Latest BAKER BROS. ADVISORS LP Stock Portfolio

BAKER BROS. ADVISORS LP Performance:

2025 Q4: 18.8%YTD: 61.07%2024: 3.66%

Performance for 2025 Q4 is 18.8%, and YTD is 61.07%, and 2024 is 3.66%.

About BAKER BROS. ADVISORS LP and 13F Hedge Fund Stock Holdings

BAKER BROS. ADVISORS LP is a hedge fund based in New York, NY. On 2026-02-17, the fund reported it's updated stock portfolio. In the 13F Holdings report, BAKER BROS. ADVISORS LP reported an equity portfolio of $17.1 Billions as of 31 Dec, 2025.

The top stock holdings of BAKER BROS. ADVISORS LP are INCY, BGNE, MDGL. The fund has invested 17.8% of it's portfolio in INCYTE CORPORATION and 15.7% of portfolio in BEONE MEDICINES LTD.

The fund managers got completely rid off MERUS N.V. (MRUS), INTELLIA THERAPEUTICS, INC. (NTLA) and AVIDITY BIOSCIENCES, INC. (RNA) stocks. They significantly reduced their stock positions in SANA BIOTECHNOLOGY, INC. (SANA), ARGENX SE (ARGX) and STOKE THERAPEUTICS, INC. (STOK). BAKER BROS. ADVISORS LP opened new stock positions in TERNS PHARMACEUTICALS, INC. (TERN), JADE BIOSCIENCES, INC. (AVTE) and BIOCRYST PHARMACEUTICALS, INC. (BCRX). The fund showed a lot of confidence in some stocks as they added substantially to CONTINEUM THERAPEUTICS, INC., CRINETICS PHARMACEUTICALS, INC. (CRNX) and IONIS PHARMACEUTICALS, INC. (IONS).

BAKER BROS. ADVISORS LP Annual Return Estimates Vs S&P 500

Our best estimate is that BAKER BROS. ADVISORS LP made a return of 18.8% in the last quarter. In trailing 12 months, it's portfolio return was 61.07%.

Performance
S&P 500

New Buys

Ticker	$ Bought
terns pharmaceuticals, inc.	38,380,000
jade biosciences, inc.	25,322,700
biocryst pharmaceuticals, inc.	22,017,300
centessa pharmaceuticals plc	16,775,500
dyne therapeutics, inc.	15,911,100
absci corporation	7,450,460
arcus biosciences, inc.	6,434,100
maplight therapeutics, inc.	6,406,040

New stocks bought by BAKER BROS. ADVISORS LP

Additions

Ticker	% Inc.
contineum therapeutics, inc.	1,729
tectonic therapeutic, inc.	803
crinetics pharmaceuticals, inc.	488
ionis pharmaceuticals, inc.	216
enliven therapeutics, inc.	136
ventyx biosciences, inc.	129
kala bio, inc.	83.14
protara therapeutics, inc.	80.99

Additions to existing portfolio by BAKER BROS. ADVISORS LP

Reductions

Ticker	% Reduced
sana biotechnology, inc.	-84.71
argenx se	-33.33
stoke therapeutics, inc.	-27.99
monte rosa therapeutics, inc.	-11.6
edgewise therapeutics, inc.	-9.99
structure therapeutics inc.	-7.94
insmed incorporated	-1.65

BAKER BROS. ADVISORS LP reduced stake in above stock

Sold off

Ticker	$ Sold
heron therapeutics, inc.	-5,357,460
intellia therapeutics, inc.	-47,435,100
opthea limited	0.00
vyne therapeutics inc.	-285,203
vaxcyte, inc.	-23,084,700
avidity biosciences, inc.	-27,231,200
merus n.v.	-54,077,600
viking therapeutics, inc.	-9,620,660

BAKER BROS. ADVISORS LP got rid off the above stocks

Sector Distribution

BAKER BROS. ADVISORS LP has about 94.1% of it's holdings in Healthcare sector.

Sector	%
Healthcare	94.1
Others	5.9

Market Cap. Distribution

BAKER BROS. ADVISORS LP has about 57.3% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
LARGE-CAP	41.6
MID-CAP	28
MEGA-CAP	15.7
SMALL-CAP	8.4
UNALLOCATED	5.9

Stocks belong to which Index?

About 72.4% of the stocks held by BAKER BROS. ADVISORS LP either belong to S&P 500 or RUSSELL 2000 index.

Index	%
RUSSELL 2000	54.6
Others	27.5
S&P 500	17.8

Top 5 Winners (%)		%
PRAX	praxis precision medicines, inc.	195.1 %
	alumis inc.	144.6 %
	structure therapeutics inc.	142.5 %
WVE	wave life sciences ltd.	132.2 %
REPL	replimune group, inc.	132.0 %

Top 5 Winners ($)		$
INCY	incyte corporation	429.2 M
CELC	celcuity inc.	398.5 M
RVMD	revolution medicines, inc.	311.6 M
MDGL	madrigal pharmaceuticals, inc.	264.9 M
ACAD	acadia pharmaceuticals inc.	230.4 M

Top 5 Losers (%)		%
SKYE	skye bioscience, inc.	-80.9 %
KALA	kala bio, inc.	-57.5 %
TCRX	tscan therapeutics, inc.	-45.0 %
ABCL	abcellera biologics inc.	-32.0 %
RARE	ultragenyx pharmaceutical inc.	-23.5 %

Top 5 Losers ($)		$
BGNE	beone medicines ltd.	-324.6 M
SMMT	summit therapeutics inc.	-111.1 M
ABCL	abcellera biologics inc.	-44.3 M
RARE	ultragenyx pharmaceutical inc.	-19.6 M
ALKS	alkermes plc	-18.3 M

BAKER BROS. ADVISORS LP Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of BAKER BROS. ADVISORS LP

BAKER BROS. ADVISORS LP has 85 stocks in it's portfolio. About 74.4% of the portfolio is in top 10 stocks. BGNE proved to be the most loss making stock for the portfolio. INCY was the most profitable stock for BAKER BROS. ADVISORS LP last quarter.

Last Reported on: 17 Feb, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
ABCL	abcellera biologics inc.	0.55	27,525,600	94,137,700	unchanged	0.00

ABSI	absci corporation	0.04	2,134,800	7,450,460	new

ACAD	acadia pharmaceuticals inc.	6.71	42,896,700	1,145,770,000	unchanged	0.00

ACLX	arcellx, inc.	0.00	0.00	0.00	sold off	-100

AGIO	agios pharmaceuticals, inc.	0.00	0.00	0.00	sold off	-100

AGLE	spyre therapeutics, inc.	0.19	1,000,000	32,760,000	unchanged	0.00

AKRO	akero therapeutics, inc.	0.00	0.00	0.00	sold off	-100

ALGS	aligos therapeutics, inc.	0.00	83,055	774,073	unchanged	0.00

ALKS	alkermes plc	1.64	10,012,300	280,143,000	added	23.74

ARGX	argenx se	0.12	25,174	21,170,100	reduced	-33.33

ARWR	arrowhead pharmaceuticals, inc.	0.85	2,175,640	144,441,000	added	30.22

AVTE	jade biosciences, inc.	0.15	1,641,140	25,322,700	new

BCRX	biocryst pharmaceuticals, inc.	0.13	2,822,730	22,017,300	new

BCYC	bicycle therapeutics plc	0.45	10,885,400	77,068,300	unchanged	0.00

BGNE	beone medicines ltd.	15.65	8,799,050	2,673,240,000	unchanged	0.00

BNTX	biontech se	0.21	368,923	35,121,500	unchanged	0.00

CDTX	cidara therapeutics, inc.	0.00	0.00	0.00	sold off	-100

CELC	celcuity inc.	4.62	7,915,790	789,521,000	unchanged	0.00

CELC	celcuity inc.	0.39	30,750,000	66,580,000	unchanged	0.00

CERS	cerus corporation	0.12	10,008,300	20,617,200	unchanged	0.00