Palo Alto Investors LP
CIK 1306923 · View on SEC EDGAR ↗
- Portfolio value
- $723.7M
- Positions
- 52
- As of
- June 30, 2026
#3,025 of 9,443 by 13F value · top 32.0%
Portfolio value QoQ: +10.7% 13F does not disclose cash
- Top 10 holdings weight
- 61.28%
- Top 25 holdings weight
- 91.65%
- Positions above 1%
- 26
- Effective number of positions
- 20.4
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 4.79% Est. buys $32,983,630 · sells $38,290,648
Median holding: 5.0 quarters Tracked Q4 2024–Q2 2026 · 72.2% still held
- New positions
- 3
- Increased
- 5
- Decreased
- 15
- Closed
- 2
On this page
- Performance vs S&P How this manager's 13F portfolio performed against the S&P 500.
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
- Related The person behind this filer, where we can match one.
Performance vs S&P 500
Annualized: +31.3% · S&P 500: +18.0%
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Priceable coverage: 98.9% · Options excluded: 0.0%
Sector breakdown
Healthcare
98.0%
Financials
0.3%
Other/Unmapped
1.7%
Full portfolio 52 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| PTCT PTC Therapeutics, Inc. - Common Stock | $74,950,268 | 10.36% | 918,846 | $12,161,183 | Down ×1 | ||
| ACAD ACADIA Pharmaceuticals Inc. - Common Stock | $72,461,629 | 10.01% | 2,864,096 | $8,515,438 | Down ×1 | ||
| INSM Insmed Incorporated - Common Stock | $44,138,548 | 6.10% | 413,980 | $-23,766,239 | Down ×6 | ||
| MIRM Mirum Pharmaceuticals, Inc. - common stock | $40,834,953 | 5.64% | 348,808 | $10,795,286 | Up ×3 | ||
| ANAB AnaptysBio, Inc. - Common Stock | $40,735,508 | 5.63% | 603,489 | $5,343,099 | Down ×2 | ||
| BMRN BioMarin Pharmaceutical Inc. - Common Stock | $39,068,500 | 5.40% | 682,777 | $362,569 | Down ×6 | ||
| DYN Dyne Therapeutics, Inc. - Common Stock | $36,591,441 | 5.06% | 1,647,521 | $6,623,059 | Down ×1 | ||
| UTHR United Therapeutics Corporation - Common Stock | $33,911,514 | 4.69% | 62,587 | $-3,332,967 | Down ×1 | ||
| IRON Disc Medicine, Inc. - Common Stock | $30,473,488 | 4.21% | 416,646 | $4,787,575 | Up ×4 | ||
| BIIB Biogen Inc. - Common Stock | $30,308,681 | 4.19% | 140,279 | $4,510,667 | Down ×4 | ||
| IOVA Iovance Biotherapeutics, Inc. - Common Stock | $22,032,229 | 3.04% | 5,296,209 | $-254,737 | Down ×3 | ||
| RARE Ultragenyx Pharmaceutical Inc. - Common Stock | $19,916,968 | 2.75% | 596,495 | $7,420,398 | |||
| NVCR NovoCure Limited - Ordinary Shares | $19,398,651 | 2.68% | 1,280,439 | $5,441,866 | |||
| SNDX Syndax Pharmaceuticals, Inc. - Common Stock | $18,908,594 | 2.61% | 864,986 | $-1,297,479 | |||
| ANNX Annexon, Inc. - common stock | $16,833,594 | 2.33% | 2,948,090 | $501,175 | |||
| BCAX Bicara Therapeutics Inc. - Common Stock | $16,341,614 | 2.26% | 550,408 | $5,393,999 | |||
| CDNA CareDx, Inc. - Common Stock | $15,158,295 | 2.09% | 531,870 | $5,925,032 | |||
| CLDX Celldex Therapeutics, Inc. - Common Stock | $14,878,642 | 2.06% | 399,856 | $5,476,580 | Up ×1 | ||
| CMPX Compass Therapeutics, Inc. - Common Stock | $12,771,670 | 1.76% | 5,831,813 | $4,759,944 | Up ×1 | ||
| ALKS Alkermes plc - Ordinary Shares | $12,708,931 | 1.76% | 242,560 | $4,132,009 | |||
| Unknown issuer (CUSIP: 337185102) | $12,142,199 | 1.68% | 603,489 | Up ×1 | |||
| PRTA Prothena Corporation plc - Ordinary Shares | $11,191,487 | 1.55% | 1,143,155 | $-555,794 | Down ×3 | ||
| TVTX Travere Therapeutics, Inc. - Common Stock | $9,517,095 | 1.32% | 167,525 | $2,670,336 | Down ×1 | ||
| TSHA Taysha Gene Therapies, Inc. - Common Stock | $9,475,311 | 1.31% | 1,391,382 | $3,255,833 | |||
| ACRS Aclaris Therapeutics, Inc. - Common Stock | $8,535,045 | 1.18% | 1,613,430 | $2,484,682 | |||
| AGIO Agios Pharmaceuticals, Inc. - Common Stock | $7,926,733 | 1.10% | 213,601 | $700,611 | |||
| CAPR Capricor Therapeutics, Inc. - Common Stock | $5,532,693 | 0.76% | 229,763 | $-1,452,102 | |||
| ALGN Align Technology, Inc. - Common Stock | $5,294,069 | 0.73% | 31,389 | $-1,823,705 | Down ×1 | ||
| ORKA Oruka Therapeutics, Inc. - Common Stock | $3,192,573 | 0.44% | 33,546 | $250,309 | Down ×1 | ||
| XENE Xenon Pharmaceuticals Inc. - Common Shares | $3,099,184 | 0.43% | 51,345 | $113,472 | |||
| NBIX Neurocrine Biosciences, Inc. - Common Stock | $3,053,349 | 0.42% | 18,117 | $666,615 | |||
| EW Edwards Lifesciences Corporation Common Stock | $3,043,074 | 0.42% | 33,640 | $349,183 | |||
| STOK Stoke Therapeutics, Inc. - Common Stock | $2,769,126 | 0.38% | 84,631 | $13,541 | |||
| CYTK Cytokinetics, Incorporated - Common Stock | $2,742,692 | 0.38% | 32,195 | $620,720 | |||
| PYXS Pyxis Oncology, Inc. - Common Stock | $2,601,474 | 0.36% | 864,277 | $1,126,129 | Down ×2 | ||
| EHTH eHealth, Inc. - Common Stock | $2,209,368 | 0.31% | 1,482,797 | $296,560 | |||
| CRSP CRISPR Therapeutics AG - Common Shares | $2,160,057 | 0.30% | 39,605 | $276,047 | |||
| SGMT Sagimet Biosciences Inc. - Series A Common Stock | $1,932,500 | 0.27% | 250,000 | Up ×1 | |||
| NUVB Nuvation Bio Inc. Class A Common Stock | $1,855,139 | 0.26% | 326,609 | $-327,810 | Down ×3 | ||
| BNTX BioNTech SE - American Depositary Shares | $1,825,083 | 0.25% | 19,614 | $81,791 | |||
| CMPS COMPASS Pathways Plc - American Depository Shares | $1,635,966 | 0.23% | 115,616 | $996,610 | |||
| HUM Humana Inc. Common Stock | $1,582,922 | 0.22% | 3,985 | $891,963 | |||
| NAMS NewAmsterdam Pharma Company N.V. - Ordinary Shares | $1,503,327 | 0.21% | 44,359 | Up ×1 | |||
| VSTM Verastem, Inc. - Common Stock | $1,182,997 | 0.16% | 309,685 | $-121,296 | Up ×1 | ||
| MDGL Madrigal Pharmaceuticals, Inc. - Common Stock | $959,530 | 0.13% | 1,787 | $24,089 | |||
| URGN UroGen Pharma Ltd. - Ordinary Shares | $901,600 | 0.12% | 24,500 | $461,090 | |||
| BCYC Bicycle Therapeutics plc - American Depositary Shares | $856,014 | 0.12% | 201,890 | $-80,756 | |||
| XERS Xeris Biopharma Holdings, Inc. - Common Stock | $826,927 | 0.11% | 104,410 | $221,349 | |||
| ABEO Abeona Therapeutics Inc. - Common Stock | $672,786 | 0.09% | 108,865 | $185,071 | |||
| INSP Inspire Medical Systems, Inc. Common Stock | $391,319 | 0.05% | 8,772 | $-61,141 | |||
| PRQR ProQR Therapeutics N.V. - Ordinary Shares | $351,181 | 0.05% | 188,807 | $45,314 | |||
| ALDX Aldeyra Therapeutics, Inc. - Common Stock | $331,660 | 0.05% | 155,709 | $68,512 | |||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
Biggest new bets
New positions opened this quarter, largest first.
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| INSM | Trimmed | -1K | -$23.8M |
| PTCT | Trimmed | -3K | +$12.2M |
| MIRM | Bought more | +24K | +$10.8M |
| ACAD | Trimmed | -9K | +$8.5M |
| RARE | Price move only | +0 | +$7.4M |
| DYN | Trimmed | -5K | +$6.6M |
| CDNA | Price move only | +0 | +$5.9M |
| CLDX | Bought more | +103K | +$5.5M |
| NVCR | Price move only | +0 | +$5.4M |
| BCAX | Price move only | +0 | +$5.4M |
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| FOLD | June 30, 2026 | 1,113,045 | $16,094,631 | No longer tracked |
| ALNY | Dec. 31, 2025 | 32,320 | $14,737,920 | -42.2% |
| GOSS | March 31, 2026 | 4,471,592 | $13,861,935 | -53.3% |
| SRPT | June 30, 2025 | 210,258 | $13,418,666 | 14.4% |
| STAA | Sept. 30, 2025 | 791,879 | $13,287,730 | -13.7% |
| RNA | Dec. 31, 2025 | 109,831 | $4,785,337 | -81.8% |
| DNLI | June 30, 2026 | 234,582 | $4,503,974 | -2.2% |
| SLRN | June 30, 2025 | 1,792,895 | $4,428,451 | No longer tracked |
| NVRO | March 31, 2025 | 750,371 | $2,791,380 | No longer tracked |
| VERV | June 30, 2025 | 575,817 | $2,631,484 | No longer tracked |
| KPTIXXXX | June 30, 2025 | 324,032 | $1,211,880 | No longer tracked |
| KPTI | Sept. 30, 2025 | 187,911 | $809,896 | -71.8% |
| VYNE | Sept. 30, 2025 | 445,434 | $734,966 | No longer tracked |
| JSPR | March 31, 2025 | 30,651 | $655,318 | -83.4% |
| ALMS | Sept. 30, 2025 | 143,437 | $430,311 | 468.1% |
| TIL | June 30, 2025 | 11,165 | $193,824 | -64.0% |
| RLMD | June 30, 2025 | 495,146 | $133,689 | 681.7% |
| GBIO | March 31, 2026 | 15,047 | $85,467 | No longer tracked |
| AKTX | March 31, 2026 | 146,024 | $42,201 | 54.2% |