Baker Bros. Advisors LP 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Baker Bros. Advisors LP disclosed 86 US equity positions worth $17.1bn in its Q4 2025 13F filing. The largest position was INCY at 17.8% of the reported book, followed by ONC and MDGL. Against the Q3 2025 filing, it opened 3 new positions, added to 15 and reduced 6 among the top 50 holdings.
What did Baker Bros. Advisors LP own in Q4 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | INCY Incyte Corporation | Healthcare | 17.8% | $3.0bn | 30,743,991 | 0% | held |
| 2 | ONC BeOne Medicines Ltd. | Healthcare | 15.7% | $2.7bn | 8,799,053 | 0% | held |
| 3 | MDGL Madrigal Pharmaceuticals, Inc. | Healthcare | 7.3% | $1.2bn | 2,141,701 | 0% | held |
| 4 | INSM Insmed Incorporated | Healthcare | 6.7% | $1.1bn | 6,592,746 | -2% | reduced |
| 5 | ACAD ACADIA Pharmaceuticals Inc. | Healthcare | 6.7% | $1.1bn | 42,896,690 | 0% | held |
| 6 | CELC Celcuity Inc. | Healthcare | 4.6% | $789.5m | 7,915,792 | 0% | held |
| 7 | RVMD Revolution Medicines, Inc. | Healthcare | 4.4% | $753.1m | 9,455,357 | 0% | held |
| 8 | KYMR Kymera Therapeutics, Inc. | Healthcare | 3.9% | $673.6m | 8,657,242 | 30% | added |
| 9 | SMMT Summit Therapeutics Inc. | Healthcare | 3.7% | $636.5m | 36,391,063 | 8% | added |
| 10 | RYTM Rhythm Pharmaceuticals, Inc. | Healthcare | 3.5% | $599.9m | 5,604,483 | 0% | held |
| 11 | KOD Kodiak Sciences Inc. | Healthcare | 3.3% | $556.9m | 19,919,186 | 15% | added |
| 12 | PRAX Praxis Precision Medicines, Inc. | Healthcare | 1.9% | $332.0m | 1,126,488 | 63% | added |
| 13 | ALKS Alkermes plc | Healthcare | 1.6% | $280.1m | 10,012,267 | 24% | added |
| 14 | GRAL GRAIL, Inc. | 1.0% | $178.5m | 2,085,333 | 28% | added | |
| 15 | EWTX Edgewise Therapeutics, Inc. | 1.0% | $163.2m | 6,575,940 | -10% | reduced | |
| 16 | ARWR Arrowhead Pharmaceuticals, Inc. | Healthcare | 0.8% | $144.4m | 2,175,645 | 30% | added |
| 17 | IONS Ionis Pharmaceuticals, Inc. | Healthcare | 0.8% | $141.8m | 1,791,841 | 216% | added |
| 18 | IMVT Immunovant, Inc. | Healthcare | 0.8% | $138.7m | 5,457,881 | 0% | held |
| 19 | IMTX Immatics N.V. | Healthcare | 0.7% | $127.0m | 12,094,094 | 0% | held |
| 20 | IDYA IDEAYA Biosciences, Inc. | Healthcare | 0.7% | $125.1m | 3,618,826 | 10% | added |
| 21 | ROIV Roivant Sciences Ltd. | Healthcare | 0.7% | $120.5m | 5,555,017 | 47% | added |
| 22 | ABVX Abivax S.A. | 0.7% | $118.1m | 875,796 | 0% | held | |
| 23 | Kiniksa Pharmaceuticals International, plc | 0.7% | $116.6m | 2,826,246 | 0% | held | |
| 24 | REPL Replimune Group, Inc. | Healthcare | 0.6% | $107.4m | 11,045,336 | 0% | held |
| 25 | STOK Stoke Therapeutics, Inc. | Healthcare | 0.6% | $105.9m | 3,336,697 | -28% | reduced |
| 26 | GPCR Structure Therapeutics Inc. | Healthcare | 0.6% | $99.6m | 1,432,529 | -8% | reduced |
| 27 | ABCL AbCellera Biologics Inc. | Healthcare | 0.6% | $94.1m | 27,525,640 | 0% | held |
| 28 | NRIX Nurix Therapeutics, Inc. | Healthcare | 0.5% | $88.4m | 4,658,556 | 20% | added |
| 29 | IMCR Immunocore Holdings plc | Healthcare | 0.5% | $80.6m | 2,322,656 | 0% | held |
| 30 | BCYC Bicycle Therapeutics plc | Healthcare | 0.5% | $77.1m | 10,885,357 | 0% | held |
| 31 | CRNXGBP Crinetics Pharmaceuticals, Inc. | 0.4% | $76.8m | 1,648,869 | 489% | added | |
| 32 | GLUE Monte Rosa Therapeutics, Inc. | 0.4% | $68.1m | 4,345,736 | -12% | reduced | |
| 33 | Celcuity Inc. | 0.4% | $66.6m | 30,750,000 | 0% | held | |
| 34 | RARE Ultragenyx Pharmaceutical Inc. | Healthcare | 0.4% | $63.8m | 2,772,692 | 0% | held |
| 35 | DNLI Denali Therapeutics Inc. | Healthcare | 0.4% | $61.6m | 3,731,695 | 0% | held |
| 36 | VRDN Viridian Therapeutics, Inc. | Healthcare | 0.4% | $61.4m | 1,971,678 | 13% | added |
| 37 | TRDA Entrada Therapeutics, Inc. | 0.3% | $52.1m | 5,072,730 | 4% | added | |
| 38 | RAPP Rapport Therapeutics, Inc. | 0.3% | $46.9m | 1,547,090 | 0% | held | |
| 39 | 430 Terns Pharmaceuticals, Inc. | 0.2% | $38.4m | 950,000 | – | new | |
| 40 | BNTX BioNTech SE | Healthcare | 0.2% | $35.1m | 368,923 | 0% | held |
| 41 | SYRE Spyre Therapeutics, Inc. | 0.2% | $32.8m | 1,000,000 | 0% | held | |
| 42 | DNTH Dianthus Therapeutics, Inc. | Healthcare | 0.2% | $32.5m | 789,759 | 0% | held |
| 43 | PRLD Prelude Therapeutics Inc. | 0.2% | $29.4m | 10,123,824 | 0% | held | |
| 44 | DBVT DBV Technologies S.A. | 0.2% | $28.0m | 1,461,425 | 0% | held | |
| 45 | IRON Disc Medicine, Inc. | Healthcare | 0.2% | $26.8m | 337,050 | 0% | held |
| 46 | JBIO Jade Biosciences, Inc. | 0.1% | $25.3m | 1,641,137 | – | new | |
| 47 | TSHA Taysha Gene Therapies, Inc. | Healthcare | 0.1% | $22.0m | 4,004,756 | 0% | held |
| 48 | BCRX BioCryst Pharmaceuticals, Inc. | Healthcare | 0.1% | $22.0m | 2,822,727 | – | new |
| 49 | VTYXUSD Ventyx Biosciences, Inc. | 0.1% | $21.2m | 2,349,280 | 130% | added | |
| 50 | ARGX argenx SE | Healthcare | 0.1% | $21.2m | 25,174 | -33% | reduced |
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.