Baker Bros. Advisors LP filed 111 Form 4 disclosures across 14 companies, with a clear sell bias in dollar terms. Open-market sales totaled $646.5 million against $305.6 million in open-market purchases. The bulk of the selling came from a single transaction: a $290.96 million sale in CELC on July 14, 2026, paired with a smaller $26.79 million disposition in the same stock that day. Those two trades account for roughly half of all sell-side dollar volume in the filing set.
Recent activity shows the firm added to two positions while trimming another. On August 11, 2026, Baker Bros. bought $31.48 million and $1.52 million of REPL in two open-market purchases. That followed a $9.49 million purchase of PRLD on April 21. The only recent open-market sale was the CELC block in July, plus two small ONC sales on May 22 totaling about $131,000. The remaining recent filings are grants (code A) with zero dollar value across KOD, INCY, VTVT, KYMR, MDGL, ONC, PRLD, DNLI, KNSA, ACAD, and TCRX, plus one option exercise in INCY valued at $1.27 million.
The pattern is not uniform. Baker Bros. is taking new cash positions in REPL and PRLD while exiting a large CELC stake. The grant activity is compensation-related and carries no purchase conviction. The sell-heavy totals are driven by one large liquidation, not a broad distribution across the portfolio.
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