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Asset Manager ← All Institutions

BAKER BROS. ADVISORS LP

Q4 2025 · Filed 2026-02-17
Market Value
$16.5B
+21.3%
Holdings
90
New Purchases
9
Added To
20
Closed
12
Reduced
7
Top 10 Concentration
76.9%
Turnover
23.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
CELC 4.78% 2.87% +1.91% $790M
RVMD 4.56% 3.24% +1.32% $753M
KYMR 4.08% 2.76% +1.31% $674M
KOD 3.37% 2.08% +1.29% $557M
IONS 0.86% 0.27% +0.59% $142M
ARWR 0.87% 0.42% +0.45% $144M
CRNX 0.46% 0.09% +0.38% $77M
GRAL 1.08% 0.71% +0.37% $178M
MDGL 7.55% 7.21% +0.34% $1.2B
ROIV 0.73% 0.42% +0.31% $121M
REPL 0.65% 0.34% +0.31% $107M
GPCR 0.60% 0.32% +0.28% $100M
NRIX 0.53% 0.26% +0.27% $88M
TERN 0.23% 0.00% +0.23% $38M
ACAD 6.93% 6.72% +0.21% $1.1B

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ONC 16.18% 22.00% -5.83% $2.7B
SMMT 3.85% 5.11% -1.26% $636M
INCY 18.37% 19.14% -0.76% $3.0B
RYTM 3.63% 4.15% -0.52% $600M
ABCL 0.57% 1.02% -0.45% $94M
MRUS 0.00% 0.40% -0.40% $0
NTLA 0.00% 0.35% -0.35% $0
RARE 0.39% 0.61% -0.23% $64M
RNAM 0.00% 0.20% -0.20% $0
PCVX 0.00% 0.17% -0.17% $0
CDTX 0.00% 0.16% -0.16% $0
STOK 0.64% 0.80% -0.16% $106M
BCYC 0.47% 0.62% -0.15% $77M
INSM 6.94% 7.09% -0.14% $1.1B
IMCR 0.49% 0.62% -0.13% $81M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 12 $10.0B 60.2%
Mid Cap 33 $4.8B 28.8%
Small Cap 34 $1.7B 10.2%
Micro Cap 11 $118M 0.7%

Portfolio Analytics

Avg Market Cap
$5.0B
Median Market Cap
$2.0B
Avg P/E
41.6
Median P/E
40.0
Avg Dividend Yield
—%
Avg Beta
1.02
# Stocks
90
# ETFs / Funds
0

Top Holdings (90 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 INCY 18.37% 30,743,991 $3.0B $98.77 $429M +328
2 ONC 16.18% 8,799,053 $2.7B $303.81 -$325M
3 MDGL 7.55% 2,141,701 $1.2B $582.34 $265M
4 INSM 6.94% 6,592,746 $1.1B $174.04 $182M -110,738 -1.6%
5 ACAD 6.93% 42,896,690 $1.1B $26.71 $230M
6 CELC 4.78% 7,915,792 $790M $99.74 $398M
7 RVMD 4.56% 9,455,357 $753M $79.65 $312M
8 KYMR 4.08% 8,657,242 $674M $77.81 $297M +2,005,813 +30.2%
9 SMMT 3.85% 36,391,063 $636M $17.49 -$60M +2,668,089 +7.9%
10 RYTM 3.63% 5,604,483 $600M $107.04 $34M
11 KOD 3.37% 19,919,186 $557M $27.96 $274M +2,608,696 +15.1%
12 ALKS 1.70% 10,012,267 $280M $27.98 $37M +1,920,916 +23.7%
13 GRAL 1.08% 2,085,333 $178M $85.59 $82M +455,208 +27.9%
14 EWTX 0.99% 6,575,940 $163M $24.81 $45M -730,000 -10.0%
15 ARWR 0.87% 2,175,645 $144M $66.39 $87M +504,883 +30.2%
16 IONS 0.86% 1,791,841 $142M $79.11 $105M +1,225,043 +216.1%
17 IMVT 0.84% 5,457,881 $139M $25.42 $51M
18 IMTX 0.77% 12,094,094 $127M $10.50 $24M
19 IDYA 0.76% 3,618,826 $125M $34.57 $36M +343,382 +10.5%
20 ROIV 0.73% 5,555,017 $121M $21.70 $64M +1,787,244 +47.4%
21 ABVX 0.71% 875,796 $118M $134.86 $44M
22 REPL 0.65% 11,045,336 $107M $9.72 $61M
23 STOK 0.64% 3,336,697 $106M $31.74 -$3M -1,297,141 -28.0%
24 GPCR 0.60% 1,432,529 $100M $69.55 $56M -123,580 -7.9%
25 ABCL 0.57% 27,525,640 $94M $3.42 -$44M
26 NRIX 0.53% 4,658,556 $88M $18.97 $53M +776,431 +20.0%
27 IMCR 0.49% 2,322,656 $81M $34.71 -$4M
28 BCYC 0.47% 10,885,357 $77M $7.08 -$7M
29 CRNX 0.46% 1,648,869 $77M $46.55 $65M +1,368,869 +488.9%
30 GLUE 0.41% 4,345,736 $68M $15.68 $32M -570,359 -11.6%
31 RARE 0.39% 2,772,692 $64M $23.00 -$20M
32 DNLI 0.37% 3,731,695 $62M $16.51 $7M
33 VRDN 0.37% 1,971,678 $61M $31.12 $24M +227,272 +13.0%
34 TRDA 0.32% 5,072,730 $52M $10.28 $24M +206,911 +4.2%
35 RAPP 0.28% 1,547,090 $47M $30.34 $990K
36 TERN 0.23% 950,000 $38M $40.40 +950,000 NEW
37 BNTX 0.21% 368,923 $35M $95.20 -$1M
38 SYRE 0.20% 1,000,000 $33M $32.76 $16M
39 DNTH 0.20% 789,759 $33M $41.21 $1M
40 PRLD 0.18% 10,123,824 $29M $2.90 $15M
41 IRON 0.16% 337,050 $27M $79.41 $4M
42 JBIO 0.15% 1,641,137 $25M $15.43 +1,641,137 NEW
43 TSHA 0.13% 4,004,756 $22M $5.50 $9M
44 BCRX 0.13% 2,822,727 $22M $7.80 +2,822,727 NEW
45 VTYX 0.13% 2,349,280 $21M $9.03 $18M +1,326,150 +129.6%
46 ARGX 0.13% 25,174 $21M $840.95 -$7M -12,586 -33.3%
47 DSGN 0.13% 2,233,099 $21M $9.38 $8M +520,217 +30.4%
48 CERS 0.12% 10,008,345 $21M $2.06 $5M
49 NGNE 0.12% 991,691 $20M $20.60 $3M
50 TECX 0.11% 903,400 $19M $20.86 $17M +803,400 +803.4%
51 CTMX 0.11% 4,250,826 $18M $4.26 $5M
52 CLDX 0.11% 665,370 $18M $27.16 $858K
53 XNCR 0.10% 1,102,106 $17M $15.31 $4M
54 CNTA 0.10% 670,751 $17M $25.01 +670,751 NEW
55 XENE 0.10% 370,208 $17M $44.82 $2M
56 SION 0.10% 400,000 $16M $41.14 $5M
57 CTNM 0.10% 1,420,838 $16M $11.43 $15M +1,343,168 +1729.3%
58 SERA 0.10% 5,498,170 $16M $2.95 -$605K
59 DYN 0.10% 813,449 $16M $19.56 +813,449 NEW
60 ALMS 0.09% 1,562,500 $15M $9.76 $9M
61 NUVL 0.09% 143,937 $14M $100.59 $2M
62 PHVS 0.06% 375,000 $10M $27.75 $1M
63 RLAY 0.06% 1,160,117 $10M $8.46 $4M
64 ABSI 0.05% 2,134,803 $7M $3.49 +2,134,803 NEW
65 RCUS 0.04% 270,000 $6M $23.83 +270,000 NEW
66 MPLT 0.04% 364,705 $6M $17.56 +364,705 NEW
67 WVE 0.04% 344,063 $6M $17.00 $3M
68 SGMT 0.03% 952,996 $6M $5.92 -$896K
69 TARA 0.03% 971,614 $5M $5.33 $3M +434,782 +81.0%
70 LBRX 0.03% 200,000 $4M $22.26 $1M
71 ELVN 0.03% 271,406 $4M $15.40 $2M +156,573 +136.3%
72 FDMT 0.02% 475,737 $4M $7.50 +475,737 NEW
73 VIR 0.02% 542,539 $3M $6.03 $174K
74 TCRX 0.02% 2,784,792 $3M $1.00 -$2M
75 SANA 0.01% 310,483 $1M $4.07 -$6M -1,720,466 -84.7%
76 TYRA —% 10,607 $279K $26.29 $130K
77 ACRV —% 22,809 $55K $2.41 $14K
78 SRZNW —% 833,333 $17K $0.02 $2K
79 AKRO —% -$15M -324,630 -100.0% SOLD
80 MRUS —% -$54M -574,377 -100.0% SOLD
81 HRTX —% -$5M -4,251,951 -100.0% SOLD
82 MBX —% -$5M -277,777 -100.0% SOLD
83 AGIO —% -$8M -189,866 -100.0% SOLD
84 PCVX —% -$23M -640,885 -100.0% SOLD
85 GBIO —% -$1M -194,493 -100.0% SOLD
86 NTLA —% -$47M -2,746,674 -100.0% SOLD
87 CDTX —% -$22M -227,272 -100.0% SOLD
88 VKTX —% -$10M -366,083 -100.0% SOLD
89 ACLX —% -$14M -166,825 -100.0% SOLD
90 RNAM —% -$27M -625,000 -100.0% SOLD

New Positions

SymbolValue% Port
TERN $38M 0.23%
JBIO $25M 0.15%
BCRX $22M 0.13%
CNTA $17M 0.10%
DYN $16M 0.10%
ABSI $7M 0.05%
RCUS $6M 0.04%
MPLT $6M 0.04%
FDMT $4M 0.02%

Sold Out Positions

SymbolValue% Port
MBX —%
HRTX —%
PCVX —%
VKTX —%
NTLA —%
AGIO —%
ACLX —%
AKRO —%
RNAM —%
MRUS —%
GBIO —%
CDTX —%
View SEC EDGAR Filings for BAKER BROS. ADVISORS LP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms