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 |
Praxis Precision Medicines
PRAX
|
+$194M |
| 2 |
GRAL
GRAIL Inc
GRAL
|
+$151M |
| 3 |
Insmed
INSM
|
+$127M |
| 4 |
Mirum Pharmaceuticals
MIRM
|
+$42M |
| 5 |
Crinetics Pharmaceuticals
CRNX
|
+$31.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Ultragenyx Pharmaceutical
RARE
|
+$63.8M |
| 2 |
Immunocore
IMCR
|
+$51.4M |
| 3 |
TERN
Terns Pharmaceuticals
TERN
|
+$38.4M |
| 4 |
BioNTech
BNTX
|
+$25.6M |
| 5 |
BioCryst Pharmaceuticals
BCRX
|
+$22M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 99.57% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Incyte
INCY
$25.9B
| $2.89B | 16.62% |
30,744,412
+421
| +0% | +$42K |
|
|
ONC
2
BeOne Medicines Ltd
ONC
$42.4B
| $2.61B | 15% |
8,799,053
| – | – |
|
|
3
Insmed
INSM
$27.5B
| $1.21B | 6.97% |
7,421,111
+828,365
| +13% | +$127M |
|
4
Madrigal Pharmaceuticals
MDGL
$11.9B
| $1.12B | 6.44% |
2,141,701
| – | – |
|
5
Acadia Pharmaceuticals
ACAD
$5.08B
| $955M | 5.48% |
42,896,690
| – | – |
|
6
Revolution Medicines
RVMD
$44.9B
| $929M | 5.34% |
9,555,357
+100,000
| +1% | +$10.1M |
|
7
Celcuity
CELC
$4.58B
| $904M | 5.19% |
7,915,792
| – | – |
|
8
Kodiak Sciences
KOD
$2.41B
| $759M | 4.36% |
19,919,186
| – | – |
|
9
Kymera Therapeutics
KYMR
$9.96B
| $721M | 4.14% |
8,657,242
| – | – |
|
10
Summit Therapeutics
SMMT
$10.5B
| $690M | 3.96% |
36,391,063
| – | – |
|
|
11
Praxis Precision Medicines
PRAX
$10.5B
| $565M | 3.24% |
1,753,198
+626,710
| +56% | +$194M |
|
12
Rhythm Pharmaceuticals
RYTM
$7.57B
| $487M | 2.8% |
5,604,483
| – | – |
|
13
Alkermes
ALKS
$8.11B
| $354M | 2.03% |
10,012,267
| – | – |
|
|
GRAL
14
GRAIL Inc
GRAL
$3.55B
| $208M | 1.2% |
4,028,614
+1,943,281
| +93% | +$151M |
|
15
Edgewise Therapeutics
EWTX
$4.8B
| $207M | 1.19% |
6,575,940
| – | – |
|
16
Ionis Pharmaceuticals
IONS
$9.93B
| $154M | 0.88% |
2,047,727
+255,886
| +14% | +$20.2M |
|
17
Kiniksa Pharmaceuticals
KNSA
$6.17B
| $136M | 0.78% |
2,826,246
| – | – |
|
18
Immunovant
IMVT
$9.16B
| $136M | 0.78% |
5,457,881
| – | – |
|
19
Roivant Sciences
ROIV
$26.2B
| $135M | 0.77% |
4,867,723
-687,294
| -12% | -$17.7M |
|
20
IDEAYA Biosciences
IDYA
$3.83B
| $131M | 0.76% |
3,946,515
+327,689
| +9% | +$11M |
|
21
Arrowhead Research
ARWR
$12.3B
| $125M | 0.72% |
1,992,783
-182,862
| -8% | -$11.6M |
|
22
Stoke Therapeutics
STOK
$2.08B
| $109M | 0.62% |
3,336,697
| – | – |
|
23
Immatics
IMTX
$1.22B
| $107M | 0.62% |
10,916,693
-1,177,401
| -10% | -$11.5M |
|
24
AbCellera Biologics
ABCL
$3.67B
| $106M | 0.61% |
30,275,938
+2,750,298
| +10% | +$9.9M |
|
|
ABVX
25
Abivax
ABVX
$10B
| $97.5M | 0.56% |
875,796
| – | – |
|
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Julian Baker's Q1 2026 Portfolio in Review
As of Q1 2026, Julian Baker held 93 positions worth $17.4B, up 2% from $17.1B the previous quarter. Its ten largest holdings account for 73% of the portfolio.
Julian Baker's Q1 2026 filing shows 8 new, 18 increased, 6 reduced and 9 closed positions. Its largest new stake was Mirum Pharmaceuticals: 445,975 shares worth $41.2M. The largest sale was Ultragenyx Pharmaceutical, an estimated $63.8M.
By sector, the portfolio is most concentrated in Healthcare at 100% of assets, down from 100% a quarter earlier.
- Julian Baker's largest Q1 2026 buy was Mirum Pharmaceuticals: 445,975 shares worth $41.2M.
- Julian Baker added most to Praxis Precision Medicines in Q1 2026, an estimated $194M increase.
- Julian Baker's biggest Q1 2026 reduction was Immunocore, cutting an estimated $51.4M.
- Julian Baker fully exited Ultragenyx Pharmaceutical in Q1 2026, selling an estimated $63.8M.
- Julian Baker's ten largest holdings make up 73% of its $17.4B portfolio in Q1 2026.
- Julian Baker opened 8 new positions and closed 9 in Q1 2026.
- Julian Baker's portfolio value rose 2% quarter-over-quarter to $17.4B.
Based on Baker Bros. Advisors's 13F filing for Q1 2026, filed 15 May 2026.