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Palo Alto Investors LP

CIK 1306923 · latest 13F filed 19 August 2026 · Read the filing on EDGAR

Palo Alto Investors LP reported 52 US-listed holdings worth $723.7 million in its 13F for the quarter ended 30 June 2026, filed 19 August 2026. Its largest: PTC Therapeutics, Inc. (10.4%), Acadia Pharmaceuticals Inc. (10.0%) and Insmed Inc. (6.1%). Against the quarter before, it opened 3 positions, added to 5, trimmed 15 and sold out of 2.

Reported holdings$723.7M+10.7% on Q1 2026
Positions52+1 on Q1 2026
The largest ten61.3%of its reported holdings
Latest 13FQ2 2026filed 19 August 2026
Where the money is
Added toHeldTrimmed
PTCT10.4%ACAD10.0%INSM6.1%MIRM5.6%ANAB5.6%BMRN5.4%DYN5.1%UTHR4.7%IRON4.2%BIIB4.2%IOVA3.0%RARE2.8%NVCR2.7%SNDX2.6%38 more27.6%

The 14 largest of its 52 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.

Reported holdings, quarter by quarter
Q3 2024: $769.9 million in 45 positions$770MQ3 24Q4 2024: $645.4 million in 43 positions$645MQ4 24Q1 2025: $525.1 million in 44 positions$525MQ1 25Q2 2025: $470.0 million in 45 positions$470MQ2 25Q3 2025: $540.4 million in 44 positions$540MQ3 25Q4 2025: $718.4 million in 49 positions$718MQ4 25Q1 2026: $653.9 million in 51 positions$654MQ1 26Q2 2026: $723.7 million in 52 positions$724MQ2 26

What the fund reported holding at each quarter's end; hover a bar for the number of positions

What its reported holdings returned

Held through each quarter, the holdings it reported returned +38.2% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.

Its reported holdingsThe S&P 500
90105120135Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26Its holdings +38.2%S&P 500 +30.2%

Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.

What it did on the quarter

Opened 3Added 5Held 29Trimmed 15Sold out 2
Opened: 3Added: 5Held: 29Trimmed: 15Sold out: 2

Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held

Opened 3

  1. First Tracks Biotherapeutics TRAX$12.1 million
  2. Sagimet Biosciences Inc. SGMT$1.9 million
  3. Newamsterdam Pharma Company NAMS$1.5 million

Added to 5

  1. Compass Therapeutics Inc. CMPX+4.3 million shares · +285%
  2. Celldex Therapeutics Inc. CLDX+103,448 shares · +35%
  3. Mirum Pharmaceuticals Inc. MIRM+23,633 shares · +7%
  4. Disc Medicine Inc. IRON+14,927 shares · +4%
  5. Verastem Inc. VSTM+63,592 shares · +26%

Trimmed 15

  1. Iovance Biotherapeutics Inc. IOVA-1.1 million shares · -17%
  2. Travere Therapeutics Inc. TVTX-62,928 shares · -27%
  3. Oruka Therapeutics Inc. ORKA-26,439 shares · -44%
  4. Anaptysbio Inc. ANAB-34,672 shares · -5%
  5. Align Technology Inc. ALGN-10,131 shares · -24%
  6. Nuvation Bio Inc. NUVB-182,237 shares · -36%
  7. Prothena Corp. PLC PRTA-65,413 shares · -5%
  8. Pyxis Oncology Inc. PYXS-146,233 shares · -14%

and 7 more in the table below

Sold out of 2

  1. Amicus Therapeutics Inc. FOLD$16.1 million last quarter
  2. Denali Therapeutics Inc. DNLI$4.5 million last quarter

What it holds

CompanySharesValueOf its bookChange in shares
PTC Therapeutics, Inc. PTCT918.8K$75.0 million10.36%-2.8K
Acadia Pharmaceuticals Inc. ACAD2.9M$72.5 million10.01%-8.6K
Insmed Inc. INSM414.0K$44.1 million6.10%-1.3K
Mirum Pharmaceuticals Inc. MIRM348.8K$40.8 million5.64%+23.6K
Anaptysbio Inc. ANAB603.5K$40.7 million5.63%-34.7K
Biomarin Pharmaceutical Inc. BMRN682.8K$39.1 million5.40%-2.4K
Dyne Therapeutics Inc. DYN1.6M$36.6 million5.06%-5.5K
United Therapeutics Corp. UTHR62.6K$33.9 million4.69%-222
Disc Medicine Inc. IRON416.6K$30.5 million4.21%+14.9K
Biogen Inc. BIIB140.3K$30.3 million4.19%-440
Iovance Biotherapeutics Inc. IOVA5.3M$22.0 million3.04%-1.1M
Ultragenyx Pharmaceutical in RARE596.5K$19.9 million2.75%no change
Novocure Ltd NVCR1.3M$19.4 million2.68%no change
Syndax Pharmaceuticals Inc. SNDX865.0K$18.9 million2.61%no change
Annexon Inc. ANNX2.9M$16.8 million2.33%no change
Bicara Therapeutics Inc. BCAX550.4K$16.3 million2.26%no change
Caredx Inc. CDNA531.9K$15.2 million2.09%no change
Celldex Therapeutics Inc. CLDX399.9K$14.9 million2.06%+103.4K
Compass Therapeutics Inc. CMPX5.8M$12.8 million1.76%+4.3M
Alkermes plc. ALKS242.6K$12.7 million1.76%no change
First Tracks Biotherapeutics TRAX603.5K$12.1 million1.68%new
Prothena Corp. PLC PRTA1.1M$11.2 million1.55%-65.4K
Travere Therapeutics Inc. TVTX167.5K$9.5 million1.32%-62.9K
Taysha Gene Therapies Inc. TSHA1.4M$9.5 million1.31%no change
Aclaris Therapeutics Inc. ACRS1.6M$8.5 million1.18%no change
Agios Pharmaceuticals Inc. AGIO213.6K$7.9 million1.10%no change
Capricor Therapeutics Inc. CAPR229.8K$5.5 million0.76%no change
Align Technology Inc. ALGN31.4K$5.3 million0.73%-10.1K
Oruka Therapeutics Inc. ORKA33.5K$3.2 million0.44%-26.4K
Xenon Pharmaceuticals Inc. XENE51.3K$3.1 million0.43%no change
Neurocrine Biosciences Inc. NBIX18.1K$3.1 million0.42%no change
Edwards Lifesciences Corp. EW33.6K$3.0 million0.42%no change
Stoke Therapeutics Inc. STOK84.6K$2.8 million0.38%no change
Cytokinetics Inc. CYTK32.2K$2.7 million0.38%no change
Pyxis Oncology Inc. PYXS864.3K$2.6 million0.36%-146.2K
Ehealth Inc. EHTH1.5M$2.2 million0.31%no change
Crispr Therapeutics AG CRSP39.6K$2.2 million0.30%no change
Sagimet Biosciences Inc. SGMT250.0K$1.9 million0.27%new
Nuvation Bio Inc. NUVB326.6K$1.9 million0.26%-182.2K
BioNTech SE BNTX19.6K$1.8 million0.25%no change
Compass Pathways PLC CMPS115.6K$1.6 million0.23%no change
Humana Inc. HUM4.0K$1.6 million0.22%no change
Newamsterdam Pharma Company NAMS44.4K$1.5 million0.21%new
Verastem Inc. VSTM309.7K$1.2 million0.16%+63.6K
Madrigal Pharmaceuticals Inc. MDGL1.8K$959,5300.13%no change
Urogen Pharma Ltd URGN24.5K$901,6000.12%no change
Bicycle Therapeutics PLC BCYC201.9K$856,0140.12%no change
Xeris Biopharma Holdings Inc. XERS104.4K$826,9270.11%no change
Abeona Therapeutics Inc. ABEO108.9K$672,7860.09%no change
Inspire Medical Systems, Inc. INSP8.8K$391,3190.05%no change
Proqr Thrapeutics N V PRQR188.8K$351,1810.05%no change
Aldeyra Therapeutics Inc. ALDX155.7K$331,6600.05%no change
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.
Read moreChange is shares against its 13F for the quarter before; the 2 it sold out of are in the box above.