Julian Baker Baker Bros. Advisors
Julian Baker is co-managing member of Baker Bros. Advisors, a firm renowned for deep specialization in biotechnology and life sciences. The firm is known for concentrated positions, long holding periods, and scientific diligence that goes well beyond typical generalist research. Baker Bros. filings are closely watched by healthcare investors for signals in clinical-stage and commercial biotech.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Revolution Medicines
RVMD
|
+$276M |
| 2 |
Insmed
INSM
|
+$166M |
| 3 |
IDEAYA Biosciences
IDYA
|
+$32.6M |
| 4 |
FTH
Faeth Therapeutics
FTH
|
+$29.8M |
| 5 |
Relay Therapeutics
RLAY
|
+$24.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Edgewise Therapeutics
EWTX
|
+$99.1M |
| 2 |
ABVX
Abivax
ABVX
|
+$97.5M |
| 3 |
Summit Therapeutics
SMMT
|
+$63.9M |
| 4 |
Spyre Therapeutics
SYRE
|
+$50.4M |
| 5 |
CNTA
Centessa Pharmaceuticals
CNTA
|
+$26.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 99.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Incyte
INCY
$25.9B
| $3.49B | 17.48% |
30,762,330
+17,918
| +0.1% | +$1.78M |
|
|
ONC
2
BeOne Medicines Ltd
ONC
$42.4B
| $2.51B | 12.57% |
8,801,567
+2,514
| +0% | +$741K |
|
|
3
Revolution Medicines
RVMD
$44.9B
| $2.14B | 10.74% |
11,443,357
+1,888,000
| +20% | +$276M |
|
4
Madrigal Pharmaceuticals
MDGL
$11.9B
| $1.15B | 5.77% |
2,143,131
+1,430
| +0.1% | +$732K |
|
5
Acadia Pharmaceuticals
ACAD
$5.08B
| $1.09B | 5.44% |
42,912,904
+16,214
| +0% | +$357K |
|
6
Kymera Therapeutics
KYMR
$9.96B
| $993M | 4.97% |
8,657,242
| – | – |
|
|
7
Insmed
INSM
$27.5B
| $938M | 4.7% |
8,796,111
+1,375,000
| +19% | +$166M |
|
8
Celcuity
CELC
$4.58B
| $828M | 4.15% |
7,915,792
| – | – |
|
9
Kodiak Sciences
KOD
$2.41B
| $776M | 3.89% |
19,919,186
| – | – |
|
10
Rhythm Pharmaceuticals
RYTM
$7.57B
| $622M | 3.12% |
5,604,483
| – | – |
|
11
Praxis Precision Medicines
PRAX
$10.5B
| $587M | 2.94% |
1,753,198
| – | – |
|
12
Alkermes
ALKS
$8.11B
| $525M | 2.63% |
10,012,267
| – | – |
|
|
13
Summit Therapeutics
SMMT
$10.5B
| $478M | 2.39% |
32,786,348
-3,604,715
| -10% | -$63.9M |
|
|
GRAL
14
GRAIL Inc
GRAL
$3.55B
| $275M | 1.38% |
4,028,614
| – | – |
|
15
AbCellera Biologics
ABCL
$3.67B
| $259M | 1.3% |
33,012,138
+2,736,200
| +9% | +$13.4M |
|
16
Immunovant
IMVT
$9.16B
| $209M | 1.05% |
5,435,220
-22,661
| -0.4% | -$690K |
|
|
17
IDEAYA Biosciences
IDYA
$3.83B
| $187M | 0.94% |
5,010,030
+1,063,515
| +27% | +$32.6M |
|
18
Kiniksa Pharmaceuticals
KNSA
$6.17B
| $181M | 0.91% |
2,834,643
+8,397
| +0.3% | +$436K |
|
19
Roivant Sciences
ROIV
$26.2B
| $167M | 0.84% |
4,716,831
-150,892
| -3% | -$4.46M |
|
20
Arrowhead Research
ARWR
$12.3B
| $162M | 0.81% |
1,992,783
| – | – |
|
21
Ionis Pharmaceuticals
IONS
$9.93B
| $162M | 0.81% |
2,047,727
| – | – |
|
|
22
Edgewise Therapeutics
EWTX
$4.8B
| $150M | 0.75% |
3,701,719
-2,874,221
| -44% | -$99.1M |
|
23
Replimune Group
REPL
$1.39B
| $122M | 0.61% |
11,045,336
| – | – |
|
24
Nurix Therapeutics
NRIX
$2.77B
| $113M | 0.57% |
4,658,556
| – | – |
|
25
Stoke Therapeutics
STOK
$2.08B
| $109M | 0.55% |
3,336,697
| – | – |
|
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Julian Baker's Q2 2026 Portfolio in Review
As of Q2 2026, Julian Baker held 92 positions worth $20B, up 15% from $17.4B the previous quarter. Its ten largest holdings account for 73% of the portfolio.
Julian Baker's Q2 2026 filing shows 8 new, 16 increased, 7 reduced and 9 closed positions. Its largest new stake was Faeth Therapeutics: 1,286,411 shares worth $32.2M. The largest sale was Edgewise Therapeutics, an estimated $99.1M.
By sector, the portfolio is most concentrated in Healthcare at 100% of assets, up from 100% a quarter earlier.
- Julian Baker's largest Q2 2026 buy was Faeth Therapeutics: 1,286,411 shares worth $32.2M.
- Julian Baker added most to Revolution Medicines in Q2 2026, an estimated $276M increase.
- Julian Baker's biggest Q2 2026 reduction was Edgewise Therapeutics, cutting an estimated $99.1M.
- Julian Baker fully exited Abivax in Q2 2026, selling an estimated $97.5M.
- Julian Baker's ten largest holdings make up 73% of its $20B portfolio in Q2 2026.
- Julian Baker opened 8 new positions and closed 9 in Q2 2026.
- Julian Baker's portfolio value rose 15% quarter-over-quarter to $20B.
Based on Baker Bros. Advisors's 13F filing for Q2 2026, filed 14 Aug 2026.