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 |
Celcuity
CELC
|
+$98.7M |
| 2 |
Madrigal Pharmaceuticals
MDGL
|
+$61.8M |
| 3 |
ABVX
Abivax
ABVX
|
+$53.7M |
| 4 |
Alkermes
ALKS
|
+$47.4M |
| 5 |
IDEAYA Biosciences
IDYA
|
+$28M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Insmed
INSM
|
+$124M |
| 2 |
VRNA
Verona Pharma
VRNA
|
+$21.2M |
| 3 |
VERV
Verve Therapeutics
VERV
|
+$19M |
| 4 |
Structure Therapeutics
GPCR
|
+$19M |
| 5 |
BPMC
Blueprint Medicines
BPMC
|
+$16.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 99.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ONC
1
BeOne Medicines Ltd
ONC
$42.4B
| $3B | 21.66% |
8,799,053
| – | – |
|
2
Incyte
INCY
$25.9B
| $2.61B | 18.84% |
30,743,663
+388
| +0% | +$30.7K |
|
|
3
Madrigal Pharmaceuticals
MDGL
$11.9B
| $982M | 7.1% |
2,141,701
+165,683
| +8% | +$61.8M |
|
|
4
Insmed
INSM
$27.5B
| $965M | 6.98% |
6,703,484
-1,009,416
| -13% | -$124M |
|
5
Acadia Pharmaceuticals
ACAD
$5.08B
| $915M | 6.61% |
42,896,690
| – | – |
|
6
Summit Therapeutics
SMMT
$10.5B
| $697M | 5.03% |
33,722,974
| – | – |
|
7
Rhythm Pharmaceuticals
RYTM
$7.57B
| $566M | 4.09% |
5,604,483
| – | – |
|
8
Revolution Medicines
RVMD
$44.9B
| $442M | 3.19% |
9,455,357
+90,385
| +1% | +$3.54M |
|
|
9
Celcuity
CELC
$4.58B
| $391M | 2.83% |
7,915,792
+2,465,347
| +45% | +$98.7M |
|
10
Kymera Therapeutics
KYMR
$9.96B
| $376M | 2.72% |
6,651,429
| – | – |
|
11
Kodiak Sciences
KOD
$2.41B
| $283M | 2.05% |
17,310,490
| – | – |
|
|
12
Alkermes
ALKS
$8.11B
| $243M | 1.75% |
8,091,351
+1,680,748
| +26% | +$47.4M |
|
13
AbCellera Biologics
ABCL
$3.67B
| $138M | 1% |
27,525,640
| – | – |
|
14
Edgewise Therapeutics
EWTX
$4.8B
| $119M | 0.86% |
7,305,940
| – | – |
|
15
Kiniksa Pharmaceuticals
KNSA
$6.17B
| $110M | 0.79% |
2,824,669
| – | – |
|
16
Stoke Therapeutics
STOK
$2.08B
| $109M | 0.79% |
4,633,838
| – | – |
|
17
Immatics
IMTX
$1.22B
| $103M | 0.74% |
12,094,094
+1,925,193
| +19% | +$11.9M |
|
|
GRAL
18
GRAIL Inc
GRAL
$3.55B
| $96.4M | 0.7% |
1,630,125
| – | – |
|
|
19
IDEAYA Biosciences
IDYA
$3.83B
| $89.1M | 0.64% |
3,275,444
+1,156,716
| +55% | +$28M |
|
20
Immunovant
IMVT
$9.16B
| $88M | 0.64% |
5,457,881
| – | – |
|
21
Immunocore
IMCR
$1.9B
| $84.4M | 0.61% |
2,322,656
| – | – |
|
|
BCYC
22
Bicycle Therapeutics
BCYC
$306M
| $84.3M | 0.61% |
10,885,357
| – | – |
|
23
Ultragenyx Pharmaceutical
RARE
$2.55B
| $83.4M | 0.6% |
2,772,692
| – | – |
|
|
ABVX
24
Abivax
ABVX
$10B
| $74.4M | 0.54% |
+875,796
| New | +$53.7M |
|
25
Arrowhead Research
ARWR
$12.3B
| $57.6M | 0.42% |
1,670,762
+731,588
| +78% | +$16.1M |
|
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Julian Baker's Q3 2025 Portfolio in Review
As of Q3 2025, Julian Baker held 100 positions worth $13.8B, up 34% from $10.3B the previous quarter. Its ten largest holdings account for 79% of the portfolio.
Julian Baker's Q3 2025 filing shows 10 new, 14 increased, 6 reduced and 9 closed positions. Its largest new stake was Abivax: 875,796 shares worth $74.4M. The largest sale was Insmed, an estimated $124M.
By sector, the portfolio is most concentrated in Healthcare at 100% of assets, down from 100% a quarter earlier.
- Julian Baker's largest Q3 2025 buy was Abivax: 875,796 shares worth $74.4M.
- Julian Baker added most to Celcuity in Q3 2025, an estimated $98.7M increase.
- Julian Baker's biggest Q3 2025 reduction was Insmed, cutting an estimated $124M.
- Julian Baker fully exited Verona Pharma in Q3 2025, selling an estimated $21.2M.
- Julian Baker's ten largest holdings make up 79% of its $13.8B portfolio in Q3 2025.
- Julian Baker opened 10 new positions and closed 9 in Q3 2025.
- Julian Baker's portfolio value rose 34% quarter-over-quarter to $13.8B.
Based on Baker Bros. Advisors's 13F filing for Q3 2025, filed 14 Nov 2025.