BAKER BROS ADVISORS LP's Q1 2026 13F: 7 new positions, 9 exits
Form 13F-HR for the quarter ended Mar 31, 2026 · filed May 15, 2026 · 84 reported positions · accession 0001104659-26-062547
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Increased | Praxis Precision Medicines, Inc. (PRAX) | 1.9% | 3.2% | +1.3 pts | +627K sh | +56% |
| Increased | Insmed Incorporated (INSM) | 6.7% | 7.0% | +0.2 pts | +828K sh | +13% |
| Increased | GRAIL, Inc. (GRAL) | 1.0% | 1.2% | +0.2 pts | +1.94M sh | +93% |
| Exited | Ultragenyx Pharmaceutical Inc. (RARE) | 0.4% | — | −0.4 pts | −2.77M sh | −100% |
| Reduced | Immunocore Holdings plc (IMCR) | 0.5% | 0.1% | −0.3 pts | −1.59M sh | −68% |
| New | Mirum Pharmaceuticals, Inc. (MIRM) | — | 0.2% | +0.2 pts | +446K sh | new |
| Exited | Terns Pharmaceuticals, Inc. (TERN) | 0.2% | — | −0.2 pts | −950K sh | −100% |
| Increased | Crinetics Pharmaceuticals, Inc. (CRNX) | 0.4% | 0.5% | 0.0 pts | +703K sh | +43% |
| Increased | Enliven Therapeutics, Inc. (ELVN) | 0.0% | 0.2% | +0.2 pts | +634K sh | +234% |
| Exited | BioCryst Pharmaceuticals, Inc. (BCRX) | 0.1% | — | −0.1 pts | −2.82M sh | −100% |
| Reduced | BioNTech SE (BNTX) | 0.2% | 0.1% | −0.1 pts | −249K sh | −68% |
| Exited | Ventyx Biosciences, Inc. (VTYX) | 0.1% | — | −0.1 pts | −2.35M sh | −100% |
| New | Evommune, Inc. (EVMN) | — | 0.1% | +0.1 pts | +847K sh | new |
| Increased | Ionis Pharmaceuticals, Inc. (IONS) | 0.8% | 0.9% | +0.1 pts | +256K sh | +14% |
| Reduced | Roivant Sciences Ltd. (ROIV) | 0.7% | 0.8% | +0.1 pts | −687K sh | −12% |
| New | Aktis Oncology, Inc. (AKTS) | — | 0.1% | +0.1 pts | +996K sh | new |
| New | Generate Biomedicines, Inc. (GENB) | — | 0.1% | +0.1 pts | +1.42M sh | new |
| Exited | Nuvalent, Inc. (NUVL) | 0.1% | — | −0.1 pts | −144K sh | −100% |
| New | COMPASS Pathways plc (CMPS) | — | 0.1% | +0.1 pts | +2.34M sh | new |
| Reduced | Immatics N.V. (IMTX) | 0.7% | 0.6% | −0.1 pts | −1.18M sh | −10% |
| Reduced | Arrowhead Pharmaceuticals, Inc. (ARWR) | 0.8% | 0.7% | −0.1 pts | −183K sh | −8% |
| Increased | IDEAYA Biosciences, Inc. (IDYA) | 0.7% | 0.8% | 0.0 pts | +328K sh | +9% |
| Increased | Alumis Inc. (ALMS) | 0.1% | 0.3% | +0.2 pts | +450K sh | +29% |
| Increased | Revolution Medicines, Inc. (RVMD) | 4.4% | 5.3% | +0.9 pts | +100K sh | +1% |
| Increased | AbCellera Biologics Inc. (ABCL) | 0.6% | 0.6% | +0.1 pts | +2.75M sh | +10% |
| Reduced | Tectonic Therapeutic, Inc. (TECX) | 0.1% | 0.1% | 0.0 pts | −296K sh | −33% |
| New | Eikon Therapeutics, Inc. (EIKN) | — | 0.0% | 0.0 pts | +556K sh | new |
| Increased | Dianthus Therapeutics, Inc. (DNTH) | 0.2% | 0.4% | +0.2 pts | +62,405 sh | +8% |
| Increased | Design Therapeutics, Inc. (DSGN) | 0.1% | 0.2% | 0.0 pts | +353K sh | +16% |
| Exited | 4D Molecular Therapeutics, Inc. (FDMT) | 0.0% | — | 0.0 pts | −476K sh | −100% |
| Increased | Wave Life Sciences Ltd. (WVE) | 0.0% | 0.0% | 0.0 pts | +479K sh | +139% |
| Increased | CytomX Therapeutics, Inc. (CTMX) | 0.1% | 0.1% | 0.0 pts | +725K sh | +17% |
| Exited | Vir Biotechnology, Inc. (VIR) | 0.0% | — | 0.0 pts | −543K sh | −100% |
| Increased | Arcus Biosciences, Inc. (RCUS) | 0.0% | 0.1% | 0.0 pts | +146K sh | +54% |
| New | Verastem, Inc. (VSTM) | — | 0.0% | 0.0 pts | +585K sh | new |
| Exited | KALA BIO, Inc. (KALA) | 0.0% | — | 0.0 pts | −1.8M sh | −100% |
| Increased | Disc Medicine, Inc. (IRON) | 0.2% | 0.1% | 0.0 pts | +12,607 sh | +4% |
| Increased | Skye Bioscience, Inc. (SKYE) | 0.0% | 0.0% | 0.0 pts | +125K sh | +9% |
| Exited | Acrivon Therapeutics, Inc. (ACRV) | 0.0% | — | 0.0 pts | −22,809 sh | −100% |
| Increased | Incyte Corporation (INCY) | 17.8% | 16.6% | −1.2 pts | +421 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
Top 10 positions — 73.5% of the equity book
Changes in the top 10 this quarter: KOD entered · RYTM left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | Incyte Corporation (INCY) | 17.8% | 16.6% | |
| 2 | BeOne Medicines Ltd. (ONC) | 15.7% | 15.0% | |
| 3 | Insmed Incorporated (INSM) | 6.7% | 7.0% | |
| 4 | Madrigal Pharmaceuticals, Inc. (MDGL) | 7.3% | 6.4% | |
| 5 | ACADIA Pharmaceuticals Inc. (ACAD) | 6.7% | 5.5% | |
| 6 | Revolution Medicines, Inc. (RVMD) | 4.4% | 5.3% | |
| 7 | Celcuity Inc. (CELC) | 4.6% | 5.2% | |
| 8 | Kodiak Sciences Inc. (KOD) | 3.3% | 4.4% | Entered the top 10 |
| 9 | Kymera Therapeutics, Inc. (KYMR) | 3.9% | 4.1% | |
| 10 | Summit Therapeutics Inc. (SMMT) | 3.7% | 4.0% | |
| — | Rhythm Pharmaceuticals, Inc. (RYTM) | 3.5% | 2.8% | 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).