BAKER BROS. ADVISORS LP

Q4 2025 13F-HR Holdings

Location
New York, NY
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
86
Total value ($000)
$17,078,624
Net value change ($000)
+3,239,842 (23.4%)
New positions
9
Sold out positions
14
Turnover %
2.2%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
INCY 429,214 16.5%
CELC 398,481 101.9%
RVMD 311,554 70.6%
KYMR 297,149 78.9%
PRAX 295,478 808.6%
KOD 273,567 96.5%
MDGL 264,885 27.0%
ACAD 230,356 25.2%
INSM 182,033 18.9%
IONS 104,673 282.3%
Top Reduces (Value $000, Stocks/ETFs)
ONC -324,597 -10.8%
SMMT -60,237 -8.6%
Merus N.V. -54,078 -100.0%
NTLA -47,435 -100.0%
ABCL -44,316 -32.0%
RNAM -27,231 -100.0%
PCVX -23,085 -100.0%
CDTX -21,764 -100.0%
RARE -19,631 -23.5%
AKRO -15,413 -100.0%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type