Palo Alto Investors LP

PALO ALTO, CA · CIK 1306923 · 13F filing filed 2026-08-19

SEC-registered investment adviser since 2000 · limited partnership

Assets managed$696.0m
Staff10 · 4 in investment roles
Main clients (by assets)Private funds 100%
Private funds6 (6 hedge) · $692.0m gross assets
Websitepa-investors.com
Form ADV · 2026-03-27SEC adviser record

Legal entityPalo Alto Investors LP (US)

Kindhedge funds
Others nearbyPalo Alto, CA

As an employer

Offices in1 country
Private fundshedge 6

$723.7m reported value +10.7% vs Q1 2026

52positions

61.3%in top 10

3 new 5 added 15 reduced 2 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	PTC THERAPEUTICS INC COM PTCT	PTCT	918,846	$75.0m10.36%	10.36%	Reduced -2.8k	-2,761 -0.3%
2	ACADIA PHARMACEUTICALS INC COM ACAD	ACAD	2,864,096	$72.5m10.01%	10.01%	Reduced -8.6k	-8,599 -0.3%
3	INSMED INC COM PAR $.01 INSM	INSM	413,980	$44.1m6.10%	6.10%	Reduced -1.3k	-1,289 -0.3%
4	MIRUM PHARMACEUTICALS INC COM MIRM	MIRM	348,808	$40.8m5.64%	5.64%	Added +23.6k	+23,633 7.3%
5	ANAPTYSBIO INC COM ANAB	ANAB	603,489	$40.7m5.63%	5.63%	Reduced -34.7k	-34,672 -5.4%
6	BIOMARIN PHARMACEUTICAL INC COM BMRN	BMRN	682,777	$39.1m5.40%	5.40%	Reduced -2.4k	-2,405 -0.3%
7	DYNE THERAPEUTICS INC COM DYN	DYN	1,647,521	$36.6m5.06%	5.06%	Reduced -5.5k	-5,451 -0.3%
8	UNITED THERAPEUTICS CORP DEL COM UTHR	UTHR	62,587	$33.9m4.69%	4.69%	Reduced -222	-222 -0.3%
9	DISC MEDICINE INC COM IRON	IRON	416,646	$30.5m4.21%	4.21%	Added +14.9k	+14,927 3.7%
10	BIOGEN INC COM BIIB	BIIB	140,279	$30.3m4.19%	4.19%	Reduced -440	-440 -0.3%
11	IOVANCE BIOTHERAPEUTICS INC COM IOVA	IOVA	5,296,209	$22.0m3.04%	3.04%	Reduced -1.1m	-1,053,354 -16.6%
12	ULTRAGENYX PHARMACEUTICAL IN COM RARE	RARE	596,495	$19.9m2.75%	2.75%	Unchanged
13	NOVOCURE LTD ORD SHS NVCR	NVCR	1,280,439	$19.4m2.68%	2.68%	Unchanged
14	SYNDAX PHARMACEUTICALS INC COM SNDX	SNDX	864,986	$18.9m2.61%	2.61%	Unchanged
15	ANNEXON INC COM ANNX	ANNX	2,948,090	$16.8m2.33%	2.33%	Unchanged
16	BICARA THERAPEUTICS INC COM BCAX	BCAX	550,408	$16.3m2.26%	2.26%	Unchanged
17	CAREDX INC COM CDNA	CDNA	531,870	$15.2m2.09%	2.09%	Unchanged
18	CELLDEX THERAPEUTICS INC NEW COM NEW CLDX	CLDX	399,856	$14.9m2.06%	2.06%	Added +103.4k	+103,448 34.9%
19	COMPASS THERAPEUTICS INC COM CMPX	CMPX	5,831,813	$12.8m1.76%	1.76%	Added +4.3m	+4,317,309 285.1%
20	ALKERMES PLC SHS ALKS	ALKS	242,560	$12.7m1.76%	1.76%	Unchanged
21	FIRST TRACKS BIOTHERAPEUTICS ORD SHS TRAX	TRAX	603,489	$12.1m1.68%	1.68%	New
22	PROTHENA CORP PLC SHS PRTA	PRTA	1,143,155	$11.2m1.55%	1.55%	Reduced -65.4k	-65,413 -5.4%
23	TRAVERE THERAPEUTICS INC COM TVTX	TVTX	167,525	$9.5m1.32%	1.32%	Reduced -62.9k	-62,928 -27.3%
24	TAYSHA GENE THERAPIES INC COM SHS TSHA	TSHA	1,391,382	$9.5m1.31%	1.31%	Unchanged
25	ACLARIS THERAPEUTICS INC COM ACRS	ACRS	1,613,430	$8.5m1.18%	1.18%	Unchanged
26	AGIOS PHARMACEUTICALS INC COM AGIO	AGIO	213,601	$7.9m1.10%	1.10%	Unchanged
27	CAPRICOR THERAPEUTICS INC COM NEW CAPR	CAPR	229,763	$5.5m0.76%	0.76%	Unchanged
28	ALIGN TECHNOLOGY INC COM ALGN	ALGN	31,389	$5.3m0.73%	0.73%	Reduced -10.1k	-10,131 -24.4%
29	ORUKA THERAPEUTICS INC COM ORKA	ORKA	33,546	$3.2m0.44%	0.44%	Reduced -26.4k	-26,439 -44.1%
30	XENON PHARMACEUTICALS INC COM XENE	XENE	51,345	$3.1m0.43%	0.43%	Unchanged
31	NEUROCRINE BIOSCIENCES INC COM NBIX	NBIX	18,117	$3.1m0.42%	0.42%	Unchanged
32	EDWARDS LIFESCIENCES CORP COM EW	EW	33,640	$3.0m0.42%	0.42%	Unchanged
33	STOKE THERAPEUTICS INC COM STOK	STOK	84,631	$2.8m0.38%	0.38%	Unchanged
34	CYTOKINETICS INC COM NEW CYTK	CYTK	32,195	$2.7m0.38%	0.38%	Unchanged
35	PYXIS ONCOLOGY INC COMMON STOCK PYXS	PYXS	864,277	$2.6m0.36%	0.36%	Reduced -146.2k	-146,233 -14.5%
36	EHEALTH INC COM EHTH	EHTH	1,482,797	$2.2m0.31%	0.31%	Unchanged
37	CRISPR THERAPEUTICS AG NAMEN AKT CRSP	CRSP	39,605	$2.2m0.30%	0.30%	Unchanged
38	SAGIMET BIOSCIENCES INC COM SER A SGMT	SGMT	250,000	$1.9m0.27%	0.27%	New
39	NUVATION BIO INC COM CL A NUVB	NUVB	326,609	$1.9m0.26%	0.26%	Reduced -182.2k	-182,237 -35.8%
40	BIONTECH SE SPONSORED ADS BNTX	BNTX	19,614	$1.8m0.25%	0.25%	Unchanged
41	COMPASS PATHWAYS PLC SPONSORED ADS CMPS	CMPS	115,616	$1.6m0.23%	0.23%	Unchanged
42	HUMANA INC COM HUM	HUM	3,985	$1.6m0.22%	0.22%	Unchanged
43	NEWAMSTERDAM PHARMA COMPANY ORDINARY SHARES NAMS	NAMS	44,359	$1.5m0.21%	0.21%	New
44	VERASTEM INC COM NEW VSTM	VSTM	309,685	$1.2m0.16%	0.16%	Added +63.6k	+63,592 25.8%
45	MADRIGAL PHARMACEUTICALS INC COM MDGL	MDGL	1,787	$959.5k0.13%	0.13%	Unchanged
46	UROGEN PHARMA LTD COM URGN	URGN	24,500	$901.6k0.12%	0.12%	Unchanged
47	BICYCLE THERAPEUTICS PLC SPONSORED ADS BCYC	BCYC	201,890	$856.0k0.12%	0.12%	Unchanged
48	XERIS BIOPHARMA HOLDINGS INC COM XERS	XERS	104,410	$826.9k0.11%	0.11%	Unchanged
49	ABEONA THERAPEUTICS INC COM NEW ABEO	ABEO	108,865	$672.8k0.09%	0.09%	Unchanged
50	INSPIRE MED SYS INC COM INSP	INSP	8,772	$391.3k0.05%	0.05%	Unchanged
51	PROQR THRAPEUTICS N V SHS EURO PRQR	PRQR	188,807	$351.2k0.05%	0.05%	Unchanged
52	ALDEYRA THERAPEUTICS INC COM ALDX	ALDX	155,709	$331.7k0.05%	0.05%	Unchanged

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
AMICUS THERAPEUTICS INC FOLD	FOLD	1,113,045	$16.1m1.1m shares
DENALI THERAPEUTICS INC DNLI	DNLI	234,582	$4.5m234.6k shares