Baker Bros. Advisors LP filed 193 Form 4 transactions across 14 companies, with a net selling posture over the full period. The fund reported $646.5 million in open-market sales against $462.6 million in purchases, a gap of roughly $184 million. The selling side dominated the aggregate figures, and the fund reported no acquisitions through grants or awards during the window.
The recent activity points in the opposite direction. The last 25 filings from Baker Bros. are all open-market purchases, with zero sales. Every one of those buys is in KOD, the ticker for Kodiak Sciences. The purchases cluster on September 28 and September 29, 2026, and range in size from $3,194.69 to $10.4 million. The largest single transaction, valued at $10,400,546.27, came on September 28. The two-day total for KOD is roughly $27.6 million, with the September 28 batch accounting for most of it.
The pattern shows a fund that has sold heavily across its portfolio over time but has recently concentrated new cash into a single biotech name. The KOD purchases are consistent in code (all "P," or open-market buys) and in timing, which suggests a deliberate accumulation phase rather than scattered activity. The absence of any recent sales, combined with the size of the KOD buys, gives the latest filings a clear one-way direction.
AI-assisted summary