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Biotech / healthcare specialist

Baker Bros. Advisors

Baker Bros. Advisors, a biotechnology specialist with a concentrated healthcare portfolio

Baker Bros. is a specialist healthcare and biotechnology investor. Its public book is useful for studying conviction in drug development, platform science, commercial launches, and regulatory milestones.

Sources Baker Bros. Advisors official site SEC EDGAR profile
Biotech / healthcare specialist CIK 1263508
2026-03-31 Latest 13F 20 Current holdings 34 Last 2 periods Change 0 Public materials
Latest 13F snapshot 2026-03-31 · 84 disclosed positions · $17.4B Top five 50.5%: INCY, ONC, INSM, MDGL, ACAD

Performance materials

  • Baker Bros. does not publish a continuous public fund-level return table. Filings and company-level biotech research provide context.

Firm and key people

  • Baker Bros. has built a long reputation in biotechnology and healthcare investing.
  • The portfolio can be concentrated in companies where scientific and regulatory outcomes matter.
  • 13F changes should be read with clinical, regulatory, and financing events.

Investment style

  • Focus on pipeline quality, clinical data, regulatory path, balance sheet, and market opportunity.
  • Large long-held positions can show deep scientific conviction.
  • Risk differs from normal industrial or software holdings because binary events can dominate.

Public materials

View timeline
Shareholder letters / memos 0
Interview 0
Public video 0
Public Q&A / speeches / presentations 0

Current holdings

13F period 2026-03-31 · Filed 2026-05-15
Stocks Shares Value Weight
INCY 30,744,412 $2.9B 16.6%
ONC 8,799,053 $2.6B 15.0%
INSM 7,421,111 $1.2B 7.0%
MDGL 2,141,701 $1.1B 6.4%
ACAD 42,896,690 $954.9M 5.5%
RVMD 9,555,357 $929.3M 5.3%
CELC 7,915,792 $903.5M 5.2%
KOD 19,919,186 $759.3M 4.4%
KYMR 8,657,242 $721.1M 4.1%
SMMT 36,391,063 $690.0M 4.0%
PRAX 1,753,198 $564.9M 3.2%
RYTM 5,604,483 $487.4M 2.8%
ALKS 10,012,267 $354.0M 2.0%
GRAL 4,028,614 $208.2M 1.2%
IONS 2,047,727 $153.8M 0.9%
ROIV 4,867,723 $134.8M 0.8%
ARWR 1,992,783 $124.9M 0.7%
STOK 3,336,697 $108.6M 0.6%
ABCL 30,275,938 $105.7M 0.6%
ABVX 875,796 $97.5M 0.6%

Last 2 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-15
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
PRAX Major increase 2026-03-31 Filed 2026-05-15 1,753,198 1,126,488 55.6% +$232.8M
RVMD Minor increase 2026-03-31 Filed 2026-05-15 9,555,357 9,455,357 1.1% +$176.1M
INCY Minor increase 2026-03-31 Filed 2026-05-15 30,744,412 30,743,991 0.0% -$142.9M
INSM Minor increase 2026-03-31 Filed 2026-05-15 7,421,111 6,592,746 12.6% +$66.1M
IMCR Major reduction 2026-03-31 Filed 2026-05-15 734,397 2,322,656 -68.4% -$58.5M
MIRM New 2026-03-31 Filed 2026-05-15 445,975 0 - +$41.2M
DNTH Minor increase 2026-03-31 Filed 2026-05-15 852,164 789,759 7.9% +$39.0M
TERN Sold out 2026-03-31 Filed 2026-05-15 0 950,000 -100.0% -$38.4M
GRAL Major increase 2026-03-31 Filed 2026-05-15 4,028,614 2,085,333 93.2% +$29.7M
BNTX Major reduction 2026-03-31 Filed 2026-05-15 119,743 368,923 -67.5% -$24.5M
BCRX Sold out 2026-03-31 Filed 2026-05-15 0 2,822,727 -100.0% -$22.0M
ARWR Minor reduction 2026-03-31 Filed 2026-05-15 1,992,783 2,175,645 -8.4% -$19.5M
AKTS New 2026-03-31 Filed 2026-05-15 996,351 0 - +$17.8M
ROIV Minor reduction 2026-03-31 Filed 2026-05-15 4,867,723 5,555,017 -12.4% +$14.3M
IONS Minor increase 2026-03-31 Filed 2026-05-15 2,047,727 1,791,841 14.3% +$12.0M
ABCL Minor increase 2026-03-31 Filed 2026-05-15 30,275,938 27,525,640 10.0% +$11.5M
INCY Minor increase 2025-12-31 Filed 2026-02-17 30,743,991 30,743,663 0.0% +$429.2M
KYMR Major increase 2025-12-31 Filed 2026-02-17 8,657,242 6,651,429 30.2% +$297.1M
PRAX Major increase 2025-12-31 Filed 2026-02-17 1,126,488 689,488 63.4% +$295.5M
KOD Major increase 2025-12-31 Filed 2026-02-17 19,919,186 17,310,490 15.1% +$273.6M
INSM Minor reduction 2025-12-31 Filed 2026-02-17 6,592,746 6,703,484 -1.7% +$182.0M
IONS Major increase 2025-12-31 Filed 2026-02-17 1,791,841 566,798 216.1% +$104.7M
ARWR Major increase 2025-12-31 Filed 2026-02-17 2,175,645 1,670,762 30.2% +$86.8M
GRAL Major increase 2025-12-31 Filed 2026-02-17 2,085,333 1,630,125 27.9% +$82.1M
ROIV Major increase 2025-12-31 Filed 2026-02-17 5,555,017 3,767,773 47.4% +$63.5M
SMMT Minor increase 2025-12-31 Filed 2026-02-17 36,391,063 33,722,974 7.9% -$60.2M
NTLA Sold out 2025-12-31 Filed 2026-02-17 0 2,746,674 -100.0% -$47.4M
TERN New 2025-12-31 Filed 2026-02-17 950,000 0 - +$38.4M
ALKS Major increase 2025-12-31 Filed 2026-02-17 10,012,267 8,091,351 23.7% +$37.4M
PCVX Sold out 2025-12-31 Filed 2026-02-17 0 640,885 -100.0% -$23.1M
BCRX New 2025-12-31 Filed 2026-02-17 2,822,727 0 - +$22.0M
CDTX Sold out 2025-12-31 Filed 2026-02-17 0 227,272 -100.0% -$21.8M
ARGX Major reduction 2025-12-31 Filed 2026-02-17 25,174 37,760 -33.3% -$6.7M
STOK Major reduction 2025-12-31 Filed 2026-02-17 3,336,697 4,633,838 -28.0% -$3.0M

Public video / Interview / Shareholder letter / Public Q&A

No viewpoint records yet.