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BBA

Baker Bros. Advisors Portfolio holdings

AUM $17.4B
1-Year Est. Return 131.5%
This Fund
S&P 500
This Quarter Est. Return
+11.22%
1 Year Est. Return
+131.5%
3 Year Est. Return
+336.81%
5 Year Est. Return
+553.16%
10 Year Est. Return
+4,134.93%
AUM
$10.3B
AUM Growth
+$1.27B
Cap. Flow
+$755M
Cap. Flow %
7.32%
Top 10 Hldgs %
81.62%
Holding
100
New
12
Increased
23
Reduced
8
Closed
11

Top Buys

Rank Stock Value
1
SMMT icon
Summit Therapeutics
SMMT
+$212M
2
INSM icon
Insmed
INSM
+$178M
3
ALKS icon
Alkermes
ALKS
+$57.4M
4
RVMD icon
Revolution Medicines
RVMD
+$54.9M
5
GPCR icon
Structure Therapeutics
GPCR
+$47.2M

Top Sells

Rank Stock Value
1
ARGX icon
argenx
ARGX
+$23.2M
2
CRSP icon
CRISPR Therapeutics
CRSP
+$22.3M
3
CNTA
Centessa Pharmaceuticals
CNTA
+$17.6M
4
TSVT
2seventy bio
TSVT
+$12.3M
5
BCAX
Bicara Therapeutics
BCAX
+$10.9M

Sector Composition

Rank Sector Weight
1 Healthcare 100%
2 Financials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ONC
1
BeOne Medicines Ltd
ONC
$34.1B
$2.13B 20.66%
8,799,053
– –
INCY icon
2
Incyte
INCY
$25.3B
$2.09B 20.31%
30,743,275
+3,322
+0% +$210K
ACAD icon
3
Acadia Pharmaceuticals
ACAD
$4.46B
$925M 8.98%
42,896,690
+18,774
+0% +$349K
INSM icon
4
Insmed
INSM
$22.5B
$776M 7.53%
7,712,900
+2,332,274
+43% +$178M
SMMT icon
5
Summit Therapeutics
SMMT
$10.1B
$718M 6.96%
33,722,974
+9,298,109
+38% +$212M
MDGL icon
6
Madrigal Pharmaceuticals
MDGL
$12.5B
$598M 5.8%
1,976,018
+1,428
+0.1% +$425K
RYTM icon
7
Rhythm Pharmaceuticals
RYTM
$7.38B
$354M 3.44%
5,604,483
– –
RVMD icon
8
Revolution Medicines
RVMD
$38.3B
$345M 3.34%
9,364,972
+1,428,000
+18% +$54.9M
KYMR icon
9
Kymera Therapeutics
KYMR
$8.68B
$290M 2.82%
6,651,429
+655,500
+11% +$22.6M
ALKS icon
10
Alkermes
ALKS
$8.08B
$183M 1.78%
6,410,603
+1,927,318
+43% +$57.4M
REPL icon
11
Replimune Group
REPL
$441M
$103M 1%
11,045,336
– –
RARE icon
12
Ultragenyx Pharmaceutical
RARE
$2.52B
$101M 0.98%
2,772,692
+1,196,578
+76% +$43.1M
EWTX icon
13
Edgewise Therapeutics
EWTX
$4.29B
$95.8M 0.93%
7,305,940
+1,150,000
+19% +$16.6M
ABCL icon
14
AbCellera Biologics
ABCL
$1.63B
$94.4M 0.92%
27,525,640
– –
IMVT icon
15
Immunovant
IMVT
$7.82B
$87.3M 0.85%
5,457,881
– –
GRAL
16
GRAIL Inc
GRAL
$2.7B
$83.8M 0.81%
1,630,125
– –
KNSA icon
17
Kiniksa Pharmaceuticals
KNSA
$6.13B
$78.2M 0.76%
2,824,669
+6,346
+0.2% +$162K
BCYC
18
Bicycle Therapeutics
BCYC
$272M
$75.7M 0.73%
10,885,357
– –
IMCR icon
19
Immunocore
IMCR
$1.68B
$72.9M 0.71%
2,322,656
– –
CELC icon
20
Celcuity
CELC
$3.94B
$72.8M 0.71%
5,450,445
+1,192,710
+28% +$13M
KOD icon
21
Kodiak Sciences
KOD
$2.43B
$64.6M 0.63%
17,310,490
– –
IMTX icon
22
Immatics
IMTX
$1.18B
$54.7M 0.53%
10,168,901
+2,893,071
+40% +$14.3M
STOK icon
23
Stoke Therapeutics
STOK
$1.82B
$52.6M 0.51%
4,633,838
– –
DNLI icon
24
Denali Therapeutics
DNLI
$3.8B
$52.2M 0.51%
3,731,695
– –
GPCR icon
25
Structure Therapeutics
GPCR
$3.4B
$52M 0.5%
2,508,767
+2,147,202
+594% +$47.2M
1
2 3 4

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MCM
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Baker Bros. Advisors's Q2 2025 Portfolio in Review

As of Q2 2025, Baker Bros. Advisors held 100 positions worth $10.3B, up 14% from $9.04B the previous quarter. Its ten largest holdings account for 82% of the portfolio.

Baker Bros. Advisors deployed $755M of net new capital in Q2 2025, opening 12 new positions and adding to 23 existing holdings. Its largest new stake was Viridian Therapeutics: 1,744,406 shares worth $24.4M.

By sector, the portfolio is most concentrated in Healthcare at 100% of assets, up from 99% a quarter earlier, followed by Financials.

On the sell side, the largest reduction was argenx, an estimated $23.2M trimmed.

  • Baker Bros. Advisors's largest Q2 2025 buy was Viridian Therapeutics: 1,744,406 shares worth $24.4M.
  • Baker Bros. Advisors added most to Summit Therapeutics in Q2 2025, an estimated $212M increase.
  • Baker Bros. Advisors's biggest Q2 2025 reduction was argenx, cutting an estimated $23.2M.
  • Baker Bros. Advisors fully exited CRISPR Therapeutics in Q2 2025, selling an estimated $22.3M.
  • Baker Bros. Advisors's ten largest holdings make up 82% of its $10.3B portfolio in Q2 2025.
  • Baker Bros. Advisors opened 12 new positions and closed 11 in Q2 2025.
  • Baker Bros. Advisors's portfolio value rose 14% quarter-over-quarter to $10.3B.

Based on Baker Bros. Advisors's 13F filing for Q2 2025, filed 14 Aug 2025.