Funds › Palo Alto Investors LP
Palo Alto Investors LP
13F for Q2 2026, filed Aug 19, 2026. 52 positions worth $723.7M.Managers with more than $100 million in US-listed stocks list their holdings each quarter, within 45 days of quarter end. Long positions only: no short sales or cash.
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Holdings, Q2 2026
Largest first. Common shares only; puts and calls are under All positions.
| # | The fund's own figures at the end of the quarter. A report can be up to 45 days old when it is filed. Options and bonds are not counted here. | Filing | ||||
|---|---|---|---|---|---|---|
| 1 | PTCT PTC Therapeutics, Inc. | 918,846 | $75.0M | 10.4% | -0.3% | 13F ↗ |
| 2 | ACAD ACADIA Pharmaceuticals Inc. | 2.86M | $72.5M | 10.0% | -0.3% | 13F ↗ |
| 3 | INSM Insmed Incorporated · Com Par $.01 | 413,980 | $44.1M | 6.1% | -0.3% | 13F ↗ |
| 4 | MIRM Mirum Pharmaceuticals, Inc. | 348,808 | $40.8M | 5.6% | +7.3% | 13F ↗ |
| 5 | ANAB AnaptysBio, Inc. | 603,489 | $40.7M | 5.6% | -37.0% | 13F ↗ |
| 6 | BMRN BioMarin Pharmaceutical Inc. | 682,777 | $39.1M | 5.4% | -0.4% | 13F ↗ |
| 7 | DYN Dyne Therapeutics, Inc. | 1.65M | $36.6M | 5.1% | -0.3% | 13F ↗ |
| 8 | UTHR United Therapeutics Corporation | 62,587 | $33.9M | 4.7% | -0.4% | 13F ↗ |
| 9 | IRON Disc Medicine, Inc. | 416,646 | $30.5M | 4.2% | +3.7% | 13F ↗ |
| 10 | BIIB Biogen Inc. | 140,279 | $30.3M | 4.2% | -0.3% | 13F ↗ |
| 11 | IOVA Iovance Biotherapeutics, Inc. | 5.30M | $22.0M | 3.0% | -16.6% | 13F ↗ |
| 12 | RARE Ultragenyx Pharmaceutical Inc. | 596,495 | $19.9M | 2.8% | Unchanged | 13F ↗ |
| 13 | NVCR NovoCure Limited | 1.28M | $19.4M | 2.7% | Unchanged | 13F ↗ |
| 14 | SNDX Syndax Pharmaceuticals, Inc. | 864,986 | $18.9M | 2.6% | Unchanged | 13F ↗ |
| 15 | ANNX Annexon, Inc. | 2.95M | $16.8M | 2.3% | Unchanged | 13F ↗ |
| 16 | BCAX Bicara Therapeutics Inc. | 550,408 | $16.3M | 2.3% | Unchanged | 13F ↗ |
| 17 | CDNA CareDx, Inc. | 531,870 | $15.2M | 2.1% | Unchanged | 13F ↗ |
| 18 | CLDX Celldex Therapeutics, Inc. | 399,856 | $14.9M | 2.1% | +34.9% | 13F ↗ |
| 19 | CMPX Compass Therapeutics, Inc. | 5.83M | $12.8M | 1.8% | +285% | 13F ↗ |
| 20 | ALKS Alkermes plc | 242,560 | $12.7M | 1.8% | Unchanged | 13F ↗ |
| 21 | TRAX First Tracks Biotherapeutics, Inc. · Ord Shs *A* | 603,489 | $12.1M | 1.7% | New | 13F ↗ |
| 22 | PRTA Prothena Corporation plc | 1.14M | $11.2M | 1.5% | -5.4% | 13F ↗ |
| 23 | TVTX Travere Therapeutics, Inc. | 167,525 | $9.5M | 1.3% | -27.3% | 13F ↗ |
| 24 | TSHA Taysha Gene Therapies, Inc. | 1.39M | $9.5M | 1.3% | Unchanged | 13F ↗ |
| 25 | ACRS Aclaris Therapeutics, Inc. | 1.61M | $8.5M | 1.2% | Unchanged | 13F ↗ |
| 26 | AGIO Agios Pharmaceuticals, Inc. | 213,601 | $7.9M | 1.1% | Unchanged | 13F ↗ |
| 27 | CAPR Capricor Therapeutics, Inc. | 229,763 | $5.5M | 0.8% | Unchanged | 13F ↗ |
| 28 | ALGN Align Technology, Inc. | 31,389 | $5.3M | 0.7% | -24.4% | 13F ↗ |
| 29 | ORKA Oruka Therapeutics, Inc. | 33,546 | $3.2M | 0.4% | -44.1% | 13F ↗ |
| 30 | XENE Xenon Pharmaceuticals Inc. | 51,345 | $3.1M | 0.4% | Unchanged | 13F ↗ |
| 31 | NBIX Neurocrine Biosciences, Inc. | 18,117 | $3.1M | 0.4% | Unchanged | 13F ↗ |
| 32 | EW Edwards Lifesciences Corporation | 33,640 | $3.0M | 0.4% | Unchanged | 13F ↗ |
| 33 | STOK Stoke Therapeutics, Inc. | 84,631 | $2.8M | 0.4% | Unchanged | 13F ↗ |
| 34 | CYTK Cytokinetics, Incorporated | 32,195 | $2.7M | 0.4% | Unchanged | 13F ↗ |
| 35 | PYXS Pyxis Oncology, Inc. | 864,277 | $2.6M | 0.4% | -14.5% | 13F ↗ |
| 36 | EHTH eHealth, Inc. | 1.48M | $2.2M | 0.3% | Unchanged | 13F ↗ |
| 37 | CRSP CRISPR Therapeutics AG · Namen Akt | 39,605 | $2.2M | 0.3% | Unchanged | 13F ↗ |
| 38 | SGMT Sagimet Biosciences Inc. | 250,000 | $1.9M | 0.3% | New | 13F ↗ |
| 39 | NUVB Nuvation Bio Inc. | 326,609 | $1.9M | 0.3% | -35.8% | 13F ↗ |
| 40 | BNTX BioNTech SE · ADR | 19,614 | $1.8M | 0.3% | Unchanged | 13F ↗ |
| 41 | CMPS COMPASS Pathways Plc · ADR | 115,616 | $1.6M | 0.2% | Unchanged | 13F ↗ |
| 42 | HUM Humana Inc. | 3,985 | $1.6M | 0.2% | Unchanged | 13F ↗ |
| 43 | NAMS NewAmsterdam Pharma Company N.V. | 44,359 | $1.5M | 0.2% | New | 13F ↗ |
| 44 | VSTM Verastem, Inc. | 309,685 | $1.2M | 0.2% | +25.8% | 13F ↗ |
| 45 | MDGL Madrigal Pharmaceuticals, Inc. | 1,787 | $959.5K | 0.1% | Unchanged | 13F ↗ |
| 46 | URGN UroGen Pharma Ltd. | 24,500 | $901.6K | 0.1% | Unchanged | 13F ↗ |
| 47 | BCYC Bicycle Therapeutics plc · ADR | 201,890 | $856.0K | 0.1% | Unchanged | 13F ↗ |
| 48 | XERS Xeris Biopharma Holdings, Inc. | 104,410 | $826.9K | 0.1% | Unchanged | 13F ↗ |
| 49 | ABEO Abeona Therapeutics Inc. | 108,865 | $672.8K | 0.1% | Unchanged | 13F ↗ |
| 50 | INSP Inspire Medical Systems, Inc. | 8,772 | $391.3K | 0.1% | Unchanged | 13F ↗ |
Changes since Q1 2026
3 new, 5 added to, 15 trimmed, 2 exited, 29 unchanged. By estimated dollars.
New positions (3)
Added to (5)
Trimmed (15)
| ANAB AnaptysBio, Inc. | 603,489 | -37.0% | -$23.9M |
| IOVA Iovance Biotherapeutics, Inc. | 5.30M | -16.6% | -$4.4M |
| TVTX Travere Therapeutics, Inc. | 167,525 | -27.3% | -$3.6M |
| ORKA Oruka Therapeutics, Inc. | 33,546 | -44.1% | -$2.5M |
| ALGN Align Technology, Inc. | 31,389 | -24.4% | -$1.7M |
| NUVB Nuvation Bio Inc. | 326,609 | -35.8% | -$1.0M |
| PRTA Prothena Corporation plc | 1.14M | -5.4% | -$640.4K |
| PYXS Pyxis Oncology, Inc. | 864,277 | -14.5% | -$440.2K |
| PTCT PTC Therapeutics, Inc. | 918,846 | -0.3% | -$225.2K |
| ACAD ACADIA Pharmaceuticals Inc. | 2.86M | -0.3% | -$217.6K |
Exited (2)
| Amicus Therapeutics Inc | 1.11M | Exited | -$16.1M |
| DNLI Denali Therapeutics Inc. | 234,582 | Exited | -$4.5M |
The 10 largest of each, by estimated dollars: shares changed times the later report's price. Index tracking, splits and mergers move positions too.
All positions
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Compare two quarters
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Reported value by quarter
Value and number of positions at the end of each quarter.
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Largest positions in earlier quarters
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Ten largest positions
By value, Q2 2026.
Filings
| Filing | ||||||
|---|---|---|---|---|---|---|
| Q2 2026 | Aug 19, 2026 | 13F-HR/A (restatement) | 52 | $723.7M | Current | SEC ↗ |
| Q2 2026 | Aug 18, 2026 | 13F-HR/A (restatement) | 52 | $723.7M | Replaced | SEC ↗ |
| Q2 2026 | Aug 17, 2026 | 13F-HR | 52 | $723.7M | Replaced | SEC ↗ |
| Q1 2026 | May 15, 2026 | 13F-HR | 51 | $653.9M | Current | SEC ↗ |
| Q4 2025 | Feb 17, 2026 | 13F-HR | 49 | $718.4M | Current | SEC ↗ |
| Q3 2025 | Nov 14, 2025 | 13F-HR | 44 | $540.4M | Current | SEC ↗ |
| Q2 2025 | Aug 14, 2025 | 13F-HR | 45 | $470.0M | Current | SEC ↗ |
| Q1 2025 | May 15, 2025 | 13F-HR | 44 | $525.1M | Current | SEC ↗ |
Most recent first, up to 80. An amendment can replace a report or add holdings to it. All 13F filings
Information, not investment advice. Values are the fund's own figures at quarter end; a report can be up to 45 days old when filed. Disclaimer