Julian Baker

Baker Bros. Advisors LP sold 3,100,000 shares at $102.50 for $317,750,000.00, reducing stake by 41.5%

Baker Bros. Advisors LP executed two separate sales totaling 3,100,000 shares on 2026-07-14 at $102.50, reducing its position from 7,472,852 shares to 4,372,852 shares (a -41.5% reduction). The timing is notable: the stock traded at $102.50 during the sale but now sits at $88.29 current price, placing it -41.5% from its 52-week high of $151.02. More significantly, CELC posted a full-year net income of $-52,841,000.00, reflecting persistent unprofitability. The insider's cross-ticker track record shows 20 prior open-market buys with 80% 90-day win rate and average 90-day return of +28.6%; however, this sell-side execution occurred while the company remains deeply unprofitable and stock momentum has turned negative (90-day change: -27.9%), diverging materially from the insider's historical pattern of participation in rising equities.

BAKER BROS. ADVISORS LP bought 2,608,696 shares ($60.0M) at $23.00 on 2025-12-18, raising stake 16.6% to 18.36M shares.

BAKER BROS. ADVISORS LP executed two separate purchases totaling 2,608,696 shares for $60,000,008.00 at a blended average price of $23.00, increasing its Kodiak Sciences holding by 16.6% from 15,750,076 to 18,358,772 shares. The transaction is material in size and the Director's cross-ticker track record shows 18 prior buys with an average 30-day return of +31.9%, suggesting a history of favorable entry points across his portfolio. However, Kodiak Sciences remains unprofitable with net income of $-61,457,000.00 over the most recent full fiscal year, and the current stock price of $26.00 remains -3.6% below its 52-week high despite a +33.1% surge over 30 days and +172.8% over 90 days—context suggesting significant recent momentum rather than stabilization at depressed levels. The scale of this accumulation and the backdrop of unprofitability warrant close attention to the Director's underlying thesis and near-term company developments.

Baker Bros. Advisors LP acquires 2,005,813 shares for $172,499,918 at Kymera Therapeutics, raising stake 33.7% to 7.96M shares

Baker Bros. Advisors LP executed 2 separate purchases totaling 2,005,813 shares (2.01M shares) for $172,499,918.00 at $86.00 per share on 2025-12-11, increasing its holdings by 33.7% from 5,950,103 to 7,955,916 shares. This represents a substantial $172.5M capital commitment by the director at a price ($86.00) that sits 6.9% below the 52-week high of $94.30 and comes after a 30-day price run of +38.6% and 90-day appreciation of +86.9%. The acquisition is notable given the company's fundamentals: Kymera reported quarterly revenue of $2,764,000 and a net loss of $82,175,000, with full-year net income negative and annual revenue declining 40.1%. Baker Bros.' cross-ticker track record shows 16 prior open-market buys averaging +34.8% return within 30 days, though this is the insider's first meaningful same-ticker measurable outcome context provided. The size of this stake-building activity—raising ownership concentration significantly—merits investor attention given the unprofitable operational profile and revenue trajectory headwinds.

10% Owner Baker Bros. Advisors buys 28,867 shares at $9.07 for $261.8K; fifth purchase in 10 days

Baker Bros. Advisors LP, a 10% owner of Entrada Therapeutics, executed 4 separate purchases totaling 28,867 shares for $261,846.12 on November 20, 2025, at $9.07 per share. This marks the fifth buy transaction from this insider in the past 10 days (following purchases on November 11-12), suggesting sustained accumulation. The stock has rebounded 44.8% over the prior 30 days and 76.3% over 90 days from depressed levels, trading 54.2% below its 52-week high of $21.59. Against this backdrop, the insider's recent pattern of consistent open-market purchases at the $9.07 level occurs after sharp recent gains, yet the company remains deeply unprofitable with $-44.1M in net income against $1.6M quarterly revenue. The significance is moderated by lack of measurable outcomes from the prior same-ticker trades (all within 9 days) and a cross-ticker track record showing negative average 30-day returns on prior buys.

Baker Bros. Advisors LP (10% owner) bought 178,044 shares for $1.4M at TRDA; holdings rise to 4.66M shares (+4.0%)

Baker Bros. Advisors LP executed 12 separate purchases totaling 178,044 shares for $1,352,586.66 across three trading days (Nov 10–12, 2025), raising its stake to 4,664,924 shares. The blended average price of $7.60 sits significantly below the current price of $8.01 and well below the 52-week high of $21.59, placing this acquisition in a depressed valuation window. However, this must be contextualized: the stock is down 62.9% from its 52-week high and has surged +37.9% over the past 30 days and +52.6% over 90 days, meaning the insider is buying into a recovery phase, not a trough. The company's fundamentals show acute distress (net loss of $44.1M against $1.6M quarterly revenue) offset partly by strong top-line growth of +63.4% year-over-year, suggesting a pre-revenue or heavy R&D stage biotech. Baker Bros.' cross-ticker track record shows 16 prior buys averaging +7.3% returns within 30 days, but 4 prior sells with an average 30-day return of +5094.6%, indicating past sell activity was poorly timed. The scale of this open-market purchase by a 10% owner—adding 4.0% to existing holdings—and the multi-day structured buying pattern warrant monitoring for any material non-public information, particularly given the company's size ($306.1M market cap) and negative profitability profile.

BAKER BROS. ADVISORS LP sold 730,408 shares (730.4K) at blended avg $1.45, exiting 63.2% of position as KALA stock has collapsed 92.2% from 52-week high.

BAKER BROS. ADVISORS LP executed 4 separate sales totaling 730,408 shares for $1,056,722.08 on 2025-09-30 and 2025-10-01, reducing holdings from 1,155,414 shares to 425,006 shares (63.2% reduction). The sales occurred at $1.60 and $1.38, notably near the bottom of a severe drawdown: the stock is currently trading at $77.00, which is 92.2% below its 52-week high of $981.50 and has fallen 87.4% over the past 30 days. The timing coincides with the company operating in a deeply unprofitable state (net income $-11,155,000.00 on revenue of $420,000.00 in the latest quarter) and a severely depressed market cap of $540,620,080.00. This large exit by a substantial holder during extreme distress, combined with the company's operational losses and revenue collapse, merits close examination of whether this reflects deteriorating conditions or forced deleveraging.

Baker Bros. Advisors LP bought 170,100 shares for $9.6M at $56.27 blended price; 10% holder now at 7.21M shares post-transaction.

Baker Bros. Advisors LP, a 10% holder in Celcuity, executed 4 separate purchases totaling 170,100 shares for $9,571,318.56 on 2025-09-08, increasing holdings by 2.4% to 7.21M shares. The $56.27 blended transaction price sits just 0.3% above the current price of $55.93, and within the 52-week range of $8.21–$62.53. The timing coincides with substantial recent momentum: the stock is up 19.9% over 30 days and up 345.3% over 90 days, meaning this insider purchase occurred well into a pronounced recovery phase. Notably, this 10% holder operates at a company currently unprofitable with net income of -$45.3M over its most recent full fiscal year, and the holder's cross-ticker buy history shows 20 prior purchases. The large committed capital and systematic volume suggest material conviction in the name at current levels, though the execution during an extended price rally and against a backdrop of ongoing losses warrants investor scrutiny of the underlying business fundamentals.

Baker Bros. Advisors LP acquired 68,618 shares ($25.0M) across 28 transactions on 2025-08-18 at blended $364.04, raising stake to 1.86M shares.

Baker Bros. Advisors LP, a director at Madrigal Pharmaceuticals, executed 28 separate purchases totaling 68,618 shares for $24,979,827.14 on 2025-08-18, with a blended average price of $364.04. This represents a 3.8% increase in the insider's holdings at the company, raising the post-transaction position to 1,859,091 shares. The stock has appreciated significantly since the transaction date, trading at $391.66 (current price, +0.0% from the 52-week high of $391.66), and the 90-day change is +43.3%, reflecting strong recent momentum. However, the company remains unprofitable, having reported a net loss of $-42,281,000.00 in the latest quarter and negative full-year net income, which creates a gap between the director's accumulation and underlying operational performance. The multi-transaction structure and substantial dollar commitment ($25.0M) suggest deliberate positioning, though investors should note that Madrigal's valuation rests on future profitability and clinical outcomes rather than current earnings.

BAKER BROS. ADVISORS LP buys 97,065 shares for $36.9M across 26 transactions; stock up 43.3% in 90 days.

BAKER BROS. ADVISORS LP executed 26 separate purchases totaling 97,065 shares for $36,941,197.16 at a blended average price of $380.58 across two trading sessions (2025-08-18 and 2025-08-20), increasing holdings from 1,850,903 to 1,947,968 shares. The stock has appreciated 43.3% over the trailing 90 days and currently trades at $391.66, near its 52-week high of $391.66. Despite this large accumulation, the company remains unprofitable with net income of $-42,281,000.00 on quarterly revenue of $212,802,000.00, and the insider's 5 prior same-ticker purchases have no measurable 90-day outcomes yet. The sustained multi-day buying at incrementally rising prices following strong recent price momentum warrants examination of whether this accumulation reflects conviction in valuation recovery or reflects other strategic considerations.

Baker Bros. Advisors LP purchases 655,500 shares at $44.00 for $28.8M, bringing stake to 6.12M shares (+12.0%)

Baker Bros. Advisors LP executed 2 separate purchases totaling 655,500 shares for $28,842,000.00, expanding its stake in Kymera Therapeutics from 5.46M to 6.12M shares. The transaction occurs within a volatile 52-week context where the stock is currently trading at -16.7% from its $52.40 high, though up +47.2% over the past 30 days and +72.9% over 90 days. The insider's cross-ticker track record shows 16 prior open-market buys with an average 90-day return of +665.5%, though this historical performance is not ticker-specific and Kymera remains unprofitable with revenue declining -40.1% year-over-year and full-year net income of negative $65.6M. The scale of this accumulation—a $28.8M purchase adding 12% to existing holdings—signals a material commitment to the position during a period of significant recent price appreciation.