Baker Bros. Advisors LP

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Baker Bros. Advisors LP reported 92 stock positions worth $7.7 billion. Its top holding was Incyte (INCY) at 24.3% of the portfolio, followed by Beone Medicines Ltd.-ADR (ONC, 19.6%) and Acadia Pharmaceuticals (ACAD, 9.1%). Compared with Q1 2024, it opened 12 new positions, sold out of 6, added to 18 and reduced 11. The biggest buy was Insmed (INSM, shares +943%) and the biggest sale Incyte (INCY, shares −15%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001263508
Portfolio Value
$7.7B (Q2 2024)
SEC Filing
0001104659-24-089606 ↗ filed Aug 14, 2024

Holdings Value

0$5.0B$10.0B$15.0B$20.0B Q1 2024: $8.0B Q1 2024 Q2 2024: $7.7B $7.7B Q2 2024 Q3 2024: $9.6B Q3 2024 Q4 2024: $9.2B Q4 2024 Q1 2025: $8.9B Q1 2025 Q2 2025: $10.3B Q2 2025 Q3 2025: $13.8B Q3 2025 Q4 2025: $17.0B Q4 2025 Q1 2026: $17.4B Q1 2026 Q2 2026: $19.9B Q2 2026

Holdings 92 stocks · $7.7B
INCY Incyte Corp. 24.27% 30,738,524 $1.9B Reduce -15.0%
ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 19.64% 10,568,897 $1.5B No change
ACAD Acadia Pharmaceuticals Inc. 9.07% 42,877,916 $696.8M Add +0.0%
MDGL Madrigal Pharmaceuticals Inc. 7.20% 1,974,590 $553.2M Add +0.2%
RVMD Revolution Medicines Inc. 3.83% 7,569,090 $293.8M Add +0.3%
RYTM Rhythm Pharmaceuticals Inc. 3.42% 6,398,365 $262.7M No change
INSM Insmed Inc. 3.12% 3,576,038 $239.6M Add +942.6%
BCYC Bicycle Therapeutics PLC-ADR 2.48% 9,399,960 $190.3M Add +90.2%
SMMT Summit Therapeutics Inc. 2.36% 23,222,222 $181.1M New
KYMR Kymera Therapeutics Inc. 2.33% 5,995,928 $179.0M No change
EWTX Edgewise Therapeutics Inc. 1.37% 5,840,059 $105.2M No change
ALKS Alkermes PLC 1.31% 4,181,751 $100.8M New
REPL Replimune Group Inc. 1.18% 10,045,336 $90.4M Add +5.2%
DNLI Denali Therapeutics Inc. 1.13% 3,731,695 $86.6M No change
ABCL Abcellera Biologics Inc. 1.06% 27,525,640 $81.5M No change
NRIX Nurix Therapeutics Inc. 1.06% 3,882,125 $81.0M No change
IMTX Immatics NV 0.98% 6,443,398 $74.9M No change
TRDA Entrada Therapeutics Inc. 0.90% 4,865,819 $69.3M No change
RARE Ultragenyx Pharmaceutical Inc. 0.79% 1,466,547 $60.3M No change
STOK Stoke Therapeutics Inc. 0.77% 4,368,443 $59.0M Add +29.7%
KNSA Kiniksa Pharmaceuticals Inte 0.69% 2,818,323 $52.6M Add +0.3%
IMCR Immunocore Holdings PLC-ADR 0.67% 1,515,318 $51.4M No change
ARGX Argenx SE - ADR 0.63% 111,904 $48.1M Reduce -26.0%
KOD Kodiak Sciences Inc. 0.53% 17,310,490 $40.7M No change
XENE Xenon Pharmaceuticals Inc. 0.50% 993,679 $38.7M No change
PRLD Prelude Therapeutics Inc. 0.50% 10,123,824 $38.6M No change
IDYA Ideaya Biosciences Inc. 0.49% 1,062,123 $37.3M No change
CERS Cerus Corp. 0.45% 19,477,339 $34.3M No change
SERA Sera Prognostics Inc. Class A 0.42% 5,434,399 $32.2M No change
KRYS Krystal Biotech Inc. 0.41% 169,934 $31.2M No change
CELC Celcuity Inc. 0.40% 1,874,978 $30.7M Add +20.8%
ROIV Roivant Sciences Ltd. 0.39% 2,798,716 $29.6M Reduce -62.3%
IGMS Igm Biosciences Inc. 0.37% 4,090,316 $28.1M Add +0.1%
CERE Cerevel Therapeutics Holding 0.36% 683,588 $28.0M Reduce -57.3%
AKRO Akero Therapeutics Inc. 0.34% 1,097,082 $25.7M Reduce -59.6%
DYN Dyne Therapeutics Inc. 0.31% 672,096 $23.7M Add +135.8%
ALMS Alumis Inc. 0.27% 1,562,500 $20.8M New
GLUE Monte Rosa Therapeutics Inc. 0.24% 4,916,095 $18.4M No change
MRUS Merus NV 0.23% 300,000 $17.8M New
NGNE Neurogene Inc. 0.22% 456,015 $16.6M No change
TCRX Tscan Therapeutics Inc. 0.21% 2,784,792 $16.3M No change
SANA Sana Biotechnology Inc. 0.17% 2,380,949 $13.0M No change
IMVT Immunovant Inc. 0.16% 464,718 $12.3M Add +9.3%
XNCR Xencor Inc. 0.13% 545,431 $10.3M No change
NMRA Neumora Therapeutics Inc. 0.13% 1,034,600 $10.2M Add +63.2%
FATE Fate Therapeutics Inc. 0.13% 2,997,772 $9.8M Add +64.9%
TSVT 2SEVENTY Bio Inc. 0.13% 2,497,526 $9.6M No change
BMEA Biomea Fusion Inc. 0.12% 2,108,949 $9.5M No change
CLDX Celldex Therapeutics Inc. 0.12% 247,644 $9.2M No change
TSHA Taysha Gene Therapies Inc. 0.12% 4,004,756 $9.0M No change
ATHIRA PHARMA INC 0.11% 3,153,807 $8.4M No change
VERV Verve Therapeutics Inc. 0.11% 1,691,530 $8.3M No change
RLAY Relay Therapeutics Inc. 0.10% 1,160,117 $7.6M No change
MIRM Mirum Pharmaceuticals Inc. 0.08% 190,476 $6.5M No change
TNGX Tango Therapeutics Inc. 0.08% 750,000 $6.4M No change
KALA Kala Bio Inc. 0.08% 891,335 $6.3M Add +234.3%
DBV TECHNOLOGIES S A 0.08% 7,307,131 $5.9M No change
DSGN Design Therapeutics Inc. 0.07% 1,695,294 $5.7M Add +2.0%
CTNM Contineum Therapeutics Inc. Class A 0.07% 312,500 $5.5M New
PRAX Praxis Precision Medicines I 0.07% 131,533 $5.4M No change
CRSP Crispr Therapeutics AG 0.07% 100,000 $5.4M New
PRME Prime Medicine Inc. 0.07% 1,028,466 $5.3M No change
CNTA Centessa Pharmaceuticals Ltd. 0.06% 549,212 $5.0M New
HOOK Hookipa Pharma Inc. 0.06% 8,128,151 $4.8M New
SGMT Sagimet Biosciences Inc. Class A 0.06% 1,381,898 $4.7M No change
CRNX Crinetics Pharmaceuticals Inc. 0.06% 103,927 $4.7M New
TLIS Talis Biomedical Corp. 0.06% 508,323 $4.4M No change
ALEC Alector Inc. 0.05% 927,264 $4.2M New
CYVNY Ceryvyn Therapeutics-ADR filed as OPTHEA LTD 0.05% 2,173,622 $4.2M Reduce -0.2%
SKYE Skye Bioscience Inc. 0.05% 500,000 $4.0M New
PCVX Vaxcyte Inc. 0.05% 48,885 $3.7M No change
ARCT Arcturus Therapeutics Holdin 0.05% 151,329 $3.7M New
GBIO Generation Bio Co. 0.04% 1,206,957 $3.4M Add +225.1%
ELVN Enliven Therapeutics Inc. 0.04% 114,833 $2.7M No change
CYPH Cypherpunk Technologies Inc. filed as LEAP THERAPEUTICS INC 0.03% 1,172,175 $2.3M No change
ADAPY Adaptimmune Therapeutics-ADR 0.03% 2,343,695 $2.3M Reduce -78.3%
MERSANA THERAPEUTICS INC 0.03% 1,086,115 $2.2M No change
IPSC Century Therapeutics Inc. 0.03% 797,460 $2.0M No change
NAMS Newamsterdam Pharma Co. NV 0.02% 96,827 $1.9M No change
SAGE Sage Therapeutics Inc. 0.02% 171,026 $1.9M Reduce -58.0%
VTVT VTV Therapeutics Inc. Class A 0.02% 97,314 $1.7M No change
CMPX Compass Therapeutics Inc. 0.02% 1,557,630 $1.6M No change
TARA Protara Therapeutic Inc. 0.01% 536,832 $1.1M Add +168.9%
AEROVATE THERAPEUTICS INC 0.01% 628,939 $1.0M Reduce -62.6%
PFE Pfizer Inc. 0.01% 35,000 $979K No change
ACHL Achilles Therapeutics PL-ADR 0.01% 1,108,767 $904K Reduce -8.3%
ALGS Aligos Therapeutics Inc. 0.01% 2,076,400 $727K No change
PMVP PMV Pharmaceuticals Inc. 0.01% 322,024 $522K No change
BCRX Biocryst Pharmaceuticals Inc. 0.01% 75,778 $468K Reduce -99.3%
ACRV Acrivon Therapeutics Inc. 0.00% 52,885 $307K No change
FHTX Foghorn Therapeutics Inc. 0.00% 45,027 $259K No change
TYRA Tyra Biosciences Inc. 0.00% 10,607 $170K No change
Other holdings (3): bonds, preferreds, convertibles and warrants · $146.6M (not counted above)
SecurityClassShares / PrincipalValueChange
INSMED INC (INSM 0.75 06/01/28) NOTE 0.750% 6/0 · principal 42,850,000$90.4MNew
INSMED INC (INSM 1.75 01/15/25) NOTE 1.750% 1/1 · principal 32,887,000$56.2MNew
SRZNW Surrozen Inc.-CW25 *W EXP 08/01/203 833,333$14KNo change

Total filed on the 13F, all lines: $7.8B.

Portfolio Sells Q1 2024 → Q2 2024
INCY Incyte Corp. Reduce -15.0% 24.27% −1.59
BCRX Biocryst Pharmaceuticals Inc. Reduce -99.3% 0.01% −0.64
AEROVATE THERAPEUTICS INC Reduce -62.6% 0.01% −0.61
ROIV Roivant Sciences Ltd. Reduce -62.3% 0.39% −0.59
AKRO Akero Therapeutics Inc. Reduce -59.6% 0.34% −0.52
CERE Cerevel Therapeutics Holding Reduce -57.3% 0.36% −0.48
ADAPY Adaptimmune Therapeutics-ADR Reduce -78.3% 0.03% −0.18
ARGX Argenx SE - ADR Reduce -26.0% 0.63% −0.12
HOOKIPA PHARMA INC Sold out 0.00% −0.07
SAGE Sage Therapeutics Inc. Reduce -58.0% 0.02% −0.07
CYVNY Ceryvyn Therapeutics-ADR Reduce -0.2% 0.05% −0.06
ALPN Alpine Immune Sciences Inc. Sold out 0.00% −0.04
FDMT 4D Molecular Therapeutics Inc. Sold out 0.00% −0.04
MURA Mural Oncology PLC Sold out 0.00% −0.01
ACHL Achilles Therapeutics PL-ADR Reduce -8.3% 0.01% −0.01
CABA Cabaletta Bio Inc. Sold out 0.00% −0.00
CATX Perspective Therapeutics Inc. Sold out 0.00% −0.00

Portfolio Buys Q1 2024 → Q2 2024
INSM Insmed Inc. Add +942.6% 3.12% +3.00
SMMT Summit Therapeutics Inc. New 2.36% +2.36
ALKS Alkermes PLC New 1.31% +1.31
BCYC Bicycle Therapeutics PLC-ADR Add +90.2% 2.48% +0.93
RVMD Revolution Medicines Inc. Add +0.3% 3.83% +0.77
MDGL Madrigal Pharmaceuticals Inc. Add +0.2% 7.20% +0.61
ALMS Alumis Inc. New 0.27% +0.27
MRUS Merus NV New 0.23% +0.23
DYN Dyne Therapeutics Inc. Add +135.8% 0.31% +0.21
REPL Replimune Group Inc. Add +5.2% 1.18% +0.20
STOK Stoke Therapeutics Inc. Add +29.7% 0.77% +0.20
CTNM Contineum Therapeutics Inc. Class A New 0.07% +0.07
CRSP Crispr Therapeutics AG New 0.07% +0.07
CNTA Centessa Pharmaceuticals Ltd. New 0.06% +0.06
HOOK Hookipa Pharma Inc. New 0.06% +0.06
CRNX Crinetics Pharmaceuticals Inc. New 0.06% +0.06
KALA Kala Bio Inc. Add +234.3% 0.08% +0.06
ALEC Alector Inc. New 0.05% +0.05
SKYE Skye Bioscience Inc. New 0.05% +0.05
ARCT Arcturus Therapeutics Holdin New 0.05% +0.05
GBIO Generation Bio Co. Add +225.1% 0.04% +0.03
NMRA Neumora Therapeutics Inc. Add +63.2% 0.13% +0.02
TARA Protara Therapeutic Inc. Add +168.9% 0.01% +0.00
DSGN Design Therapeutics Inc. Add +2.0% 0.07% −0.01
KNSA Kiniksa Pharmaceuticals Inte Add +0.3% 0.69% −0.01
IMVT Immunovant Inc. Add +9.3% 0.16% −0.01
CELC Celcuity Inc. Add +20.8% 0.40% −0.02
FATE Fate Therapeutics Inc. Add +64.9% 0.13% −0.04
IGMS Igm Biosciences Inc. Add +0.1% 0.37% −0.13
ACAD Acadia Pharmaceuticals Inc. Add +0.0% 9.07% −0.87

Notes & Other Activity Q1 2024 → Q2 2024
INSMED INC (INSM 0.75 06/01/28) NOTE 0.750% 6/0 · principal New 42,850,000 $90.4M
INSMED INC (INSM 1.75 01/15/25) NOTE 1.750% 1/1 · principal New 32,887,000 $56.2M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 82$19.9BINCY, ONC, RVMD, MDGL, ACAD
Q1 2026 83$17.4BINCY, ONC, INSM, MDGL, ACAD
Q4 2025 84$17.0BINCY, ONC, MDGL, INSM, ACAD
Q3 2025 89$13.8BONC, INCY, MDGL, INSM, ACAD
Q2 2025 88$10.3BONC, INCY, ACAD, INSM, SMMT
Q1 2025 87$8.9BONC, INCY, ACAD, MDGL, SMMT
Q4 2024 92$9.2BINCY, ONC, ACAD, MDGL, SMMT
Q3 2024 91$9.6BONC, INCY, ACAD, SMMT, MDGL
Q2 2024 92$7.7BINCY, ONC, ACAD, MDGL, RVMD
Q1 2024 86$8.0BINCY, ONC, ACAD, MDGL, RYTM