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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
+50.25%
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
$13.8B
AUM Growth
+$3.53B
Cap. Flow
+$222M
Cap. Flow %
1.61%
Top 10 Hldgs %
79.05%
Holding
100
New
10
Increased
14
Reduced
6
Closed
9

Top Buys

Rank Stock Value
1
CELC icon
Celcuity
CELC
+$98.7M
2
MDGL icon
Madrigal Pharmaceuticals
MDGL
+$61.8M
3
ABVX
Abivax
ABVX
+$53.7M
4
ALKS icon
Alkermes
ALKS
+$47.4M
5
IDYA icon
IDEAYA Biosciences
IDYA
+$28M

Top Sells

Rank Stock Value
1
INSM icon
Insmed
INSM
+$124M
2
VRNA
Verona Pharma
VRNA
+$21.2M
3
VERV
Verve Therapeutics
VERV
+$19M
4
GPCR icon
Structure Therapeutics
GPCR
+$19M
5
BPMC
Blueprint Medicines
BPMC
+$16.1M

Sector Composition

Rank Sector Weight
1 Healthcare 99.7%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ONC
1
BeOne Medicines Ltd
ONC
$33.8B
$3B 21.66%
8,799,053
– –
INCY icon
2
Incyte
INCY
$23.5B
$2.61B 18.84%
30,743,663
+388
+0% +$30.7K
MDGL icon
3
Madrigal Pharmaceuticals
MDGL
$12.6B
$982M 7.1%
2,141,701
+165,683
+8% +$61.8M
INSM icon
4
Insmed
INSM
$23.2B
$965M 6.98%
6,703,484
-1,009,416
-13% -$124M
ACAD icon
5
Acadia Pharmaceuticals
ACAD
$4.25B
$915M 6.61%
42,896,690
– –
SMMT icon
6
Summit Therapeutics
SMMT
$10.9B
$697M 5.03%
33,722,974
– –
RYTM icon
7
Rhythm Pharmaceuticals
RYTM
$7B
$566M 4.09%
5,604,483
– –
RVMD icon
8
Revolution Medicines
RVMD
$40.2B
$442M 3.19%
9,455,357
+90,385
+1% +$3.54M
CELC icon
9
Celcuity
CELC
$4.03B
$391M 2.83%
7,915,792
+2,465,347
+45% +$98.7M
KYMR icon
10
Kymera Therapeutics
KYMR
$9.1B
$376M 2.72%
6,651,429
– –
KOD icon
11
Kodiak Sciences
KOD
$2.59B
$283M 2.05%
17,310,490
– –
ALKS icon
12
Alkermes
ALKS
$8.82B
$243M 1.75%
8,091,351
+1,680,748
+26% +$47.4M
ABCL icon
13
AbCellera Biologics
ABCL
$1.62B
$138M 1%
27,525,640
– –
EWTX icon
14
Edgewise Therapeutics
EWTX
$4.39B
$119M 0.86%
7,305,940
– –
KNSA icon
15
Kiniksa Pharmaceuticals
KNSA
$4.83B
$110M 0.79%
2,824,669
– –
STOK icon
16
Stoke Therapeutics
STOK
$1.82B
$109M 0.79%
4,633,838
– –
IMTX icon
17
Immatics
IMTX
$1.24B
$103M 0.74%
12,094,094
+1,925,193
+19% +$11.9M
GRAL
18
GRAIL Inc
GRAL
$2.91B
$96.4M 0.7%
1,630,125
– –
IDYA icon
19
IDEAYA Biosciences
IDYA
$3.41B
$89.1M 0.64%
3,275,444
+1,156,716
+55% +$28M
IMVT icon
20
Immunovant
IMVT
$8.09B
$88M 0.64%
5,457,881
– –
IMCR icon
21
Immunocore
IMCR
$1.78B
$84.4M 0.61%
2,322,656
– –
BCYC
22
Bicycle Therapeutics
BCYC
$270M
$84.3M 0.61%
10,885,357
– –
RARE icon
23
Ultragenyx Pharmaceutical
RARE
$2.65B
$83.4M 0.6%
2,772,692
– –
ABVX
24
Abivax
ABVX
$11B
$74.4M 0.54%
+875,796
New +$53.7M
ARWR icon
25
Arrowhead Research
ARWR
$12.1B
$57.6M 0.42%
1,670,762
+731,588
+78% +$16.1M
1
2 3 4

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MCM
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ASRS
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VMPIC
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LA
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BCIM
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Baker Bros. Advisors's Q3 2025 Portfolio in Review

As of Q3 2025, Baker Bros. Advisors held 100 positions worth $13.8B, up 34% from $10.3B the previous quarter. Its ten largest holdings account for 79% of the portfolio.

Baker Bros. Advisors's Q3 2025 filing shows 10 new, 14 increased, 6 reduced and 9 closed positions. Its largest new stake was Abivax: 875,796 shares worth $74.4M. The largest sale was Insmed, an estimated $124M.

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

  • Baker Bros. Advisors's largest Q3 2025 buy was Abivax: 875,796 shares worth $74.4M.
  • Baker Bros. Advisors added most to Celcuity in Q3 2025, an estimated $98.7M increase.
  • Baker Bros. Advisors's biggest Q3 2025 reduction was Insmed, cutting an estimated $124M.
  • Baker Bros. Advisors fully exited Verona Pharma in Q3 2025, selling an estimated $21.2M.
  • Baker Bros. Advisors's ten largest holdings make up 79% of its $13.8B portfolio in Q3 2025.
  • Baker Bros. Advisors opened 10 new positions and closed 9 in Q3 2025.
  • Baker Bros. Advisors's portfolio value rose 34% quarter-over-quarter to $13.8B.

Based on Baker Bros. Advisors's 13F filing for Q3 2025, filed 14 Nov 2025.