Baker Bros. Advisors LP
Net buyer this quarter
$20B
82
+$201M
72.8%
Holdings
| Company | Value | % of portfolio | % of company | POSITION CHANGE qoq % | First reported |
|---|---|---|---|---|---|
| Q2 2026 | |||||
 INCY | $3.49B | 17.48% | 15.31% | +0.1% | Q2 2013 |
 ONC | $2.51B | 12.57% | 0.60% | 0.0% | Q1 2016 |
 RVMD | $2.14B | 10.74% | 5.34% | +19.8% | Q1 2021 |
 MDGL | $1.15B | 5.77% | 9.28% | +0.1% | Q3 2016 |
 ACAD | $1.09B | 5.44% | 24.93% | 0.0% | Q2 2013 |
 KYMR | $993M | 4.97% | 10.46% | Not reported | Q3 2020 |
 INSM | $938M | 4.70% | 4.03% | +18.5% | Q2 2013 |
 CELC | $828M | 4.15% | 16.18% | Not reported | Q3 2023 |
 KOD | $776M | 3.89% | 31.70% | Not reported | Q4 2018 |
 RYTM | $622M | 3.12% | 8.14% | Not reported | Q4 2017 |
 PRAX | $587M | 2.94% | 6.28% | Not reported | Q4 2022 |
 ALKS | $525M | 2.63% | 5.98% | Not reported | Q4 2015 |
 SMMT | $478M | 2.39% | 4.13% | -9.9% | Q4 2022 |
 GRAL | $275M | 1.38% | 9.02% | Not reported | Q4 2024 |
 ABCL | $259M | 1.30% | 10.77% | +9.0% | Q4 2020 |
 IMVT | $209M | 1.05% | 2.64% | -0.4% | Q3 2023 |
 IDYA | $187M | 0.94% | 5.20% | +27.0% | Q2 2019 |
 KNSA | $181M | 0.91% | Not reported | +0.3% | Q2 2018 |
 ROIV | $167M | 0.84% | 0.65% | -3.1% | Q4 2022 |
 ARWR | $162M | 0.81% | 1.41% | Not reported | Q3 2013 |
 IONS | $162M | 0.81% | 1.24% | Not reported | Q4 2015 |
 EWTX | $150M | 0.75% | 3.43% | -43.7% | Q1 2021 |
 REPL | $122M | 0.61% | 13.15% | Not reported | Q2 2020 |
 NRIX | $113M | 0.57% | 4.49% | Not reported | Q3 2020 |
 STOK | $109M | 0.55% | 5.35% | Not reported | Q3 2022 |
 GLUE | $105M | 0.53% | 5.10% | Not reported | Q1 2023 |
 IMTX | $96.3M | 0.48% | 7.09% | -12.9% | Q3 2020 |
 DNLI | $96M | 0.48% | 2.34% | +0.1% | Q1 2020 |
| CRNX | $88M | 0.44% | 2.22% | Not reported | Q3 2018 |
 DNTH | $83.1M | 0.42% | 1.56% | Not reported | Q2 2025 |
 GPCR | $76.9M | 0.39% | 0.67% | Not reported | Q3 2024 |
 RAPP | $64.5M | 0.32% | 3.23% | Not reported | Q2 2025 |
 ALMS | $56.6M | 0.28% | Not reported | Not reported | Q2 2024 |
 PRLD | $54M | 0.27% | 12.71% | Not reported | Q3 2020 |
 RLAY | $52.9M | 0.27% | 1.29% | +143.7% | Q1 2023 |
 MIRM | $52.2M | 0.26% | 0.69% | Not reported | Q3 2019 |
 BCYC | $46.2M | 0.23% | 15.59% | Not reported | Q3 2022 |
 ELVN | $45.9M | 0.23% | 1.24% | Not reported | Q1 2024 |
 CLDX | $44M | 0.22% | 1.51% | +77.7% | Q4 2023 |
 VRDN | $43.8M | 0.22% | 2.10% | +20.9% | Q2 2025 |
 DSGN | $38.8M | 0.19% | 4.28% | +3.6% | Q1 2021 |
 TRDA | $37.3M | 0.19% | 13.03% | Not reported | Q4 2021 |
 FTH | $32.2M | 0.16% | 4.98% | New | Q2 2026 |
 AKTS | $32.1M | 0.16% | 1.86% | Not reported | Q1 2026 |
 NGNE | $31.2M | 0.16% | 6.26% | Not reported | Q4 2023 |
 JBIO | $27.3M | 0.14% | 1.94% | -25.0% | Q4 2025 |
 TSHA | $27.3M | 0.14% | 1.23% | Not reported | Q3 2023 |
 RCUS | $26M | 0.13% | 0.67% | +103.3% | Q2 2018 |
 IRON | $25.6M | 0.13% | 0.91% | Not reported | Q4 2024 |
 ABSI | $24.7M | 0.12% | 1.37% | Not reported | Q4 2025 |
| Q1 2026 | |||||
| INCY | $2.89B | 16.62% | 15.38% | 0.0% | Q2 2013 |
| ONC | $2.61B | 15.00% | 0.61% | Not reported | Q1 2016 |
| INSM | $1.21B | 6.97% | 3.43% | +12.6% | Q2 2013 |
| MDGL | $1.12B | 6.44% | 9.29% | Not reported | Q3 2016 |
| ACAD | $955M | 5.48% | 25.07% | Not reported | Q2 2013 |
| RVMD | $929M | 5.34% | 4.77% | +1.1% | Q1 2021 |
| CELC | $904M | 5.19% | 16.37% | Not reported | Q3 2023 |
| KOD | $759M | 4.36% | 32.05% | Not reported | Q4 2018 |
| KYMR | $721M | 4.14% | 10.53% | Not reported | Q3 2020 |
| SMMT | $690M | 3.96% | 4.69% | Not reported | Q4 2022 |
| PRAX | $565M | 3.24% | 6.29% | +55.6% | Q4 2022 |
| RYTM | $487M | 2.80% | 8.19% | Not reported | Q4 2017 |
| ALKS | $354M | 2.03% | 6.01% | Not reported | Q4 2015 |
| GRAL | $208M | 1.20% | 9.79% | +93.2% | Q4 2024 |
| EWTX | $207M | 1.19% | 6.12% | Not reported | Q1 2021 |
| IONS | $154M | 0.88% | 1.23% | +14.3% | Q4 2015 |
| KNSA | $136M | 0.78% | Not reported | Not reported | Q2 2018 |
| IMVT | $136M | 0.78% | 2.68% | Not reported | Q3 2023 |
| ROIV | $135M | 0.77% | 0.68% | -12.4% | Q4 2022 |
| IDYA | $131M | 0.76% | 4.49% | +9.1% | Q2 2019 |
| ARWR | $125M | 0.72% | 1.42% | -8.4% | Q3 2013 |
| STOK | $109M | 0.62% | 5.36% | Not reported | Q3 2022 |
| IMTX | $107M | 0.62% | 8.14% | -9.7% | Q3 2020 |
| ABCL | $106M | 0.61% | 9.96% | +10.0% | Q4 2020 |
 ABVX | $97.5M | 0.56% | 1.12% | Not reported | Q3 2025 |
| CRNX | $85.4M | 0.49% | 2.23% | +42.6% | Q3 2018 |
| REPL | $84.5M | 0.49% | 13.35% | Not reported | Q2 2020 |
| NRIX | $72.2M | 0.41% | 4.51% | Not reported | Q3 2020 |
| DNLI | $71.6M | 0.41% | 2.35% | Not reported | Q1 2020 |
| DNTH | $71.5M | 0.41% | 1.56% | +7.9% | Q2 2025 |
| GLUE | $71.5M | 0.41% | 5.15% | Not reported | Q1 2023 |
| GPCR | $69M | 0.40% | 0.67% | Not reported | Q3 2024 |
| TRDA | $64M | 0.37% | 13.07% | Not reported | Q4 2021 |
| BCYC | $50.5M | 0.29% | 15.62% | Not reported | Q3 2022 |
 SYRE | $50.4M | 0.29% | 1.27% | Not reported | Q2 2025 |
| RAPP | $48.4M | 0.28% | 3.24% | Not reported | Q2 2025 |
| ALMS | $44.3M | 0.25% | Not reported | +28.8% | Q2 2024 |
| MIRM | $41.2M | 0.24% | 0.73% | Not reported | Q3 2019 |
| VRDN | $38.6M | 0.22% | 1.92% | Not reported | Q2 2025 |
| ELVN | $35.5M | 0.20% | 1.49% | +233.5% | Q1 2024 |
| PRLD | $34.6M | 0.20% | 16.07% | Not reported | Q3 2020 |
 DBVT | $30.5M | 0.18% | 0.49% | Not reported | Q4 2014 |
| DSGN | $27.5M | 0.16% | 4.14% | +15.8% | Q1 2021 |
| CNTA | $26.6M | 0.15% | 0.43% | Not reported | Q2 2021 |
 CTMX | $23.4M | 0.13% | 2.92% | +17.1% | Q1 2019 |
| JBIO | $23.1M | 0.13% | 3.33% | Not reported | Q4 2025 |
| IRON | $22.4M | 0.13% | 0.92% | +3.7% | Q4 2024 |
 IMCR | $22.1M | 0.13% | 1.44% | -68.4% | Q1 2021 |
 XENE | $21.5M | 0.12% | 0.38% | Not reported | Q2 2020 |
| CLDX | $21.1M | 0.12% | 1.00% | Not reported | Q4 2023 |
| Q4 2025 | |||||
| INCY | $3.04B | 17.78% | 15.49% | 0.0% | Q2 2013 |
| ONC | $2.67B | 15.65% | 0.61% | Not reported | Q1 2016 |
| MDGL | $1.25B | 7.30% | 9.38% | Not reported | Q3 2016 |
| INSM | $1.15B | 6.72% | 3.08% | -1.7% | Q2 2013 |
| ACAD | $1.15B | 6.71% | 25.19% | Not reported | Q2 2013 |
| CELC | $790M | 4.62% | 16.41% | Not reported | Q3 2023 |
| RVMD | $753M | 4.41% | 4.80% | Not reported | Q1 2021 |
| KYMR | $674M | 3.94% | 10.65% | +30.2% | Q3 2020 |
| SMMT | $636M | 3.73% | 4.69% | +7.9% | Q4 2022 |
| RYTM | $600M | 3.51% | 8.34% | Not reported | Q4 2017 |
| KOD | $557M | 3.26% | 32.25% | +15.1% | Q4 2018 |
| PRAX | $332M | 1.94% | 4.47% | +63.4% | Q4 2022 |
| ALKS | $280M | 1.64% | 6.05% | +23.7% | Q4 2015 |
| GRAL | $178M | 1.05% | 5.17% | +27.9% | Q4 2024 |
| EWTX | $163M | 0.96% | 6.19% | -10.0% | Q1 2021 |
| ARWR | $144M | 0.85% | 1.58% | +30.2% | Q3 2013 |
| IONS | $142M | 0.83% | 1.10% | +216.1% | Q4 2015 |
| IMVT | $139M | 0.81% | 2.68% | Not reported | Q3 2023 |
| IMTX | $127M | 0.74% | 9.02% | Not reported | Q3 2020 |
| IDYA | $125M | 0.73% | 4.12% | +10.5% | Q2 2019 |
| ROIV | $121M | 0.71% | 0.78% | +47.4% | Q4 2022 |
| ABVX | $118M | 0.69% | 1.12% | Not reported | Q3 2025 |
| KNSA | $117M | 0.68% | Not reported | +0.1% | Q2 2018 |
| REPL | $107M | 0.63% | 13.87% | Not reported | Q2 2020 |
| STOK | $106M | 0.62% | 5.66% | -28.0% | Q3 2022 |
| GPCR | $99.6M | 0.58% | 0.67% | -7.9% | Q3 2024 |
| ABCL | $94.1M | 0.55% | 9.16% | Not reported | Q4 2020 |
| NRIX | $88.4M | 0.52% | 4.58% | +20.0% | Q3 2020 |
| IMCR | $80.6M | 0.47% | 4.58% | Not reported | Q1 2021 |
| BCYC | $77.1M | 0.45% | 15.69% | Not reported | Q3 2022 |
| CRNX | $76.8M | 0.45% | 1.73% | +488.9% | Q3 2018 |
| GLUE | $68.1M | 0.40% | 6.63% | -11.6% | Q1 2023 |
 RARE | $63.8M | 0.37% | 2.87% | Not reported | Q1 2014 |
| DNLI | $61.6M | 0.36% | 2.39% | Not reported | Q1 2020 |
| VRDN | $61.4M | 0.36% | 1.94% | +13.0% | Q2 2025 |
| TRDA | $52.1M | 0.31% | 13.25% | +4.3% | Q4 2021 |
| RAPP | $46.9M | 0.27% | 3.24% | Not reported | Q2 2025 |
| TERN | $38.4M | 0.22% | 0.85% | New | Q4 2025 |
 BNTX | $35.1M | 0.21% | 0.15% | Not reported | Q4 2024 |
| SYRE | $32.8M | 0.19% | 1.28% | Not reported | Q2 2025 |
| DNTH | $32.5M | 0.19% | 1.83% | Not reported | Q2 2025 |
| PRLD | $29.4M | 0.17% | 16.10% | Not reported | Q3 2020 |
| DBVT | $28M | 0.16% | 0.86% | Not reported | Q4 2014 |
| IRON | $26.8M | 0.16% | 0.89% | Not reported | Q4 2024 |
| JBIO | $25.3M | 0.15% | 3.33% | New | Q4 2025 |
| TSHA | $22M | 0.13% | 1.40% | Not reported | Q3 2023 |
 BCRX | $22M | 0.13% | 1.32% | Not reported | Q2 2013 |
| VTYX | $21.2M | 0.12% | 3.29% | +129.6% | Q3 2025 |
 ARGX | $21.2M | 0.12% | 0.04% | -33.3% | Q2 2017 |
| DSGN | $20.9M | 0.12% | 3.70% | +30.4% | Q1 2021 |
| Q3 2025 | |||||
| ONC | $3B | 21.66% | 0.61% | Not reported | Q1 2016 |
| INCY | $2.61B | 18.84% | 15.68% | 0.0% | Q2 2013 |
| MDGL | $982M | 7.10% | 9.43% | +8.4% | Q3 2016 |
| INSM | $965M | 6.98% | 3.15% | -13.1% | Q2 2013 |
| ACAD | $915M | 6.61% | 25.36% | Not reported | Q2 2013 |
| SMMT | $697M | 5.03% | 4.53% | Not reported | Q4 2022 |
| RYTM | $566M | 4.09% | 8.40% | Not reported | Q4 2017 |
| RVMD | $442M | 3.19% | 4.98% | +1.0% | Q1 2021 |
| CELC | $391M | 2.83% | 18.29% | +45.2% | Q3 2023 |
| KYMR | $376M | 2.72% | 9.27% | Not reported | Q3 2020 |
| KOD | $283M | 2.05% | 32.66% | Not reported | Q4 2018 |
| ALKS | $243M | 1.75% | 4.90% | +26.2% | Q4 2015 |
| ABCL | $138M | 1.00% | 9.21% | Not reported | Q4 2020 |
| EWTX | $119M | 0.86% | 6.91% | Not reported | Q1 2021 |
| KNSA | $110M | 0.79% | Not reported | Not reported | Q2 2018 |
| STOK | $109M | 0.79% | 8.41% | Not reported | Q3 2022 |
| IMTX | $103M | 0.74% | 9.95% | +18.9% | Q3 2020 |
| GRAL | $96.4M | 0.70% | 4.51% | Not reported | Q4 2024 |
| IDYA | $89.1M | 0.64% | 3.74% | +54.6% | Q2 2019 |
| IMVT | $88M | 0.64% | 3.13% | Not reported | Q3 2023 |
| IMCR | $84.4M | 0.61% | 4.60% | Not reported | Q1 2021 |
| BCYC | $84.3M | 0.61% | 15.71% | Not reported | Q3 2022 |
| RARE | $83.4M | 0.60% | 2.88% | Not reported | Q1 2014 |
| ABVX | $74.4M | 0.54% | 1.38% | New | Q3 2025 |
| ARWR | $57.6M | 0.42% | 1.23% | +77.9% | Q3 2013 |
| ROIV | $57M | 0.41% | 0.55% | Not reported | Q4 2022 |
| DNLI | $54.2M | 0.39% | 2.55% | Not reported | Q1 2020 |
| MRUS | $54.1M | 0.39% | 0.76% | Not reported | Q2 2016 |
 NTLA | $47.4M | 0.34% | 2.37% | +2.7% | Q2 2016 |
| REPL | $46.3M | 0.33% | 14.09% | Not reported | Q2 2020 |
| RAPP | $45.9M | 0.33% | 3.25% | +181.2% | Q2 2025 |
| GPCR | $43.6M | 0.31% | 0.85% | -38.0% | Q3 2024 |
| VRDN | $37.6M | 0.27% | 2.12% | Not reported | Q2 2025 |
| IONS | $37.1M | 0.27% | 0.35% | Not reported | Q4 2015 |
| PRAX | $36.5M | 0.26% | 3.26% | Not reported | Q4 2022 |
| GLUE | $36.4M | 0.26% | 7.96% | Not reported | Q1 2023 |
| BNTX | $36.4M | 0.26% | 0.15% | Not reported | Q4 2024 |
| NRIX | $35.9M | 0.26% | 5.05% | Not reported | Q3 2020 |
| DNTH | $31.1M | 0.22% | 1.84% | Not reported | Q2 2025 |
| TRDA | $28.2M | 0.20% | 12.73% | Not reported | Q4 2021 |
| ARGX | $27.9M | 0.20% | 0.06% | Not reported | Q2 2017 |
| RNAM | $27.2M | 0.20% | 0.43% | Not reported | Q4 2022 |
 PCVX | $23.1M | 0.17% | 0.49% | Not reported | Q4 2022 |
| IRON | $22.3M | 0.16% | 0.96% | Not reported | Q4 2024 |
| CDTX | $21.8M | 0.16% | 0.77% | Not reported | Q2 2025 |
| CLDX | $17.2M | 0.12% | 1.00% | Not reported | Q4 2023 |
| NGNE | $17.2M | 0.12% | 6.71% | Not reported | Q4 2023 |
 SERA | $16.8M | 0.12% | 18.77% | Not reported | Q3 2021 |
| SYRE | $16.8M | 0.12% | 1.65% | +59.6% | Q2 2025 |
 CERS | $15.9M | 0.11% | 5.22% | -22.3% | Q2 2013 |