Palo Alto Investors LP
PALO ALTO, CA
$724m in 52 US stocks at the end of 30 June 2026. The top 10 are 61.3% of the money. It changed about 11.2% of the portfolio this quarter.
Value
$724m
Stocks
52
Top 10 share
61.3%
Turnover
11.2%
What changed this quarter
New
Bought for the first time this quarter.
- First Tracks BiotherapeuticsTRAX1.7% of the fund
- Sagimet BiosciencesSGMT0.3% of the fund
- NewAmsterdam PharmaNAMS0.2% of the fund
Added
Bought more of a stock they already held.
- Mirum PharmaceuticalsMIRM5.6% of the fund+7%
- Disc MedicineIRON4.2% of the fund+4%
- Celldex TherapeuticsCLDX2.1% of the fund+35%
- Compass TherapeuticsCMPX1.8% of the fund+285%
- VerastemVSTM0.2% of the fund+26%
Cut
Sold some of their stake.
- AnaptysbioANAB5.6% of the fund-5%
- Iovance BiotherapeuticsIOVA3.0% of the fund-17%
- Prothena Corp PublicPRTA1.5% of the fund-5%
- Travere TherapeuticsTVTX1.3% of the fund-27%
- Align TechnologyALGN0.7% of the fund-24%
- Oruka TherapeuticsORKA0.4% of the fund-44%
- Pyxis OncologyPYXS0.4% of the fund-14%
- Nuvation BioNUVB0.3% of the fund-36%
Sold out
Sold their entire stake.
- Amicus Therapeutics-100%
- Denali TherapeuticsDNLI-100%
Holdings
- First Tracks BiotherapeuticsTRAX
- Share
- 1.7%
- Value
- $12m
- Shares
- 603,489
New
- Biontech SEBNTX
- Share
- 0.3%
- Value
- $2m
- Shares
- 19,614
Held
- Bicycle TherapeuticsBCYC
- Share
- 0.1%
- Value
- $856,014
- Shares
- 201,890
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| PTC TherapeuticsPTCT | 10.4% | $75m | 918,846 | Held |
| Acadia PharmaceuticalsACAD | 10.0% | $72m | 2,864,096 | Held |
| InsmedINSM | 6.1% | $44m | 413,980 | Held |
| Mirum PharmaceuticalsMIRM | 5.6% | $41m | 348,808 | +7% |
| AnaptysbioANAB | 5.6% | $41m | 603,489 | -5% |
| Biomarin PharmaceuticalBMRN | 5.4% | $39m | 682,777 | Held |
| Dyne TherapeuticsDYN | 5.1% | $37m | 1,647,521 | Held |
| United TherapeuticsUTHR | 4.7% | $34m | 62,587 | Held |
| Disc MedicineIRON | 4.2% | $30m | 416,646 | +4% |
| BiogenBIIB | 4.2% | $30m | 140,279 | Held |
| Iovance BiotherapeuticsIOVA | 3.0% | $22m | 5,296,209 | -17% |
| Ultragenyx PharmaceuticalRARE | 2.8% | $20m | 596,495 | Held |
| NovoCureNVCR | 2.7% | $19m | 1,280,439 | Held |
| Syndax PharmaceuticalsSNDX | 2.6% | $19m | 864,986 | Held |
| AnnexonANNX | 2.3% | $17m | 2,948,090 | Held |
| Bicara TherapeuticsBCAX | 2.3% | $16m | 550,408 | Held |
| CareDxCDNA | 2.1% | $15m | 531,870 | Held |
| Celldex TherapeuticsCLDX | 2.1% | $15m | 399,856 | +35% |
| Compass TherapeuticsCMPX | 1.8% | $13m | 5,831,813 | +285% |
| Alkermes plc.ALKS | 1.8% | $13m | 242,560 | Held |
| First Tracks BiotherapeuticsTRAX | 1.7% | $12m | 603,489 | New |
| Prothena Corp PublicPRTA | 1.5% | $11m | 1,143,155 | -5% |
| Travere TherapeuticsTVTX | 1.3% | $10m | 167,525 | -27% |
| Taysha Gene TherapiesTSHA | 1.3% | $9m | 1,391,382 | Held |
| Aclaris TherapeuticsACRS | 1.2% | $9m | 1,613,430 | Held |
| Agios PharmaceuticalsAGIO | 1.1% | $8m | 213,601 | Held |
| Capricor TherapeuticsCAPR | 0.8% | $6m | 229,763 | Held |
| Align TechnologyALGN | 0.7% | $5m | 31,389 | -24% |
| Oruka TherapeuticsORKA | 0.4% | $3m | 33,546 | -44% |
| Xenon PharmaceuticalsXENE | 0.4% | $3m | 51,345 | Held |
| Neurocrine BiosciencesNBIX | 0.4% | $3m | 18,117 | Held |
| Edwards LifesciencesEW | 0.4% | $3m | 33,640 | Held |
| Stoke TherapeuticsSTOK | 0.4% | $3m | 84,631 | Held |
| CytokineticsCYTK | 0.4% | $3m | 32,195 | Held |
| Pyxis OncologyPYXS | 0.4% | $3m | 864,277 | -14% |
| eHealthEHTH | 0.3% | $2m | 1,482,797 | Held |
| CRISPR Therapeutics AGCRSP | 0.3% | $2m | 39,605 | Held |
| Sagimet BiosciencesSGMT | 0.3% | $2m | 250,000 | New |
| Nuvation BioNUVB | 0.3% | $2m | 326,609 | -36% |
| Biontech SEBNTX | 0.3% | $2m | 19,614 | Held |
| COMPASS PathwaysCMPS | 0.2% | $2m | 115,616 | Held |
| HumanaHUM | 0.2% | $2m | 3,985 | Held |
| NewAmsterdam PharmaNAMS | 0.2% | $2m | 44,359 | New |
| VerastemVSTM | 0.2% | $1m | 309,685 | +26% |
| Madrigal PharmaceuticalsMDGL | 0.1% | $959,530 | 1,787 | Held |
| UroGen PharmaURGN | 0.1% | $901,600 | 24,500 | Held |
| Bicycle TherapeuticsBCYC | 0.1% | $856,014 | 201,890 | Held |
| Xeris Biopharma HoldingsXERS | 0.1% | $826,927 | 104,410 | Held |
| Abeona TherapeuticsABEO | <0.1% | $672,786 | 108,865 | Held |
| Inspire Medical SystemsINSP | <0.1% | $391,319 | 8,772 | Held |
| ProQR TherapeuticsPRQR | <0.1% | $351,181 | 188,807 | Held |
| Aldeyra TherapeuticsALDX | <0.1% | $331,660 | 155,709 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 54.0% since 30 June 2025.
Where the money is
Health care99.3%
Financial services0.3%
Other0.4%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.