13F portfolio / Biotechnology specialist
Baker Bros. Advisors
Julian Baker · Felix Baker
Baker Bros. Advisors is a New York investment firm and a leading biotechnology investor.
- Reported 13F value
- $20.0B
- Positions
- 84
- Est. 1-yearEstimate
- +46.2%SPY +15.7%
- Est. 3-year, annualizedEstimate
- —SPY +22.8%
As of Jun 30, 2026 · filed Aug 14, 2026
Holdings
8 new · 10 added · 6 trimmed · 60 unchanged · 8 sold out
| 1 | INCY on Yahoo Finance (opens in a new tab) | Incyte CorporationCOM | 17.5% | $3.5B | 30,762,330 | Unchanged | $61.39* | $112.60 | +83.4% |
| 2 | ONC on Yahoo Finance (opens in a new tab) | BeOne Medicines Ltd.SPONSORED ADS | 12.6% | $2.5B | 8,801,567 | Unchanged | $196.95* | $369.03 | +87.4% |
| 3 | RVMD on Yahoo Finance (opens in a new tab) | Revolution Medicines, Inc.COM | 10.7% | $2.1B | 11,443,357 | Added +19.8% | $50.50* | $177.00 | +250.5% |
| 4 | MDGL on Yahoo Finance (opens in a new tab) | Madrigal Pharmaceuticals, Inc.COM | 5.8% | $1.2B | 2,143,131 | Unchanged | $187.24* | $447.74 | +139.1% |
| 5 | ACAD on Yahoo Finance (opens in a new tab) | ACADIA Pharmaceuticals Inc.COM | 5.4% | $1.1B | 42,912,904 | Unchanged | $24.97* | $19.18 | -23.2% |
| 6 | KYMR on Yahoo Finance (opens in a new tab) | Kymera Therapeutics, Inc.COM | 5.0% | $993M | 8,657,242 | Unchanged | $30.60* | $105.08 | +243.4% |
| 7 | INSM on Yahoo Finance (opens in a new tab) | Insmed IncorporatedCOM PAR $.01 | 4.7% | $938M | 8,796,111 | Added +18.5% | $76.73* | $96.60 | +25.9% |
| 8 | CELC on Yahoo Finance (opens in a new tab) | Celcuity Inc.COM | 4.2% | $828M | 7,915,792 | Unchanged | $21.18* | $55.10 | +160.1% |
| 9 | KOD on Yahoo Finance (opens in a new tab) | Kodiak Sciences Inc.COM | 3.9% | $776M | 19,919,186 | Unchanged | $4.51* | $87.73 | +1846.3% |
| 10 | RYTM on Yahoo Finance (opens in a new tab) | Rhythm Pharmaceuticals, Inc.COM | 3.1% | $622M | 5,604,483 | Unchanged | $24.52* | $86.58 | +253.0% |
| 11 | PRAX on Yahoo Finance (opens in a new tab) | Praxis Precision Medicines, Inc.COM | 2.9% | $587M | 1,753,198 | Unchanged | $174.39 | $244.24 | +40.1% |
| 12 | ALKS on Yahoo Finance (opens in a new tab) | Alkermes plcSHS | 2.6% | $525M | 10,012,267 | Unchanged | $27.44 | $40.56 | +47.8% |
| 13 | SMMT on Yahoo Finance (opens in a new tab) | Summit Therapeutics Inc.COM | 2.4% | $478M | 32,786,348 | Trimmed -9.9% | $11.11 | $14.72 | +32.4% |
| 14 | GRAL on Yahoo Finance (opens in a new tab) | GRAIL, Inc.COM | 1.4% | $275M | 4,028,614 | Unchanged | $53.70 | $119.57 | +122.6% |
| 15 | ABCL on Yahoo Finance (opens in a new tab) | AbCellera Biologics Inc.COM | 1.3% | $259M | 33,012,138 | Added +9.0% | $4.94* | $11.76 | +137.8% |
| 16 | IMVT on Yahoo Finance (opens in a new tab) | Immunovant, Inc.COM | 1.0% | $209M | 5,435,220 | Unchanged | $23.18* | $26.54 | +14.5% |
| 17 | IDYA on Yahoo Finance (opens in a new tab) | IDEAYA Biosciences, Inc.COM | 0.9% | $187M | 5,010,030 | Added +26.9% | $26.49* | $33.12 | +25.0% |
| 18 | KNSA on Yahoo Finance (opens in a new tab) | Kiniksa Pharmaceuticals International, plcORD SHS CL A | 0.9% | $181M | 2,834,643 | Unchanged | $18.86 | $77.78 | +312.4% |
| 19 | ROIV on Yahoo Finance (opens in a new tab) | Roivant Sciences Ltd.SHS | 0.8% | $167M | 4,716,831 | Trimmed -3.1% | $14.18* | $33.43 | +135.8% |
| 20 | ARWR on Yahoo Finance (opens in a new tab) | Arrowhead Pharmaceuticals, Inc.COM | 0.8% | $162M | 1,992,783 | Unchanged | $24.96 | $56.27 | +125.4% |
| 21 | IONS on Yahoo Finance (opens in a new tab) | Ionis Pharmaceuticals, Inc.COM | 0.8% | $162M | 2,047,727 | Unchanged | $68.42 | $43.19 | -36.9% |
| 22 | EWTX on Yahoo Finance (opens in a new tab) | Edgewise Therapeutics, Inc.COM | 0.8% | $150M | 3,701,719 | Trimmed -43.7% | $12.46* | $36.90 | +196.1% |
| 23 | REPL on Yahoo Finance (opens in a new tab) | Replimune Group, Inc.COM | 0.6% | $122M | 11,045,336 | Unchanged | $13.94* | $10.98 | -21.2% |
| 24 | NRIX on Yahoo Finance (opens in a new tab) | Nurix Therapeutics, Inc.COM | 0.6% | $113M | 4,658,556 | Unchanged | $9.71* | $24.86 | +156.1% |
| 25 | STOK on Yahoo Finance (opens in a new tab) | Stoke Therapeutics, Inc.COM | 0.5% | $109M | 3,336,697 | Unchanged | $7.38* | $24.20 | +228.0% |
| 26 | GLUE on Yahoo Finance (opens in a new tab) | Monte Rosa Therapeutics, Inc.COM | 0.5% | $105M | 4,345,736 | Unchanged | $5.91* | $9.89 | +67.2% |
| 27 | IMTX on Yahoo Finance (opens in a new tab) | Immatics N.V.SHS | 0.5% | $96M | 9,508,565 | Trimmed -12.9% | $9.06* | $6.75 | -25.5% |
| 28 | DNLI on Yahoo Finance (opens in a new tab) | Denali Therapeutics Inc.COM | 0.5% | $96M | 3,734,336 | Unchanged | $21.38* | $17.42 | -18.5% |
| 29 | — | Crinetics Pharmaceuticals, Inc.COM | 0.4% | $88M | 2,351,465 | Unchanged | — | — | — |
| 30 | DNTH on Yahoo Finance (opens in a new tab) | Dianthus Therapeutics, Inc.COM | 0.4% | $83M | 852,164 | Unchanged | $21.63 | $69.69 | +222.3% |
| 31 | GPCR on Yahoo Finance (opens in a new tab) | Structure Therapeutics Inc.SPONSORED ADS | 0.4% | $77M | 1,432,529 | Unchanged | $24.04 | $21.04 | -12.5% |
| 32 | — | Celcuity Inc.Note 2.75% 8/1/2031 | 0.3% | $69M | 30,750,000 prn | Unchanged | — | — | — |
| 33 | RAPP on Yahoo Finance (opens in a new tab) | Rapport Therapeutics, Inc.COM | 0.3% | $64M | 1,547,090 | Unchanged | $15.27 | $27.09 | +77.4% |
| 34 | ALMS on Yahoo Finance (opens in a new tab) | Alumis Inc.COM | 0.3% | $57M | 2,012,500 | Unchanged | $15.92 | $6.16 | -61.3% |
| 35 | PRLD on Yahoo Finance (opens in a new tab) | Prelude Therapeutics Inc.COM | 0.3% | $54M | 10,123,824 | Unchanged | $3.22* | $3.26 | +1.3% |
| 36 | RLAY on Yahoo Finance (opens in a new tab) | Relay Therapeutics, Inc.COM | 0.3% | $53M | 2,826,783 | Added +143.7% | $12.37* | $16.56 | +33.9% |
| 37 | MIRM on Yahoo Finance (opens in a new tab) | Mirum Pharmaceuticals, Inc.COM | 0.3% | $52M | 445,975 | Unchanged | $94.07 | $80.24 | -14.7% |
| 38 | BCYC on Yahoo Finance (opens in a new tab) | Bicycle Therapeutics plcSPONSORED ADS | 0.2% | $46M | 10,885,357 | Unchanged | $21.39* | $3.45 | -83.9% |
| 39 | ELVN on Yahoo Finance (opens in a new tab) | Enliven Therapeutics, Inc.COM | 0.2% | $46M | 905,191 | Unchanged | $24.79 | $37.16 | +49.9% |
| 40 | CLDX on Yahoo Finance (opens in a new tab) | Celldex Therapeutics, Inc.COM | 0.2% | $44M | 1,182,611 | Added +77.7% | $27.16 | $27.81 | +2.4% |
| 41 | VRDN on Yahoo Finance (opens in a new tab) | Viridian Therapeutics, Inc.COM | 0.2% | $44M | 2,383,025 | Added +20.9% | $15.33 | $19.25 | +25.6% |
| 42 | DSGN on Yahoo Finance (opens in a new tab) | Design Therapeutics, Inc.COM | 0.2% | $39M | 2,678,430 | Added +3.6% | $4.97* | $10.34 | +108.2% |
| 43 | TRDA on Yahoo Finance (opens in a new tab) | Entrada Therapeutics, Inc.COM | 0.2% | $37M | 5,072,730 | Unchanged | $14.55* | $4.53 | -68.9% |
| 44 | FTH on Yahoo Finance (opens in a new tab) | Faeth Therapeutics, Inc.COM | 0.2% | $32M | 1,286,411 | New | $23.13 | $19.01 | -17.8% |
| 45 | AKTS on Yahoo Finance (opens in a new tab) | Aktis Oncology, Inc.COM | 0.2% | $32M | 996,351 | Unchanged | $19.42 | $15.01 | -22.7% |
| 46 | NGNE on Yahoo Finance (opens in a new tab) | Neurogene Inc.COM | 0.2% | $31M | 991,691 | Unchanged | $19.38 | $23.59 | +21.7% |
| 47 | JBIO on Yahoo Finance (opens in a new tab) | Jade Biosciences, Inc.COM | 0.1% | $27M | 1,230,426 | Trimmed -25.0% | $11.73 | $13.57 | +15.7% |
| 48 | TSHA on Yahoo Finance (opens in a new tab) | Taysha Gene Therapies, Inc.COM SHS | 0.1% | $27M | 4,004,756 | Unchanged | $2.77* | $3.63 | +30.8% |
| 49 | RCUS on Yahoo Finance (opens in a new tab) | Arcus Biosciences, Inc.COM | 0.1% | $26M | 844,816 | Added +103.3% | $22.80 | $21.78 | -4.4% |
| 50 | IRON on Yahoo Finance (opens in a new tab) | Disc Medicine, Inc.COM | 0.1% | $26M | 349,657 | Unchanged | $50.18 | $56.21 | +12.0% |
| 51 | ABSI on Yahoo Finance (opens in a new tab) | Absci CorporationCOM | 0.1% | $25M | 2,134,803 | Unchanged | $3.64 | $8.20 | +125.2% |
| 52 | GENB on Yahoo Finance (opens in a new tab) | Generate Biomedicines, Inc.COM SHS | 0.1% | $24M | 1,423,602 | Unchanged | $12.21 | $11.94 | -2.2% |
| 53 | DBVT on Yahoo Finance (opens in a new tab) | DBV Technologies S.A.SPONSORED ADS | 0.1% | $24M | 1,461,425 | Unchanged | $1.63 | $8.84 | +443.2% |
| 54 | XENE on Yahoo Finance (opens in a new tab) | Xenon Pharmaceuticals Inc.COM | 0.1% | $22M | 370,208 | Unchanged | $36.18* | $33.55 | -7.3% |
| 55 | TECX on Yahoo Finance (opens in a new tab) | Tectonic Therapeutic, Inc.COM | 0.1% | $21M | 607,788 | Unchanged | $20.13 | $21.02 | +4.4% |
| 56 | CERS on Yahoo Finance (opens in a new tab) | Cerus CorporationCOM | 0.1% | $19M | 6,395,431 | Trimmed -36.1% | $1.63* | $2.22 | +36.4% |
| 57 | CTMX on Yahoo Finance (opens in a new tab) | CytomX Therapeutics, Inc.COM | 0.1% | $19M | 4,975,826 | Unchanged | $2.22 | $2.30 | +3.6% |
| 58 | DYN on Yahoo Finance (opens in a new tab) | Dyne Therapeutics, Inc.COM | 0.1% | $18M | 813,449 | Unchanged | $18.94 | $14.35 | -24.2% |
| 59 | CYTK on Yahoo Finance (opens in a new tab) | Cytokinetics, IncorporatedCOM | 0.1% | $18M | 211,267 | New | $71.80 | $62.22 | -13.3% |
| 60 | XNCR on Yahoo Finance (opens in a new tab) | Xencor, Inc.COM | 0.1% | $18M | 1,102,106 | Unchanged | $15.85* | $22.91 | +44.5% |
| 61 | SION on Yahoo Finance (opens in a new tab) | Sionna Therapeutics, Inc.COM | 0.1% | $18M | 400,000 | Unchanged | $16.34 | $3.88 | -76.3% |
| 62 | NTLA on Yahoo Finance (opens in a new tab) | Intellia Therapeutics, Inc.COM | 0.1% | $16M | 930,232 | New | $14.00 | $10.99 | -21.5% |
| 63 | PBLS on Yahoo Finance (opens in a new tab) | Parabilis Medicines, Inc.COM | 0.1% | $14M | 500,000 | New | $27.62 | $23.77 | -13.9% |
| 64 | MPLT on Yahoo Finance (opens in a new tab) | MapLight Therapeutics, Inc.COM | 0.1% | $13M | 364,705 | Unchanged | $16.75 | $7.62 | -54.5% |
| 65 | AVLN on Yahoo Finance (opens in a new tab) | Avalyn Pharma Inc.COM SHS | 0.1% | $12M | 350,000 | New | $28.86 | $23.81 | -17.5% |
| 66 | EVMN on Yahoo Finance (opens in a new tab) | Evommune, Inc.COM SHS | 0.1% | $11M | 847,390 | Unchanged | $22.61 | $5.27 | -76.7% |
| 67 | BNTX on Yahoo Finance (opens in a new tab) | BioNTech SESPONSORED ADS | 0.1% | $11M | 119,743 | Unchanged | $102.60 | $87.82 | -14.4% |
| 68 | TNGX on Yahoo Finance (opens in a new tab) | Tango Therapeutics, Inc.COM | 0.1% | $10M | 333,333 | New | $24.72 | $22.19 | -10.2% |
| 69 | AVTX on Yahoo Finance (opens in a new tab) | Avalo Therapeutics, Inc.COM | 0.1% | $10M | 550,000 | New | $15.81 | $11.35 | -28.2% |
| 70 | SERA on Yahoo Finance (opens in a new tab) | Sera Prognostics, Inc.CLASS A COM | 0.1% | $10M | 5,498,170 | Unchanged | $2.61* | $2.06 | -21.1% |
| 71 | VSTM on Yahoo Finance (opens in a new tab) | Verastem, Inc.COM | 0.0% | $10M | 2,499,338 | Added +327.4% | $5.15 | $8.79 | +70.7% |
| 72 | SGMT on Yahoo Finance (opens in a new tab) | Sagimet Biosciences Inc.COM SER A | 0.0% | $7M | 952,996 | Unchanged | $8.28* | $8.02 | -3.2% |
| 73 | EIKN on Yahoo Finance (opens in a new tab) | Eikon Therapeutics, Inc.COM | 0.0% | $7M | 555,555 | Unchanged | $13.37 | $7.32 | -45.3% |
| 74 | LBRX on Yahoo Finance (opens in a new tab) | LB Pharmaceuticals Inc.COM SHS | 0.0% | $6M | 200,000 | Unchanged | $15.87 | $36.47 | +129.8% |
| 75 | VTVT on Yahoo Finance (opens in a new tab) | vTv Therapeutics, Inc.CL A | 0.0% | $6M | 148,314 | Unchanged | $14.29 | $26.74 | +87.1% |
| 76 | WVE on Yahoo Finance (opens in a new tab) | Wave Life Sciences Ltd.SHS | 0.0% | $5M | 822,638 | Unchanged | $10.08 | $3.11 | -69.2% |
| 77 | TARA on Yahoo Finance (opens in a new tab) | Protara Therapeutics, Inc.COM STK | 0.0% | $4M | 971,614 | Unchanged | $3.90* | $2.38 | -38.8% |
| 78 | TCRX on Yahoo Finance (opens in a new tab) | TScan Therapeutics, Inc.COM | 0.0% | $3M | 2,784,792 | Unchanged | $2.65* | $0.24 | -91.0% |
| 79 | IMNM on Yahoo Finance (opens in a new tab) | Immunome, Inc.COM | 0.0% | $1M | 55,306 | New | $21.40 | $16.49 | -23.0% |
| 80 | SKYE on Yahoo Finance (opens in a new tab) | Skye Bioscience, Inc.COM | 0.0% | $1M | 1,575,243 | Unchanged | $57.54 | $1.54 | -97.3% |
| 81 | SANA on Yahoo Finance (opens in a new tab) | Sana Biotechnology, Inc.COM | 0.0% | $1M | 310,483 | Unchanged | $5.13* | $2.30 | -55.2% |
| 82 | ALGS on Yahoo Finance (opens in a new tab) | Aligos Therapeutics, Inc.COM | 0.0% | $479K | 83,055 | Unchanged | $12.44 | $5.06 | -59.3% |
| 83 | TYRA on Yahoo Finance (opens in a new tab) | Tyra Biosciences, Inc.COM | 0.0% | $339K | 10,607 | Unchanged | $12.95 | $18.47 | +42.7% |
| 84 | SRZN on Yahoo Finance (opens in a new tab) | Surrozen, Inc. Warrants @ $172.50 8/11/2026 (15 FOR 1)W EXP 8/11/2026 | 0.0% | $14K | 833,333 | Unchanged | $7.33* | $23.36 | +218.9% |
Sold out since Q1 2026
- ABVX on Yahoo Finance (opens in a new tab)Abivax S.A.$98M at Q1 2026
- SYRE on Yahoo Finance (opens in a new tab)Spyre Therapeutics, Inc.$50M at Q1 2026
- —Centessa Pharmaceuticals plc$27M at Q1 2026
- IMCR on Yahoo Finance (opens in a new tab)Immunocore Holdings plc$22M at Q1 2026
- CTNM on Yahoo Finance (opens in a new tab)Contineum Therapeutics, Inc.$19M at Q1 2026
- ARGX on Yahoo Finance (opens in a new tab)argenx SE$18M at Q1 2026
- CMPS on Yahoo Finance (opens in a new tab)COMPASS Pathways plc$13M at Q1 2026
- PHVS on Yahoo Finance (opens in a new tab)Pharvaris N.V.$11M at Q1 2026
Estimated, from reported holdings
Quarter by quarter
High-conviction buys (new positions at 3% or more of the portfolio) since Q3 2023: 0. Of 0 with six months of history, — beat the S&P 500 from the filing date.
Source: SEC Form 13F-HR 0001104659-26-097191, compared with the Q1 2026 report. 0 option rows are excluded from weights. Tickers map from CUSIP via OpenFIGI. Estimated returns weight each position’s next-quarter total return (Yahoo Finance adjusted closes) by its quarter-end value and assume no trades. Estimated cost averages daily adjusted closes in each quarter the share count rose, from Q3 2023 onward (* = held at the start of our data). Price is the latest close.
Important information
Form 13F data is delayed. Managers have up to 45 days after each calendar quarter to file, so holdings shown may have changed materially since the report date. 13F reports cover long positions in US-listed equities and certain other securities only; they exclude short positions, most non-US holdings, cash, bonds and private investments, and managers may request confidential treatment for some positions. Options rows are listed in filings but are not counted in the holdings and weights shown here.
Estimated holdings returns, estimated cost and high-conviction results are hypothetical calculations from quarter-end holdings and public prices, assuming no trades between reports. They are not the actual returns or costs of any fund or manager and do not reflect fees, trading, leverage, shorts or cash. Biographies are drawn from cited public sources. This page is for information only and is not individualized investment advice or a recommendation to buy or sell any security. Gulfstream Capital and its clients may hold positions in securities shown.