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 |
Kymera Therapeutics
KYMR
|
+$135M |
| 2 |
Ionis Pharmaceuticals
IONS
|
+$92.2M |
| 3 |
Praxis Precision Medicines
PRAX
|
+$81.4M |
| 4 |
Crinetics Pharmaceuticals
CRNX
|
+$60.9M |
| 5 |
Alkermes
ALKS
|
+$57.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
MRUS
Merus
MRUS
|
+$54.1M |
| 2 |
Intellia Therapeutics
NTLA
|
+$47.4M |
| 3 |
Stoke Therapeutics
STOK
|
+$39M |
| 4 |
RNAM
Avidity Biosciences
RNAM
|
+$27.2M |
| 5 |
Vaxcyte
PCVX
|
+$23.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 99.61% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Structure Therapeutics
GPCR
$3.5B
| $99.6M | 0.58% |
1,432,529
-123,580
| -8% | -$5.05M |
|
27
AbCellera Biologics
ABCL
$3.67B
| $94.1M | 0.55% |
27,525,640
| – | – |
|
28
Nurix Therapeutics
NRIX
$2.77B
| $88.4M | 0.52% |
4,658,556
+776,431
| +20% | +$11.2M |
|
29
Immunocore
IMCR
$1.9B
| $80.6M | 0.47% |
2,322,656
| – | – |
|
|
BCYC
30
Bicycle Therapeutics
BCYC
$306M
| $77.1M | 0.45% |
10,885,357
| – | – |
|
|
31
Crinetics Pharmaceuticals
CRNX
$8.99B
| $76.8M | 0.45% |
1,648,869
+1,368,869
| +489% | +$60.9M |
|
32
Monte Rosa Therapeutics
GLUE
$1.22B
| $68.1M | 0.4% |
4,345,736
-570,359
| -12% | -$7.69M |
|
33
Ultragenyx Pharmaceutical
RARE
$2.55B
| $63.8M | 0.37% |
2,772,692
| – | – |
|
34
Denali Therapeutics
DNLI
$3.98B
| $61.6M | 0.36% |
3,731,695
| – | – |
|
35
Viridian Therapeutics
VRDN
$2.75B
| $61.4M | 0.36% |
1,971,678
+227,272
| +13% | +$6.23M |
|
36
Entrada Therapeutics
TRDA
$295M
| $52.1M | 0.31% |
5,072,730
+206,911
| +4% | +$1.74M |
|
|
RAPP
37
Rapport Therapeutics
RAPP
$2.31B
| $46.9M | 0.27% |
1,547,090
| – | – |
|
|
TERN
38
DELISTED
Terns Pharmaceuticals
TERN
| $38.4M | 0.22% |
+950,000
| New | +$22M |
|
39
BioNTech
BNTX
$29.3B
| $35.1M | 0.21% |
368,923
| – | – |
|
40
Spyre Therapeutics
SYRE
$9.39B
| $32.8M | 0.19% |
1,000,000
| – | – |
|
41
Dianthus Therapeutics
DNTH
$6.21B
| $32.5M | 0.19% |
789,759
| – | – |
|
42
Prelude Therapeutics
PRLD
$529M
| $29.4M | 0.17% |
10,123,824
| – | – |
|
|
DBVT
43
DBV Technologies
DBVT
$914M
| $28M | 0.16% |
1,461,425
| – | – |
|
44
Disc Medicine
IRON
$3.06B
| $26.8M | 0.16% |
337,050
| – | – |
|
|
JBIO
45
Jade Biosciences
JBIO
$1.36B
| $25.3M | 0.15% |
+1,641,137
| New | +$19.3M |
|
46
Taysha Gene Therapies
TSHA
$1.98B
| $22M | 0.13% |
4,004,756
| – | – |
|
47
BioCryst Pharmaceuticals
BCRX
$2.44B
| $22M | 0.13% |
+2,822,727
| New | +$20.4M |
|
|
VTYX
48
DELISTED
Ventyx Biosciences
VTYX
| $21.2M | 0.12% |
2,349,280
+1,326,150
| +130% | +$9.91M |
|
49
argenx
ARGX
$65B
| $21.2M | 0.12% |
25,174
-12,586
| -33% | -$10.8M |
|
50
Design Therapeutics
DSGN
$938M
| $20.9M | 0.12% |
2,233,099
+520,217
| +30% | +$4.07M |
|
Similar funds
Julian Baker's Q4 2025 Portfolio in Review
As of Q4 2025, Julian Baker held 100 positions worth $17.1B, up 23% from $13.8B the previous quarter. Its ten largest holdings account for 74% of the portfolio.
Julian Baker'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.
- Julian Baker's largest Q4 2025 buy was Terns Pharmaceuticals: 950,000 shares worth $38.4M.
- Julian Baker added most to Kymera Therapeutics in Q4 2025, an estimated $135M increase.
- Julian Baker's biggest Q4 2025 reduction was Stoke Therapeutics, cutting an estimated $39M.
- Julian Baker fully exited Merus in Q4 2025, selling an estimated $54.1M.
- Julian Baker's ten largest holdings make up 74% of its $17.1B portfolio in Q4 2025.
- Julian Baker opened 9 new positions and closed 14 in Q4 2025.
- Julian Baker'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.