BAKER BROS ADVISORS LP's Q2 2025 13F: 12 new positions, 11 exits
Form 13F-HR for the quarter ended Jun 30, 2025 · filed Aug 14, 2025 · 88 reported positions · accession 0001104659-25-078573
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Increased | Insmed Incorporated (INSM) | 4.6% | 7.5% | +2.9 pts | +2.33M sh | +43% |
| Increased | Summit Therapeutics Inc. (SMMT) | 5.3% | 7.0% | +1.7 pts | +9.3M sh | +38% |
| Increased | Alkermes plc (ALKS) | 1.7% | 1.8% | +0.1 pts | +1.93M sh | +43% |
| Increased | Revolution Medicines, Inc. (RVMD) | 3.1% | 3.3% | +0.2 pts | +1.43M sh | +18% |
| Increased | Structure Therapeutics Inc. (GPCR) | 0.1% | 0.5% | +0.4 pts | +2.15M sh | +594% |
| Increased | Ultragenyx Pharmaceutical Inc. (RARE) | 0.6% | 1.0% | +0.3 pts | +1.2M sh | +76% |
| Increased | BioNTech SE (BNTX) | 0.0% | 0.4% | +0.3 pts | +324K sh | +719% |
| Increased | Kymera Therapeutics, Inc. (KYMR) | 1.8% | 2.8% | +1.0 pts | +656K sh | +11% |
| Exited | CRISPR Therapeutics AG (CRSP) | 0.2% | — | −0.2 pts | −654K sh | −100% |
| New | Viridian Therapeutics, Inc. (VRDN) | — | 0.2% | +0.2 pts | +1.74M sh | new |
| Increased | IDEAYA Biosciences, Inc. (IDYA) | 0.2% | 0.4% | +0.2 pts | +1.06M sh | +99% |
| Reduced | argenx SE (ARGX) | 0.5% | 0.2% | −0.3 pts | −40,000 sh | −51% |
| Exited | Centessa Pharmaceuticals plc (CNTA) | 0.2% | — | −0.2 pts | −1.23M sh | −100% |
| Increased | Intellia Therapeutics, Inc. (NTLA) | 0.1% | 0.2% | +0.2 pts | +2.03M sh | +315% |
| Increased | Merus N.V. (MRUS) | 0.1% | 0.3% | +0.2 pts | +351K sh | +157% |
| New | Blueprint Medicines Corporation (BPMC) | — | 0.2% | +0.2 pts | +126K sh | new |
| Increased | Celcuity Inc. (CELC) | 0.5% | 0.7% | +0.2 pts | +1.19M sh | +28% |
| Increased | Immatics N.V. (IMTX) | 0.4% | 0.5% | +0.2 pts | +2.89M sh | +40% |
| Increased | Edgewise Therapeutics, Inc. (EWTX) | 1.5% | 0.9% | −0.6 pts | +1.15M sh | +19% |
| Increased | Praxis Precision Medicines, Inc. (PRAX) | 0.1% | 0.3% | +0.1 pts | +358K sh | +108% |
| New | Arrowhead Pharmaceuticals, Inc. (ARWR) | — | 0.1% | +0.1 pts | +939K sh | new |
| New | Dianthus Therapeutics, Inc. (DNTH) | — | 0.1% | +0.1 pts | +790K sh | new |
| Exited | 2seventy bio, Inc. (TSVT) | 0.1% | — | −0.1 pts | −2.5M sh | −100% |
| Increased | Disc Medicine, Inc. (IRON) | 0.0% | 0.2% | +0.1 pts | +260K sh | +337% |
| Exited | Bicara Therapeutics Inc. (BCAX) | 0.1% | — | −0.1 pts | −833K sh | −100% |
| Exited | Ionis Pharmaceuticals, Inc. (IONS) | 0.1% | — | −0.1 pts | −358K sh | −100% |
| Reduced | Akero Therapeutics, Inc. (AKRO) | 0.2% | 0.2% | −0.1 pts | −224K sh | −41% |
| New | Cidara Therapeutics, Inc. (CDTX) | — | 0.1% | +0.1 pts | +227K sh | new |
| New | Arcellx, Inc. (ACLX) | — | 0.1% | +0.1 pts | +167K sh | new |
| New | Nuvalent, Inc. (NUVL) | — | 0.1% | +0.1 pts | +144K sh | new |
| Reduced | Candel Therapeutics, Inc. (CADL) | 0.2% | 0.0% | −0.1 pts | −2.08M sh | −85% |
| New | Spyre Therapeutics, Inc. (SYRE) | — | 0.1% | +0.1 pts | +627K sh | new |
| Reduced | Cerus Corporation (CERS) | 0.3% | 0.2% | −0.1 pts | −6.47M sh | −33% |
| Increased | Celldex Therapeutics, Inc. (CLDX) | 0.1% | 0.1% | +0.1 pts | +418K sh | +169% |
| Exited | Dyne Therapeutics, Inc. (DYN) | 0.1% | — | −0.1 pts | −672K sh | −100% |
| New | Crinetics Pharmaceuticals, Inc. (CRNX) | — | 0.1% | +0.1 pts | +280K sh | new |
| New | CytomX Therapeutics, Inc. (CTMX) | — | 0.1% | +0.1 pts | +3.48M sh | new |
| Reduced | Neurogene Inc. (NGNE) | 0.2% | 0.1% | −0.1 pts | −495K sh | −33% |
| New | Agios Pharmaceuticals, Inc. (AGIO) | — | 0.1% | +0.1 pts | +190K sh | new |
| New | Rapport Therapeutics, Inc. (RAPP) | — | 0.1% | +0.1 pts | +550K sh | new |
| Exited | Regulus Therapeutics Inc. (RGLS) | 0.1% | — | −0.1 pts | −2.69M sh | −100% |
| Exited | Prime Medicine, Inc. (PRME) | 0.0% | — | 0.0 pts | −1.03M sh | −100% |
| Reduced | Rocket Pharmaceuticals, Inc. (RCKT) | 0.1% | 0.0% | −0.1 pts | −545K sh | −50% |
| Exited | Compass Therapeutics, Inc. (CMPX) | 0.0% | — | 0.0 pts | −547K sh | −100% |
| Reduced | Fate Therapeutics, Inc. (FATE) | 0.0% | 0.0% | 0.0 pts | −773K sh | −24% |
| Increased | Xenon Pharmaceuticals Inc. (XENE) | 0.1% | 0.1% | 0.0 pts | +22,800 sh | +7% |
| Increased | Madrigal Pharmaceuticals, Inc. (MDGL) | 7.3% | 5.8% | −1.5 pts | +1,428 sh | 0% |
| Increased | ACADIA Pharmaceuticals Inc. (ACAD) | 8.0% | 9.0% | +1.0 pts | +18,774 sh | 0% |
| Increased | Incyte Corporation (INCY) | 20.8% | 20.3% | −0.5 pts | +3,322 sh | 0% |
| Increased | Kiniksa Pharmaceuticals International, plc (KNSA) | 0.7% | 0.8% | +0.1 pts | +6,346 sh | 0% |
The 50 largest of 54 changes, by size of the trade. Full holdings for this quarter.
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 — 81.6% of the equity book
No changes in the top 10 this quarter
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | BeOne Medicines Ltd. (ONC) | 26.8% | 20.7% | |
| 2 | Incyte Corporation (INCY) | 20.8% | 20.3% | |
| 3 | ACADIA Pharmaceuticals Inc. (ACAD) | 8.0% | 9.0% | |
| 4 | Insmed Incorporated (INSM) | 4.6% | 7.5% | |
| 5 | Summit Therapeutics Inc. (SMMT) | 5.3% | 7.0% | |
| 6 | Madrigal Pharmaceuticals, Inc. (MDGL) | 7.3% | 5.8% | |
| 7 | Rhythm Pharmaceuticals, Inc. (RYTM) | 3.3% | 3.4% | |
| 8 | Revolution Medicines, Inc. (RVMD) | 3.1% | 3.3% | |
| 9 | Kymera Therapeutics, Inc. (KYMR) | 1.8% | 2.8% | |
| 10 | Alkermes plc (ALKS) | 1.7% | 1.8% |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).