BAKER BROS ADVISORS LP's Q3 2023 13F: 7 new positions, 14 exits
Form 13F-HR for the quarter ended Sep 30, 2023 · filed Nov 14, 2023 · 99 reported positions · accession 0001104659-23-118157
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | argenx SE (ARGX) | 0.6% | 0.4% | −0.2 pts | −129K sh | −46% |
| Exited | Chinook Therapeutics, Inc. (KDNY) | 0.3% | — | −0.3 pts | −1.46M sh | −100% |
| Exited | DICE Therapeutics, Inc. (DICE) | 0.3% | — | −0.3 pts | −1.04M sh | −100% |
| Exited | ImmunoGen, Inc. (IMGN) | 0.2% | — | −0.2 pts | −1.52M sh | −100% |
| Increased | Roivant Sciences Ltd. (ROIV) | 0.6% | 0.8% | +0.3 pts | +2.45M sh | +26% |
| Increased | Ultragenyx Pharmaceutical Inc. (RARE) | 0.2% | 0.3% | +0.1 pts | +583K sh | +75% |
| Increased | AbCellera Biologics Inc. (ABCL) | 0.6% | 0.6% | −0.1 pts | +4.31M sh | +26% |
| Increased | Denali Therapeutics Inc. (DNLI) | 0.3% | 0.3% | 0.0 pts | +837K sh | +57% |
| New | Immunovant, Inc. (IMVT) | — | 0.1% | +0.1 pts | +425K sh | new |
| Reduced | AnaptysBio, Inc. (ANAB) | 0.1% | 0.0% | −0.1 pts | −670K sh | −86% |
| Exited | Verastem, Inc. (VSTM) | 0.1% | — | −0.1 pts | −1.34M sh | −100% |
| Increased | Monte Rosa Therapeutics, Inc. (GLUE) | 0.1% | 0.1% | 0.0 pts | +1.89M sh | +63% |
| New | Arvinas, Inc. (ARVN) | — | 0.0% | 0.0 pts | +413K sh | new |
| Exited | Fate Therapeutics, Inc. (FATE) | 0.0% | — | 0.0 pts | −1.67M sh | −100% |
| New | Taysha Gene Therapies, Inc. (TSHA) | — | 0.0% | 0.0 pts | +2.5M sh | new |
| Exited | Allogene Therapeutics, Inc. (ALLO) | 0.0% | — | 0.0 pts | −1.58M sh | −100% |
| New | Sagimet Biosciences Inc. (SGMT) | — | 0.0% | 0.0 pts | +815K sh | new |
| Reduced | POINT Biopharma Global Inc. (PNT) | 0.1% | 0.0% | −0.1 pts | −919K sh | −79% |
| New | Mirum Pharmaceuticals, Inc. (MIRM) | — | 0.0% | 0.0 pts | +190K sh | new |
| Reduced | Summit Therapeutics Inc. (SMMT) | 0.1% | 0.0% | −0.1 pts | −3.16M sh | −50% |
| Increased | Kymera Therapeutics, Inc. (KYMR) | 0.6% | 0.4% | −0.2 pts | +375K sh | +9% |
| New | Morphic Holding, Inc. (MORF) | — | 0.0% | 0.0 pts | +216K sh | new |
| New | Celcuity Inc. (CELC) | — | 0.0% | 0.0 pts | +535K sh | new |
| Exited | MacroGenics, Inc. (MGNX) | 0.0% | — | 0.0 pts | −893K sh | −100% |
| Exited | Mereo BioPharma Group PLC (MREO) | 0.0% | — | 0.0 pts | −3.55M sh | −100% |
| Increased | Rhythm Pharmaceuticals, Inc. (RYTM) | 0.6% | 0.9% | +0.3 pts | +204K sh | +3% |
| Reduced | Invitae Corporation (NVTA) | 0.1% | 0.0% | −0.1 pts | −7.12M sh | −80% |
| Exited | Aravive, Inc. (ARAV) | 0.0% | — | 0.0 pts | −3.26M sh | −100% |
| Reduced | Avidity Biosciences, Inc. (RNA) | 0.1% | 0.0% | 0.0 pts | −633K sh | −79% |
| Increased | Edgewise Therapeutics, Inc. (EWTX) | 0.0% | 0.0% | 0.0 pts | +550K sh | +110% |
| Increased | Cogent Biosciences, Inc. (COGT) | 0.1% | 0.1% | 0.0 pts | +313K sh | +32% |
| Reduced | Stoke Therapeutics, Inc. (STOK) | 0.1% | 0.0% | −0.1 pts | −644K sh | −30% |
| Exited | Vera Therapeutics, Inc. (VERA) | 0.0% | — | 0.0 pts | −146K sh | −100% |
| Increased | Design Therapeutics, Inc. (DSGN) | 0.0% | 0.0% | 0.0 pts | +1M sh | +200% |
| Increased | HOOKIPA Pharma Inc. (HOOK) | 0.0% | 0.0% | 0.0 pts | +3.64M sh | +82% |
| Increased | Cerus Corporation (CERS) | 0.2% | 0.2% | −0.1 pts | +1.17M sh | +7% |
| Exited | Aeglea BioTherapeutics, Inc. (AGLE) | 0.0% | — | 0.0 pts | −3.41M sh | −100% |
| Increased | Perspective Therapeutics, Inc. (CATX) | 0.0% | 0.0% | 0.0 pts | +5.32M sh | +229% |
| Increased | KALA BIO, Inc. (KALA) | 0.0% | 0.0% | 0.0 pts | +150K sh | +129% |
| Reduced | Affimed N.V. (AFMD) | 0.0% | 0.0% | 0.0 pts | −2.15M sh | −33% |
| Exited | FibroGen, Inc. (FGEN) | 0.0% | — | 0.0 pts | −238K sh | −100% |
| Exited | Nkarta, Inc. (NKTX) | 0.0% | — | 0.0 pts | −271K sh | −100% |
| Reduced | Sera Prognostics, Inc. (SERA) | 0.0% | 0.0% | 0.0 pts | −262K sh | −15% |
| Exited | Vincerx Pharma, Inc. (VINC) | 0.0% | — | 0.0 pts | −226K sh | −100% |
| Reduced | Instil Bio, Inc. (TIL) | 0.0% | 0.0% | 0.0 pts | −569K sh | −11% |
| Increased | Incyte Corporation (INCY) | 13.1% | 12.1% | −1.0 pts | +510 sh | 0% |
| Increased | IGM Biosciences, Inc. (IGMS) | 0.2% | 0.2% | 0.0 pts | +554 sh | 0% |
| Reduced | Opthea Limited (CYVNY) | 0.0% | 0.0% | 0.0 pts | −500 sh | 0% |
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
† Security identifier (CUSIP) changed — read as one continuing position, not an exit and a new position:
- Neoleukin Therapeutics, Inc. (NLTX): 64049K104 → 64049K203, 3.82M → 1.22M shares (share count changed with the identifier; not shown as a trade)
Top 10 positions — 90.9% of the equity book
Changes in the top 10 this quarter: RYTM entered · ROIV entered · KOD left · ARGX left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | Seagen Inc. (SGEN) | 50.0% | 54.9% | |
| 2 | BeiGene, Ltd. (ONC) | 12.1% | 12.2% | |
| 3 | Incyte Corporation (INCY) | 13.1% | 12.1% | |
| 4 | ACADIA Pharmaceuticals Inc. (ACAD) | 6.0% | 5.2% | |
| 5 | BioMarin Pharmaceutical Inc. (BMRN) | 1.9% | 2.0% | |
| 6 | Madrigal Pharmaceuticals, Inc. (MDGL) | 2.1% | 1.3% | |
| 7 | Rhythm Pharmaceuticals, Inc. (RYTM) | 0.6% | 0.9% | Entered the top 10 |
| 8 | Roivant Sciences Ltd. (ROIV) | 0.6% | 0.8% | Entered the top 10 |
| 9 | Immunocore Holdings plc (IMCR) | 0.9% | 0.8% | |
| 10 | Akero Therapeutics, Inc. (AKRO) | 0.6% | 0.7% | |
| — | Kodiak Sciences Inc. (KOD) | 0.7% | 0.2% | Left the top 10 |
| — | argenx SE (ARGX) | 0.6% | 0.4% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).