BAKER BROS. ADVISORS LP
Filing Date
Global Rank
#300
/ 8,586
▲ 3
Top Industry
Biotechnology
95.7%
3Y Alpha vs SPY
-3.7%
Period ended 3 months ago
Filed May 15, 2026 · 32d
25 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
+62.1%
SPY
+78.1%
Annualised alpha
-3.7%
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 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 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 |
|---|---|---|---|---|---|---|
| TYRA |
Tyra Biosciences, Inc.
Healthcare
|
Held | 10,607 | $406,248 | 0.00% | |
| ALGS |
Aligos Therapeutics, Inc.
Healthcare
|
Held | 83,055 | $617,098 | 0.00% | |
| SANA |
Sana Biotechnology, Inc.
Healthcare
|
Held | 310,483 | $894,191 | 0.01% | |
| SKYE |
Skye Bioscience, Inc.
Healthcare
|
Added | 1,575,243 | $968,774 | 0.01% | |
| TCRX |
TScan Therapeutics, Inc.
Healthcare
|
Held | 2,784,792 | $2,812,639 | 0.02% | |
| VSTM |
Verastem, Inc.
Healthcare
|
NEW | 584,757 | $3,099,212 | 0.02% | |
| LBRX |
Lb Pharmaceuticals Inc
Healthcare
|
Held | 200,000 | $4,932,000 | 0.03% | |
| SGMT |
Sagimet Biosciences Inc.
Healthcare
|
Held | 952,996 | $4,979,404 | 0.03% | |
| TARA |
Protara Therapeutics, Inc.
Healthcare
|
Held | 971,614 | $5,062,108 | 0.03% | |
| EIKN |
Eikon Therapeutics, Inc.
Healthcare
|
NEW | 555,555 | $5,877,771 | 0.03% | |
| VTVT |
vTv Therapeutics Inc.
Healthcare
|
Held | 148,314 | $5,882,133 | 0.03% | |
| WVE |
Wave Life Sciences Ltd.
Healthcare
|
Added | 822,638 | $5,964,125 | 0.03% | |
| ABSI |
Absci Corp
Healthcare
|
Held | 2,134,803 | $6,404,409 | 0.04% | |
| MPLT |
MapLight Therapeutics, Inc.
Healthcare
|
Held | 364,705 | $7,414,452 | 0.04% | |
| RCUS |
Arcus Biosciences, Inc.
Healthcare
|
Added | 415,621 | $8,977,413 | 0.05% | |
| PHVS |
Pharvaris N.V.
Healthcare
|
Held | 375,000 | $10,593,750 | 0.06% | |
| BNTX |
BioNTech SE
Healthcare
|
Reduced | 119,743 | $10,642,757 | 0.06% | |
| SERA |
Sera Prognostics, Inc.
Healthcare
|
Held | 5,498,170 | $11,161,285 | 0.06% | |
| RLAY |
Relay Therapeutics, Inc.
Healthcare
|
Held | 1,160,117 | $11,543,164 | 0.07% | |
| CMPS |
COMPASS Pathways plc
Healthcare
|
NEW | 2,344,720 | $12,966,301 | 0.07% | |
| XNCR |
Xencor Inc
Healthcare
|
Held | 1,102,106 | $13,291,398 | 0.08% | |
| DYN |
Dyne Therapeutics, Inc.
Healthcare
|
Held | 813,449 | $14,747,830 | 0.09% | |
| SION |
Sionna Therapeutics, Inc.
Healthcare
|
Held | 400,000 | $16,036,000 | 0.09% | |
| GENB |
Generate Biomedicines, Inc.
Healthcare
|
NEW | 1,423,602 | $17,795,025 | 0.10% | |
| AKTS |
Aktis Oncology, Inc.
Healthcare
|
NEW | 996,351 | $17,824,719 | 0.10% | |
| TSHA |
Taysha Gene Therapies, Inc.
Healthcare
|
Held | 4,004,756 | $17,901,259 | 0.10% | |
| CERS |
Cerus Corp
Healthcare
|
Held | 10,008,345 | $18,215,187 | 0.11% | |
| ARGX |
Argenx SE
Healthcare
|
Held | 25,174 | $18,383,313 | 0.11% | |
| CTNM |
Contineum Therapeutics, Inc.
Healthcare
|
Held | 1,420,838 | $18,556,144 | 0.11% | |
| TECX |
Tectonic Therapeutic, Inc.
Healthcare
|
Reduced | 607,788 | $18,786,727 | 0.11% | |
| EVMN |
Evommune, Inc.
Healthcare
|
NEW | 847,390 | $19,481,496 | 0.11% | |
| NGNE |
Neurogene Inc.
Healthcare
|
Held | 991,691 | $19,992,490 | 0.12% | |
| CLDX |
Celldex Therapeutics, Inc.
Healthcare
|
Held | 665,370 | $21,105,536 | 0.12% | |
| XENE |
Xenon Pharmaceuticals Inc.
Healthcare
|
Held | 370,208 | $21,527,595 | 0.12% | |
| IMCR |
Immunocore Holdings plc
Healthcare
|
Reduced | 734,397 | $22,142,069 | 0.13% | |
| IRON |
Disc Medicine, Inc.
Healthcare
|
Added | 349,657 | $22,357,068 | 0.13% | |
| JBIO |
Jade Biosciences, Inc.
Healthcare
|
Held | 1,641,137 | $23,057,974 | 0.13% | |
| CTMX |
CytomX Therapeutics, Inc.
Healthcare
|
Added | 4,975,826 | $23,386,382 | 0.13% | |
| CNTA |
Centessa Pharmaceuticals plc
Healthcare
|
Held | 670,751 | $26,642,229 | 0.15% | |
| DSGN |
Design Therapeutics, Inc.
Healthcare
|
Added | 2,585,978 | $27,514,805 | 0.16% | |
| DBVT |
DBV Technologies S.A.
Healthcare
|
Held | 1,461,425 | $30,529,168 | 0.18% | |
| PRLD |
Prelude Therapeutics Inc
Healthcare
|
Held | 10,123,824 | $34,623,478 | 0.20% | |
| ELVN |
Enliven Therapeutics, Inc.
Healthcare
|
Added | 905,191 | $35,483,487 | 0.20% | |
| VRDN |
Viridian Therapeutics, Inc.DE
Healthcare
|
Held | 1,971,678 | $38,566,021 | 0.22% | |
| MIRM |
Mirum Pharmaceuticals, Inc.
Healthcare
|
NEW | 445,975 | $41,199,170 | 0.24% | |
| ALMS |
Alumis Inc.
Healthcare
|
Added | 2,012,500 | $44,335,375 | 0.26% | |
| RAPP |
Rapport Therapeutics, Inc.
Healthcare
|
Held | 1,547,090 | $48,408,446 | 0.28% | |
| SYRE |
Spyre Therapeutics, Inc.
Healthcare
|
Held | 1,000,000 | $50,440,000 | 0.29% | |
| BCYC |
Bicycle Therapeutics PLC
Healthcare
|
Held | 10,885,357 | $50,508,056 | 0.29% | |
| TRDA |
Entrada Therapeutics, Inc.
Healthcare
|
Held | 5,072,730 | $64,017,852 | 0.37% |