BAKER BROS. ADVISORS LP
Filing Date
Global Rank
#301
/ 8,622
▲ 2
· as of Mar 2026
Top Industry
Biotechnology
95.7%
3Y Alpha vs SPY
+2.3%
Period ended 4 months ago
Filed May 15, 2026 · 2mo
25 quarters · since Mar 2020
Clone Performance
Jul 2023–Jul 2026 · vs SPYHypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.
Cloned portfolio
+80.1%
SPY
+67.9%
Annualised alpha
+2.8%
Max drawdown
−27.7%
Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.
Portfolio Concentration
82 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top Position
16.7%
−1.2 pts
Top 5
50.7%
−3.7 pts
Top 10
73.8%
−1.0 pts
HHI
768
Diversified−55
Portfolio Trend
25 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Healthcare | 100.0% | $17,340,808,631 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
18 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| ABCL | AbCellera Biologics Inc. | +2,750,298 | 30,275,938 | $105,663,023 | |
| GRAL | GRAIL, Inc. | +1,943,281 | 4,028,614 | $208,198,771 | |
| INSM | INSMED Inc | +828,365 | 7,421,111 | $1,213,500,070 | |
| CTMX | CytomX Therapeutics, Inc. | +725,000 | 4,975,826 | $23,386,382 | |
| CRNX | Crinetics Pharmaceuticals, Inc. | +702,596 | 2,351,465 | $85,405,208 | |
| ELVN | Enliven Therapeutics, Inc. | +633,785 | 905,191 | $35,483,487 | |
| PRAX | Praxis Precision Medicines, Inc. | +626,710 | 1,753,198 | $564,862,863 | |
| WVE | Wave Life Sciences Ltd. | +478,575 | 822,638 | $5,964,125 | |
| ALMS | Alumis Inc. | +450,000 | 2,012,500 | $44,335,375 | |
| DSGN | Design Therapeutics, Inc. | +352,879 | 2,585,978 | $27,514,805 | |
| IDYA | IDEAYA Biosciences, Inc. | +327,689 | 3,946,515 | $131,497,879 | |
| IONS | Ionis Pharmaceuticals Inc | +255,886 | 2,047,727 | $153,763,820 | |
| RCUS | Arcus Biosciences, Inc. | +145,621 | 415,621 | $8,977,413 | |
| SKYE | Skye Bioscience, Inc. | +124,605 | 1,575,243 | $968,774 | |
| RVMD | Revolution Medicines, Inc. | +100,000 | 9,555,357 | $929,258,468 | |
| DNTH | Dianthus Therapeutics, Inc. /DE/ | +62,405 | 852,164 | $71,513,602 | |
| IRON | Disc Medicine, Inc. | +12,607 | 349,657 | $22,357,068 | |
| INCY | Incyte Corp | +421 | 30,744,412 | $2,893,664,057 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
6 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| IMCR | Immunocore Holdings plc | −1,588,259 | 734,397 | $22,142,069 | |
| IMTX | Immatics N.V. | −1,177,401 | 10,916,693 | $107,420,259 | |
| ROIV | Roivant Sciences Ltd. | −687,294 | 4,867,723 | $134,835,927 | |
| TECX | Tectonic Therapeutic, Inc. | −295,612 | 607,788 | $18,786,727 | |
| BNTX | BioNTech SE | −249,180 | 119,743 | $10,642,757 | |
| ARWR | Arrowhead Pharmaceuticals, Inc. | −182,862 | 1,992,783 | $124,947,494 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
7 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| MIRM | Mirum Pharmaceuticals, Inc. | 445,975 | $41,199,170 | |
| EVMN | Evommune, Inc. | 847,390 | $19,481,496 | |
| AKTS | Aktis Oncology, Inc. | 996,351 | $17,824,719 | |
| GENB | Generate Biomedicines, Inc. | 1,423,602 | $17,795,025 | |
| CMPS | COMPASS Pathways plc | 2,344,720 | $12,966,301 | |
| EIKN | Eikon Therapeutics, Inc. | 555,555 | $5,877,771 | |
| VSTM | Verastem, Inc. | 584,757 | $3,099,212 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
8 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| RARE | Ultragenyx Pharmaceutical Inc. | 2,772,692 | $63,771,916 | |
| TERN | Terns Pharmaceuticals, Inc. | 950,000 | $38,380,000 | |
| BCRX | Biocryst Pharmaceuticals Inc | 2,822,727 | $22,017,270 | |
| NUVL | Nuvalent, Inc. | 143,937 | $14,478,622 | |
| FDMT | 4D Molecular Therapeutics, Inc. | 475,737 | $3,568,027 | |
| VIR | Vir Biotechnology, Inc. | 542,539 | $3,271,510 | |
| KALA | KALA BIO, Inc. | 1,804,055 | $1,003,054 | |
| ACRV | Acrivon Therapeutics, Inc. | 22,809 | $54,969 | |
| No positions match the current search. | ||||
82 tracked positions ·
$17,340,808,631 total
· as of Mar 31, 2026
Showing 1–50
of 82 positions by value
· page 1 of 2
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| INCY |
Incyte Corp
Healthcare
|
Added | 30,744,412 | $2,893,664,057 | 16.69% | |
| ONC |
BeOne Medicines Ltd.
Healthcare
|
Held | 8,799,053 | $2,613,054,769 | 15.07% | |
| INSM |
INSMED Inc
Healthcare
|
Added | 7,421,111 | $1,213,500,070 | 7.00% | |
| MDGL |
Madrigal Pharmaceuticals, Inc.
Healthcare
|
Held | 2,141,701 | $1,121,116,222 | 6.47% | |
| ACAD |
Acadia Pharmaceuticals Inc
Healthcare
|
Held | 42,896,690 | $954,880,319 | 5.51% | |
| RVMD |
Revolution Medicines, Inc.
Healthcare
|
Reduced | 9,555,357 | $929,258,468 | 5.36% | |
| CELC |
Celcuity Inc.
Healthcare
|
Held | 7,915,792 | $903,508,498 | 5.21% | |
| KOD |
Kodiak Sciences Inc.
Healthcare
|
Held | 19,919,186 | $759,319,370 | 4.38% | |
| KYMR |
Kymera Therapeutics, Inc.
Healthcare
|
Held | 8,657,242 | $721,061,686 | 4.16% | |
| SMMT |
Summit Therapeutics Inc.
Healthcare
|
Held | 36,391,063 | $689,974,554 | 3.98% | |
| PRAX |
Praxis Precision Medicines, Inc.
Healthcare
|
Added | 1,753,198 | $564,862,863 | 3.26% | |
| RYTM |
Rhythm Pharmaceuticals, Inc.
Healthcare
|
Held | 5,604,483 | $487,421,886 | 2.81% | |
| ALKS |
Alkermes plc.
Healthcare
|
Held | 10,012,267 | $354,033,761 | 2.04% | |
| GRAL |
GRAIL, Inc.
Healthcare
|
Added | 4,028,614 | $208,198,771 | 1.20% | |
| EWTX |
Edgewise Therapeutics, Inc.
Healthcare
|
Held | 6,575,940 | $207,142,110 | 1.19% | |
| IONS |
Ionis Pharmaceuticals Inc
Healthcare
|
Added | 2,047,727 | $153,763,820 | 0.89% | |
| KNSA |
Kiniksa Pharmaceuticals International, plc
Healthcare
|
Held | 2,826,246 | $136,083,744 | 0.78% | |
| IMVT |
Immunovant, Inc.
Healthcare
|
Held | 5,457,881 | $135,573,764 | 0.78% | |
| ROIV |
Roivant Sciences Ltd.
Healthcare
|
Reduced | 4,867,723 | $134,835,927 | 0.78% | |
| IDYA |
IDEAYA Biosciences, Inc.
Healthcare
|
Added | 3,946,515 | $131,497,879 | 0.76% | |
| ARWR |
Arrowhead Pharmaceuticals, Inc.
Healthcare
|
Reduced | 1,992,783 | $124,947,494 | 0.72% | |
| STOK |
Stoke Therapeutics, Inc.
Healthcare
|
Held | 3,336,697 | $108,642,854 | 0.63% | |
| IMTX |
Immatics N.V.
Healthcare
|
Reduced | 10,916,693 | $107,420,259 | 0.62% | |
| ABCL |
AbCellera Biologics Inc.
Healthcare
|
Added | 30,275,938 | $105,663,023 | 0.61% | |
| ABVX |
Abivax S.A.
Healthcare
|
Held | 875,796 | $97,519,884 | 0.56% | |
| CRNX |
Crinetics Pharmaceuticals, Inc.
Healthcare
|
Added | 2,351,465 | $85,405,208 | 0.49% | |
| REPL |
Replimune Group, Inc.
Healthcare
|
Held | 11,045,336 | $84,496,820 | 0.49% | |
| NRIX |
Nurix Therapeutics, Inc.
Healthcare
|
Held | 4,658,556 | $72,207,618 | 0.42% | |
| DNLI |
Denali Therapeutics Inc.
Healthcare
|
Held | 3,731,695 | $71,648,544 | 0.41% | |
| DNTH |
Dianthus Therapeutics, Inc. /DE/
Healthcare
|
Added | 852,164 | $71,513,602 | 0.41% | |
| GLUE |
Monte Rosa Therapeutics, Inc.
Healthcare
|
Held | 4,345,736 | $71,487,357 | 0.41% | |
| GPCR |
Structure Therapeutics Inc.
Healthcare
|
Held | 1,432,529 | $69,047,897 | 0.40% | |
| TRDA |
Entrada Therapeutics, Inc.
Healthcare
|
Held | 5,072,730 | $64,017,852 | 0.37% | |
| BCYC |
Bicycle Therapeutics PLC
Healthcare
|
Held | 10,885,357 | $50,508,056 | 0.29% | |
| SYRE |
Spyre Therapeutics, Inc.
Healthcare
|
Held | 1,000,000 | $50,440,000 | 0.29% | |
| RAPP |
Rapport Therapeutics, Inc.
Healthcare
|
Held | 1,547,090 | $48,408,446 | 0.28% | |
| ALMS |
Alumis Inc.
Healthcare
|
Added | 2,012,500 | $44,335,375 | 0.26% | |
| MIRM |
Mirum Pharmaceuticals, Inc.
Healthcare
|
NEW | 445,975 | $41,199,170 | 0.24% | |
| VRDN |
Viridian Therapeutics, Inc.\DE
Healthcare
|
Held | 1,971,678 | $38,566,021 | 0.22% | |
| ELVN |
Enliven Therapeutics, Inc.
Healthcare
|
Added | 905,191 | $35,483,487 | 0.20% | |
| PRLD |
Prelude Therapeutics Inc
Healthcare
|
Held | 10,123,824 | $34,623,478 | 0.20% | |
| DBVT |
DBV Technologies S.A.
Healthcare
|
Held | 1,461,425 | $30,529,168 | 0.18% | |
| DSGN |
Design Therapeutics, Inc.
Healthcare
|
Added | 2,585,978 | $27,514,805 | 0.16% | |
| CNTA |
Centessa Pharmaceuticals plc
Healthcare
|
Held | 670,751 | $26,642,229 | 0.15% | |
| CTMX |
CytomX Therapeutics, Inc.
Healthcare
|
Added | 4,975,826 | $23,386,382 | 0.13% | |
| JBIO |
Jade Biosciences, Inc.
Healthcare
|
Held | 1,641,137 | $23,057,974 | 0.13% | |
| IRON |
Disc Medicine, Inc.
Healthcare
|
Added | 349,657 | $22,357,068 | 0.13% | |
| IMCR |
Immunocore Holdings plc
Healthcare
|
Reduced | 734,397 | $22,142,069 | 0.13% | |
| XENE |
Xenon Pharmaceuticals Inc.
Healthcare
|
Held | 370,208 | $21,527,595 | 0.12% | |
| CLDX |
Celldex Therapeutics, Inc.
Healthcare
|
Held | 665,370 | $21,105,536 | 0.12% |
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.