Baker Bros. Advisors LP reported 80 positions worth $19.77B for the quarter ended Jun 30, 2026, up 14.7% on the prior quarter. It opened 7 new positions, added to 16, trimmed 7 and exited 7. Its largest holding is Incyte Corp at 17.6% of the portfolio.
Reported 13F market value at each quarter end. A change mixes trading with price moves in the positions held.
Dollar value of shares bought and sold each quarter, at that quarter’s price. It counts trading only, not price changes.
How many positions were opened, added to, trimmed or closed each quarter.
Share of reported value in each sector at every quarter end.
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| RVMD Revolution Medicines, Inc. | +1.89M | +19.8% | $353.58M | 10.84% |
| INSM INSMED Inc | +1.38M | +18.5% | $146.60M | 4.74% |
| IDYA IDEAYA Biosciences, Inc. | +1.06M | +26.9% | $39.64M | 0.945% |
| RLAY Relay Therapeutics, Inc. | +1.67M | +143.7% | $31.18M | 0.268% |
| ABCL AbCellera Biologics Inc. | +2.74M | +9.0% | $21.48M | 1.31% |
| CLDX Celldex Therapeutics, Inc. | +517.2K | +77.7% | $19.25M | 0.223% |
| CYTK Cytokinetics Inc | +211.3K | – | $18.00M | 0.091% |
| NTLA Intellia Therapeutics, Inc. | +930.2K | – | $15.74M | 0.08% |
| PBLS Parabilis Medicines, Inc. | +500.0K | – | $13.69M | 0.069% |
| RCUS Arcus Biosciences, Inc. | +429.2K | +103.3% | $13.23M | 0.132% |
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| EWTX Edgewise Therapeutics, Inc. | -2.87M | -43.7% | $116.78M | 0.761% |
| ABVX Abivax S.A. | -875.8K | -100.0% | $97.52M | Exited |
| SMMT Summit Therapeutics Inc. | -3.60M | -9.9% | $52.52M | 2.42% |
| SYRE Spyre Therapeutics, Inc. | -1.00M | -100.0% | $50.44M | Exited |
| IMCR Immunocore Holdings plc | -734.4K | -100.0% | $22.14M | Exited |
| CTNM Contineum Therapeutics, Inc. | -1.42M | -100.0% | $18.56M | Exited |
| ARGX Argenx Se | -25.2K | -100.0% | $18.38M | Exited |
| IMTX Immatics N.V. | -1.41M | -12.9% | $14.26M | 0.487% |
| CMPS COMPASS Pathways plc | -2.34M | -100.0% | $12.97M | Exited |
| PHVS Pharvaris N.V. | -375.0K | -100.0% | $10.59M | Exited |
| Holding | Shares | Trade Value | Weight |
|---|---|---|---|
| CYTK Cytokinetics Inc | +211.3K | $18.00M | 0.091% |
| NTLA Intellia Therapeutics, Inc. | +930.2K | $15.74M | 0.08% |
| PBLS Parabilis Medicines, Inc. | +500.0K | $13.69M | 0.069% |
| AVLN Avalyn Pharma Inc. | +350.0K | $11.52M | 0.058% |
| TNGX Tango Therapeutics, Inc. | +333.3K | $10.42M | 0.053% |
| AVTX Avalo Therapeutics, Inc. | +550.0K | $10.16M | 0.051% |
| IMNM Immunome Inc. | +55.3K | $1.17M | <0.01% |
| Holding | Shares Sold | Trade Value | Prior Weight |
|---|---|---|---|
| ABVX Abivax S.A. | -875.8K | $97.52M | 0.566% |
| SYRE Spyre Therapeutics, Inc. | -1.00M | $50.44M | 0.293% |
| IMCR Immunocore Holdings plc | -734.4K | $22.14M | 0.129% |
| CTNM Contineum Therapeutics, Inc. | -1.42M | $18.56M | 0.108% |
| ARGX Argenx Se | -25.2K | $18.38M | 0.107% |
| CMPS COMPASS Pathways plc | -2.34M | $12.97M | 0.075% |
| PHVS Pharvaris N.V. | -375.0K | $10.59M | 0.061% |
| # | Activity | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | INCY Incyte Corp | Healthcare | 30.76M | $3.49B | 17.64% | +17.9K | +0.1% | Added | 15.31% |
| 2 | ONC BeOne Medicines Ltd. | Healthcare | 8.80M | $2.51B | 12.69% | +2,514 | +0.0% | Added | 7.79% |
| 3 | RVMD Revolution Medicines, Inc. | Healthcare | 11.44M | $2.14B | 10.84% | +1.89M | +19.8% | Added | 5.34% |
| 4 | MDGL Madrigal Pharmaceuticals, Inc. | Healthcare | 2.14M | $1.15B | 5.82% | +1,430 | +0.1% | Added | 7.35% |
| 5 | ACAD Acadia Pharmaceuticals Inc | Healthcare | 42.91M | $1.09B | 5.49% | +16.2K | +0.0% | Added | 24.93% |
| 6 | KYMR Kymera Therapeutics, Inc. | Healthcare | 8.66M | $992.73M | 5.02% | 0 | 0.0% | Unchanged | 8.82% |
| 7 | INSM INSMED Inc | Healthcare | 8.80M | $937.84M | 4.74% | +1.38M | +18.5% | Added | 4.03% |
| 8 | CELC Celcuity Inc. | Healthcare | 7.92M | $828.15M | 4.19% | 0 | 0.0% | Unchanged | 14.44% |
| 9 | KOD Kodiak Sciences Inc. | Healthcare | 19.92M | $776.05M | 3.93% | 0 | 0.0% | Unchanged | 31.7% |
| 10 | RYTM Rhythm Pharmaceuticals, Inc. | Healthcare | 5.60M | $622.27M | 3.15% | 0 | 0.0% | Unchanged | 8.14% |
| 11 | PRAX Praxis Precision Medicines, Inc. | Healthcare | 1.75M | $586.95M | 2.97% | 0 | 0.0% | Unchanged | 6.02% |
| 12 | ALKS Alkermes plc. | Healthcare | 10.01M | $524.59M | 2.65% | 0 | 0.0% | Unchanged | 5.98% |
| 13 | SMMT Summit Therapeutics Inc. | Healthcare | 32.79M | $477.70M | 2.42% | -3.60M | -9.9% | Reduced | 4.13% |
| 14 | GRAL GRAIL, Inc. | Healthcare | 4.03M | $275.03M | 1.39% | 0 | 0.0% | Unchanged | 9.02% |
| 15 | ABCL AbCellera Biologics Inc. | Healthcare | 33.01M | $259.15M | 1.31% | +2.74M | +9.0% | Added | 10.77% |
Tip. Select a row to see that position’s full history at Baker Bros. Advisors.
As of its Q2 2026 13F filing, Baker Bros. Advisors LP’s five largest positions were Incyte Corp (INCY) at 17.6%, BeOne Medicines Ltd. (ONC) at 12.7%, Revolution Medicines, Inc. (RVMD) at 10.8%, Madrigal Pharmaceuticals, Inc. (MDGL) at 5.8%, Acadia Pharmaceuticals Inc (ACAD) at 5.5% of the reported portfolio.
Baker Bros. Advisors LP reported a 13F portfolio worth $19.77B across 80 positions for Q2 2026. That is up 14.7% from the previous quarter.
Its largest purchases by value were Revolution Medicines, Inc. ($353.58M), INSMED Inc ($146.60M), IDEAYA Biosciences, Inc. ($39.64M). It opened 7 new positions.
Its largest sales by value were Edgewise Therapeutics, Inc. ($116.78M), Abivax S.A. ($97.52M), Summit Therapeutics Inc. ($52.52M). It exited 7 positions entirely.
From the Form 13F-HR reports Baker Bros. Advisors LP files with the SEC each quarter, within 45 days of quarter end. A 13F lists long positions in US-listed equities and options; it excludes short positions, cash, bonds and most non-US holdings.
13F data reflects long positions in US-listed equities and options as reported to the SEC up to 45 days after quarter end. It excludes short positions, cash, bonds and most non-US securities, so it is not a complete picture of a manager’s assets.