BAKER BROS ADVISORS LP's Q2 2026 13F: 8 new positions, 8 exits
Form 13F-HR for the quarter ended Jun 30, 2026 · filed Aug 14, 2026 · 83 reported positions · accession 0001104659-26-097191
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Increased | Revolution Medicines, Inc. (RVMD) | 5.4% | 10.8% | +5.4 pts | +1.89M sh | +20% |
| Increased | Insmed Incorporated (INSM) | 7.0% | 4.7% | −2.3 pts | +1.38M sh | +19% |
| Reduced | Edgewise Therapeutics, Inc. (EWTX) | 1.2% | 0.8% | −0.4 pts | −2.87M sh | −44% |
| Exited | Abivax S.A. (ABVX) | 0.6% | — | −0.6 pts | −876K sh | −100% |
| Exited | Spyre Therapeutics, Inc. (SYRE) | 0.3% | — | −0.3 pts | −1M sh | −100% |
| Reduced | Summit Therapeutics Inc. (SMMT) | 4.0% | 2.4% | −1.6 pts | −3.6M sh | −10% |
| Increased | IDEAYA Biosciences, Inc. (IDYA) | 0.8% | 0.9% | +0.2 pts | +1.06M sh | +27% |
| New | Faeth Therapeutics, Inc. (SNSE) | — | 0.2% | +0.2 pts | +1.29M sh | new |
| Increased | Relay Therapeutics, Inc. (RLAY) | 0.1% | 0.3% | +0.2 pts | +1.67M sh | +144% |
| Exited | Centessa Pharmaceuticals plc (CNTA) | 0.2% | — | −0.2 pts | −671K sh | −100% |
| Exited | Immunocore Holdings plc (IMCR) | 0.1% | — | −0.1 pts | −734K sh | −100% |
| Increased | AbCellera Biologics Inc. (ABCL) | 0.6% | 1.3% | +0.7 pts | +2.74M sh | +9% |
| Exited | Contineum Therapeutics, Inc. (CTNM) | 0.1% | — | −0.1 pts | −1.42M sh | −100% |
| Exited | argenx SE (ARGX) | 0.1% | — | −0.1 pts | −25,174 sh | −100% |
| Increased | Celldex Therapeutics, Inc. (CLDX) | 0.1% | 0.2% | +0.1 pts | +517K sh | +78% |
| New | Cytokinetics, Incorporated (CYTK) | — | 0.1% | +0.1 pts | +211K sh | new |
| New | Intellia Therapeutics, Inc. (NTLA) | — | 0.1% | +0.1 pts | +930K sh | new |
| Exited | COMPASS Pathways plc (CMPS) | 0.1% | — | −0.1 pts | −2.34M sh | −100% |
| Reduced | Immatics N.V. (IMTX) | 0.6% | 0.5% | −0.1 pts | −1.41M sh | −13% |
| New | Parabilis Medicines, Inc. (PBLS) | — | 0.1% | +0.1 pts | +500K sh | new |
| Increased | Arcus Biosciences, Inc. (RCUS) | 0.1% | 0.1% | +0.1 pts | +429K sh | +103% |
| Exited | Pharvaris N.V. (PHVS) | 0.1% | — | −0.1 pts | −375K sh | −100% |
| New | Avalyn Pharma Inc. (AVLN) | — | 0.1% | +0.1 pts | +350K sh | new |
| Reduced | Cerus Corporation (CERS) | 0.1% | 0.1% | 0.0 pts | −3.61M sh | −36% |
| New | Tango Therapeutics, Inc. (TNGX) | — | 0.1% | +0.1 pts | +333K sh | new |
| New | Avalo Therapeutics, Inc. (AVTX) | — | 0.1% | +0.1 pts | +550K sh | new |
| Reduced | Jade Biosciences, Inc. (JBIO) | 0.1% | 0.1% | 0.0 pts | −411K sh | −25% |
| Increased | Viridian Therapeutics, Inc. (VRDN) | 0.2% | 0.2% | 0.0 pts | +411K sh | +21% |
| Increased | Verastem, Inc. (VSTM) | 0.0% | 0.0% | 0.0 pts | +1.91M sh | +327% |
| Reduced | Roivant Sciences Ltd. (ROIV) | 0.8% | 0.8% | +0.1 pts | −151K sh | −3% |
| Increased | Incyte Corporation (INCY) | 16.7% | 17.5% | +0.8 pts | +17,918 sh | 0% |
| Increased | Design Therapeutics, Inc. (DSGN) | 0.2% | 0.2% | 0.0 pts | +92,452 sh | +4% |
| New | Immunome, Inc. (IMNM) | — | 0.0% | 0.0 pts | +55,306 sh | new |
| Reduced | Immunovant, Inc. (IMVT) | 0.8% | 1.1% | +0.3 pts | −22,661 sh | 0% |
| Increased | Madrigal Pharmaceuticals, Inc. (MDGL) | 6.5% | 5.8% | −0.7 pts | +1,430 sh | 0% |
| Increased | BeOne Medicines Ltd. (ONC) | 15.1% | 12.6% | −2.5 pts | +2,514 sh | 0% |
| Increased | Kiniksa Pharmaceuticals International, plc (KNSA) | 0.8% | 0.9% | +0.1 pts | +8,397 sh | 0% |
| Increased | ACADIA Pharmaceuticals Inc. (ACAD) | 5.5% | 5.5% | 0.0 pts | +16,214 sh | 0% |
| Increased | Denali Therapeutics Inc. (DNLI) | 0.4% | 0.5% | +0.1 pts | +2,641 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 — 73.1% of the equity book
Changes in the top 10 this quarter: RYTM entered · SMMT left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | Incyte Corporation (INCY) | 16.7% | 17.5% | |
| 2 | BeOne Medicines Ltd. (ONC) | 15.1% | 12.6% | |
| 3 | Revolution Medicines, Inc. (RVMD) | 5.4% | 10.8% | |
| 4 | Madrigal Pharmaceuticals, Inc. (MDGL) | 6.5% | 5.8% | |
| 5 | ACADIA Pharmaceuticals Inc. (ACAD) | 5.5% | 5.5% | |
| 6 | Kymera Therapeutics, Inc. (KYMR) | 4.2% | 5.0% | |
| 7 | Insmed Incorporated (INSM) | 7.0% | 4.7% | |
| 8 | Celcuity Inc. (CELC) | 5.2% | 4.2% | |
| 9 | Kodiak Sciences Inc. (KOD) | 4.4% | 3.9% | |
| 10 | Rhythm Pharmaceuticals, Inc. (RYTM) | 2.8% | 3.1% | Entered the top 10 |
| — | Summit Therapeutics Inc. (SMMT) | 4.0% | 2.4% | 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).