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 |
Insmed
INSM
|
+$42.6M |
| 2 |
BCYC
Bicycle Therapeutics
BCYC
|
+$31.8M |
| 3 |
GRAL
GRAIL Inc
GRAL
|
+$26.5M |
| 4 |
CRISPR Therapeutics
CRSP
|
+$22M |
| 5 |
Revolution Medicines
RVMD
|
+$18.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ONC
BeOne Medicines Ltd
ONC
|
+$212M |
| 2 |
Rhythm Pharmaceuticals
RYTM
|
+$17.4M |
| 3 |
Tango Therapeutics
TNGX
|
+$5.78M |
| 4 |
Crinetics Pharmaceuticals
CRNX
|
+$5.31M |
| 5 |
Biomea Fusion
BMEA
|
+$5.24M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 98.66% |
| 2 | Financials | 0.04% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Incyte
INCY
$25.9B
| $2.12B | 22.68% |
30,739,466
+446
| +0% | +$31.8K |
|
|
ONC
2
BeOne Medicines Ltd
ONC
$42.4B
| $1.76B | 18.81% |
9,531,880
-1,037,017
| -10% | -$212M |
|
3
Acadia Pharmaceuticals
ACAD
$5.08B
| $787M | 8.4% |
42,877,916
| – | – |
|
4
Madrigal Pharmaceuticals
MDGL
$11.9B
| $609M | 6.51% |
1,974,590
| – | – |
|
5
Summit Therapeutics
SMMT
$10.5B
| $436M | 4.66% |
24,424,865
| – | – |
|
|
6
Revolution Medicines
RVMD
$44.9B
| $347M | 3.71% |
7,936,972
+367,882
| +5% | +$18.6M |
|
|
7
Insmed
INSM
$27.5B
| $346M | 3.69% |
5,006,863
+590,945
| +13% | +$42.6M |
|
|
8
Rhythm Pharmaceuticals
RYTM
$7.57B
| $341M | 3.64% |
6,084,249
-314,117
| -5% | -$17.4M |
|
9
Kymera Therapeutics
KYMR
$9.96B
| $241M | 2.58% |
5,995,929
| – | – |
|
10
Kodiak Sciences
KOD
$2.41B
| $172M | 1.84% |
17,310,490
| – | – |
|
11
Edgewise Therapeutics
EWTX
$4.8B
| $164M | 1.76% |
6,155,940
+315,881
| +5% | +$10.1M |
|
|
BCYC
12
Bicycle Therapeutics
BCYC
$306M
| $152M | 1.63% |
10,885,357
+1,485,397
| +16% | +$31.8M |
|
13
Replimune Group
REPL
$1.39B
| $134M | 1.43% |
11,045,336
| – | – |
|
14
Alkermes
ALKS
$8.11B
| $120M | 1.28% |
4,181,751
| – | – |
|
15
Entrada Therapeutics
TRDA
$295M
| $84.1M | 0.9% |
4,865,819
| – | – |
|
16
AbCellera Biologics
ABCL
$3.67B
| $80.7M | 0.86% |
27,525,640
| – | – |
|
17
Denali Therapeutics
DNLI
$3.98B
| $76.1M | 0.81% |
3,731,695
| – | – |
|
18
Nurix Therapeutics
NRIX
$2.77B
| $73.1M | 0.78% |
3,882,125
| – | – |
|
19
argenx
ARGX
$65B
| $68.8M | 0.74% |
111,904
| – | – |
|
20
Ultragenyx Pharmaceutical
RARE
$2.55B
| $66.3M | 0.71% |
1,576,114
| – | – |
|
21
Kiniksa Pharmaceuticals
KNSA
$6.17B
| $55.7M | 0.6% |
2,818,323
| – | – |
|
22
Immatics
IMTX
$1.22B
| $51.7M | 0.55% |
7,275,830
+832,432
| +13% | +$7.15M |
|
|
23
CRISPR Therapeutics
CRSP
$5.75B
| $51.5M | 0.55% |
1,308,011
+464,936
| +55% | +$22M |
|
24
Stoke Therapeutics
STOK
$2.08B
| $51.1M | 0.55% |
4,633,838
+265,395
| +6% | +$3.26M |
|
25
Immunocore
IMCR
$1.9B
| $44.7M | 0.48% |
1,515,318
| – | – |
|
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Julian Baker's Q4 2024 Portfolio in Review
As of Q4 2024, Julian Baker held 102 positions worth $9.36B, down 3% from $9.65B the previous quarter. Its ten largest holdings account for 77% of the portfolio.
Julian Baker's Q4 2024 filing shows 8 new, 20 increased, 5 reduced and 7 closed positions. Its largest new stake was GRAIL Inc: 1,630,125 shares worth $29.1M. The largest sale was BeOne Medicines Ltd, an estimated $212M.
By sector, the portfolio is most concentrated in Healthcare at 99% of assets, down from 99% a quarter earlier, followed by Financials.
- Julian Baker's largest Q4 2024 buy was GRAIL Inc: 1,630,125 shares worth $29.1M.
- Julian Baker added most to Insmed in Q4 2024, an estimated $42.6M increase.
- Julian Baker's biggest Q4 2024 reduction was BeOne Medicines Ltd, cutting an estimated $212M.
- Julian Baker fully exited Tango Therapeutics in Q4 2024, selling an estimated $5.78M.
- Julian Baker's ten largest holdings make up 77% of its $9.36B portfolio in Q4 2024.
- Julian Baker opened 8 new positions and closed 7 in Q4 2024.
- Julian Baker's portfolio value fell 3% quarter-over-quarter to $9.36B.
Based on Baker Bros. Advisors's 13F filing for Q4 2024, filed 14 Feb 2025.