BAKER BROS ADVISORS LP's Q4 2024 13F: 8 new positions, 7 exits
Form 13F-HR for the quarter ended Dec 31, 2024 · filed Feb 14, 2025 · 93 reported positions · accession 0001104659-25-014085
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | BeiGene, Ltd. (ONC) | 24.8% | 19.1% | −5.8 pts | −1.04M sh | −10% |
| Increased | Insmed Incorporated (INSM) | 3.4% | 3.7% | +0.4 pts | +591K sh | +13% |
| New | GRAIL, Inc. (GRAL) | — | 0.3% | +0.3 pts | +1.63M sh | new |
| New | Candel Therapeutics, Inc. (CADL) | — | 0.3% | +0.3 pts | +2.98M sh | new |
| Increased | Bicycle Therapeutics plc (BCYC) | 2.2% | 1.6% | −0.6 pts | +1.49M sh | +16% |
| Increased | CRISPR Therapeutics AG (CRSP) | 0.4% | 0.6% | +0.1 pts | +465K sh | +55% |
| Reduced | Rhythm Pharmaceuticals, Inc. (RYTM) | 3.5% | 3.7% | +0.2 pts | −314K sh | −5% |
| Increased | Revolution Medicines, Inc. (RVMD) | 3.6% | 3.8% | +0.2 pts | +368K sh | +5% |
| Increased | Immunovant, Inc. (IMVT) | 0.4% | 0.5% | +0.1 pts | +482K sh | +39% |
| Increased | Roivant Sciences Ltd. (ROIV) | 0.3% | 0.5% | +0.1 pts | +969K sh | +35% |
| Increased | Celcuity Inc. (CELC) | 0.3% | 0.4% | +0.1 pts | +804K sh | +43% |
| Increased | Edgewise Therapeutics, Inc. (EWTX) | 1.6% | 1.8% | +0.1 pts | +316K sh | +5% |
| New | Vir Biotechnology, Inc. (VIR) | — | 0.1% | +0.1 pts | +1.08M sh | new |
| New | Intellia Therapeutics, Inc. (NTLA) | — | 0.1% | +0.1 pts | +644K sh | new |
| Increased | Structure Therapeutics Inc. (GPCR) | 0.0% | 0.1% | +0.1 pts | +276K sh | +323% |
| Increased | Merus N.V. (MRUS) | 0.2% | 0.2% | 0.0 pts | +150K sh | +50% |
| Increased | Immatics N.V. (IMTX) | 0.8% | 0.6% | −0.2 pts | +832K sh | +13% |
| Exited | Tango Therapeutics, Inc. (TNGX) | 0.1% | — | −0.1 pts | −750K sh | −100% |
| Exited | Crinetics Pharmaceuticals, Inc. (CRNX) | 0.1% | — | −0.1 pts | −104K sh | −100% |
| New | BioNTech SE (BNTX) | — | 0.1% | +0.1 pts | +45,031 sh | new |
| Increased | Neurogene Inc. (NGNE) | 0.2% | 0.2% | 0.0 pts | +218K sh | +48% |
| New | Disc Medicine, Inc. (IRON) | — | 0.1% | +0.1 pts | +77,050 sh | new |
| Increased | Ionis Pharmaceuticals, Inc. (IONS) | 0.1% | 0.1% | 0.0 pts | +134K sh | +60% |
| Exited | Alector, Inc. (ALEC) | 0.0% | — | 0.0 pts | −927K sh | −100% |
| Increased | Stoke Therapeutics, Inc. (STOK) | 0.6% | 0.6% | 0.0 pts | +265K sh | +6% |
| Reduced | Biomea Fusion, Inc. (BMEA) | 0.2% | 0.1% | −0.2 pts | −657K sh | −31% |
| Increased | KALA BIO, Inc. (KALA) | 0.1% | 0.1% | 0.0 pts | +311K sh | +35% |
| Reduced | Sagimet Biosciences Inc. (SGMT) | 0.0% | 0.0% | 0.0 pts | −429K sh | −31% |
| Exited | NewAmsterdam Pharma Company N.V. (NAMS) | 0.0% | — | 0.0 pts | −96,711 sh | −100% |
| Exited | Aerovate Therapeutics, Inc. (AVTE) | 0.0% | — | 0.0 pts | −629K sh | −100% |
| New | Rocket Pharmaceuticals, Inc. (RCKT) | — | 0.0% | 0.0 pts | +97,079 sh | new |
| Exited | Pfizer Inc. (PFE) | 0.0% | — | 0.0 pts | −35,000 sh | −100% |
| New | PTC Therapeutics, Inc. (PTCT) | — | 0.0% | 0.0 pts | +20,400 sh | new |
| Increased | Praxis Precision Medicines, Inc. (PRAX) | 0.2% | 0.3% | +0.1 pts | +8,428 sh | +3% |
| Exited | BioCryst Pharmaceuticals, Inc. (BCRX) | 0.0% | — | 0.0 pts | −75,778 sh | −100% |
| Increased | Fate Therapeutics, Inc. (FATE) | 0.1% | 0.1% | −0.1 pts | +261K sh | +9% |
| Increased | Skye Bioscience, Inc. (SKYE) | 0.1% | 0.0% | 0.0 pts | +16,004 sh | +1% |
| Increased | Incyte Corporation (INCY) | 21.3% | 23.0% | +1.7 pts | +446 sh | 0% |
| Increased | IGM Biosciences, Inc. (IGMS) | 0.7% | 0.3% | −0.4 pts | +1,994 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:
- DBV Technologies S.A. (DBVT): 23306J200 → 23306J309, 7.31M → 1.46M shares (share count change consistent with a stock split)
Top 10 positions — 77.5% of the equity book
Changes in the top 10 this quarter: KOD entered · BCYC left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | Incyte Corporation (INCY) | 21.3% | 23.0% | |
| 2 | BeiGene, Ltd. (ONC) | 24.8% | 19.1% | |
| 3 | ACADIA Pharmaceuticals Inc. (ACAD) | 6.9% | 8.5% | |
| 4 | Madrigal Pharmaceuticals, Inc. (MDGL) | 4.4% | 6.6% | |
| 5 | Summit Therapeutics Inc. (SMMT) | 5.6% | 4.7% | |
| 6 | Revolution Medicines, Inc. (RVMD) | 3.6% | 3.8% | |
| 7 | Insmed Incorporated (INSM) | 3.4% | 3.7% | |
| 8 | Rhythm Pharmaceuticals, Inc. (RYTM) | 3.5% | 3.7% | |
| 9 | Kymera Therapeutics, Inc. (KYMR) | 3.0% | 2.6% | |
| 10 | Kodiak Sciences Inc. (KOD) | 0.5% | 1.9% | Entered the top 10 |
| — | Bicycle Therapeutics plc (BCYC) | 2.2% | 1.6% | 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).