BAKER BROS ADVISORS LP's Q1 2025 13F: 4 new positions, 9 exits
Form 13F-HR for the quarter ended Mar 31, 2025 · filed May 15, 2025 · 87 reported positions · accession 0001104659-25-049518
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | BeiGene, Ltd. (ONC) | 19.1% | 26.8% | +7.7 pts | −733K sh | −8% |
| Increased | Immunovant, Inc. (IMVT) | 0.5% | 1.0% | +0.6 pts | +3.75M sh | +220% |
| Increased | Insmed Incorporated (INSM) | 3.7% | 4.6% | +0.9 pts | +374K sh | +7% |
| Exited | Krystal Biotech, Inc. (KRYS) | 0.3% | — | −0.3 pts | −170K sh | −100% |
| Reduced | Rhythm Pharmaceuticals, Inc. (RYTM) | 3.7% | 3.3% | −0.4 pts | −480K sh | −8% |
| Increased | Immunocore Holdings plc (IMCR) | 0.5% | 0.8% | +0.3 pts | +807K sh | +53% |
| Increased | Vaxcyte, Inc. (PCVX) | 0.0% | 0.3% | +0.2 pts | +592K sh | +1211% |
| Reduced | CRISPR Therapeutics AG (CRSP) | 0.6% | 0.2% | −0.3 pts | −654K sh | −50% |
| Reduced | Akero Therapeutics, Inc. (AKRO) | 0.3% | 0.2% | −0.1 pts | −548K sh | −50% |
| Reduced | Xenon Pharmaceuticals Inc. (XENE) | 0.4% | 0.1% | −0.3 pts | −646K sh | −65% |
| Reduced | argenx SE (ARGX) | 0.7% | 0.5% | −0.2 pts | −34,144 sh | −31% |
| Increased | Celcuity Inc. (CELC) | 0.4% | 0.5% | +0.1 pts | +1.58M sh | +59% |
| New | Verona Pharma plc (VRNA) | — | 0.2% | +0.2 pts | +224K sh | new |
| Increased | Alkermes plc (ALKS) | 1.3% | 1.7% | +0.4 pts | +302K sh | +7% |
| Reduced | Merus N.V. (MRUS) | 0.2% | 0.1% | −0.1 pts | −227K sh | −50% |
| Increased | Neurogene Inc. (NGNE) | 0.2% | 0.2% | 0.0 pts | +812K sh | +120% |
| Exited | Mirum Pharmaceuticals, Inc. (MIRM) | 0.1% | — | −0.1 pts | −190K sh | −100% |
| Exited | Arvinas, Inc. (ARVN) | 0.1% | — | −0.1 pts | −406K sh | −100% |
| Increased | Rocket Pharmaceuticals, Inc. (RCKT) | 0.0% | 0.1% | +0.1 pts | +1M sh | +1030% |
| Exited | Biomea Fusion, Inc. (BMEA) | 0.1% | — | −0.1 pts | −1.45M sh | −100% |
| New | Regulus Therapeutics Inc. (RGLS) | — | 0.1% | +0.1 pts | +2.69M sh | new |
| New | Sionna Therapeutics, Inc. (SION) | — | 0.0% | 0.0 pts | +400K sh | new |
| Reduced | Vir Biotechnology, Inc. (VIR) | 0.1% | 0.0% | 0.0 pts | −542K sh | −50% |
| Reduced | Candel Therapeutics, Inc. (CADL) | 0.3% | 0.2% | −0.1 pts | −545K sh | −18% |
| Exited | Arcturus Therapeutics Holdings Inc. (ARCT) | 0.0% | — | 0.0 pts | −151K sh | −100% |
| Reduced | Compass Therapeutics, Inc. (CMPX) | 0.0% | 0.0% | 0.0 pts | −1.01M sh | −65% |
| New | Tectonic Therapeutic, Inc. (TECX) | — | 0.0% | 0.0 pts | +100K sh | new |
| Exited | Mersana Therapeutics, Inc. (MRSN) | 0.0% | — | 0.0 pts | −1.09M sh | −100% |
| Exited | PTC Therapeutics, Inc. (PTCT) | 0.0% | — | 0.0 pts | −20,400 sh | −100% |
| Reduced | Sana Biotechnology, Inc. (SANA) | 0.0% | 0.0% | 0.0 pts | −350K sh | −15% |
| Exited | PMV Pharmaceuticals, Inc. (PMVP) | 0.0% | — | 0.0 pts | −322K sh | −100% |
| Reduced | Century Therapeutics, Inc. (IPSC) | 0.0% | 0.0% | 0.0 pts | −556K sh | −70% |
| Increased | Sera Prognostics, Inc. (SERA) | 0.5% | 0.2% | −0.3 pts | +63,771 sh | +1% |
| Reduced | Leap Therapeutics, Inc. (CYPH) | 0.0% | 0.0% | 0.0 pts | −767K sh | −65% |
| Exited | Foghorn Therapeutics Inc. (FHTX) | 0.0% | — | 0.0 pts | −45,027 sh | −100% |
| Reduced | Cerus Corporation (CERS) | 0.3% | 0.3% | 0.0 pts | −126K sh | −1% |
| Reduced | Acrivon Therapeutics, Inc. (ACRV) | 0.0% | 0.0% | 0.0 pts | −30,076 sh | −57% |
| Increased | Incyte Corporation (INCY) | 23.0% | 20.8% | −2.1 pts | +487 sh | 0% |
| Increased | IGM Biosciences, Inc. (IGMS) | 0.3% | 0.1% | −0.2 pts | +953 sh | 0% |
| Reduced | Opthea Limited (CYVNY) | 0.1% | 0.0% | −0.1 pts | −86,302 sh | −4% |
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
Top 10 positions — 82.7% of the equity book
Changes in the top 10 this quarter: ALKS entered · KOD left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | BeiGene, Ltd. (ONC) | 19.1% | 26.8% | |
| 2 | Incyte Corporation (INCY) | 23.0% | 20.8% | |
| 3 | ACADIA Pharmaceuticals Inc. (ACAD) | 8.5% | 8.0% | |
| 4 | Madrigal Pharmaceuticals, Inc. (MDGL) | 6.6% | 7.3% | |
| 5 | Summit Therapeutics Inc. (SMMT) | 4.7% | 5.3% | |
| 6 | Insmed Incorporated (INSM) | 3.7% | 4.6% | |
| 7 | Rhythm Pharmaceuticals, Inc. (RYTM) | 3.7% | 3.3% | |
| 8 | Revolution Medicines, Inc. (RVMD) | 3.8% | 3.1% | |
| 9 | Kymera Therapeutics, Inc. (KYMR) | 2.6% | 1.8% | |
| 10 | Alkermes plc (ALKS) | 1.3% | 1.7% | Entered the top 10 |
| — | Kodiak Sciences Inc. (KOD) | 1.9% | 0.5% | 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).