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 |
Entrada Therapeutics
TRDA
|
+$114M |
| 2 |
Incyte
INCY
|
+$108M |
| 3 |
CCXI
ChemoCentryx, Inc.
CCXI
|
+$46.7M |
| 4 |
TSVT
2seventy bio
TSVT
|
+$26M |
| 5 |
Travere Therapeutics
TVTX
|
+$17.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SGEN
Seagen Inc. Common Stock
SGEN
|
+$66.1M |
| 2 |
Fulgent Genetics
FLGT
|
+$17.5M |
| 3 |
BLUE
bluebird bio
BLUE
|
+$16M |
| 4 |
Mirum Pharmaceuticals
MIRM
|
+$12.9M |
| 5 |
Aurinia Pharmaceuticals
AUPH
|
+$11.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 99.22% |
| 2 | Financials | 0.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SGEN
1
DELISTED
Seagen Inc. Common Stock
SGEN
| $7.25B | 35.27% |
46,893,364
-394,895
| -0.8% | -$66.1M |
|
|
ONC
2
BeOne Medicines Ltd
ONC
$42.4B
| $3.16B | 15.38% |
11,668,897
| – | – |
|
|
3
Incyte
INCY
$25.9B
| $2.47B | 12.01% |
33,618,063
+1,595,938
| +5% | +$108M |
|
4
Kodiak Sciences
KOD
$2.41B
| $1.24B | 6.06% |
14,681,304
| – | – |
|
5
Acadia Pharmaceuticals
ACAD
$5.08B
| $978M | 4.76% |
41,910,704
| – | – |
|
6
BioMarin Pharmaceuticals
BMRN
$12.9B
| $673M | 3.28% |
7,620,494
| – | – |
|
7
Ascendis Pharma A/S
ASND
$16.6B
| $611M | 2.97% |
4,541,604
| – | – |
|
8
argenx
ARGX
$65B
| $392M | 1.91% |
1,119,557
| – | – |
|
|
MRTX
9
DELISTED
Mirati Therapeutics, Inc. Common Stock
MRTX
| $207M | 1.01% |
1,409,784
| – | – |
|
10
BioCryst Pharmaceuticals
BCRX
$2.44B
| $176M | 0.86% |
12,710,818
| – | – |
|
11
Kymera Therapeutics
KYMR
$9.96B
| $151M | 0.74% |
2,384,742
| – | – |
|
|
NVTA
12
DELISTED
Invitae Corporation
NVTA
| $151M | 0.73% |
9,873,488
| – | – |
|
13
AbCellera Biologics
ABCL
$3.67B
| $149M | 0.73% |
10,450,180
| – | – |
|
14
Madrigal Pharmaceuticals
MDGL
$11.9B
| $127M | 0.62% |
1,499,213
| – | – |
|
15
Prelude Therapeutics
PRLD
$529M
| $126M | 0.61% |
10,123,824
| – | – |
|
16
Legend Biotech
LEGN
$4.24B
| $116M | 0.56% |
2,489,003
+125,000
| +5% | +$6.34M |
|
17
Pacific Biosciences
PACB
$420M
| $111M | 0.54% |
5,444,963
| – | – |
|
|
GBT
18
DELISTED
Global Blood Therapeutics, Inc.
GBT
| $97M | 0.47% |
3,314,765
+97,324
| +3% | +$3.01M |
|
19
Cerus
CERS
$566M
| $93.4M | 0.45% |
13,713,195
| – | – |
|
|
IGMS
20
DELISTED
IGM Biosciences
IGMS
| $92.6M | 0.45% |
3,156,102
| – | – |
|
21
Immunocore
IMCR
$1.9B
| $86.3M | 0.42% |
2,520,730
| – | – |
|
|
22
Travere Therapeutics
TVTX
$6.19B
| $82.8M | 0.4% |
2,669,054
+629,282
| +31% | +$17.7M |
|
|
23
Entrada Therapeutics
TRDA
$295M
| $80.5M | 0.39% |
+4,704,419
| New | +$114M |
|
24
Heron Therapeutics
HRTX
$60.4M
| $74.2M | 0.36% |
8,131,678
| – | – |
|
|
AMRN
25
Amarin Corp
AMRN
$298M
| $71.3M | 0.35% |
1,058,490
-34,312
| -3% | -$2.84M |
|
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Julian Baker's Q4 2021 Portfolio in Review
As of Q4 2021, Julian Baker held 126 positions worth $20.6B, down 9.7% from $22.8B the previous quarter. Its ten largest holdings account for 83% of the portfolio.
Julian Baker's Q4 2021 filing shows 5 new, 17 increased, 8 reduced and 5 closed positions. Its largest new stake was Entrada Therapeutics: 4,704,419 shares worth $80.5M. The largest sale was Seagen Inc. Common Stock, an estimated $66.1M.
By sector, the portfolio is most concentrated in Healthcare at 99% of assets, up from 99% a quarter earlier, followed by Financials.
- Julian Baker's largest Q4 2021 buy was Entrada Therapeutics: 4,704,419 shares worth $80.5M.
- Julian Baker added most to Incyte in Q4 2021, an estimated $108M increase.
- Julian Baker's biggest Q4 2021 reduction was Seagen Inc. Common Stock, cutting an estimated $66.1M.
- Julian Baker fully exited Mirum Pharmaceuticals in Q4 2021, selling an estimated $12.9M.
- Julian Baker's ten largest holdings make up 83% of its $20.6B portfolio in Q4 2021.
- Julian Baker opened 5 new positions and closed 5 in Q4 2021.
- Julian Baker's portfolio value fell 9.7% quarter-over-quarter to $20.6B.
Based on Baker Bros. Advisors's 13F filing for Q4 2021, filed 14 Feb 2022.