Palo Alto Investors LP 13F holdings, Q3 2025
Holdings as of September 30, 2025 · filings on SEC EDGAR · latest filing →
Palo Alto Investors LP disclosed 44 US equity positions worth $540.4m in its Q3 2025 13F filing. The largest position was INSM at 13.1% of the reported book, followed by PTCT and ACAD. Against the Q2 2025 filing, it opened 3 new positions, added to 13 and reduced 19 among the top 44 holdings.
What did Palo Alto Investors LP own in Q3 2025? Top 44 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q2 2025 |
|---|---|---|---|---|---|---|---|
| 1 | INSM INSMED INC | Healthcare | 13.1% | $70.8m | 491,805 | -43% | reduced |
| 2 | PTCT PTC THERAPEUTICS INC | Healthcare | 9.8% | $52.9m | 862,613 | 112% | added |
| 3 | ACAD ACADIA PHARMACEUTICALS INC | Healthcare | 9.7% | $52.6m | 2,466,684 | -4% | reduced |
| 4 | AM6 AMICUS THERAPEUTICS INC | 7.8% | $42.3m | 5,367,798 | -4% | reduced | |
| 5 | BMRN BIOMARIN PHARMACEUTICAL INC | Healthcare | 7.6% | $40.8m | 754,007 | -10% | reduced |
| 6 | BIIB BIOGEN INC | Healthcare | 4.8% | $26.0m | 185,661 | -10% | reduced |
| 7 | UTHR UNITED THERAPEUTICS CORP | Healthcare | 4.5% | $24.4m | 58,186 | -39% | reduced |
| 8 | ANAB ANAPTYSBIO INC | Healthcare | 3.8% | $20.6m | 673,520 | -17% | reduced |
| 9 | IOVA IOVANCE BIOTHERAPEUTICS INC | Healthcare | 3.1% | $16.5m | 7,618,132 | 122% | added |
| 10 | NVCR NOVOCURE LTD | Healthcare | 3.0% | $16.2m | 1,256,159 | 31% | added |
| 11 | DYN DYNE THERAPEUTICS INC | Healthcare | 3.0% | $16.0m | 1,262,674 | 377% | added |
| 12 | IRON DISC MEDICINE INC | Healthcare | 2.7% | $14.8m | 224,300 | 54% | added |
| 13 | ALNY ALNYLAM PHARMACEUTICALS INC | Healthcare | 2.7% | $14.7m | 32,320 | -57% | reduced |
| 14 | GOSS GOSSAMER BIO INC | Healthcare | 2.7% | $14.4m | 5,464,349 | -5% | reduced |
| 15 | PROTHENA CORP PLC | 2.4% | $12.9m | 1,324,028 | 4% | added | |
| 16 | RARE ULTRAGENYX PHARMACEUTICAL IN | Healthcare | 2.1% | $11.1m | 369,531 | 658% | added |
| 17 | AGIO AGIOS PHARMACEUTICALS INC | Healthcare | 2.0% | $10.7m | 265,497 | -1% | reduced |
| 18 | SNDX SYNDAX PHARMACEUTICALS INC | Healthcare | 1.9% | $10.1m | 654,930 | 47% | added |
| 19 | EHTH EHEALTH INC | Financial Services | 1.2% | $6.7m | 1,544,619 | -2% | reduced |
| 20 | DNLI DENALI THERAPEUTICS INC | Healthcare | 1.1% | $5.9m | 408,006 | 70% | added |
| 21 | ALGN ALIGN TECHNOLOGY INC | Healthcare | 1.1% | $5.7m | 45,735 | 21% | added |
| 22 | ALKS ALKERMES PLC | Healthcare | 1.0% | $5.5m | 183,938 | -17% | reduced |
| 23 | RNAGBP AVIDITY BIOSCIENCES INC | 0.9% | $4.8m | 109,831 | -8% | reduced | |
| 24 | MIRM MIRUM PHARMACEUTICALS INC | Healthcare | 0.9% | $4.7m | 64,700 | 0% | held |
| 25 | CDNA CAREDX INC | Healthcare | 0.9% | $4.6m | 316,204 | – | new |
| 26 | TSHA TAYSHA GENE THERAPIES INC | Healthcare | 0.8% | $4.1m | 1,246,033 | 0% | held |
| 27 | NUVB NUVATION BIO INC | Healthcare | 0.7% | $3.8m | 1,020,547 | 32% | added |
| 28 | ACRS ACLARIS THERAPEUTICS INC | Healthcare | 0.6% | $3.0m | 1,566,840 | 13% | added |
| 29 | CRSP CRISPR THERAPEUTICS AG | Healthcare | 0.5% | $2.7m | 41,226 | -8% | reduced |
| 30 | TVTX TRAVERE THERAPEUTICS INC | Healthcare | 0.5% | $2.6m | 110,719 | 0% | held |
| 31 | EW EDWARDS LIFESCIENCES CORP | Healthcare | 0.5% | $2.6m | 33,640 | -15% | reduced |
| 32 | NBIX NEUROCRINE BIOSCIENCES INC | Healthcare | 0.5% | $2.5m | 18,117 | 36% | added |
| 33 | STOK STOKE THERAPEUTICS INC | Healthcare | 0.5% | $2.5m | 105,427 | -16% | reduced |
| 34 | PYXS PYXIS ONCOLOGY INC | 0.4% | $2.3m | 1,037,421 | 0% | held | |
| 35 | BNTX BIONTECH SE-ADR | Healthcare | 0.4% | $1.9m | 19,614 | -22% | reduced |
| 36 | BCYC BICYCLE THERAPEUTICS PLC-ADR | Healthcare | 0.3% | $1.7m | 221,071 | -11% | reduced |
| 37 | ALDX ALDEYRA THERAPEUTICS INC | Healthcare | 0.2% | $1.2m | 225,465 | 0% | held |
| 38 | HUM HUMANA INC | Healthcare | 0.2% | $1.0m | 3,985 | 0% | held |
| 39 | ORKA ORUKA THERAPEUTICS INC | Healthcare | 0.1% | $791.3k | 59,985 | – | new |
| 40 | ABEO ABEONA THERAPEUTICS INC | Healthcare | 0.1% | $574.8k | 108,865 | 0% | held |
| 41 | URGN UROGEN PHARMA LTD | Healthcare | 0.1% | $488.8k | 24,500 | 0% | held |
| 42 | PROQR THERAPEUTICS NV | 0.1% | $402.2k | 188,807 | – | new | |
| 43 | AKTX AKARI THERAPEUTICS PLC-ADR | 0.0% | $147.5k | 146,024 | 0% | held | |
| 44 | GBIOGBX GENERATION BIO CO | 0.0% | $92.1k | 15,047 | -90% | reduced |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.