Baker Bros. Advisors LP 13F holdings, Q3 2025
Holdings as of September 30, 2025 · filings on SEC EDGAR · latest filing →
Baker Bros. Advisors LP disclosed 90 US equity positions worth $13.8bn in its Q3 2025 13F filing. The largest position was ONC at 21.7% of the reported book, followed by INCY and MDGL. Against the Q2 2025 filing, it opened 4 new positions, added to 10 and reduced 2 among the top 50 holdings.
What did Baker Bros. Advisors LP own in Q3 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q2 2025 |
|---|---|---|---|---|---|---|---|
| 1 | ONC BeOne Medicines Ltd. | Healthcare | 21.7% | $3.0bn | 8,799,053 | 0% | held |
| 2 | INCY Incyte Corporation | Healthcare | 18.8% | $2.6bn | 30,743,663 | 0% | held |
| 3 | MDGL Madrigal Pharmaceuticals, Inc. | Healthcare | 7.1% | $982.3m | 2,141,701 | 8% | added |
| 4 | INSM Insmed Incorporated | Healthcare | 7.0% | $965.4m | 6,703,484 | -13% | reduced |
| 5 | ACAD ACADIA Pharmaceuticals Inc. | Healthcare | 6.6% | $915.4m | 42,896,690 | 0% | held |
| 6 | SMMT Summit Therapeutics Inc. | Healthcare | 5.0% | $696.7m | 33,722,974 | 0% | held |
| 7 | RYTM Rhythm Pharmaceuticals, Inc. | Healthcare | 4.1% | $566.0m | 5,604,483 | 0% | held |
| 8 | RVMD Revolution Medicines, Inc. | Healthcare | 3.2% | $441.6m | 9,455,357 | 1% | added |
| 9 | CELC Celcuity Inc. | Healthcare | 2.8% | $391.0m | 7,915,792 | 45% | added |
| 10 | KYMR Kymera Therapeutics, Inc. | Healthcare | 2.7% | $376.5m | 6,651,429 | 0% | held |
| 11 | KOD Kodiak Sciences Inc. | Healthcare | 2.0% | $283.4m | 17,310,490 | 0% | held |
| 12 | ALKS Alkermes plc | Healthcare | 1.8% | $242.7m | 8,091,351 | 26% | added |
| 13 | ABCL AbCellera Biologics Inc. | Healthcare | 1.0% | $138.5m | 27,525,640 | 0% | held |
| 14 | EWTX Edgewise Therapeutics, Inc. | 0.9% | $118.5m | 7,305,940 | 0% | held | |
| 15 | Kiniksa Pharmaceuticals International, plc | 0.8% | $109.7m | 2,824,669 | 0% | held | |
| 16 | STOK Stoke Therapeutics, Inc. | Healthcare | 0.8% | $108.9m | 4,633,838 | 0% | held |
| 17 | IMTX Immatics N.V. | Healthcare | 0.7% | $103.0m | 12,094,094 | 19% | added |
| 18 | GRAL GRAIL, Inc. | 0.7% | $96.4m | 1,630,125 | 0% | held | |
| 19 | IDYA IDEAYA Biosciences, Inc. | Healthcare | 0.6% | $89.1m | 3,275,444 | 55% | added |
| 20 | IMVT Immunovant, Inc. | Healthcare | 0.6% | $88.0m | 5,457,881 | 0% | held |
| 21 | IMCR Immunocore Holdings plc | Healthcare | 0.6% | $84.4m | 2,322,656 | 0% | held |
| 22 | BCYC Bicycle Therapeutics plc | Healthcare | 0.6% | $84.3m | 10,885,357 | 0% | held |
| 23 | RARE Ultragenyx Pharmaceutical Inc. | Healthcare | 0.6% | $83.4m | 2,772,692 | 0% | held |
| 24 | ABVX Abivax S.A. | 0.5% | $74.4m | 875,796 | – | new | |
| 25 | ARWR Arrowhead Pharmaceuticals, Inc. | Healthcare | 0.4% | $57.6m | 1,670,762 | 78% | added |
| 26 | ROIV Roivant Sciences Ltd. | Healthcare | 0.4% | $57.0m | 3,767,773 | 0% | held |
| 27 | DNLI Denali Therapeutics Inc. | Healthcare | 0.4% | $54.2m | 3,731,695 | 0% | held |
| 28 | Merus N.V. | 0.4% | $54.1m | 574,377 | 0% | held | |
| 29 | NTLA Intellia Therapeutics, Inc. | Healthcare | 0.3% | $47.4m | 2,746,674 | 3% | added |
| 30 | REPL Replimune Group, Inc. | Healthcare | 0.3% | $46.3m | 11,045,336 | 0% | held |
| 31 | RAPP Rapport Therapeutics, Inc. | 0.3% | $45.9m | 1,547,090 | 181% | added | |
| 32 | GPCR Structure Therapeutics Inc. | Healthcare | 0.3% | $43.6m | 1,556,109 | -38% | reduced |
| 33 | Celcuity Inc. | 0.3% | $40.9m | 30,750,000 | – | new | |
| 34 | VRDN Viridian Therapeutics, Inc. | Healthcare | 0.3% | $37.6m | 1,744,406 | 0% | held |
| 35 | IONS Ionis Pharmaceuticals, Inc. | Healthcare | 0.3% | $37.1m | 566,798 | – | new |
| 36 | PRAX Praxis Precision Medicines, Inc. | Healthcare | 0.3% | $36.5m | 689,488 | 0% | held |
| 37 | GLUE Monte Rosa Therapeutics, Inc. | 0.3% | $36.4m | 4,916,095 | 0% | held | |
| 38 | BNTX BioNTech SE | Healthcare | 0.3% | $36.4m | 368,923 | 0% | held |
| 39 | NRIX Nurix Therapeutics, Inc. | Healthcare | 0.3% | $35.9m | 3,882,125 | 0% | held |
| 40 | DNTH Dianthus Therapeutics, Inc. | Healthcare | 0.2% | $31.1m | 789,759 | 0% | held |
| 41 | TRDA Entrada Therapeutics, Inc. | 0.2% | $28.2m | 4,865,819 | 0% | held | |
| 42 | ARGX argenx SE | Healthcare | 0.2% | $27.9m | 37,760 | 0% | held |
| 43 | RNAGBP Avidity Biosciences, Inc. | 0.2% | $27.2m | 625,000 | – | new | |
| 44 | PCVX Vaxcyte, Inc. | Healthcare | 0.2% | $23.1m | 640,885 | 0% | held |
| 45 | IRON Disc Medicine, Inc. | Healthcare | 0.2% | $22.3m | 337,050 | 0% | held |
| 46 | CDTX Cidara Therapeutics, Inc. | 0.2% | $21.8m | 227,272 | 0% | held | |
| 47 | CLDX Celldex Therapeutics, Inc. | Healthcare | 0.1% | $17.2m | 665,370 | 0% | held |
| 48 | NGNE Neurogene Inc. | 0.1% | $17.2m | 991,691 | 0% | held | |
| 49 | SERA Sera Prognostics, Inc. | 0.1% | $16.8m | 5,498,170 | 0% | held | |
| 50 | SYRE Spyre Therapeutics, Inc. | 0.1% | $16.8m | 1,000,000 | 60% | added |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.