Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供参考 · 非买入清单
Baker Bros. Advisors
sector_healthcare
B
Reliability improving可靠性走强
leaderboard rank榜单排名 #18WATCH观察
Book持仓规模
$19.9B
long US listed only仅美股多头
Positions持仓数
83
99% resolved已解析
Top-10 concentration前十集中度
73%
% of book占组合%
Turnover换手
LOW
14.5% per quarter每季
Median excess中位超额
-12%
buys vs SPY, since filing买入相对SPY，自披露起 · n 175
Hit rate胜率
41%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: Next-Gen — added NTLA (+0.1pp of book this quarter)核心倾向：Next-Gen — 本季度加仓 NTLA（占组合 +0.1pp）
Next-GenNext-Gen
+0.1pp
0.1% of book held占组合持有
· 2 names标的
· Healthcare & Biotech
NTLA
GenomicsGenomics
+0.1pp
0.1% of book held占组合持有
· 1 names标的
· Healthcare & Biotech
NTLA
OncologyOncology
+0.1pp
0.1% of book held占组合持有
· 2 names标的
· Healthcare & Biotech
TNGX
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新披露的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开披露日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 13 scored quarters已评分季度 · 31% positive为正 · recent-4 median近4季中位 -14% vs all-time对全期 -16%
Median excess by quarter各季度中位超额: █▂▁▁▂▄▄▄▃▄▃▃ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-06-30 | 10 | -41% | 30% | -25% |
| 2023-09-30 | 12 | +88% | 67% | +14% |
| 2023-12-31 | 16 | -34% | 38% | -6% |
| 2024-03-31 | 13 | -56% | 38% | -11% |
| 2024-06-30 | 13 | -79% | 23% | -11% |
| 2024-09-30 | 11 | -48% | 9% | -23% |
| 2024-12-31 | 17 | -4% | 47% | -14% |
| 2025-03-31 | 7 | +1% | 57% | -2% |
| 2025-06-30 | 21 | +6% | 62% | +40% |
| 2025-09-30 | 13 | -12% | 46% | +12% |
| 2025-12-31 | 18 | +12% | 56% | -4% |
| 2026-03-31 | 11 | -16% | 36% | +19% |
| 2026-06-30 | 13 | -18% | 8% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新披露；季度环比变化对上季Current weights当前权重 · 2026-06-30
Healthcare
97.6%
▼ -0.1pp
Unclassified
2.4%
▲ +0.1pp
Theme categories主题类别
US Sectors (EW) 17.5%
Healthcare 0.4%
Rotating into (QoQ)轮入（环比）
no QoQ increases无环比增持
Rotating out of (QoQ)轮出（环比）
Healthcare -0.1pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-06-30 | Healthcare 98% · Unclassified 2% · |
| 2026-03-31 | Healthcare 98% · Unclassified 2% · |
| 2025-12-31 | Healthcare 98% · Unclassified 2% · |
| 2025-09-30 | Healthcare 96% · Unclassified 4% · |
| 2025-06-30 | Healthcare 96% · Unclassified 4% · |
| 2025-03-31 | Healthcare 97% · Unclassified 3% · |
| 2024-12-31 | Healthcare 95% · Unclassified 5% · |
| 2024-09-30 | Healthcare 94% · Unclassified 6% · |
| 2024-06-30 | Healthcare 92% · Unclassified 8% · |
| 2024-03-31 | Healthcare 90% · Unclassified 10% · |
| 2023-12-31 | Healthcare 90% · Unclassified 10% · |
| 2023-09-30 | Unclassified 59% · Healthcare 41% · |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至披露日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。82 positions shown项持仓 · resolved已解析 82/83 (99%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自披露 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  INCY |
Incyte Corporation | 17.5% | $3.5B | hold | +0% | — | 70 · HIGH | Healthcare | Health Care (Equal-Weight) | -5% |
| 2 |  ONC |
Beone Medicines Ltd. | 12.6% | $2.5B | hold | +0% | — | 70 · MODERATE | Healthcare | — | +6% |
| 3 |  RVMD |
Revolution Medicines, Inc. | 10.8% | $2.1B | add | +20% | 1q | 74 · HIGH | Healthcare | — | -10% |
| 4 |  MDGL |
Madrigal Pharmaceuticals, Inc. | 5.8% | $1.2B | hold | +0% | — | 69 · MODERATE | Healthcare | — | -16% |
| 5 |  ACAD |
Acadia Pharmaceuticals Inc. | 5.5% | $1.1B | hold | +0% | — | 68 · MODERATE | Healthcare | — | -31% |
| 6 |  KYMR |
Kymera Therapeutics, Inc. | 5.0% | $993M | hold | +0% | — | 68 · MODERATE | Healthcare | — | -7% |
| 7 |  INSM |
Insmed Incorporated | 4.7% | $938M | add | +18% | 2q | 77 · HIGH | Healthcare | — | -26% |
| 8 |  CELC |
Celcuity Inc. | 4.2% | $828M | hold | +0% | — | 67 · MODERATE | Healthcare | — | -28% |
| 9 |  KOD |
Kodiak Sciences Inc. | 3.9% | $776M | hold | +0% | — | 67 · MODERATE | Healthcare | — | +115% |
| 10 |  RYTM |
Rhythm Pharmaceuticals, Inc. | 3.1% | $622M | hold | +0% | — | 66 · MODERATE | Healthcare | — | -21% |
| 11 |  PRAX |
Praxis Precision Medicines, Inc. | 3.0% | $587M | hold | +0% | — | 51 · MODERATE | Healthcare | — | — |
| 12 |  ALKS |
Alkermes Plc | 2.6% | $525M | hold | +0% | — | 50 · MODERATE | Healthcare | — | -11% |
| 13 |  SMMT |
Summit Therapeutics Inc. | 2.4% | $478M | hold | -10% | — | 50 · MODERATE | Healthcare | — | +22% |
| 14 |  GRAL |
Grail, Inc. | 1.4% | $275M | hold | +0% | — | 50 · MODERATE | Healthcare | — | +91% |
| 15 |  ABCL |
Abcellera Biologics Inc. | 1.3% | $259M | hold | +9% | — | 49 · MODERATE | — | — | +7% |
| 16 |  IMVT |
Immunovant, Inc. | 1.1% | $209M | hold | -0% | — | 39 · LOW | Healthcare | — | -34% |
| 17 |  IDYA |
Ideaya Biosciences, Inc. | 0.9% | $187M | add | +27% | 1q | 43 · LOW | Healthcare | — | — |
| 18 |  KNSA |
Kiniksa Pharmaceuticals International, Plc | 0.9% | $181M | hold | +0% | — | 38 · LOW | Healthcare | — | -2% |
| 19 |  ROIV |
Roivant Sciences Ltd. | 0.8% | $167M | hold | -3% | — | 37 · LOW | Healthcare | — | +2% |
| 20 |  ARWR |
Arrowhead Pharmaceuticals, Inc. | 0.8% | $162M | hold | +0% | — | 37 · LOW | Healthcare | — | -33% |
| 21 |  IONS |
Ionis Pharmaceuticals, Inc. | 0.8% | $162M | hold | +0% | — | 37 · LOW | Healthcare | — | -25% |
| 22 |  EWTX |
Edgewise Therapeutics, Inc. | 0.8% | $150M | trim | -44% | — | 36 · LOW | Healthcare | — | -9% |
| 23 |  REPL |
Replimune Group, Inc. | 0.6% | $122M | hold | +0% | — | 36 · LOW | Healthcare | — | -20% |
| 24 |  NRIX |
Nurix Therapeutics, Inc. | 0.6% | $113M | hold | +0% | — | 35 · LOW | Healthcare | — | -5% |
| 25 |  STOK |
Stoke Therapeutics, Inc. | 0.6% | $109M | hold | +0% | — | 35 · LOW | Healthcare | — | — |
| 26 |  GLUE |
Monte Rosa Therapeutics, Inc. | 0.5% | $105M | hold | +0% | — | 34 · LOW | Healthcare | — | -28% |
| 27 |  DNLI |
Denali Therapeutics Inc. | 0.5% | $96M | hold | +0% | — | 34 · LOW | Healthcare | — | -23% |
| 28 |  CRNX |
Crinetics Pharmaceuticals, Inc. | 0.4% | $88M | hold | +0% | — | 34 · LOW | Healthcare | — | -0% |
| 29 |  DNTH |
Dianthus Therapeutics, Inc. | 0.4% | $83M | hold | +0% | — | 33 · LOW | Healthcare | — | -32% |
| 30 |  GPCR |
Structure Therapeutics Inc. | 0.4% | $77M | hold | +0% | — | 33 · LOW | Healthcare | GLP-1 & Obesity | -59% |
| 31 |  RAPP |
Rapport Therapeutics, Inc. | 0.3% | $64M | hold | +0% | — | 32 · LOW | Healthcare | — | -45% |
| 32 |  ALMS |
Alumis Inc. | 0.3% | $57M | hold | +0% | — | 32 · LOW | Healthcare | — | — |
| 33 |  PRLD |
Prelude Therapeutics Inc. | 0.3% | $54M | hold | +0% | — | 31 · LOW | Healthcare | — | — |
| 34 |  RLAY |
Relay Therapeutics, Inc. | 0.3% | $53M | add | +144% | 1q | 36 · LOW | Healthcare | — | -11% |
| 35 |  MIRM |
Mirum Pharmaceuticals, Inc. | 0.3% | $52M | hold | +0% | — | 30 · LOW | Healthcare | — | -18% |
| 36 |  BCYC |
Bicycle Therapeutics Plc | 0.2% | $46M | hold | +0% | — | 30 · LOW | — | — | — |
| 37 |  ELVN |
Enliven Therapeutics, Inc. | 0.2% | $46M | hold | +0% | — | 30 · LOW | Healthcare | — | -29% |
| 38 |  CLDX |
Celldex Therapeutics, Inc. | 0.2% | $44M | add | +78% | 1q | 34 · LOW | Healthcare | — | -29% |
| 39 |  VRDN |
Viridian Therapeutics, Inc. | 0.2% | $44M | add | +21% | 1q | 34 · LOW | Healthcare | — | -2% |
| 40 |  DSGN |
Design Therapeutics, Inc. | 0.2% | $39M | hold | +4% | — | 28 · LOW | Healthcare | — | — |
| 41 |  TRDA |
Entrada Therapeutics, Inc. | 0.2% | $37M | hold | +0% | — | 28 · LOW | Healthcare | — | -38% |
| 42 |  FTH |
Faeth Therapeutics, Inc. | 0.2% | $32M | new | — | 1q | 22 · LOW | — | — | -46% |
| 43 |  AKTS |
Aktis Oncology, Inc. | 0.2% | $32M | hold | +0% | — | 28 · LOW | Healthcare | — | -35% |
| 44 |  NGNE |
Neurogene Inc. | 0.2% | $31M | hold | +0% | — | 28 · LOW | Healthcare | — | -34% |
| 45 |  JBIO |
Jade Biosciences, Inc. | 0.1% | $27M | trim | -25% | — | 26 · LOW | Healthcare | — | -36% |
| 46 |  TSHA |
Taysha Gene Therapies, Inc. | 0.1% | $27M | hold | +0% | — | 26 · LOW | Healthcare | — | -35% |
| 47 |  RCUS |
Arcus Biosciences, Inc. | 0.1% | $26M | add | +103% | 3q | 40 · LOW | Healthcare | — | -36% |
| 48 |  IRON |
Disc Medicine, Inc. | 0.1% | $26M | hold | +0% | — | 25 · LOW | Healthcare | — | -6% |
| 49 |  ABSI |
Absci Corporation | 0.1% | $25M | hold | +0% | — | 24 · LOW | Healthcare | — | +1% |
| 50 |  GENB |
Generate Biomedicines, Inc. | 0.1% | $24M | hold | +0% | — | 24 · LOW | Healthcare | — | -20% |
| 51 |  DBVT |
Dbv Technologies S.a. | 0.1% | $24M | hold | +0% | — | 24 · LOW | — | — | -32% |
| 52 |  XENE |
Xenon Pharmaceuticals Inc. | 0.1% | $22M | hold | +0% | — | 23 · LOW | Healthcare | — | -42% |
| 53 |  TECX |
Tectonic Therapeutic, Inc. | 0.1% | $21M | hold | +0% | — | 23 · LOW | Healthcare | — | — |
| 54 |  CERS |
Cerus Corporation | 0.1% | $19M | trim | -36% | — | 22 · LOW | Healthcare | — | -20% |
| 55 |  CTMX |
Cytomx Therapeutics, Inc. | 0.1% | $19M | hold | +0% | — | 22 · LOW | Healthcare | — | — |
| 56 |  DYN |
Dyne Therapeutics, Inc. | 0.1% | $18M | hold | +0% | — | 22 · LOW | Healthcare | — | -39% |
| 57 |  CYTK |
Cytokinetics, Incorporated | 0.1% | $18M | new | — | 1q | 17 · LOW | Healthcare | — | -18% |
| 58 |  XNCR |
Xencor, Inc. | 0.1% | $18M | hold | +0% | — | 22 · LOW | Healthcare | — | +10% |
| 59 |  SION |
Sionna Therapeutics, Inc. | 0.1% | $18M | hold | +0% | — | 22 · LOW | Healthcare | — | -38% |
| 60 | NTLA |
Intellia Therapeutics, Inc. | 0.1% | $16M | new | — | 1q | 25 · LOW | Healthcare | Next-Gen, Genomics | -6% |
| 61 |  PBLS |
Parabilis Medicines, Inc. | 0.1% | $14M | new | — | 1q | 14 · LOW | Healthcare | — | -33% |
| 62 |  MPLT |
Maplight Therapeutics, Inc. | 0.1% | $13M | hold | +0% | — | 19 · LOW | Healthcare | — | — |
| 63 |  AVLN |
Avalyn Pharma Inc. | 0.1% | $12M | new | — | 1q | 14 · LOW | Healthcare | — | — |
| 64 |  EVMN |
Evommune, Inc. | 0.1% | $11M | hold | +0% | — | 18 · LOW | Healthcare | — | — |
| 65 |  BNTX |
Biontech Se | 0.1% | $11M | hold | +0% | — | 18 · LOW | Healthcare | Next-Gen, Oncology | -2% |
| 66 | TNGX |
Tango Therapeutics, Inc. | 0.1% | $10M | new | — | 1q | 22 · LOW | Healthcare | Oncology | -6% |
| 67 |  AVTX |
Avalo Therapeutics, Inc. | 0.1% | $10M | new | — | 1q | 12 · LOW | Healthcare | — | -64% |
| 68 |  SERA |
Sera Prognostics, Inc. | 0.1% | $10M | hold | +0% | — | 17 · LOW | — | — | — |
| 69 |  VSTM |
Verastem, Inc. | 0.1% | $10M | add | +327% | 2q | 27 · LOW | Healthcare | — | +41% |
| 70 |  SGMT |
Sagimet Biosciences Inc. | 0.0% | $7M | hold | +0% | — | 16 · LOW | Healthcare | — | -7% |
| 71 |  EIKN |
Eikon Therapeutics, Inc. | 0.0% | $7M | hold | +0% | — | 16 · LOW | Healthcare | — | — |
| 72 |  LBRX |
Lb Pharmaceuticals Inc. | 0.0% | $6M | hold | +0% | — | 15 · LOW | Healthcare | — | -15% |
| 73 |  VTVT |
Vtv Therapeutics, Inc. | 0.0% | $6M | hold | +0% | — | 15 · LOW | — | — | -17% |
| 74 |  WVE |
Wave Life Sciences Ltd. | 0.0% | $5M | hold | +0% | — | 14 · LOW | Healthcare | — | -36% |
| 75 |  TARA |
Protara Therapeutics, Inc. | 0.0% | $4M | hold | +0% | — | 14 · LOW | Healthcare | — | — |
| 76 |  TCRX |
Tscan Therapeutics, Inc. | 0.0% | $3M | hold | +0% | — | 13 · LOW | — | — | -73% |
| 77 |  IMNM |
Immunome, Inc. | 0.0% | $1M | new | — | 1q | 8 · LOW | Healthcare | — | — |
| 78 |  SKYE |
Skye Bioscience, Inc. | 0.0% | $1M | hold | +0% | — | 13 · LOW | — | — | -52% |
| 79 |  SANA |
Sana Biotechnology, Inc. | 0.0% | $1M | hold | +0% | — | 13 · LOW | Healthcare | Therapeutics | -35% |
| 80 |  ALGS |
Aligos Therapeutics, Inc. | 0.0% | $479227 | hold | +0% | — | 11 · LOW | — | — | -26% |
| 81 |  TYRA |
Tyra Biosciences, Inc. | 0.0% | $338788 | hold | +0% | — | 11 · LOW | Healthcare | — | -21% |
| 82 |  SRZNW |
Surrozen, Inc. Warrants @ $172.50 8/11/2026 (15 For 1) | 0.0% | $13750 | hold | +0% | — | 11 · LOW | — | — | — |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本披露周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (16)
| RVMD add |
10.8% | -10% |
| INSM add |
4.7% | -26% |
| IDYA add |
0.9% | — |
| RLAY add |
0.3% | -11% |
| CLDX add |
0.2% | -29% |
| VRDN add |
0.2% | -2% |
| FTH new |
0.2% | -46% |
| RCUS add |
0.1% | -36% |
| CYTK new |
0.1% | -18% |
| NTLA new |
0.1% | -6% |
| PBLS new |
0.1% | -33% |
| AVLN new |
0.1% | — |
| TNGX new |
0.1% | -6% |
| AVTX new |
0.1% | -64% |
| VSTM add |
0.1% | +41% |
| IMNM new |
0.0% | — |
Rotated out of轮出 (8)
| EWTX trim |
-44% | -9% |
| JBIO trim |
-25% | -36% |
| CERS trim |
-36% | -20% |
 ABVX exit |
-100% | -26% |
 ARGX exit |
-100% | -10% |
 CTNM exit |
-100% | -41% |
 IMCR exit |
-100% | -10% |
 SYRE exit |
-100% | -12% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以披露日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, reported long positions from managers with at least $100M in Section 13(f) securities. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量披露日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。