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 |
Immunovant
IMVT
|
+$78.4M |
| 2 |
Vaxcyte
PCVX
|
+$47.3M |
| 3 |
Insmed
INSM
|
+$28.6M |
| 4 |
Immunocore
IMCR
|
+$24.2M |
| 5 |
Celcuity
CELC
|
+$17.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ONC
BeOne Medicines Ltd
ONC
|
+$171M |
| 2 |
CRISPR Therapeutics
CRSP
|
+$27.7M |
| 3 |
Krystal Biotech
KRYS
|
+$26.6M |
| 4 |
Rhythm Pharmaceuticals
RYTM
|
+$26.6M |
| 5 |
Xenon Pharmaceuticals
XENE
|
+$24.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 98.87% |
| 2 | Financials | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ONC
1
BeOne Medicines Ltd
ONC
$42.4B
| $2.39B | 26.5% |
8,799,053
-732,827
| -8% | -$171M |
|
2
Incyte
INCY
$25.9B
| $1.86B | 20.6% |
30,739,953
+487
| +0% | +$34K |
|
3
Acadia Pharmaceuticals
ACAD
$5.08B
| $712M | 7.88% |
42,877,916
| – | – |
|
4
Madrigal Pharmaceuticals
MDGL
$11.9B
| $654M | 7.24% |
1,974,590
| – | – |
|
5
Summit Therapeutics
SMMT
$10.5B
| $471M | 5.21% |
24,424,865
| – | – |
|
|
6
Insmed
INSM
$27.5B
| $410M | 4.54% |
5,380,626
+373,763
| +7% | +$28.6M |
|
|
7
Rhythm Pharmaceuticals
RYTM
$7.57B
| $297M | 3.29% |
5,604,483
-479,766
| -8% | -$26.6M |
|
8
Revolution Medicines
RVMD
$44.9B
| $281M | 3.11% |
7,936,972
| – | – |
|
9
Kymera Therapeutics
KYMR
$9.96B
| $164M | 1.82% |
5,995,929
| – | – |
|
10
Alkermes
ALKS
$8.11B
| $148M | 1.64% |
4,483,285
+301,534
| +7% | +$9.83M |
|
11
Edgewise Therapeutics
EWTX
$4.8B
| $135M | 1.5% |
6,155,940
| – | – |
|
12
Replimune Group
REPL
$1.39B
| $108M | 1.19% |
11,045,336
| – | – |
|
|
13
Immunovant
IMVT
$9.16B
| $93.3M | 1.03% |
5,457,881
+3,750,000
| +220% | +$78.4M |
|
|
BCYC
14
Bicycle Therapeutics
BCYC
$306M
| $92.4M | 1.02% |
10,885,357
| – | – |
|
|
15
Immunocore
IMCR
$1.9B
| $68.9M | 0.76% |
2,322,656
+807,338
| +53% | +$24.2M |
|
16
Kiniksa Pharmaceuticals
KNSA
$6.17B
| $62.6M | 0.69% |
2,818,323
| – | – |
|
17
AbCellera Biologics
ABCL
$3.67B
| $61.4M | 0.68% |
27,525,640
| – | – |
|
18
Ultragenyx Pharmaceutical
RARE
$2.55B
| $57.1M | 0.63% |
1,576,114
| – | – |
|
19
Denali Therapeutics
DNLI
$3.98B
| $50.7M | 0.56% |
3,731,695
| – | – |
|
20
Kodiak Sciences
KOD
$2.41B
| $48.6M | 0.54% |
17,310,490
| – | – |
|
21
Nurix Therapeutics
NRIX
$2.77B
| $46.1M | 0.51% |
3,882,125
| – | – |
|
22
argenx
ARGX
$65B
| $46M | 0.51% |
77,760
-34,144
| -31% | -$21.5M |
|
23
Entrada Therapeutics
TRDA
$295M
| $44M | 0.49% |
4,865,819
| – | – |
|
|
24
Celcuity
CELC
$4.58B
| $43M | 0.48% |
4,257,735
+1,579,182
| +59% | +$17.9M |
|
|
GRAL
25
GRAIL Inc
GRAL
$3.55B
| $41.6M | 0.46% |
1,630,125
| – | – |
|
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Julian Baker's Q1 2025 Portfolio in Review
As of Q1 2025, Julian Baker held 98 positions worth $9.04B, down 3.5% from $9.36B the previous quarter. Its ten largest holdings account for 82% of the portfolio.
Julian Baker's Q1 2025 filing shows 4 new, 11 increased, 16 reduced and 9 closed positions. Its largest new stake was Verona Pharma: 223,843 shares worth $14.2M. The largest sale was BeOne Medicines Ltd, an estimated $171M.
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 Q1 2025 buy was Verona Pharma: 223,843 shares worth $14.2M.
- Julian Baker added most to Immunovant in Q1 2025, an estimated $78.4M increase.
- Julian Baker's biggest Q1 2025 reduction was BeOne Medicines Ltd, cutting an estimated $171M.
- Julian Baker fully exited Krystal Biotech in Q1 2025, selling an estimated $26.6M.
- Julian Baker's ten largest holdings make up 82% of its $9.04B portfolio in Q1 2025.
- Julian Baker opened 4 new positions and closed 9 in Q1 2025.
- Julian Baker's portfolio value fell 3.5% quarter-over-quarter to $9.04B.
Based on Baker Bros. Advisors's 13F filing for Q1 2025, filed 15 May 2025.