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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
Avg Time Held
13.3 quarters
Top 10 Avg Time Held
18.5 quarters
Top 20 Avg Time Held
11.9 quarters

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 icon
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 Held Since
INCY icon
1
Incyte
INCY
$22B
$3.04B 17.78%
30,743,991
+328
+0% +$31.7K
2013 Q2
50 quarters
ONC icon
2
BeOne Medicines Ltd
ONC
$39.8B
$2.67B 15.65%
8,799,053
– –
2016 Q1
39 quarters
MDGL icon
3
Madrigal Pharmaceuticals
MDGL
$10.5B
$1.25B 7.3%
2,141,701
– –
2016 Q2
38 quarters
INSM icon
4
Insmed
INSM
$21.5B
$1.15B 6.72%
6,592,746
-110,738
-2% -$20.2M
2013 Q2
50 quarters
ACAD icon
5
Acadia Pharmaceuticals
ACAD
$3.22B
$1.15B 6.71%
42,896,690
– –
2013 Q2
50 quarters
CELC icon
6
Celcuity
CELC
$3.16B
$790M 4.62%
7,915,792
– –
2023 Q3
9 quarters
RVMD icon
7
Revolution Medicines
RVMD
$41.2B
$753M 4.41%
9,455,357
– –
2021 Q1
19 quarters
KYMR icon
8
Kymera Therapeutics
KYMR
$9.1B
$674M 3.94%
8,657,242
+2,005,813
+30% +$135M
2020 Q3
21 quarters
SMMT icon
9
Summit Therapeutics
SMMT
$12.7B
$636M 3.73%
36,391,063
+2,668,089
+8% +$50.2M
2024 Q2
6 quarters
RYTM icon
10
Rhythm Pharmaceuticals
RYTM
$6.06B
$600M 3.51%
5,604,483
– –
2017 Q4
32 quarters
KOD icon
11
Kodiak Sciences
KOD
$6.19B
$557M 3.26%
19,919,186
+2,608,696
+15% +$53.4M
2018 Q4
28 quarters
PRAX icon
12
Praxis Precision Medicines
PRAX
$6.93B
$332M 1.94%
1,126,488
+437,000
+63% +$81.4M
2022 Q4
12 quarters
ALKS icon
13
Alkermes
ALKS
$6.73B
$280M 1.64%
10,012,267
+1,920,916
+24% +$57.5M
2024 Q2
6 quarters
GRAL icon
14
GRAIL Inc
GRAL
$6.28B
$178M 1.05%
2,085,333
+455,208
+28% +$39.3M
2024 Q4
4 quarters
EWTX icon
15
Edgewise Therapeutics
EWTX
$4.08B
$163M 0.96%
6,575,940
-730,000
-10% -$14.7M
2021 Q1
19 quarters
ARWR icon
16
Arrowhead Research
ARWR
$8.3B
$144M 0.85%
2,175,645
+504,883
+30% +$24.7M
2025 Q2
2 quarters
IONS icon
17
Ionis Pharmaceuticals
IONS
$7.11B
$142M 0.83%
1,791,841
+1,225,043
+216% +$92.2M
2025 Q3
1 quarter
IMVT icon
18
Immunovant
IMVT
$6.05B
$139M 0.81%
5,457,881
– –
2023 Q3
9 quarters
IMTX icon
19
Immatics
IMTX
$1.05B
$127M 0.74%
12,094,094
– –
2020 Q1
23 quarters
IDYA icon
20
IDEAYA Biosciences
IDYA
$3.39B
$125M 0.73%
3,618,826
+343,382
+10% +$10.9M
2022 Q3
13 quarters
ROIV icon
21
Roivant Sciences
ROIV
$24.8B
$121M 0.71%
5,555,017
+1,787,244
+47% +$35.3M
2022 Q4
12 quarters
ABVX icon
22
Abivax
ABVX
$7.49B
$118M 0.69%
875,796
– –
2025 Q3
1 quarter
KNSA icon
23
Kiniksa Pharmaceuticals
KNSA
$6.18B
$117M 0.68%
2,826,246
+1,577
+0.1% +$63.3K
2018 Q2
30 quarters
REPL icon
24
Replimune Group
REPL
$1.18B
$107M 0.63%
11,045,336
– –
2020 Q2
22 quarters
STOK icon
25
Stoke Therapeutics
STOK
$1.48B
$106M 0.62%
3,336,697
-1,297,141
-28% -$39M
2022 Q3
13 quarters
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.