Palo Alto Investors LP 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Palo Alto Investors LP disclosed 49 US equity positions worth $718.4m in its Q4 2025 13F filing. The largest position was INSM at 11.9% of the reported book, followed by AM6 and PTCT. Against the Q3 2025 filing, it opened 8 new positions, added to 12 and reduced 11 among the top 49 holdings.
What did Palo Alto Investors LP own in Q4 2025? Top 49 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | INSM INSMED INC | Healthcare | 11.9% | $85.2m | 489,482 | -0% | held |
| 2 | AM6 AMICUS THERAPEUTICS INC | 10.3% | $74.1m | 5,205,767 | -3% | reduced | |
| 3 | PTCT PTC THERAPEUTICS INC | Healthcare | 9.6% | $68.7m | 903,916 | 5% | added |
| 4 | ACAD ACADIA PHARMACEUTICALS INC | Healthcare | 9.2% | $66.3m | 2,484,031 | 1% | added |
| 5 | BMRN BIOMARIN PHARMACEUTICAL INC | Healthcare | 6.2% | $44.3m | 746,256 | -1% | reduced |
| 6 | ANAB ANAPTYSBIO INC | Healthcare | 4.7% | $33.5m | 690,032 | 2% | added |
| 7 | BIIB BIOGEN INC | Healthcare | 4.5% | $32.3m | 183,571 | -1% | reduced |
| 8 | DYN DYNE THERAPEUTICS INC | Healthcare | 4.0% | $28.8m | 1,472,197 | 17% | added |
| 9 | UTHR UNITED THERAPEUTICS CORP | Healthcare | 3.9% | $28.4m | 58,186 | 0% | held |
| 10 | IRON DISC MEDICINE INC | Healthcare | 3.5% | $25.2m | 317,456 | 42% | added |
| 11 | IOVA IOVANCE BIOTHERAPEUTICS INC | Healthcare | 2.7% | $19.4m | 7,116,676 | -7% | reduced |
| 12 | NVCR NOVOCURE LTD | Healthcare | 2.3% | $16.8m | 1,298,964 | 3% | added |
| 13 | SNDX SYNDAX PHARMACEUTICALS INC | Healthcare | 2.3% | $16.7m | 794,507 | 21% | added |
| 14 | GOSS GOSSAMER BIO INC | Healthcare | 1.9% | $13.9m | 4,471,592 | -18% | reduced |
| 15 | CMPX COMPASS THERAPEUTICS INC | 1.9% | $13.6m | 2,532,419 | – | new | |
| 16 | PROTHENA CORP PLC | 1.8% | $12.6m | 1,320,510 | -0% | held | |
| 17 | MIRM MIRUM PHARMACEUTICALS INC | Healthcare | 1.7% | $12.4m | 156,421 | 142% | added |
| 18 | ANNX ANNEXON INC | Healthcare | 1.7% | $12.0m | 2,384,192 | – | new |
| 19 | RARE ULTRAGENYX PHARMACEUTICAL IN | Healthcare | 1.5% | $10.6m | 461,294 | 25% | added |
| 20 | DNLI DENALI THERAPEUTICS INC | Healthcare | 1.5% | $10.6m | 641,239 | 57% | added |
| 21 | CDNA CAREDX INC | Healthcare | 1.3% | $9.0m | 478,220 | 51% | added |
| 22 | EHTH EHEALTH INC | Financial Services | 1.0% | $7.0m | 1,531,429 | -1% | reduced |
| 23 | ALKS ALKERMES PLC | Healthcare | 0.9% | $6.8m | 242,560 | 32% | added |
| 24 | CAPR CAPRICOR THERAPEUTICS INC | Healthcare | 0.9% | $6.5m | 226,304 | – | new |
| 25 | TSHA TAYSHA GENE THERAPIES INC | Healthcare | 0.9% | $6.5m | 1,183,195 | -5% | reduced |
| 26 | ALGN ALIGN TECHNOLOGY INC | Healthcare | 0.9% | $6.5m | 41,520 | -9% | reduced |
| 27 | AGIO AGIOS PHARMACEUTICALS INC | Healthcare | 0.8% | $5.8m | 212,499 | -20% | reduced |
| 28 | BCAX BICARA THERAPEUTICS INC | 0.7% | $5.0m | 298,575 | – | new | |
| 29 | NUVB NUVATION BIO INC | Healthcare | 0.7% | $4.8m | 538,079 | -47% | reduced |
| 30 | ACRS ACLARIS THERAPEUTICS INC | Healthcare | 0.7% | $4.7m | 1,566,840 | 0% | held |
| 31 | XENE XENON PHARMACEUTICALS INC | Healthcare | 0.6% | $4.3m | 96,519 | – | new |
| 32 | TVTX TRAVERE THERAPEUTICS INC | Healthcare | 0.6% | $4.2m | 110,719 | 0% | held |
| 33 | EW EDWARDS LIFESCIENCES CORP | Healthcare | 0.4% | $2.9m | 33,640 | 0% | held |
| 34 | NBIX NEUROCRINE BIOSCIENCES INC | Healthcare | 0.4% | $2.6m | 18,117 | 0% | held |
| 35 | STOK STOKE THERAPEUTICS INC | Healthcare | 0.3% | $2.3m | 72,022 | -32% | reduced |
| 36 | CRSP CRISPR THERAPEUTICS AG | Healthcare | 0.3% | $2.2m | 41,226 | 0% | held |
| 37 | BNTX BIONTECH SE-ADR | Healthcare | 0.3% | $1.9m | 19,614 | 0% | held |
| 38 | ORKA ORUKA THERAPEUTICS INC | Healthcare | 0.3% | $1.8m | 59,985 | 0% | held |
| 39 | BCYC BICYCLE THERAPEUTICS PLC-ADR | Healthcare | 0.2% | $1.6m | 221,071 | 0% | held |
| 40 | PYXS PYXIS ONCOLOGY INC | 0.2% | $1.2m | 1,037,421 | 0% | held | |
| 41 | ALDX ALDEYRA THERAPEUTICS INC | Healthcare | 0.2% | $1.2m | 225,465 | 0% | held |
| 42 | HUM HUMANA INC | Healthcare | 0.1% | $1.0m | 3,985 | 0% | held |
| 43 | INSP INSPIRE MEDICAL SYSTEMS INC | Healthcare | 0.1% | $809.0k | 8,772 | – | new |
| 44 | CMPS COMPASS PATHWAYS PLC ADR | Healthcare | 0.1% | $797.8k | 115,616 | – | new |
| 45 | URGN UROGEN PHARMA LTD | Healthcare | 0.1% | $573.8k | 24,500 | 0% | held |
| 46 | ABEO ABEONA THERAPEUTICS INC | Healthcare | 0.1% | $573.7k | 108,865 | 0% | held |
| 47 | PROQR THERAPEUTICS NV | 0.1% | $381.4k | 188,807 | 0% | held | |
| 48 | GENERATION BIO CO | 0.0% | $85.5k | 15,047 | – | new | |
| 49 | AKTX AKARI THERAPEUTICS PLC-ADR | 0.0% | $42.2k | 146,024 | 0% | held |
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.