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 |
Summit Therapeutics
SMMT
|
+$125M |
| 2 |
Insmed
INSM
|
+$125M |
| 3 |
Alkermes
ALKS
|
+$103M |
| 4 |
BCYC
Bicycle Therapeutics
BCYC
|
+$101M |
| 5 |
ALMS
Alumis Inc
ALMS
|
+$20.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Incyte
INCY
|
+$308M |
| 2 |
BioCryst Pharmaceuticals
BCRX
|
+$55.5M |
| 3 |
Roivant Sciences
ROIV
|
+$50.6M |
| 4 |
CERE
Cerevel Therapeutics Holdings, Inc. Common Stock
CERE
|
+$38.2M |
| 5 |
AKRO
Akero Therapeutics
AKRO
|
+$34.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 98.1% |
| 2 | Financials | 0.03% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Incyte
INCY
$25.9B
| $1.86B | 23.81% |
30,738,524
-5,441,141
| -15% | -$308M |
|
|
ONC
2
BeOne Medicines Ltd
ONC
$42.4B
| $1.51B | 19.27% |
10,568,897
| – | – |
|
3
Acadia Pharmaceuticals
ACAD
$5.08B
| $697M | 8.9% |
42,877,916
+13,304
| +0% | +$215K |
|
4
Madrigal Pharmaceuticals
MDGL
$11.9B
| $553M | 7.07% |
1,974,590
+4,792
| +0.2% | +$1.14M |
|
5
Revolution Medicines
RVMD
$44.9B
| $294M | 3.75% |
7,569,090
+19,841
| +0.3% | +$742K |
|
6
Rhythm Pharmaceuticals
RYTM
$7.57B
| $263M | 3.36% |
6,398,365
| – | – |
|
|
7
Insmed
INSM
$27.5B
| $240M | 3.06% |
3,576,038
+3,233,038
| +943% | +$125M |
|
|
BCYC
8
Bicycle Therapeutics
BCYC
$306M
| $190M | 2.43% |
9,399,960
+4,457,137
| +90% | +$101M |
|
|
9
Summit Therapeutics
SMMT
$10.5B
| $181M | 2.31% |
+23,222,222
| New | +$125M |
|
10
Kymera Therapeutics
KYMR
$9.96B
| $179M | 2.29% |
5,995,928
| – | – |
|
11
Edgewise Therapeutics
EWTX
$4.8B
| $105M | 1.34% |
5,840,059
| – | – |
|
|
12
Alkermes
ALKS
$8.11B
| $101M | 1.29% |
+4,181,751
| New | +$103M |
|
13
Replimune Group
REPL
$1.39B
| $90.4M | 1.16% |
10,045,336
+500,000
| +5% | +$3.48M |
|
14
Denali Therapeutics
DNLI
$3.98B
| $86.6M | 1.11% |
3,731,695
| – | – |
|
15
AbCellera Biologics
ABCL
$3.67B
| $81.5M | 1.04% |
27,525,640
| – | – |
|
16
Nurix Therapeutics
NRIX
$2.77B
| $81M | 1.04% |
3,882,125
| – | – |
|
17
Immatics
IMTX
$1.22B
| $74.9M | 0.96% |
6,443,398
| – | – |
|
18
Entrada Therapeutics
TRDA
$295M
| $69.3M | 0.89% |
4,865,819
| – | – |
|
19
Ultragenyx Pharmaceutical
RARE
$2.55B
| $60.3M | 0.77% |
1,466,547
| – | – |
|
20
Stoke Therapeutics
STOK
$2.08B
| $59M | 0.75% |
4,368,443
+1,000,000
| +30% | +$13.5M |
|
21
Kiniksa Pharmaceuticals
KNSA
$6.17B
| $52.6M | 0.67% |
2,818,323
+8,746
| +0.3% | +$164K |
|
22
Immunocore
IMCR
$1.9B
| $51.4M | 0.66% |
1,515,318
| – | – |
|
23
argenx
ARGX
$65B
| $48.1M | 0.62% |
111,904
-39,311
| -26% | -$15M |
|
24
Kodiak Sciences
KOD
$2.41B
| $40.7M | 0.52% |
17,310,490
| – | – |
|
25
Xenon Pharmaceuticals
XENE
$5.88B
| $38.7M | 0.5% |
993,679
| – | – |
|
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Julian Baker's Q2 2024 Portfolio in Review
As of Q2 2024, Julian Baker held 100 positions worth $7.83B, down 1.8% from $7.97B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
Julian Baker's Q2 2024 filing shows 11 new, 18 increased, 11 reduced and 5 closed positions. Its largest new stake was Summit Therapeutics: 23,222,222 shares worth $181M. The largest sale was Incyte, an estimated $308M.
By sector, the portfolio is most concentrated in Healthcare at 98% of assets, down from 100% a quarter earlier, followed by Financials.
- Julian Baker's largest Q2 2024 buy was Summit Therapeutics: 23,222,222 shares worth $181M.
- Julian Baker added most to Insmed in Q2 2024, an estimated $125M increase.
- Julian Baker's biggest Q2 2024 reduction was Incyte, cutting an estimated $308M.
- Julian Baker fully exited Alpine Immune Sciences Inc in Q2 2024, selling an estimated $3.23M.
- Julian Baker's ten largest holdings make up 76% of its $7.83B portfolio in Q2 2024.
- Julian Baker opened 11 new positions and closed 5 in Q2 2024.
- Julian Baker's portfolio value fell 1.8% quarter-over-quarter to $7.83B.
Based on Baker Bros. Advisors's 13F filing for Q2 2024, filed 14 Aug 2024.