Baker Bros. Advisors Portfolio
13F Holdings & Position Changes — Last filed Feb 17, 2026
13F Holdings & Position Changes — Last filed Feb 17, 2026
Concentrated long-only biotech fund known for taking very large positions in a small number of high-conviction names. The Baker brothers—both trained scientists—focus on deep due diligence of clinical-stage and commercial biotech companies, often holding positions for years through clinical catalysts.
Baker Bros. Advisors is a $17B biotech-focused hedge fund managed by Felix Baker & Julian Baker. As of their latest 13F filing (Q4 2025), the fund holds 81 positions worth $16.9B. This quarter they initiated 5 new positions and exited 59. Their largest holding is INCY ($3.0B).
Baker initiated 5 new positions and increased 25 this quarter. Portfolio grew +23.8% to $16.9B. 761 upcoming catalysts across holdings. 5 insider buys detected in portfolio companies.
Portfolio Value (13F)
$16.9B
Holdings
81
Top 10 Concentration
75.2%
QoQ Change
+23.8%
Turnover
0.5%
Portfolio Value Trend
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| # | Ticker | Company | Change | Value | % of Portfolio | SI % Float ? | Trend |
|---|---|---|---|---|---|---|---|
| 1 | INCY | Incyte Corporation | Increased↑6Q | $3.0B | 17.97% | 9.8% | |
| 2 | BEIGF | BeOne Medicines Ltd. | $2.7B | 15.82% | — | ||
| 3 | MDGL | Madrigal Pharmaceuticals Inc. | $1.2B | 7.38% | 20.2% | ||
| 4 | INSM | Insmed Incorporated | Decreased↓2Q | $1.1B | 6.79% | 7.7% | |
| 5 | ACAD | ACADIA Pharmaceuticals Inc. | $1.1B | 6.78% | 10.3% | ||
| 6 | CELC | Celcuity Inc. | $789.5M | 4.67% | 27.9% | ||
| 7 | RVMD | Revolution Medicines Inc. | $753.1M | 4.46% | 6.4% | ||
| 8 | KYMR | Kymera Therapeutics Inc. | Increased↑3Q | $673.6M | 3.99% | 15.2% | |
| 9 | SMMT | Summit Therapeutics Inc. | Increased↑4Q | $636.5M | 3.77% | 21.6% | |
| 10 | RYTM | Rhythm Pharmaceuticals Inc. | $599.9M | 3.55% | 14.6% |
Share changes reflect active decisions. Value changes include price moves.
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Baker Bros. Advisors held 81 biotech stocks in their 13F portfolio this quarter. Their top positions include INCY, BEIGF, MDGL, INSM, ACAD. The full holdings table is available on BiotechEdge with position sizes, quarter-over-quarter changes, and AI analysis.
Baker Bros. Advisors's tracked biotech portfolio is worth $16.9B across 81 positions, with total assets under management of approximately $17B. Portfolio values are based on 13F filings with the SEC.
Baker Bros. Advisors initiated 5 new positions this quarter, including TERN, JBIO, ABSI, RCUS, MPLT. They also increased 25 existing positions.
Baker Bros. Advisors fully exited 59 positions this quarter, including AKRO, GERN, PACB, IPSC, VERV and 54 more. They also trimmed 7 existing positions.
Concentrated long-only biotech fund known for taking very large positions in a small number of high-conviction names. The Baker brothers—both trained scientists—focus on deep due diligence of clinical-stage and commercial biotech companies, often holding positions for years through clinical catalysts.
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Start 14-Day Free Trial| 4 | INSM | Insmed Incorporated | Decreased | 6,592,746 | $1.1B | 6.79% |
| 5 | ACAD | ACADIA Pharmaceuticals Inc. | 42,896,690 | $1.1B | 6.78% |
| 6 | CELC | Celcuity Inc. | 7,915,792 | $789.5M | 4.67% |
| 7 | RVMD | Revolution Medicines Inc. | 9,455,357 | $753.1M | 4.46% |
| 8 | KYMR | Kymera Therapeutics Inc. | Increased | 8,657,242 | $673.6M | 3.99% |
| 9 | SMMT | Summit Therapeutics Inc. | Increased | 36,391,063 | $636.5M | 3.77% |
| 10 | RYTM | Rhythm Pharmaceuticals Inc. | 5,604,483 | $599.9M | 3.55% |
| 11 | KOD | Kodiak Sciences Inc. | Increased | 19,919,186 | $556.9M | 3.30% |
| 12 | PRAX | Praxis Precision Medicines, Inc. | Increased | 1,126,488 | $332.0M | 1.96% |
| 13 | ALKS | Alkermes plc | Increased | 10,012,267 | $280.1M | 1.66% |
| 14 | GRAL | Grail, Inc. | Increased | 2,085,333 | $178.5M | 1.06% |
| 15 | EWTX | Edgewise Therapeutics, Inc. | Decreased | 6,575,940 | $163.2M | 0.97% |
| 16 | ARWR | Arrowhead Pharmaceuticals Inc. | Increased | 2,175,645 | $144.4M | 0.85% |
| 17 | IONS | Ionis Pharmaceuticals Inc. | Increased | 1,791,841 | $141.8M | 0.84% |
| 18 | IMVT | Immunovant Inc. | 5,457,881 | $138.7M | 0.82% |
| 19 | IMTX | Immatics N.V. | 12,094,094 | $127.0M | 0.75% |
| 20 | IDYA | IDEAYA Biosciences Inc. | Increased | 3,618,826 | $125.1M | 0.74% |
| 21 | ROIV | Roivant Sciences Ltd. | Increased | 5,555,017 | $120.5M | 0.71% |
| 22 | AAVXF | Abivax S.A. | 875,796 | $118.1M | 0.70% |
| 23 | KNSA | Kiniksa Pharmaceuticals International, plc | Increased | 2,826,246 | $116.6M | 0.69% |
| 24 | REPL | Replimune Group Inc. | 11,045,336 | $107.4M | 0.64% |
| 25 | STOK | Stoke Therapeutics, Inc. | Decreased | 3,336,697 | $105.9M | 0.63% |
| 26 | GPCR | Structure Therapeutics Inc. | Decreased | 1,432,529 | $99.6M | 0.59% |
| 27 | ABCL | AbCellera Biologics Inc. | 27,525,640 | $94.1M | 0.56% |
| 28 | NRIX | Nurix Therapeutics Inc. | Increased | 4,658,556 | $88.4M | 0.52% |
| 29 | IMCR | Immunocore Holdings plc | 2,322,656 | $80.6M | 0.48% |
| 30 | BCYC | Bicycle Therapeutics plc | 10,885,357 | $77.1M | 0.46% |
| 31 | CRNX | Crinetics Pharmaceuticals Inc. | Increased | 1,648,869 | $76.8M | 0.45% |
| 32 | GLUE | Monte Rosa Therapeutics, Inc. | Decreased | 4,345,736 | $68.1M | 0.40% |
| 33 | RARE | Ultragenyx Pharmaceutical Inc. | 2,772,692 | $63.8M | 0.38% |
| 34 | DNLI | Denali Therapeutics Inc. | 3,731,695 | $61.6M | 0.36% |
| 35 | TRDA | Entrada Therapeutics, Inc. | Increased | 5,072,730 | $52.1M | 0.31% |
| 36 | RAPP | Rapport Therapeutics, Inc. | 1,547,090 | $46.9M | 0.28% |
| 37 | TERN | Terns Pharmaceuticals Inc. | New | 950,000 | $38.4M | 0.23% | — |
| 38 | BNTX | BioNTech SE | 368,923 | $35.1M | 0.21% |
| 39 | SYRE | Spyre Therapeutics, Inc. | 1,000,000 | $32.8M | 0.19% |
| 40 | PRLD | Prelude Therapeutics Inc. | 10,123,824 | $29.4M | 0.17% |
| 41 | DBVTF | DBV Technologies S.A. | 1,461,425 | $28.0M | 0.17% |
| 42 | IRON | Disc Medicine Inc. | 337,050 | $26.8M | 0.16% |
| 43 | JBIO | Jade Biosciences, Inc. | New | 1,641,137 | $25.3M | 0.15% | — |
| 44 | TSHA | Taysha Gene Therapies, Inc. | 4,004,756 | $22.0M | 0.13% |
| 45 | BCRX | Biocryst Pharmaceuticals Inc. | Increased | 2,822,727 | $22.0M | 0.13% |
| 46 | ARGX | argenx SE | Decreased | 25,174 | $21.2M | 0.13% |
| 47 | DSGN | Design Therapeutics, Inc. | Increased | 2,233,099 | $20.9M | 0.12% |
| 48 | CERS | Cerus Corporation | 10,008,345 | $20.6M | 0.12% |
| 49 | NGNE | Neurogene Inc. | 991,691 | $20.4M | 0.12% |
| 50 | TECX | Tectonic Therapeutic, Inc. | Increased | 903,400 | $18.8M | 0.11% |
| 51 | CTMX | CytomX Therapeutics Inc. | 4,250,826 | $18.1M | 0.11% |
| 52 | CLDX | Celldex Therapeutics Inc. | 665,370 | $18.1M | 0.11% |
| 53 | XNCR | Xencor Inc. | 1,102,106 | $16.9M | 0.10% |
| 54 | CNTA | Centessa Pharmaceuticals plc | Increased | 670,751 | $16.8M | 0.10% |
| 55 | XENE | Xenon Pharmaceuticals Inc. | 370,208 | $16.6M | 0.10% |
| 56 | SION | Sionna Therapeutics, Inc. | 400,000 | $16.5M | 0.10% |
| 57 | CTNM | Contineum Therapeutics, Inc. | Increased | 1,420,838 | $16.2M | 0.10% |
| 58 | SERA | Sera Prognostics, Inc. | 5,498,170 | $16.2M | 0.10% |
| 59 | DYN | Dyne Therapeutics Inc. | Increased | 813,449 | $15.9M | 0.09% |
| 60 | ALMS | Alumis Inc. | 1,562,500 | $15.3M | 0.09% |
| 61 | NUVL | Nuvalent Inc. | 143,937 | $14.5M | 0.09% |
| 62 | PHVS | Pharvaris N.V. | 375,000 | $10.4M | 0.06% |
| 63 | RLAY | Relay Therapeutics Inc. | 1,160,117 | $9.8M | 0.06% |
| 64 | ABSI | Absci Corp. | New | 2,134,803 | $7.5M | 0.04% | — |
| 65 | RCUS | Arcus Biosciences Inc. | New | 270,000 | $6.4M | 0.04% | — |
| 66 | MPLT | MapLight Therapeutics, Inc. | New | 364,705 | $6.4M | 0.04% | — |
| 67 | VTVT | vTv Therapeutics Inc. | 148,314 | $5.9M | 0.04% |
| 68 | WVE | Wave Life Sciences Ltd. | 344,063 | $5.8M | 0.03% |
| 69 | SGMT | Sagimet Biosciences Inc. | 952,996 | $5.6M | 0.03% |
| 70 | PRTO | Protara Therapeutics, Inc. | Increased | 971,614 | $5.2M | 0.03% |
| 71 | LBRX | LB Pharmaceuticals Inc. | 200,000 | $4.5M | 0.03% |
| 72 | ELVN | Enliven Therapeutics, Inc. | Increased | 271,406 | $4.2M | 0.02% |
| 73 | FDMT | 4D Molecular Therapeutics, Inc. | Increased | 475,737 | $3.6M | 0.02% |
| 74 | VIR | Vir Biotechnology, Inc. | 542,539 | $3.3M | 0.02% |
| 75 | TCRX | TScan Therapeutics, Inc. | 2,784,792 | $2.8M | 0.02% |
| 76 | SANA | Sana Biotechnology, Inc. | Decreased | 310,483 | $1.3M | 0.01% |
| 77 | SKYE | Skye Bioscience, Inc. | 1,450,638 | $1.1M | 0.01% |
| 78 | KALA | Kala Bio, Inc. | Increased | 1,804,055 | $1.0M | 0.01% |
| 79 | ALGS | Aligos Therapeutics, Inc. | 83,055 | $774K | 0.00% |
| 80 | TYRA | Tyra Biosciences, Inc. | 10,607 | $279K | 0.00% |
| 81 | ACRV | Acrivon Therapeutics, Inc. | 22,809 | $55K | 0.00% |
| Q2 2025 |
| $10.2B |
| 83 |
| +6 |
| -46 |
| +14.8% |
| Q1 2025 | $8.9B | 82 | +3 | -41 | -3.2% |
| Q4 2024 | $9.2B | 87 | +8 | -33 | -3.2% |
| Q3 2024 | $9.5B | 85 | +4 | -27 | +24.7% |
| Q2 2024 | $7.6B | 82 | +7 | -26 | -3.1% |
| Q1 2024 | $7.9B | 75 | +8 | -26 | +20.0% |
| Q4 2023 | $6.6B | 32 | +2 | — | — |