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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
FDMT icon
76
4D Molecular Therapeutics
FDMT
$810M
$3.57M 0.02%
+475,737
New +$4.83M
VIR icon
77
Vir Biotechnology
VIR
$1.83B
$3.27M 0.02%
542,539
– –
TCRX icon
78
TScan Therapeutics
TCRX
$51.1M
$2.78M 0.02%
2,784,792
– –
SANA icon
79
Sana Biotechnology
SANA
$1.18B
$1.26M 0.01%
310,483
-1,720,466
-85% -$7.7M
SKYE icon
80
Skye Bioscience
SKYE
$7.84M
$1.09M 0.01%
181,330
– –
KALA icon
81
KALA BIO
KALA
$13.3M
$1M 0.01%
36,081
+16,379
+83% +$733K
ALGS icon
82
Aligos Therapeutics
ALGS
$43.1M
$774K ﹤0.01%
83,055
– –
TYRA icon
83
Tyra Biosciences
TYRA
$1.49B
$279K ﹤0.01%
10,607
– –
ACRV icon
84
Acrivon Therapeutics
ACRV
$88.3M
$55K ﹤0.01%
22,809
– –
SRZNW
85
DELISTED
Surrozen Inc Warrant
SRZNW
$16.7K ﹤0.01%
833,333
– –
ACLX
86
DELISTED
Arcellx
ACLX
– –
-166,825
Closed -$13.7M
AGIO icon
87
Agios Pharmaceuticals
AGIO
$1.99B
– –
-189,866
Closed -$7.62M
AKRO
88
DELISTED
Akero Therapeutics
AKRO
– –
-324,630
Closed -$15.4M
CDTX
89
DELISTED
Cidara Therapeutics
CDTX
– –
-227,272
Closed -$21.8M
GBIO
90
DELISTED
Generation Bio
GBIO
– –
-194,493
Closed -$1.19M
HRTX icon
91
Heron Therapeutics
HRTX
$62M
– –
-4,251,951
Closed -$5.36M
MRUS
92
DELISTED
Merus
MRUS
– –
-574,377
Closed -$54.1M
NTLA icon
93
Intellia Therapeutics
NTLA
$1.8B
– –
-2,746,674
Closed -$47.4M
PCVX icon
94
Vaxcyte
PCVX
$8.9B
– –
-640,885
Closed -$23.1M
RNAM
95
DELISTED
Avidity Biosciences
RNAM
– –
-625,000
Closed -$27.2M
VKTX icon
96
Viking Therapeutics
VKTX
$3.75B
– –
-366,083
Closed -$9.62M
YARW
97
Yarrow Bioscience
YARW
$98.8M
– –
-17,027
Closed -$285K
MBX
98
MBX Biosciences
MBX
$3.03B
– –
-277,777
Closed -$4.86M
OPT
99
DELISTED
Opthea Limited American Depositary Shares
OPT
– –
-2,087,320
Closed –
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.