13F filings
Baker Bros. Advisors
Where the disclosed book sits
by disclosed valueLargest holdings
20 of 84 positions| Holding | Type | Value | Shares | Share of book |
|---|---|---|---|---|
| INCYIncyte Corporation | Shares | $3.5B | 30,762,330 | 17.5% |
| ONCBeOne Medicines Ltd. | Shares | $2.5B | 8,801,567 | 12.6% |
| RVMDRevolution Medicines, Inc. | Shares | $2.1B | 11,443,357 | 10.7% |
| MDGLMadrigal Pharmaceuticals, Inc. | Shares | $1.2B | 2,143,131 | 5.8% |
| ACADACADIA Pharmaceuticals Inc. | Shares | $1.1B | 42,912,904 | 5.4% |
| KYMRKymera Therapeutics, Inc. | Shares | $992.7M | 8,657,242 | 5% |
| INSMInsmed Incorporated | Shares | $937.8M | 8,796,111 | 4.7% |
| CELCCelcuity Inc. | Shares | $828.2M | 7,915,792 | 4.2% |
| KODKodiak Sciences Inc. | Shares | $776.1M | 19,919,186 | 3.9% |
| RYTMRhythm Pharmaceuticals, Inc. | Shares | $622.3M | 5,604,483 | 3.1% |
| PRAXPraxis Precision Medicines, Inc. | Shares | $587.0M | 1,753,198 | 2.9% |
| ALKSAlkermes plc | Shares | $524.6M | 10,012,267 | 2.6% |
| SMMTSummit Therapeutics Inc. | Shares | $477.7M | 32,786,348 | 2.4% |
| GRALGRAIL, Inc. | Shares | $275.0M | 4,028,614 | 1.4% |
| ABCLAbCellera Biologics Inc. | Shares | $259.1M | 33,012,138 | 1.3% |
| IMVTImmunovant, Inc. | Shares | $209.4M | 5,435,220 | 1% |
| IDYAIDEAYA Biosciences, Inc. | Shares | $186.7M | 5,010,030 | 0.9% |
| KNSAKiniksa Pharmaceuticals International, plc | Shares | $181.3M | 2,834,643 | 0.9% |
| ROIVRoivant Sciences Ltd. | Shares | $166.9M | 4,716,831 | 0.8% |
| ARWRArrowhead Pharmaceuticals, Inc. | Shares | $162.4M | 1,992,783 | 0.8% |
Share of book is the position's value against the whole disclosed 13F value, so the rows shown here do not sum to 100% unless every position is listed.
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What changed last quarter
15 largest moves| Holding | Move | Share change | Value change | Value after |
|---|---|---|---|---|
| RVMDRevolution Medicines, Inc. | Added | +19.8% | $353.6M | $2.1B |
| INSMInsmed Incorporated | Added | +18.5% | $146.6M | $937.8M |
| EWTXEdgewise Therapeutics, Inc. | Trimmed | -43.7% | -$116.8M | $150.4M |
| ABVXAbivax S.A. | Exited | n/a | -$97.5M | $0 |
| SMMTSummit Therapeutics Inc. | Trimmed | -9.9% | -$52.5M | $477.7M |
| SYRESpyre Therapeutics, Inc. | Exited | n/a | -$50.4M | $0 |
| IDYAIDEAYA Biosciences, Inc. | Added | +26.9% | $39.6M | $186.7M |
| SNSEFaeth Therapeutics, Inc. | New | n/a | $32.2M | $32.2M |
| RLAYRelay Therapeutics, Inc. | Added | +143.7% | $31.2M | $52.9M |
| CNTACentessa Pharmaceuticals plc | Exited | n/a | -$26.6M | $0 |
| IMCRImmunocore Holdings plc | Exited | n/a | -$22.1M | $0 |
| ABCLAbCellera Biologics Inc. | Added | +9.0% | $21.5M | $259.1M |
| CLDXCelldex Therapeutics, Inc. | Added | +77.7% | $19.2M | $44.0M |
| CTNMContineum Therapeutics, Inc. | Exited | n/a | -$18.6M | $0 |
| ARGXargenx SE | Exited | n/a | -$18.4M | $0 |
A change is this filing measured against the one before it. A 13F does not disclose trades, so the price paid and the day it happened are not in the record.
Questions
What does Baker Bros. Advisors hold?
Baker Bros. Advisors disclosed 84 positions worth $20.0B in the Q2 2026 13F filing. The largest is INCY at 17.5% of the disclosed book. A 13F lists long US equity positions only.
What did Baker Bros. Advisors buy and sell last quarter?
Comparing the Q2 2026 filing with the quarter before, the largest moves were Added RVMD, Added INSM, Trimmed EWTX, Exited ABVX. Changes are measured against the previous filing, not against trades, because a 13F does not disclose trades.
How current is this?
This is the Q2 2026 filing, covering positions held on Jun 30, 2026. A 13F is due 45 days after the quarter ends, so the most recent filing is always at least six weeks behind the market, and the manager may have changed the book since.
How to read a 13F
WHAT THE FILING COVERS
Positions are as disclosed to the SEC on Form 13F and are not investment advice. How this data is sourced, and what it cannot tell you, is on the methodology page.
Data as of Sep 10, 2026.