. CRNX 22663K107 $85.4M 0.49% 2,351,465 SH
27 Replimune Group, Inc. REPL 76029N106 $84.5M 0.49% 11,045,336 SH
28 Celcuity Inc. CELC 15102KAA8 $74.9M 0.43% 30,750,000 SH
29 Nurix Therapeutics, Inc. NRIX 67080M103 $72.2M 0.41% 4,658,556 SH
30 Denali Therapeutics Inc. DNLI 24823R105 $71.6M 0.41% 3,731,695 SH
31 Dianthus Therapeutics, Inc. DNTH 252828108 $71.5M 0.41% 852,164 SH
32 Monte Rosa Therapeutics, Inc. GLUE 61225M102 $71.5M 0.41% 4,345,736 SH
33 Structure Therapeutics Inc. GPCR 86366E106 $69.0M 0.40% 1,432,529 SH
34 Entrada Therapeutics, Inc. TRDA 29384C108 $64.0M 0.37% 5,072,730 SH
35 Bicycle Therapeutics plc BCYC 088786108 $50.5M 0.29% 10,885,357 SH
36 Spyre Therapeutics, Inc. SYRE 00773J202 $50.4M 0.29% 1,000,000 SH
37 Rapport Therapeutics, Inc. RAPP 75383L102 $48.4M 0.28% 1,547,090 SH
38 Alumis Inc. ALMS 022307102 $44.3M 0.25% 2,012,500 SH
39 Mirum Pharmaceuticals, Inc. MIRM 604749101 $41.2M 0.24% 445,975 SH
40 Viridian Therapeutics, Inc. VRDN 92790C104 $38.6M 0.22% 1,971,678 SH
41 Enliven Therapeutics, Inc. ELVN 29337E102 $35.5M 0.20% 905,191 SH
42 Prelude Therapeutics Inc. PRLD 74065P101 $34.6M 0.20% 10,123,824 SH
43 DBV Technologies S.A. DBVT 23306J309 $30.5M 0.18% 1,461,425 SH
44 Design Therapeutics, Inc. DSGN 25056L103 $27.5M 0.16% 2,585,978 SH
45 Centessa Pharmaceuticals plc CNTA 152309100 $26.6M 0.15% 670,751 SH
46 CytomX Therapeutics, Inc. CTMX 23284F105 $23.4M 0.13% 4,975,826 SH
47 Jade Biosciences, Inc. JBIO 008064206 $23.1M 0.13% 1,641,137 SH
48 Disc Medicine, Inc. IRON 254604101 $22.4M 0.13% 349,657 SH
49 Immunocore Holdings plc IMCR 45258D105 $22.1M 0.13% 734,397 SH
50 Xenon Pharmaceuticals Inc. XENE 98420N105 $21.5M 0.12% 370,208 SH
Filing History
Period Filed AUM Holdings Accession
2026-03-31 2026-05-15 $17.42B 84 0001104659-26-062547
2025-12-31 2026-02-17 $17.08B 86 0001104659-26-016374
2025-09-30 2025-11-14 $13.84B 91 0001104659-25-112595