BAKER BROS. ADVISORS LP

Hedge Fund • Sector

BAKER BROS. ADVISORS LP is a Sector-focused Hedge Fund based in New York, NY led by Scott Lawrence Lessing, reporting $18.0B in AUM as of Q3 2025 with 75% Healthcare concentration, 79% concentrated in top 10 holdings, and 22% allocation to BGNE.

PresidentScott Lawrence Lessing

Portfolio Value: $13.8B
Positions: 89
Top Holding: BGNE at 21.73%
Last Reported: Q3 2025

Address860 Washington Street, 3rd Floor, New York, NY, 10014, United States

Top Holdings

Largest long holdings in BAKER BROS. ADVISORS LP's portfolio (79.3% of total portfolio)

See all holdings

GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 BGNE BeiGene, Inc. BGNE	Unknown Unknown	$3.0B	21.73%	—	— 8.8M shares	Q4 2022 Held for 3 years
2 Incyte INCY	Biotechnology Healthcare	$2.6B	18.90%	+$32.9K Bought	15.74% 30.7M shares	≤ Q2 2013 Held for 12y 6m+
3 Madrigal Pharmaceuticals, Inc. MDGL	Biotechnology Healthcare	$982.3M	7.12%	+$76.0M Bought	9.61% 2.1M shares	Q2 2016 Held for 9y 6m
4 Insmed INSM	Biotechnology Healthcare	$965.4M	7.00%	-$145.4M Sold	3.17% 6.7M shares	≤ Q2 2013 Held for 12y 6m+
5 Acadia Pharmaceuticals ACAD	Biotechnology Healthcare	$915.4M	6.63%	—	25.43% 42.9M shares	≤ Q2 2013 Held for 12y 6m+
6 Summit Therapeutics SMMT	Biotechnology Healthcare	$696.7M	5.05%	—	4.54% 33.7M shares	Q2 2024 Held for 1y 6m
7 Rhythm Pharmaceuticals, Inc. RYTM	Biotechnology Healthcare	$566.0M	4.10%	—	8.44% 5.6M shares	Q4 2017 Held for 8 years
8 Revolution Medicines, Inc. RVMD	Biotechnology Healthcare	$441.6M	3.20%	+$4.2M Bought	5.06% 9.5M shares	Q1 2021 Held for 4y 9m
9 Celcuity CELC	Biotechnology Healthcare	$391.0M	2.83%	+$121.8M Bought	18.66% 7.9M shares	Q3 2023 Held for 2y 3m
10 Kymera Therapeutics KYMR	Biotechnology Healthcare	$376.5M	2.73%	—	9.30% 6.7M shares	Q3 2020 Held for 5y 3m

See all holdings

GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in BAKER BROS. ADVISORS LP's latest filing

See all changes

GthenC

Market Value

$13.8B

Prior: $10.3B

Q/Q Change

+33.86%

+$3.5B

Net Flows % of MV

+1.58%

Turnover Ratio

2.88%

New Purchases

5 stocks

$94.9M

Added To

14 stocks

+$371.4M

Sold Out Of

9 stocks

$68.6M

Reduced Holdings

6 stocks

-$179.7M

Increased Positions

Position	Shares Δ	Change
1 ABVX Abivax ABVX	New	0 → 875.8K +$74.4M
2 Pharvaris PHVS	New	0 → 375.0K +$9.4M
3 MBX Biosciences, Inc. MBX	New	0 → 277.8K +$4.9M
4 Ventyx Biosciences VTYX	New	0 → 1.0M +$3.2M
5 LBRX LB Pharmaceuticals Inc Common Stock LBRX	New	0 → 200.0K +$3.2M

Decreased Positions

Position	Shares Δ	Change
1 VRNA Verona Pharma VRNA	Sold	223.8K → 0 −$21.2M
2 Verve Therapeutics, Inc. VERV	Sold	1.7M → 0 −$19.0M
3 Blueprint Medicines BPMC	Sold	125.5K → 0 −$16.1M
4 IGM Biosciences, Inc. IGMS	Sold	4.1M → 0 −$4.6M
5 Fate Therapeutics FATE	Sold	2.5M → 0 −$2.8M