Baker Bros. Advisors LP

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Baker Bros. Advisors LP reported 91 stock positions worth $9.6 billion. Its top holding was Beone Medicines Ltd.-ADR (ONC) at 24.8% of the portfolio, followed by Incyte (INCY, 21.3%) and Acadia Pharmaceuticals (ACAD, 6.9%). Compared with Q2 2024, it opened 5 new positions, sold out of 6, added to 16 and reduced 2. The biggest buy was Summit Therapeutics (SMMT, shares +5%) and the biggest sale an exit from Cerevel Therapeutics (CERE).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001263508
Portfolio Value
$9.6B (Q3 2024)
SEC Filing
0001104659-24-118899 ↗ filed Nov 14, 2024

Holdings Value

0$5.0B$10.0B$15.0B$20.0B Q1 2024: $8.0B Q1 2024 Q2 2024: $7.7B Q2 2024 Q3 2024: $9.6B $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 91 stocks · $9.6B
ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 24.85% 10,568,897 $2.4B No change
INCY Incyte Corp. 21.27% 30,739,020 $2.0B Add +0.0%
ACAD Acadia Pharmaceuticals Inc. 6.91% 42,877,916 $659.5M No change
SMMT Summit Therapeutics Inc. 5.60% 24,424,865 $534.9M Add +5.2%
MDGL Madrigal Pharmaceuticals Inc. 4.39% 1,974,590 $419.0M No change
RVMD Revolution Medicines Inc. 3.59% 7,569,090 $343.3M No change
RYTM Rhythm Pharmaceuticals Inc. 3.51% 6,398,366 $335.2M Add +0.0%
INSM Insmed Inc. 3.38% 4,415,918 $322.4M Add +23.5%
KYMR Kymera Therapeutics Inc. 2.97% 5,995,929 $283.8M Add +0.0%
BCYC Bicycle Therapeutics PLC-ADR 2.23% 9,399,960 $212.7M No change
EWTX Edgewise Therapeutics Inc. 1.63% 5,840,059 $155.9M No change
REPL Replimune Group Inc. 1.27% 11,045,336 $121.1M Add +9.9%
ALKS Alkermes PLC 1.23% 4,181,751 $117.0M No change
DNLI Denali Therapeutics Inc. 1.14% 3,731,695 $108.7M No change
RARE Ultragenyx Pharmaceutical Inc. 0.92% 1,576,114 $87.6M Add +7.5%
NRIX Nurix Therapeutics Inc. 0.91% 3,882,125 $87.2M No change
TRDA Entrada Therapeutics Inc. 0.81% 4,865,819 $77.8M No change
IMTX Immatics NV 0.77% 6,443,398 $73.5M No change
ABCL Abcellera Biologics Inc. 0.75% 27,525,640 $71.6M No change
KNSA Kiniksa Pharmaceuticals Inte 0.74% 2,818,323 $70.4M No change
IGMS Igm Biosciences Inc. 0.71% 4,092,310 $67.7M Add +0.1%
ARGX Argenx SE - ADR 0.64% 111,904 $60.7M No change
STOK Stoke Therapeutics Inc. 0.56% 4,368,443 $53.7M No change
IMCR Immunocore Holdings PLC-ADR 0.49% 1,515,318 $47.2M No change
KOD Kodiak Sciences Inc. 0.47% 17,310,490 $45.2M No change
SERA Sera Prognostics Inc. Class A 0.44% 5,434,399 $42.4M No change
CRSP Crispr Therapeutics AG 0.41% 843,075 $39.6M Add +743.1%
XENE Xenon Pharmaceuticals Inc. 0.41% 993,679 $39.1M No change
IMVT Immunovant Inc. 0.37% 1,225,410 $34.9M Add +163.7%
CERS Cerus Corp. 0.35% 19,477,339 $33.9M No change
IDYA Ideaya Biosciences Inc. 0.35% 1,062,123 $33.6M No change
ROIV Roivant Sciences Ltd. 0.34% 2,798,716 $32.3M No change
AKRO Akero Therapeutics Inc. 0.33% 1,097,082 $31.5M No change
KRYS Krystal Biotech Inc. 0.32% 169,934 $30.9M No change
CELC Celcuity Inc. 0.29% 1,874,978 $28.0M No change
GLUE Monte Rosa Therapeutics Inc. 0.27% 4,916,095 $26.1M No change
DYN Dyne Therapeutics Inc. 0.25% 672,096 $24.1M No change
BMEA Biomea Fusion Inc. 0.22% 2,108,949 $21.3M No change
BCAX Bicara Therapeutics Inc. 0.22% 833,333 $21.2M New
PRLD Prelude Therapeutics Inc. 0.22% 10,123,824 $21.0M No change
CNTA Centessa Pharmaceuticals Ltd. 0.21% 1,227,178 $19.6M Add +123.4%
NGNE Neurogene Inc. 0.20% 456,015 $19.1M No change
PRAX Praxis Precision Medicines I 0.19% 323,105 $18.6M Add +145.7%
ALMS Alumis Inc. 0.17% 1,562,500 $16.7M No change
MRUS Merus NV 0.16% 300,000 $15.0M No change
TCRX Tscan Therapeutics Inc. 0.15% 2,784,792 $13.9M No change
NMRA Neumora Therapeutics Inc. 0.14% 1,034,600 $13.7M No change
XNCR Xencor Inc. 0.14% 670,431 $13.5M Add +22.9%
TSVT 2SEVENTY Bio Inc. 0.12% 2,497,526 $11.8M No change
FATE Fate Therapeutics Inc. 0.11% 2,997,772 $10.5M No change
ARVN Arvinas Inc. 0.10% 405,576 $10.0M New
SANA Sana Biotechnology Inc. 0.10% 2,380,949 $9.9M No change
DSGN Design Therapeutics Inc. 0.10% 1,743,725 $9.4M Add +2.9%
IONS Ionis Pharmaceuticals Inc. 0.09% 223,470 $9.0M New
CYVNY Ceryvyn Therapeutics-ADR filed as OPTHEA LTD 0.09% 2,173,622 $8.8M No change
CLDX Celldex Therapeutics Inc. 0.09% 247,644 $8.4M No change
RLAY Relay Therapeutics Inc. 0.09% 1,160,117 $8.2M No change
VERV Verve Therapeutics Inc. 0.09% 1,691,530 $8.2M No change
TSHA Taysha Gene Therapies Inc. 0.08% 4,004,756 $8.0M No change
MIRM Mirum Pharmaceuticals Inc. 0.08% 190,476 $7.4M No change
CTNM Contineum Therapeutics Inc. Class A 0.06% 312,500 $6.0M No change
TNGX Tango Therapeutics Inc. 0.06% 750,000 $5.8M No change
SKYE Skye Bioscience Inc. 0.06% 1,434,634 $5.6M Add +186.9%
PCVX Vaxcyte Inc. 0.06% 48,885 $5.6M No change
CRNX Crinetics Pharmaceuticals Inc. 0.06% 103,927 $5.3M No change
DBV TECHNOLOGIES S A 0.05% 7,307,131 $5.1M No change
KALA Kala Bio Inc. 0.05% 891,335 $5.1M No change
GBIO Generation Bio Co. 0.05% 1,944,945 $4.8M Add +61.1%
ALEC Alector Inc. 0.05% 927,264 $4.3M No change
PRME Prime Medicine Inc. 0.04% 1,028,466 $4.0M No change
SGMT Sagimet Biosciences Inc. Class A 0.04% 1,381,898 $3.8M No change
GPCR Structure Therapeutics Inc. 0.04% 85,500 $3.8M New
ARCT Arcturus Therapeutics Holdin 0.04% 151,329 $3.5M No change
HOOK Hookipa Pharma Inc. 0.04% 812,814 $3.5M Reduce -90.0%
CYPH Cypherpunk Technologies Inc. filed as LEAP THERAPEUTICS INC 0.03% 1,172,175 $3.0M No change
ELVN Enliven Therapeutics Inc. 0.03% 114,833 $2.9M No change
CMPX Compass Therapeutics Inc. 0.03% 1,557,630 $2.9M No change
WVE Wave Life Sciences Ltd. 0.03% 344,063 $2.8M New
MERSANA THERAPEUTICS INC 0.02% 1,086,115 $2.1M No change
NAMS Newamsterdam Pharma Co. NV 0.02% 96,711 $1.6M Reduce -0.1%
IPSC Century Therapeutics Inc. 0.01% 797,460 $1.4M No change
VTVT VTV Therapeutics Inc. Class A 0.01% 97,314 $1.3M No change
AEROVATE THERAPEUTICS INC 0.01% 628,939 $1.3M No change
PFE Pfizer Inc. 0.01% 35,000 $1.0M No change
TARA Protara Therapeutic Inc. 0.01% 536,832 $982K No change
ALGS Aligos Therapeutics Inc. 0.01% 83,055 $719K No change
BCRX Biocryst Pharmaceuticals Inc. 0.01% 75,778 $576K No change
PMVP PMV Pharmaceuticals Inc. 0.01% 322,024 $480K No change
FHTX Foghorn Therapeutics Inc. 0.00% 45,027 $419K No change
ACRV Acrivon Therapeutics Inc. 0.00% 52,885 $370K No change
TYRA Tyra Biosciences Inc. 0.00% 10,607 $249K No change
Other holdings (2): bonds, preferreds, convertibles and warrants · $98.3M (not counted above)
SecurityClassShares / PrincipalValueChange
INSMED INC (INSM 0.75 06/01/28) NOTE 0.750% 6/0 · principal 42,850,000$98.3MNo change
SRZNW Surrozen Inc.-CW25 *W EXP 08/01/203 833,333$9KNo change

Total filed on the 13F, all lines: $9.6B.

Portfolio Sells Q2 2024 → Q3 2024
CERE Cerevel Therapeutics Holding Sold out 0.00% −0.36
ATHIRA PHARMA INC Sold out 0.00% −0.11
TLIS Talis Biomedical Corp. Sold out 0.00% −0.06
ADAPY Adaptimmune Therapeutics-ADR Sold out 0.00% −0.03
HOOK Hookipa Pharma Inc. Reduce -90.0% 0.04% −0.03
SAGE Sage Therapeutics Inc. Sold out 0.00% −0.02
ACHL Achilles Therapeutics PL-ADR Sold out 0.00% −0.01
NAMS Newamsterdam Pharma Co. NV Reduce -0.1% 0.02% −0.01

Portfolio Buys Q2 2024 → Q3 2024
SMMT Summit Therapeutics Inc. Add +5.2% 5.60% +3.24
KYMR Kymera Therapeutics Inc. Add +0.0% 2.97% +0.64
CRSP Crispr Therapeutics AG Add +743.1% 0.41% +0.34
IGMS Igm Biosciences Inc. Add +0.1% 0.71% +0.34
INSM Insmed Inc. Add +23.5% 3.38% +0.26
BCAX Bicara Therapeutics Inc. New 0.22% +0.22
IMVT Immunovant Inc. Add +163.7% 0.37% +0.21
CNTA Centessa Pharmaceuticals Ltd. Add +123.4% 0.21% +0.14
RARE Ultragenyx Pharmaceutical Inc. Add +7.5% 0.92% +0.13
PRAX Praxis Precision Medicines I Add +145.7% 0.19% +0.12
ARVN Arvinas Inc. New 0.10% +0.10
IONS Ionis Pharmaceuticals Inc. New 0.09% +0.09
REPL Replimune Group Inc. Add +9.9% 1.27% +0.09
RYTM Rhythm Pharmaceuticals Inc. Add +0.0% 3.51% +0.09
GPCR Structure Therapeutics Inc. New 0.04% +0.04
WVE Wave Life Sciences Ltd. New 0.03% +0.03
DSGN Design Therapeutics Inc. Add +2.9% 0.10% +0.02
XNCR Xencor Inc. Add +22.9% 0.14% +0.01
SKYE Skye Bioscience Inc. Add +186.9% 0.06% +0.01
GBIO Generation Bio Co. Add +61.1% 0.05% +0.01
INCY Incyte Corp. Add +0.0% 21.27% −2.99

Notes & Other Activity Q2 2024 → Q3 2024
INSMED INC (INSM 1.75 01/15/25) NOTE 1.750% 1/1 · principal Sold out 32,887,000 $56.2Mbefore exit

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