Tracking Baker Brothers Portfolio - Q2 2024 Update

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Baker Brothers' 13F portfolio value decreased from $7.97B to $7.83B this quarter.New stakes include Summit Therapeutics and Alkermes plc, while ACADIA Pharmaceuticals, Madrigal Pharmaceuticals, and ...

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Q2 2024 Update\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-09-11 11:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4720332-tracking-baker-brothers-portfolio-q2-2024-update><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Baker Brothers' 13F portfolio value decreased from $7.97B to $7.83B this quarter.New stakes include Summit Therapeutics and Alkermes plc, while ACADIA Pharmaceuticals, Madrigal Pharmaceuticals, and ...</p>\n\n<a href=\"https://seekingalpha.com/article/4720332-tracking-baker-brothers-portfolio-q2-2024-update\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IGMS","symbol_name":"IGM Biosciences","start_time":0,"source_url":"https://seekingalpha.com/article/4720332-tracking-baker-brothers-portfolio-q2-2024-update","article_id":"2466423288","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1160060870/image_1160060870.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2466423288","pubTimestamp":1726026860,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Baker Brothers' 13F portfolio value decreased from $7.97B to $7.83B this quarter.New stakes include Summit Therapeutics and Alkermes plc, while ACADIA Pharmaceuticals, Madrigal Pharmaceuticals, and In","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IGMS":"IGM Biosciences","ABCL":"AbCellera Biologics","CERS":"Cerus Corporation","ATHA":"Athira Pharma, Inc.","STOK":"Stoke Therapeutics, Inc.","ALKS":"阿尔凯默斯","ACAD":"阿卡迪亚","AVTE":"Aerovate Therapeutics, Inc.","HOOK":"Hookipa Pharma Inc","IMCR":"Immunocore Holdings plc","SMMT":"Summit Therapeutics PLC","DNLI":"Denali Therapeutics Inc.","KNSA":"Kiniksa Pharmaceuticals Ltd.","KOD":"Kodiak Sciences Inc.","TCRX":"Tscan Therapeutics, Inc.","ACHL":"Achilles Therapeutics plc","INSM":"Insmed","ROIV":"Roivant Sciences Ltd.","KYMR":"Kymera Therapeutics, Inc.","GLUE":"Monte Rosa Therapeutics","ABBV":"艾伯维公司","REPL":"Replimune Group Inc.","INCY":"因塞特医疗","NRIX":"Nurix Therapeutics","BCYC":"Bicycle Therapeutics Limited","RVMD":"Revolution Medicines, Inc.","AKRO":"Akero Therapeutics","LU0234570918.USD":"高盛全球核心股票组合Acc Close","ALGS":"Aligos Therapeutics, Inc.","BCRX":"BioCryst制药","MDGL":"Madrigal Pharmaceuticals, Inc.","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","ARGX":"Argenx SE","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","ADAP":"Adaptimmune Therapeutics plc","EWTX":"Edgewise Therapeutics, Inc.","VTVT":"vTv Therapeutics Inc.","BGNE":"百济神州","TSVT":"2Seventy Bio Inc","CERE":"Cerevel Therapeutics Holdings, Inc.","KALA":"KALA BIO","OPT":"Opthea Ltd","RYTM":"Rhythm Pharmaceuticals Inc.","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","TRDA":"Entrada Therapeutics, Inc.","IMTX":"Immatics N.V.","BMEA":"Biomea Fusion, Inc.","SGMT":"Sagimet Biosciences Inc.","RARE":"Ultragenyx Pharmaceutical Inc"},"translate_title":"跟踪贝克兄弟投资组合-2024年第二季度更新","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"RARE":1,"ABBV":1,"IMTX":1,"INCY":1,"INSM":1,"KALA":1,"KNSA":1,"KOD":1,"KYMR":1,"MDGL":1,"NRIX":1,"OPT":1,"IMCR":1,"REPL":1,"ROIV":1,"RVMD":1,"RYTM":1,"SGMT":1,"SMMT":1,"STOK":1,"TCRX":1,"TRDA":1,"TSVT":1,"VTVT":1,"BGNE":1,"ABCL":1,"ACAD":1,"ACHL":1,"ADAP":1,"AKRO":1,"ALGS":1,"ALKS":1,"ARGX":1,"ATHA":1,"AVTE":1,"BCRX":1,"BCYC":1,"IGMS":1,"BMEA":1,"CERE":1,"CERS":1,"DNLI":1,"EWTX":1,"GLUE":1,"HOOK":1},"content_text":"Baker Brothers' 13F portfolio value decreased from $7.97B to $7.83B this quarter.New stakes include Summit Therapeutics and Alkermes plc, while ACADIA Pharmaceuticals, Madrigal Pharmaceuticals, and Insmed Incorporated saw marginal increases.Incyte Corporation, argenx SE, and Roivant Sciences experienced notable stake reductions this quarter.Significant ownership stakes exist in several biotech companies, despite their small position sizes relative to the overall portfolio.   iQoncept This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F stock portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory 13F Form filed on 08/14/2024. The 13F portfolio value decreased from $7.97B to $7.83B. Although there are ~120 positions in the 13F portfolio, the holdings are concentrated among a few large stakes. There are 28 positions that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Incyte, BeiGene, ACADIA Pharma, Madrigal Pharma, and Insmed. They add up to ~64% of the portfolio. Please visit our Tracking Baker Brothers Portfolio series to get an idea of their investment philosophy and our previous update for the fund’s moves during Q1 2024. Baker Brothers, a biotech investment firm, was founded by Julian & Felix Baker in 2000. Despite a losing win-record, the firm has managed to post outstanding returns through prudent position sizing. As a percentage of AUM, allocation to the highest conviction picks can be very high, at over 30%. Over the years, the firm had a number of home runs as the invested firms got acquired at huge premiums. Recent M&A winners include Pharmacyclics (acquired by AbbVie), Synageva (acquired by Alexion), Salix (acquired by Valeant), Alexion (acquired by AstraZeneca), Global Blood Therapeutics (acquired by Pfizer), ChemoCentryx (acquired by Amgen), Seagen (acquired by Pfizer), and Mirati Therapeutics (acquired by Bristol Myers Squibb). Note: Although the position sizes relative to the overall portfolio are very small, Baker Brothers has significant ownership stakes in the following businesses – 2seventy bio (TSVT), Adaptimmune (ADAP), Achilles Therapeutics (ACHL), Athira Pharma (ATHA), Aerovate (AVTE), Aligos (ALGS), Biomea Fusion (BMEA), Cerus Corporation (CERS), HOOKIPA Pharma (HOOK), IGM Biosciences (IGMS), KALA BIO (KALA), Monte Rosa (GLUE), Opthea Ltd. (OPT), Sagimet Bio (SGMT), TScan Therapeutics (TCRX), and vTv Therapeutics (VTVT). New Stakes: Summit Therapeutics (SMMT): The 2.31% of the portfolio SMMT stake was established this quarter at prices between $2.39 and $10.92. The stock currently trades well above that range at ~$23. Alkermes plc (ALKS): ALKS is a 1.29% of the portfolio stake purchased this quarter at prices between $23.21 and $27.24. The stock is now at ~$27. Stake Increases: ACADIA Pharmaceuticals (ACAD): The ~9% ACAD stake was established in the 2012-2013 timeframe at very low prices. The last major activity was in Q4 2018 when there was a ~40% stake increase at ~$17 per share. The stock currently trades below that price at $15.63. There was a marginal increase this quarter. Note: They have a ~26% ownership stake in the business. Madrigal Pharmaceuticals (MDGL): The last major activity in MDGL was a ~30% stake increase in Q1 2020 at prices between ~$65 and ~$90. Q4 2023 saw a similar increase at prices between ~$120 and ~$237. The stock is now at ~$236. There was a marginal increase this quarter. Note: They have a ~10% ownership stake in the business. Insmed Incorporated (INSM): INSM is a ~5% of the portfolio position, primarily built this quarter at prices between ~$22 and ~$70. The stock currently trades at $71.57. Revolution Medicines (RVMD): The 3.75% RVMD stake was primarily built over the two quarters through Q1 2024 at prices between ~$18 and ~$34 and the stock currently trades well above that range at $41.63. There was a marginal increase this quarter. Note: They have a ~4.5% ownership stake in the business. Bicycle Therapeutics (BCYC): The 2.43% of the portfolio BCYC position was increased by 176% during the last quarter at prices between $16.75 and $26.10. The position was almost doubled this quarter at prices between $20.02 and $24.69. The stock currently trades at $27.03. Note: They have a ~20% ownership stake in the business. Replimune Group (REPL): The ~1% REPL stake saw a ~18% increase during Q4 2022 at prices between ~$17 and ~$28. Q4 2023 saw the position doubled at prices between ~$7 and ~$17. The stock is now at $10.34. There was a minor ~5% stake increase this quarter. Note: they have a ~10% ownership stake in the business. Stoke Therapeutics (STOK), and Kiniksa Pharma (KNSA): These small (less than ~1% of the portfolio each) stakes were increased during the quarter. Stake Decreases: Incyte Corporation (INCY): INCY was already a 1.67M share stake in their first 13F filing in Q2 2003. The stake had roughly doubled by 2006. The 2007-2008 timeframe saw the position increased from ~3.2M shares to ~11.1M shares at prices in the high single digits. Major activity in the last decade follows. Q3 2015 saw a ~30% stake increase at prices between ~$105 and ~$130. Q1 2016 saw another ~20% stake increase at prices between ~$65 and ~$100. That was followed with a ~45% stake increase in Q1 2017 at prices between ~$100 and ~$150. There was a ~13% stake increase over the two quarters through Q1 2022 at prices between ~$63 and ~$80. This quarter saw a ~15% trimming at prices between $51.18 and $63.75. The stock currently trades at $63.13, and it is now the top stake at ~24% of the portfolio. Note: Baker Brothers controls ~16% of the business. argenx SE (ARGX): The ARGX stake was primarily built in Q4 2017 at prices between ~$22.50 and ~$63. There was a ~10% stake increase in Q1 2021 at prices between ~$268 and ~$380. Q3 2022 saw a ~75% reduction at prices between ~$343 and ~$396. That was followed by a ~45% selling during Q3 2023 at prices between ~$369 and ~$548. This quarter saw another ~25% reduction at prices between ~$356 and ~$452. The stock currently trades at ~$535 and the stake is at 0.61% of the portfolio. Roivant Sciences (ROIV): The very small 0.38% of the portfolio ROIV stake was built during the two quarters through Q3 2023 at prices between ~$7 and ~$13. The next quarter saw a ~36% selling at prices between ~$8.50 and ~$12. This quarter saw another ~62% reduction at prices between $10.36 and $11.74. The stock currently trades at $12.19. Cerevel Therapeutics (CERE): CERE is a very small 0.36% of the portfolio merger-arbitrage stake purchased during Q4 2023 at prices between ~$20.25 and ~$42.50. There was a ~57% selling this quarter at prices between $38.96 and $42.75. AbbVie (ABBV) acquired Cerevel Therapeutics in a $45 per share cash transaction announced in December. The transaction closed last month. Akero Therapeutics (AKRO): AKRO is a 0.33% of the portfolio stake built during Q3 2022 at prices between ~$10 and ~$34. The stock currently trades at $25.74. There was a ~15% stake increase in the last quarter, while this quarter there was a ~60% selling at prices between $18.31 and $24.62. BioCryst Pharmaceuticals (BCRX): BCRX is a very long-term stake that has been in the portfolio since 2004. It is now a minutely small stake. Q2 to Q4 2019 saw a one-third selling at prices between ~$1.60 and ~$8.70. That was followed by a ~20% selling in the last quarter at prices between ~$5 and ~$7. The position was almost sold out this quarter at prices between $4.13 and $6.79. The stock currently trades at $7.72. Kept Steady: BeiGene (BGNE): The large (top three) ~19% BGNE stake has been in the portfolio since their US listing in Q1 2016. Shares started trading at ~$24 and currently go for ~$198. Q4 2016 saw a stake doubling at prices between ~$28 and ~$36. H1 2018 saw the stake built from ~3.8M shares to ~12M shares at prices between ~$100 and ~$215. Since then, the activity has been minor. There was a ~9% trimming during Q4 2023. Note: Baker Brothers controls ~10.2% of the business. Rhythm Pharma (RYTM): The 3.36% of the portfolio position in RYTM saw a ~47% stake increase during Q2 2022 at prices between $4.30 and $30.85. The stock is now well above that range at ~$49. The three quarters through Q3 2023 saw minor increases, while in the next quarter there was a ~5% trimming. Note: They have a ~11% ownership stake in Rhythm Pharma. Kymera Therapeutics (KYMR): The 2.29% KYMR stake was built during H1 2023 at prices between ~$14 and ~$35. Q4 2023 saw a ~26% stake increase at prices between ~$11 and ~$27. The stock currently trades well above those ranges at $46.88. Note: They have a ~9.8% ownership stake in the business. Edgewise Therapeutics (EWTX): EWTX is a 1.34% of the portfolio stake that was increased by 88% in the last quarter at prices between $9.25 and $19.97. The stock is now at $17.27. They have a ~6.3% ownership stake in the business. AbCellera Biologics (ABCL): ABCL had an IPO in December 2020. Shares started trading at ~$49 and currently go for $2.58. Baker Brothers’ stake goes back to funding rounds prior to the IPO. There was a ~60% stake increase during Q2 2023 at prices between $5.66 and $7.60. That was followed by a ~25% increase in the next quarter at prices between $4.60 and $7.95. The position was increased by 20% in the last quarter at prices between $4.29 and $5.97. Note: they have a ~9.5% ownership stake in ABCL. Immunocore Holdings plc (IMCR): IMCR is a 0.66% of the portfolio position that was decreased by 40% in the last quarter at prices between $60.14 and $75.36. The stock currently trades at $34.26. Note: they have a ~6% ownership stake in the business. Kodiak Sciences (KOD): KOD is now a small 0.52% of the portfolio position. The original stake goes back to funding rounds prior to its Q4 2018 IPO. Shares started trading at ~$10 and currently go for $2.44. The last significant activity was in Q4 2019 which saw a ~20% stake increase at prices between ~$14.50 and ~$76. They have a ~30% ownership stake in the business. Q2 2022 saw a ~9% stake increase. Note: In December 2019, Baker Brothers struck a deal for a capped 4.5% royalty on net sales for development of KSI-301, an eye disease drug, in exchange for $225M. Denali Therapeutics (DNLI), Entrada Therapeutics (TRDA), Immatics N.V. (IMTX), Nurix Therapeutics (NRIX), and Ultragenyx Pharma (RARE): These small (less than ~1% of the portfolio each) stakes were kept steady this quarter. Note: They have a ~13% ownership stake in Entrada Therapeutics. The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q2 2024:   Baker Brothers Portfolio - Q2 2024 13F Report Q/Q Comparison (John Vincent (author)) Source: John Vincent. Data constructed from Baker Brothers’ 13F filings for Q1 2024 and Q2 2024.  Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. 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