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 · 33d
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 51–82
of 82 positions by value
· page 2 of 2
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| GPCR |
Structure Therapeutics Inc.
Healthcare
|
Held | 1,432,529 | $69,047,897 | 0.40% | |
| GLUE |
Monte Rosa Therapeutics, Inc.
Healthcare
|
Held | 4,345,736 | $71,487,357 | 0.41% | |
| DNTH |
Dianthus Therapeutics, Inc. /DE/
Healthcare
|
Added | 852,164 | $71,513,602 | 0.41% | |
| DNLI |
Denali Therapeutics Inc.
Healthcare
|
Held | 3,731,695 | $71,648,544 | 0.41% | |
| NRIX |
Nurix Therapeutics, Inc.
Healthcare
|
Held | 4,658,556 | $72,207,618 | 0.42% | |
| REPL |
Replimune Group, Inc.
Healthcare
|
Held | 11,045,336 | $84,496,820 | 0.49% | |
| CRNX |
Crinetics Pharmaceuticals, Inc.
Healthcare
|
Added | 2,351,465 | $85,405,208 | 0.49% | |
| ABVX |
Abivax S.A.
Healthcare
|
Held | 875,796 | $97,519,884 | 0.56% | |
| ABCL |
AbCellera Biologics Inc.
Healthcare
|
Added | 30,275,938 | $105,663,023 | 0.61% | |
| IMTX |
Immatics N.V.
Healthcare
|
Reduced | 10,916,693 | $107,420,259 | 0.62% | |
| STOK |
Stoke Therapeutics, Inc.
Healthcare
|
Held | 3,336,697 | $108,642,854 | 0.63% | |
| ARWR |
Arrowhead Pharmaceuticals, Inc.
Healthcare
|
Reduced | 1,992,783 | $124,947,494 | 0.72% | |
| IDYA |
IDEAYA Biosciences, Inc.
Healthcare
|
Added | 3,946,515 | $131,497,879 | 0.76% | |
| ROIV |
Roivant Sciences Ltd.
Healthcare
|
Reduced | 4,867,723 | $134,835,927 | 0.78% | |
| IMVT |
Immunovant, Inc.
Healthcare
|
Held | 5,457,881 | $135,573,764 | 0.78% | |
| KNSA |
Kiniksa Pharmaceuticals International, plc
Healthcare
|
Held | 2,826,246 | $136,083,744 | 0.78% | |
| IONS |
Ionis Pharmaceuticals Inc
Healthcare
|
Added | 2,047,727 | $153,763,820 | 0.89% | |
| EWTX |
Edgewise Therapeutics, Inc.
Healthcare
|
Held | 6,575,940 | $207,142,110 | 1.19% | |
| GRAL |
GRAIL, Inc.
Healthcare
|
Added | 4,028,614 | $208,198,771 | 1.20% | |
| ALKS |
Alkermes plc.
Healthcare
|
Held | 10,012,267 | $354,033,761 | 2.04% | |
| RYTM |
Rhythm Pharmaceuticals, Inc.
Healthcare
|
Held | 5,604,483 | $487,421,886 | 2.81% | |
| PRAX |
Praxis Precision Medicines, Inc.
Healthcare
|
Added | 1,753,198 | $564,862,863 | 3.26% | |
| SMMT |
Summit Therapeutics Inc.
Healthcare
|
Held | 36,391,063 | $689,974,554 | 3.98% | |
| KYMR |
Kymera Therapeutics, Inc.
Healthcare
|
Held | 8,657,242 | $721,061,686 | 4.16% | |
| KOD |
Kodiak Sciences Inc.
Healthcare
|
Held | 19,919,186 | $759,319,370 | 4.38% | |
| CELC |
Celcuity Inc.
Healthcare
|
Held | 7,915,792 | $903,508,498 | 5.21% | |
| RVMD |
Revolution Medicines, Inc.
Healthcare
|
Reduced | 9,555,357 | $929,258,468 | 5.36% | |
| ACAD |
Acadia Pharmaceuticals Inc
Healthcare
|
Held | 42,896,690 | $954,880,319 | 5.51% | |
| MDGL |
Madrigal Pharmaceuticals, Inc.
Healthcare
|
Held | 2,141,701 | $1,121,116,222 | 6.47% | |
| INSM |
INSMED Inc
Healthcare
|
Added | 7,421,111 | $1,213,500,070 | 7.00% | |
| ONC |
BeOne Medicines Ltd.
Healthcare
|
Held | 8,799,053 | $2,613,054,769 | 15.07% | |
| INCY |
Incyte Corp
Healthcare
|
Added | 30,744,412 | $2,893,664,057 | 16.69% |