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BBA

Baker Bros. Advisors Portfolio holdings

AUM $20B
1-Year Est. Return 154.41%
This Fund
S&P 500
This Quarter Est. Return
+35.46%
1 Year Est. Return
+154.41%
3 Year Est. Return
+448.58%
5 Year Est. Return
+670.61%
10 Year Est. Return
+4,743.65%
AUM
$17.1B
AUM Growth
+$3.24B
Cap. Flow
+$452M
Cap. Flow %
2.65%
Top 10 Hldgs %
74.38%
Holding
100
New
9
Increased
23
Reduced
7
Closed
14

Top Buys

Rank Stock Value
1
KYMR icon
Kymera Therapeutics
KYMR
+$135M
2
IONS icon
Ionis Pharmaceuticals
IONS
+$92.2M
3
PRAX icon
Praxis Precision Medicines
PRAX
+$81.4M
4
CRNX icon
Crinetics Pharmaceuticals
CRNX
+$60.9M
5
ALKS icon
Alkermes
ALKS
+$57.5M

Top Sells

Rank Stock Value
1
MRUS
Merus
MRUS
+$54.1M
2
NTLA icon
Intellia Therapeutics
NTLA
+$47.4M
3
STOK icon
Stoke Therapeutics
STOK
+$39M
4
RNAM
Avidity Biosciences
RNAM
+$27.2M
5
PCVX icon
Vaxcyte
PCVX
+$23.1M

Sector Composition

Rank Sector Weight
1 Healthcare 99.61%
2 Miscellaneous 0.39%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GPCR icon
26
Structure Therapeutics
GPCR
$3.38B
$99.6M 0.58%
1,432,529
-123,580
-8% -$5.05M
ABCL icon
27
AbCellera Biologics
ABCL
$3.68B
$94.1M 0.55%
27,525,640
– –
NRIX icon
28
Nurix Therapeutics
NRIX
$2.72B
$88.4M 0.52%
4,658,556
+776,431
+20% +$11.2M
IMCR icon
29
Immunocore
IMCR
$1.89B
$80.6M 0.47%
2,322,656
– –
BCYC
30
Bicycle Therapeutics
BCYC
$294M
$77.1M 0.45%
10,885,357
– –
CRNX icon
31
Crinetics Pharmaceuticals
CRNX
$9B
$76.8M 0.45%
1,648,869
+1,368,869
+489% +$60.9M
GLUE icon
32
Monte Rosa Therapeutics
GLUE
$1.14B
$68.1M 0.4%
4,345,736
-570,359
-12% -$7.69M
RARE icon
33
Ultragenyx Pharmaceutical
RARE
$2.52B
$63.8M 0.37%
2,772,692
– –
DNLI icon
34
Denali Therapeutics
DNLI
$3.84B
$61.6M 0.36%
3,731,695
– –
VRDN icon
35
Viridian Therapeutics
VRDN
$2.61B
$61.4M 0.36%
1,971,678
+227,272
+13% +$6.23M
TRDA icon
36
Entrada Therapeutics
TRDA
$273M
$52.1M 0.31%
5,072,730
+206,911
+4% +$1.74M
RAPP
37
Rapport Therapeutics
RAPP
$2.34B
$46.9M 0.27%
1,547,090
– –
TERN
38
DELISTED
Terns Pharmaceuticals
TERN
$38.4M 0.22%
+950,000
New +$22M
BNTX icon
39
BioNTech
BNTX
$25.6B
$35.1M 0.21%
368,923
– –
SYRE icon
40
Spyre Therapeutics
SYRE
$7.97B
$32.8M 0.19%
1,000,000
– –
DNTH icon
41
Dianthus Therapeutics
DNTH
$5.92B
$32.5M 0.19%
789,759
– –
PRLD icon
42
Prelude Therapeutics
PRLD
$437M
$29.4M 0.17%
10,123,824
– –
DBVT
43
DBV Technologies
DBVT
$851M
$28M 0.16%
1,461,425
– –
IRON icon
44
Disc Medicine
IRON
$3.07B
$26.8M 0.16%
337,050
– –
JBIO
45
Jade Biosciences
JBIO
$1.33B
$25.3M 0.15%
+1,641,137
New +$19.3M
TSHA icon
46
Taysha Gene Therapies
TSHA
$1.88B
$22M 0.13%
4,004,756
– –
BCRX icon
47
BioCryst Pharmaceuticals
BCRX
$2.51B
$22M 0.13%
+2,822,727
New +$20.4M
VTYX
48
DELISTED
Ventyx Biosciences
VTYX
$21.2M 0.12%
2,349,280
+1,326,150
+130% +$9.91M
ARGX icon
49
argenx
ARGX
$64B
$21.2M 0.12%
25,174
-12,586
-33% -$10.8M
DSGN icon
50
Design Therapeutics
DSGN
$946M
$20.9M 0.12%
2,233,099
+520,217
+30% +$4.07M
1
2
3 4

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Baker Bros. Advisors's Q4 2025 Portfolio in Review

As of Q4 2025, Baker Bros. Advisors held 100 positions worth $17.1B, up 23% from $13.8B the previous quarter. Its ten largest holdings account for 74% of the portfolio.

Baker Bros. Advisors's Q4 2025 filing shows 9 new, 23 increased, 7 reduced and 14 closed positions. Its largest new stake was Terns Pharmaceuticals: 950,000 shares worth $38.4M. The largest sale was Merus, an estimated $54.1M.

By sector, the portfolio is most concentrated in Healthcare at 100% of assets, down from 100% a quarter earlier, followed by Miscellaneous.

  • Baker Bros. Advisors's largest Q4 2025 buy was Terns Pharmaceuticals: 950,000 shares worth $38.4M.
  • Baker Bros. Advisors added most to Kymera Therapeutics in Q4 2025, an estimated $135M increase.
  • Baker Bros. Advisors's biggest Q4 2025 reduction was Stoke Therapeutics, cutting an estimated $39M.
  • Baker Bros. Advisors fully exited Merus in Q4 2025, selling an estimated $54.1M.
  • Baker Bros. Advisors's ten largest holdings make up 74% of its $17.1B portfolio in Q4 2025.
  • Baker Bros. Advisors opened 9 new positions and closed 14 in Q4 2025.
  • Baker Bros. Advisors's portfolio value rose 23% quarter-over-quarter to $17.1B.

Based on Baker Bros. Advisors's 13F filing for Q4 2025, filed 17 Feb 2026.