BAKER BROS. ADVISORS LP
Filing Date
Global Rank
#350
/ 7,976
▲ 57
Top Industry
Biotechnology
96.5%
3Y Alpha vs SPY
-4.0%
Period ended 9 months ago
Filed Nov 14, 2025 · 7mo
23 quarters · since Mar 2020
Clone Performance
Jun 2023–Jun 2026 · vs SPYHypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.
Cloned portfolio
+59.4%
SPY
+76.3%
Annualised alpha
-4.0%
Max drawdown
−27.6%
Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.
Portfolio Concentration
82 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025Top Position
21.9%
+1.0 pts
Top 5
61.9%
−3.3 pts
Top 10
80.0%
−2.6 pts
HHI
1,075
Diversified−54
Portfolio Trend
23 quarters · across all stocks
Sector Breakdown
As of Sep 30, 2025| Sector | % Portfolio | Value |
|---|---|---|
| Healthcare | 100.0% | $13,675,003,983 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
14 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| CELC | Celcuity Inc. | +2,465,347 | 7,915,792 | $391,040,124 | |
| IMTX | Immatics N.V. | +1,925,193 | 12,094,094 | $103,041,680 | |
| ALKS | Alkermes plc. | +1,680,748 | 8,091,351 | $242,740,530 | |
| IDYA | IDEAYA Biosciences, Inc. | +1,156,716 | 3,275,444 | $89,124,831 | |
| RAPP | Rapport Therapeutics, Inc. | +997,000 | 1,547,090 | $45,948,573 | |
| CTMX | CytomX Therapeutics, Inc. | +766,600 | 4,250,826 | $13,560,134 | |
| ARWR | Arrowhead Pharmaceuticals, Inc. | +731,588 | 1,670,762 | $57,624,581 | |
| XNCR | Xencor Inc | +431,675 | 1,102,106 | $12,927,703 | |
| SYRE | Spyre Therapeutics, Inc. | +373,297 | 1,000,000 | $16,760,000 | |
| MDGL | Madrigal Pharmaceuticals, Inc. | +165,683 | 2,141,701 | $982,312,580 | |
| RVMD | Revolution Medicines, Inc. | +90,385 | 9,455,357 | $441,565,171 | |
| NTLA | Intellia Therapeutics, Inc. | +71,000 | 2,746,674 | $47,435,059 | |
| VTVT | vTv Therapeutics Inc. | +51,000 | 148,314 | $3,463,131 | |
| INCY | Incyte Corp | +388 | 30,743,663 | $2,607,370,059 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
5 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| CERS | Cerus Corp | −2,875,499 | 10,008,345 | $15,913,268 | |
| INSM | INSMED Inc | −1,009,416 | 6,703,484 | $965,368,730 | |
| GPCR | Structure Therapeutics Inc. | −952,658 | 1,556,109 | $43,571,052 | |
| CTNM | Contineum Therapeutics, Inc. | −234,830 | 77,670 | $912,622 | |
| KALA | KALA BIO, Inc. | −216,801 | 985,093 | $1,507,192 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
8 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| ABVX | Abivax S.A. | 875,796 | $74,355,080 | |
| IONS | Ionis Pharmaceuticals Inc | 566,798 | $37,079,925 | |
| VKTX | Viking Therapeutics, Inc. | 366,083 | $9,620,661 | |
| PHVS | Pharvaris N.V. | 375,000 | $9,356,250 | |
| HRTX | Heron Therapeutics, Inc. /De/ | 4,251,951 | $5,357,458 | |
| MBX | MBX Biosciences, Inc. | 277,777 | $4,861,097 | |
| LBRX | Lb Pharmaceuticals Inc | 200,000 | $3,158,000 | |
| VYNE | VYNE Therapeutics Inc. | 851,353 | $285,203 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
4 positions
82 positions ·
$13,675,003,983 total
· as of Sep 30, 2025
Showing 1–50
of 82 positions by value
· page 1 of 2
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| ONC |
BeOne Medicines Ltd.
Healthcare
|
Held | 8,799,053 | $2,997,837,357 | 21.92% | |
| INCY |
Incyte Corp
Healthcare
|
Added | 30,743,663 | $2,607,370,059 | 19.07% | |
| MDGL |
Madrigal Pharmaceuticals, Inc.
Healthcare
|
Added | 2,141,701 | $982,312,580 | 7.18% | |
| INSM |
INSMED Inc
Healthcare
|
Reduced | 6,703,484 | $965,368,730 | 7.06% | |
| ACAD |
Acadia Pharmaceuticals Inc
Healthcare
|
Held | 42,896,690 | $915,415,364 | 6.69% | |
| SMMT |
Summit Therapeutics Inc.
Healthcare
|
Held | 33,722,974 | $696,716,642 | 5.09% | |
| RYTM |
Rhythm Pharmaceuticals, Inc.
Healthcare
|
Held | 5,604,483 | $565,996,738 | 4.14% | |
| RVMD |
Revolution Medicines, Inc.
Healthcare
|
Added | 9,455,357 | $441,565,171 | 3.23% | |
| CELC |
Celcuity Inc.
Healthcare
|
Added | 7,915,792 | $391,040,124 | 2.86% | |
| KYMR |
Kymera Therapeutics, Inc.
Healthcare
|
Held | 6,651,429 | $376,470,881 | 2.75% | |
| KOD |
Kodiak Sciences Inc.
Healthcare
|
Held | 17,310,490 | $283,372,721 | 2.07% | |
| ALKS |
Alkermes plc.
Healthcare
|
Added | 8,091,351 | $242,740,530 | 1.78% | |
| ABCL |
AbCellera Biologics Inc.
Healthcare
|
Held | 27,525,640 | $138,453,969 | 1.01% | |
| EWTX |
Edgewise Therapeutics, Inc.
Healthcare
|
Reduced | 7,305,940 | $118,502,346 | 0.87% | |
| KNSA |
Kiniksa Pharmaceuticals International, plc
Healthcare
|
Held | 2,824,669 | $109,681,897 | 0.80% | |
| STOK |
Stoke Therapeutics, Inc.
Healthcare
|
Held | 4,633,838 | $108,895,193 | 0.80% | |
| IMTX |
Immatics N.V.
Healthcare
|
Added | 12,094,094 | $103,041,680 | 0.75% | |
| GRAL |
GRAIL, Inc.
Healthcare
|
Held | 1,630,125 | $96,389,291 | 0.70% | |
| IDYA |
IDEAYA Biosciences, Inc.
Healthcare
|
Added | 3,275,444 | $89,124,831 | 0.65% | |
| IMVT |
Immunovant, Inc.
Healthcare
|
Held | 5,457,881 | $87,981,041 | 0.64% | |
| IMCR |
Immunocore Holdings plc
Healthcare
|
Held | 2,322,656 | $84,382,092 | 0.62% | |
| BCYC |
Bicycle Therapeutics PLC
Healthcare
|
Held | 10,885,357 | $84,252,663 | 0.62% | |
| RARE |
Ultragenyx Pharmaceutical Inc.
Healthcare
|
Held | 2,772,692 | $83,402,575 | 0.61% | |
| ABVX |
Abivax S.A.
Healthcare
|
NEW | 875,796 | $74,355,080 | 0.54% | |
| ARWR |
Arrowhead Pharmaceuticals, Inc.
Healthcare
|
Added | 1,670,762 | $57,624,581 | 0.42% | |
| ROIV |
Roivant Sciences Ltd.
Healthcare
|
Held | 3,767,773 | $57,006,405 | 0.42% | |
| DNLI |
Denali Therapeutics Inc.
Healthcare
|
Held | 3,731,695 | $54,184,211 | 0.40% | |
| NTLA |
Intellia Therapeutics, Inc.
Healthcare
|
Added | 2,746,674 | $47,435,059 | 0.35% | |
| REPL |
Replimune Group, Inc.
Healthcare
|
Held | 11,045,336 | $46,279,957 | 0.34% | |
| RAPP |
Rapport Therapeutics, Inc.
Healthcare
|
Added | 1,547,090 | $45,948,573 | 0.34% | |
| GPCR |
Structure Therapeutics Inc.
Healthcare
|
Reduced | 1,556,109 | $43,571,052 | 0.32% | |
| VRDN |
Viridian Therapeutics, Inc.DE
Healthcare
|
Held | 1,744,406 | $37,644,281 | 0.28% | |
| IONS |
Ionis Pharmaceuticals Inc
Healthcare
|
NEW | 566,798 | $37,079,925 | 0.27% | |
| PRAX |
Praxis Precision Medicines, Inc.
Healthcare
|
Held | 689,488 | $36,542,864 | 0.27% | |
| GLUE |
Monte Rosa Therapeutics, Inc.
Healthcare
|
Held | 4,916,095 | $36,428,263 | 0.27% | |
| BNTX |
BioNTech SE
Healthcare
|
Held | 368,923 | $36,383,186 | 0.27% | |
| NRIX |
Nurix Therapeutics, Inc.
Healthcare
|
Held | 3,882,125 | $35,870,835 | 0.26% | |
| DNTH |
Dianthus Therapeutics, Inc. /DE/
Healthcare
|
Held | 789,759 | $31,077,016 | 0.23% | |
| TRDA |
Entrada Therapeutics, Inc.
Healthcare
|
Held | 4,865,819 | $28,221,750 | 0.21% | |
| ARGX |
Argenx SE
Healthcare
|
Held | 37,760 | $27,850,265 | 0.20% | |
| PCVX |
Vaxcyte, Inc.
Healthcare
|
Held | 640,885 | $23,084,677 | 0.17% | |
| IRON |
Disc Medicine, Inc.
Healthcare
|
Held | 337,050 | $22,272,264 | 0.16% | |
| CLDX |
Celldex Therapeutics, Inc.
Healthcare
|
Held | 665,370 | $17,213,121 | 0.13% | |
| NGNE |
Neurogene Inc.
Healthcare
|
Held | 991,691 | $17,186,005 | 0.13% | |
| SERA |
Sera Prognostics, Inc.
Healthcare
|
Held | 5,498,170 | $16,824,400 | 0.12% | |
| SYRE |
Spyre Therapeutics, Inc.
Healthcare
|
Added | 1,000,000 | $16,760,000 | 0.12% | |
| CERS |
Cerus Corp
Healthcare
|
Reduced | 10,008,345 | $15,913,268 | 0.12% | |
| XENE |
Xenon Pharmaceuticals Inc.
Healthcare
|
Held | 370,208 | $14,863,851 | 0.11% | |
| DBVT |
DBV Technologies S.A.
Healthcare
|
Held | 1,461,425 | $14,614,250 | 0.11% | |
| PRLD |
Prelude Therapeutics Inc
Healthcare
|
Held | 10,123,824 | $14,578,306 | 0.11% |