13F filings
Baker Bros. Advisors
$17.4B to $20.0B. Includes price moves and buying or selling; not the fund's return.
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Sector mix of the disclosed holdings
by disclosed valueLargest holdings
50 largest of 84 positions| Holding | Type | Value | Shares | % of 13F value |
|---|---|---|---|---|
| INCYIncyte | Shares | $3.5B | 30,762,330 | 17.5% |
| ONCBeOne Medicines AG | Shares | $2.5B | 8,801,567 | 12.6% |
| RVMDRevolution Medicines | Shares | $2.1B | 11,443,357 | 10.7% |
| MDGLMadrigal Pharmaceuticals | Shares | $1.2B | 2,143,131 | 5.8% |
| ACADACADIA Pharmaceuticals | Shares | $1.1B | 42,912,904 | 5.4% |
| KYMRKymera Therapeutics | Shares | $992.7M | 8,657,242 | 5.0% |
| INSMInsmed | Shares | $937.8M | 8,796,111 | 4.7% |
| CELCCelcuity | Shares | $828.2M | 7,915,792 | 4.2% |
| KODKodiak Sciences | Shares | $776.1M | 19,919,186 | 3.9% |
| RYTMRhythm Pharmaceuticals | Shares | $622.3M | 5,604,483 | 3.1% |
| PRAXPraxis Precision Medicines | Shares | $587.0M | 1,753,198 | 2.9% |
| ALKSAlkermes | Shares | $524.6M | 10,012,267 | 2.6% |
| SMMTSummit Therapeutics | Shares | $477.7M | 32,786,348 | 2.4% |
| GRALGRAIL | Shares | $275.0M | 4,028,614 | 1.4% |
| ABCLAbCellera Biologics | Shares | $259.1M | 33,012,138 | 1.3% |
| IMVTImmunovant | Shares | $209.4M | 5,435,220 | 1.0% |
| IDYAIDEAYA Biosciences | Shares | $186.7M | 5,010,030 | 0.9% |
| KNSAKiniksa Pharmaceuticals International | Shares | $181.3M | 2,834,643 | 0.9% |
| ROIVRoivant Sciences | Shares | $166.9M | 4,716,831 | 0.8% |
| ARWRArrowhead Pharmaceuticals | Shares | $162.4M | 1,992,783 | 0.8% |
| IONSIonis Pharmaceuticals | Shares | $162.4M | 2,047,727 | 0.8% |
| EWTXEdgewise Therapeutics | Shares | $150.4M | 3,701,719 | 0.8% |
| REPLReplimune Group | Shares | $122.3M | 11,045,336 | 0.6% |
| NRIXNurix Therapeutics | Shares | $113.0M | 4,658,556 | 0.6% |
| STOKStoke Therapeutics | Shares | $109.2M | 3,336,697 | 0.5% |
| GLUEMonte Rosa Therapeutics | Shares | $105.2M | 4,345,736 | 0.5% |
| IMTXImmatics | Shares | $96.3M | 9,508,565 | 0.5% |
| DNLIDenali Therapeutics | Shares | $96.0M | 3,734,336 | 0.5% |
| CRNXCrinetics Pharmaceuticals | Shares | $88.0M | 2,351,465 | 0.4% |
| DNTHDianthus Therapeutics | Shares | $83.1M | 852,164 | 0.4% |
| GPCRStructure Therapeutics | Shares | $76.9M | 1,432,529 | 0.4% |
| Celcuity | Note | $69.2M | n/a | 0.3% |
| RAPPRapport Therapeutics | Shares | $64.5M | 1,547,090 | 0.3% |
| ALMSAlumis | Shares | $56.6M | 2,012,500 | 0.3% |
| PRLDPrelude Therapeutics | Shares | $54.0M | 10,123,824 | 0.3% |
| RLAYRelay Therapeutics | Shares | $52.9M | 2,826,783 | 0.3% |
| MIRMMirum Pharmaceuticals | Shares | $52.2M | 445,975 | 0.3% |
| BCYCBicycle Therapeutics | Shares | $46.2M | 10,885,357 | 0.2% |
| ELVNEnliven Therapeutics | Shares | $45.9M | 905,191 | 0.2% |
| CLDXCelldex Therapeutics | Shares | $44.0M | 1,182,611 | 0.2% |
| VRDNViridian Therapeutics | Shares | $43.8M | 2,383,025 | 0.2% |
| DSGNDesign Therapeutics | Shares | $38.8M | 2,678,430 | 0.2% |
| TRDAEntrada Therapeutics | Shares | $37.3M | 5,072,730 | 0.2% |
| SNSEFaeth Therapeutics | Shares | $32.2M | 1,286,411 | 0.2% |
| AKTSAktis Oncology | Shares | $32.1M | 996,351 | 0.2% |
| NGNENeurogene | Shares | $31.2M | 991,691 | 0.2% |
| JBIOJade Biosciences | Shares | $27.3M | 1,230,426 | 0.1% |
| TSHATaysha Gene Therapies | Shares | $27.3M | 4,004,756 | 0.1% |
| RCUSArcus Biosciences | Shares | $26.0M | 844,816 | 0.1% |
| IRONDisc Medicine | Shares | $25.6M | 349,657 | 0.1% |
% of 13F value 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. A Note is a convertible bond, which the filing sizes by its face amount rather than a share count.
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What Baker Bros. Advisors bought and sold in Q2 2026
15 largest moves| Holding | Move | Share change | Est. amount moved | Value after |
|---|---|---|---|---|
| RVMDRevolution Medicines | Added | +19.8% | +$353.6M | $2.1B |
| INSMInsmed | Added | +18.5% | +$146.6M | $937.8M |
| EWTXEdgewise Therapeutics | Trimmed | -43.7% | -$116.8M | $150.4M |
| ABVXAbivax | Exited | -100% | -$97.5M | $0 |
| SMMTSummit Therapeutics | Trimmed | -9.9% | -$52.5M | $477.7M |
| SYRESpyre Therapeutics | Exited | -100% | -$50.4M | $0 |
| IDYAIDEAYA Biosciences | Added | +26.9% | +$39.6M | $186.7M |
| SNSEFaeth Therapeutics | New | new | +$32.2M | $32.2M |
| RLAYRelay Therapeutics | Added | +143.7% | +$31.2M | $52.9M |
| CNTACentessa Pharmaceuticals | Exited | -100% | -$26.6M | $0 |
| IMCRImmunocore Holdings | Exited | -100% | -$22.1M | $0 |
| ABCLAbCellera Biologics | Added | +9.0% | +$21.5M | $259.1M |
| CLDXCelldex Therapeutics | Added | +77.7% | +$19.2M | $44.0M |
| CTNMContineum Therapeutics | Exited | -100% | -$18.6M | $0 |
| ARGXargenx SE | Exited | -100% | -$18.4M | $0 |
A change is this filing measured against the one before it. Est. amount moved is the shares added or sold, priced at the Jun 30, 2026 close. An estimate: a 13F gives no trade prices or dates. For a sold-out position, its value at the previous quarter end.
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 value. A 13F lists US-listed stock and options on it; short sales and cash are not in it.
What did Baker Bros. Advisors buy and sell last quarter?
Comparing the Q2 2026 filing with the quarter before, the largest moves were adding to RVMD, adding to INSM, trimming EWTX and selling out of 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 and filed with the SEC on Aug 14, 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. How the filing itself works is explained in our guide to Form 13F.
Checked for newer filings on Oct 26, 2026.