Palo Alto Investors LP: 13F holdings, Q2 2026
Hedge fund · SEC EDGAR filings (CIK 1306923) · Explore on the interactive board
Palo Alto Investors LP disclosed 52 US equity positions worth $723.7m in its Q2 2026 13F filing (holdings as of June 30, 2026, filed August 19, 2026). Its largest position is PTCT at 10.4% of the reported book, followed by ACAD, INSM. The top ten holdings are 61.3% of the book, and the portfolio behaves like about 20 equal-weight positions. Versus the prior filing it opened 3 new positions, added to 5, reduced 8 and exited 2. Note: this manager's most recent filing is 3934 quarters behind the newest quarter on file, so these figures are history rather than current positioning.
What does Palo Alto Investors LP own? Top holdings as of June 30, 2026
Change is measured in shares against the previous filing (Q1 2026), so price moves do not read as decisions. This quarter: 3 new, 5 added, 8 reduced, 2 exited.
| # | Stock | Sector | Weight | Value | Shares | Δ shares | Action |
|---|---|---|---|---|---|---|---|
| 1 | PTCT PTC THERAPEUTICS INC | Healthcare | 10.4% | $75.0m | 918,846 | -0% | held |
| 2 | ACAD ACADIA PHARMACEUTICALS INC | Healthcare | 10.0% | $72.5m | 2,864,096 | -0% | held |
| 3 | INSM INSMED INC | Healthcare | 6.1% | $44.1m | 413,980 | -0% | held |
| 4 | MIRM MIRUM PHARMACEUTICALS INC | Healthcare | 5.6% | $40.8m | 348,808 | 7% | added |
| 5 | ANAB ANAPTYSBIO INC | Healthcare | 5.6% | $40.7m | 603,489 | -5% | reduced |
| 6 | BMRN BIOMARIN PHARMACEUTICAL INC | Healthcare | 5.4% | $39.1m | 682,777 | -0% | held |
| 7 | DYN DYNE THERAPEUTICS INC | Healthcare | 5.1% | $36.6m | 1,647,521 | -0% | held |
| 8 | UTHR UNITED THERAPEUTICS CORP | Healthcare | 4.7% | $33.9m | 62,587 | -0% | held |
| 9 | IRON DISC MEDICINE INC | Healthcare | 4.2% | $30.5m | 416,646 | 4% | added |
| 10 | BIIB BIOGEN INC | Healthcare | 4.2% | $30.3m | 140,279 | -0% | held |
| 11 | IOVA IOVANCE BIOTHERAPEUTICS INC | Healthcare | 3.0% | $22.0m | 5,296,209 | -17% | reduced |
| 12 | RARE ULTRAGENYX PHARMACEUTICAL IN | Healthcare | 2.8% | $19.9m | 596,495 | 0% | held |
| 13 | NVCR NOVOCURE LTD | Healthcare | 2.7% | $19.4m | 1,280,439 | 0% | held |
| 14 | SNDX SYNDAX PHARMACEUTICALS INC | Healthcare | 2.6% | $18.9m | 864,986 | 0% | held |
| 15 | ANNX ANNEXON INC | Healthcare | 2.3% | $16.8m | 2,948,090 | 0% | held |
| 16 | BCAX BICARA THERAPEUTICS INC | Healthcare | 2.3% | $16.3m | 550,408 | 0% | held |
| 17 | CDNA CAREDX INC | Healthcare | 2.1% | $15.2m | 531,870 | 0% | held |
| 18 | CLDX CELLDEX THERAPEUTICS INC | Healthcare | 2.1% | $14.9m | 399,856 | 35% | added |
| 19 | CMPX COMPASS THERAPEUTICS INC | 1.8% | $12.8m | 5,831,813 | 285% | added | |
| 20 | ALKS ALKERMES PLC | Healthcare | 1.8% | $12.7m | 242,560 | 0% | held |
| 21 | TRAX FIRST TRACKS BIOTHERAPEUTICS | 1.7% | $12.1m | 603,489 | – | new | |
| 22 | PRTA PROTHENA CORP PLC | Healthcare | 1.5% | $11.2m | 1,143,155 | -5% | reduced |
| 23 | TVTX TRAVERE THERAPEUTICS INC | Healthcare | 1.3% | $9.5m | 167,525 | -27% | reduced |
| 24 | TSHA TAYSHA GENE THERAPIES INC | Healthcare | 1.3% | $9.5m | 1,391,382 | 0% | held |
| 25 | ACRS ACLARIS THERAPEUTICS INC | Healthcare | 1.2% | $8.5m | 1,613,430 | 0% | held |
| 26 | AGIO AGIOS PHARMACEUTICALS INC | Healthcare | 1.1% | $7.9m | 213,601 | 0% | held |
| 27 | CAPR CAPRICOR THERAPEUTICS INC | Healthcare | 0.8% | $5.5m | 229,763 | 0% | held |
| 28 | ALGN ALIGN TECHNOLOGY INC | Healthcare | 0.7% | $5.3m | 31,389 | -24% | reduced |
| 29 | ORKA ORUKA THERAPEUTICS INC - Restricted | Healthcare | 0.4% | $3.2m | 33,546 | -44% | reduced |
| 30 | XENE XENON PHARMACEUTICALS INC | Healthcare | 0.4% | $3.1m | 51,345 | 0% | held |
| 31 | NBIX NEUROCRINE BIOSCIENCES INC | Healthcare | 0.4% | $3.1m | 18,117 | 0% | held |
| 32 | EW EDWARDS LIFESCIENCES CORP | Healthcare | 0.4% | $3.0m | 33,640 | 0% | held |
| 33 | STOK STOKE THERAPEUTICS INC | Healthcare | 0.4% | $2.8m | 84,631 | 0% | held |
| 34 | CYTK CYTOKINETICS INC | Healthcare | 0.4% | $2.7m | 32,195 | 0% | held |
| 35 | PYXS PYXIS ONCOLOGY INC | 0.4% | $2.6m | 864,277 | -14% | reduced | |
| 36 | EHTH EHEALTH INC | Financial Services | 0.3% | $2.2m | 1,482,797 | 0% | held |
| 37 | CRSP CRISPR THERAPEUTICS AG | Healthcare | 0.3% | $2.2m | 39,605 | 0% | held |
| 38 | SGMT SAGIMET BIOSCIENCES INC-A | Healthcare | 0.3% | $1.9m | 250,000 | – | new |
| 39 | NUVB NUVATION BIO INC | Healthcare | 0.3% | $1.9m | 326,609 | -36% | reduced |
| 40 | BNTX BIONTECH SE-ADR | Healthcare | 0.3% | $1.8m | 19,614 | 0% | held |
| 41 | CMPS COMPASS PATHWAYS PLC ADR | Healthcare | 0.2% | $1.6m | 115,616 | 0% | held |
| 42 | HUM HUMANA INC | Healthcare | 0.2% | $1.6m | 3,985 | 0% | held |
| 43 | NEWAMSTERDAM PHARMA CO NV | 0.2% | $1.5m | 44,359 | – | new | |
| 44 | VSTM VERASTEM INC | Healthcare | 0.2% | $1.2m | 309,685 | 26% | added |
| 45 | MDGL MADRIGAL PHARMACEUTICALS INC | Healthcare | 0.1% | $959.5k | 1,787 | 0% | held |
| 46 | URGN UROGEN PHARMA LTD | Healthcare | 0.1% | $901.6k | 24,500 | 0% | held |
| 47 | BCYC BICYCLE THERAPEUTICS PLC-ADR | Healthcare | 0.1% | $856.0k | 201,890 | 0% | held |
| 48 | XERS XERIS BIOPHARMA HOLDINGS INC | Healthcare | 0.1% | $826.9k | 104,410 | 0% | held |
| 49 | ABEO ABEONA THERAPEUTICS INC | Healthcare | 0.1% | $672.8k | 108,865 | 0% | held |
| 50 | INSP INSPIRE MEDICAL SYSTEMS INC | Healthcare | 0.1% | $391.3k | 8,772 | 0% | held |
What did Palo Alto Investors LP sell? Positions exited since the previous filing
| Stock | Prior weight | Prior value |
|---|---|---|
| AM6 AMICUS THERAPEUTICS INC | 78.1% | $16.1m |
| DNLI DENALI THERAPEUTICS INC | 21.9% | $4.5m |
Sector mix
| Sector | Weight |
|---|---|
| Healthcare | 95.6% |
| Financial Services | 0.3% |
Sectors cover positions whose ticker resolved to a sector; the remainder is unclassified, not cash.
Filing history
How concentrated is Palo Alto Investors LP's portfolio?
Across every quarter Palo Alto Investors LP has filed, its median largest position is 10.4% of the book and its median top-ten weight is 62.6%, which WhaleCreep classifies as concentrated (the gate is a median largest position of 5%). Of 2.0 completed holding spells, the median lasted 1.0 quarters; 52.0 positions are still open and their final length is unknown.