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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
CERS icon
51
Cerus
CERS
$534M
$20.6M 0.12%
10,008,345
– –
NGNE icon
52
Neurogene
NGNE
$732M
$20.4M 0.12%
991,691
– –
TECX
53
Tectonic Therapeutic
TECX
$696M
$18.8M 0.11%
903,400
+803,400
+803% +$14.9M
CTMX icon
54
CytomX Therapeutics
CTMX
$699M
$18.1M 0.11%
4,250,826
– –
CLDX icon
55
Celldex Therapeutics
CLDX
$3.07B
$18.1M 0.11%
665,370
– –
XNCR icon
56
Xencor
XNCR
$1.94B
$16.9M 0.1%
1,102,106
– –
CNTA
57
DELISTED
Centessa Pharmaceuticals
CNTA
$16.8M 0.1%
+670,751
New +$17M
XENE icon
58
Xenon Pharmaceuticals
XENE
$5.81B
$16.6M 0.1%
370,208
– –
SION
59
Sionna Therapeutics
SION
$265M
$16.5M 0.1%
400,000
– –
CTNM
60
Contineum Therapeutics
CTNM
$641M
$16.2M 0.1%
1,420,838
+1,343,168
+1,729% +$15.3M
SERA icon
61
Sera Prognostics
SERA
$81.7M
$16.2M 0.1%
5,498,170
– –
DYN icon
62
Dyne Therapeutics
DYN
$4.68B
$15.9M 0.09%
+813,449
New +$15.4M
ALMS
63
Alumis Inc
ALMS
$2.9B
$15.3M 0.09%
1,562,500
– –
NUVL
64
DELISTED
Nuvalent
NUVL
$14.5M 0.08%
143,937
– –
PHVS icon
65
Pharvaris
PHVS
$2.48B
$10.4M 0.06%
375,000
– –
RLAY icon
66
Relay Therapeutics
RLAY
$4.11B
$9.81M 0.06%
1,160,117
– –
ABSI icon
67
Absci
ABSI
$1.49B
$7.45M 0.04%
+2,134,803
New +$7.78M
RCUS icon
68
Arcus Biosciences
RCUS
$3.72B
$6.43M 0.04%
+270,000
New +$5.51M
MPLT
69
MapLight Therapeutics
MPLT
$584M
$6.41M 0.04%
+364,705
New +$6.11M
VTVT icon
70
vTv Therapeutics
VTVT
$128M
$5.93M 0.03%
148,314
– –
WVE icon
71
Wave Life Sciences
WVE
$993M
$5.85M 0.03%
344,063
– –
SGMT icon
72
Sagimet Biosciences
SGMT
$656M
$5.64M 0.03%
952,996
– –
TARA icon
73
Protara Therapeutics
TARA
$226M
$5.18M 0.03%
971,614
+434,782
+81% +$2.42M
LBRX
74
LB Pharmaceuticals
LBRX
$1.54B
$4.45M 0.03%
200,000
– –
ELVN icon
75
Enliven Therapeutics
ELVN
$4.24B
$4.18M 0.02%
271,406
+156,573
+136% +$3.12M
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.