Palo Alto Investors LP

CIK

1306923

Location

PALO ALTO, CA

Portfolio Value

Small $653,863,072

Diversification

Diversified

Filing Date

Global Rank

#1,981 / 8,232 ▲ 22

Top Industry

Biotechnology 83.0%

3Y Alpha vs SPY

-14.1%

Period ended 2 months ago

Filed May 15, 2026 · 30d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+21.5%

SPY

+76.3%

Annualised alpha

-14.1%

Max drawdown

−35.1%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

51 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

10.4%

−1.4 pts

Top 5

41.4%

−5.7 pts

Top 10

63.8%

−3.8 pts

HHI

529

Diversified−64

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Healthcare	99.7%	$651,950,264	50
Financial Services	0.3%	$1,912,808	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

17 positions

Ticker	Company	Δ Shares	Shares	Value
ANNX	Annexon, Inc.	+563,898	2,948,090	$16,332,418
ACAD	Acadia Pharmaceuticals Inc	+388,664	2,872,695	$63,946,190
BCAX	Bicara Therapeutics Inc.	+251,833	550,408	$10,947,615
TSHA	Taysha Gene Therapies, Inc.	+208,187	1,391,382	$6,219,477
DYN	Dyne Therapeutics, Inc.	+180,775	1,652,972	$29,968,382
MIRM	Mirum Pharmaceuticals, Inc.	+168,754	325,175	$30,039,666
RARE	Ultragenyx Pharmaceutical Inc.	+135,201	596,495	$12,496,570
TVTX	Travere Therapeutics, Inc.	+119,734	230,453	$6,846,758
IRON	Disc Medicine, Inc.	+84,263	401,719	$25,685,912
SNDX	Syndax Pharmaceuticals Inc	+70,479	864,986	$20,206,072
CDNA	CareDx, Inc.	+53,650	531,870	$9,233,263
ACRS	Aclaris Therapeutics, Inc.	+46,590	1,613,430	$6,050,362
PTCT	Ptc Therapeutics, Inc.	+17,691	921,607	$62,789,084
STOK	Stoke Therapeutics, Inc.	+12,609	84,631	$2,755,585
UTHR	UNITED THERAPEUTICS Corp	+4,623	62,809	$37,244,480
CAPR	Capricor Therapeutics, Inc.	+3,459	229,763	$6,984,795
AGIO	Agios Pharmaceuticals, Inc.	+1,102	213,601	$7,226,121
No positions match the current search.

Trimmed

Positions the filer reduced

17 positions

Ticker	Company	Δ Shares	Shares	Value
FOLD	AMICUS THERAPEUTICS, INC.	−4,092,722	1,113,045	$16,094,630
CMPX	Compass Therapeutics, Inc.	−1,017,915	1,514,504	$8,011,726
IOVA	Iovance Biotherapeutics, Inc.	−767,113	6,349,563	$22,286,966
DNLI	Denali Therapeutics Inc.	−406,657	234,582	$4,503,974
PRTA	Prothena Corp Public Ltd Co	−111,942	1,208,568	$11,747,280
INSM	INSMED Inc	−74,213	415,269	$67,904,786
ALDX	Aldeyra Therapeutics, Inc.	−69,756	155,709	$263,148
BMRN	Biomarin Pharmaceutical Inc	−61,074	685,182	$38,705,931
ANAB	Anaptysbio, Inc	−51,871	638,161	$35,392,409
EHTH	eHealth, Inc.	−48,632	1,482,797	$1,912,808
XENE	Xenon Pharmaceuticals Inc.	−45,174	51,345	$2,985,711
BIIB	Biogen Inc.	−42,852	140,719	$25,798,014
NUVB	Nuvation Bio Inc.	−29,233	508,846	$2,182,949
PYXS	Pyxis Oncology, Inc.	−26,911	1,010,510	$1,475,344
BCYC	Bicycle Therapeutics PLC	−19,181	201,890	$936,769
NVCR	NovoCure Ltd	−18,525	1,280,439	$13,956,785
CRSP	CRISPR Therapeutics AG	−1,621	39,605	$1,884,009
No positions match the current search.

New Positions

Positions the filer opened this quarter

5 positions

Ticker	Company	Shares	Value
CLDX	Celldex Therapeutics, Inc.	296,408	$9,402,061
CYTK	Cytokinetics Inc	32,195	$2,121,972
VSTM	Verastem, Inc.	246,093	$1,304,292
MDGL	Madrigal Pharmaceuticals, Inc.	1,787	$935,440
XERS	Xeris Biopharma Holdings, Inc.	104,410	$605,578
No positions match the current search.

Sold Out

Positions the filer fully exited

2 positions

Ticker	Company	Shares	Value
GOSS	Gossamer Bio, Inc.	4,471,592	$13,861,935
AKTX	Akari Therapeutics Plc	146,024	$1,688,037
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

51 positions · $653,863,072 total · as of Mar 31, 2026

All sectors Financial Services Healthcare

Showing 1–50 of 51 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
INSM	INSMED Inc Healthcare	Reduced	415,269	-74,213	$67,904,786	−20.3%	10.39%
ACAD	Acadia Pharmaceuticals Inc Healthcare	Added	2,872,695	+388,664	$63,946,190	−3.6%	9.78%
PTCT	Ptc Therapeutics, Inc. Healthcare	Added	921,607	+17,691	$62,789,084	−8.6%	9.60%
BMRN	Biomarin Pharmaceutical Inc Healthcare	Reduced	685,182	-61,074	$38,705,931	−12.7%	5.92%
UTHR	UNITED THERAPEUTICS Corp Healthcare	Added	62,809	+4,623	$37,244,480	+31.4%	5.70%
ANAB	Anaptysbio, Inc Healthcare	Reduced	638,161	-51,871	$35,392,409	+5.8%	5.41%
MIRM	Mirum Pharmaceuticals, Inc. Healthcare	Added	325,175	+168,754	$30,039,666	+143.1%	4.59%
DYN	Dyne Therapeutics, Inc. Healthcare	Added	1,652,972	+180,775	$29,968,382	+4.1%	4.58%
BIIB	Biogen Inc. Healthcare	Reduced	140,719	-42,852	$25,798,014	−20.1%	3.95%
IRON	Disc Medicine, Inc. Healthcare	Added	401,719	+84,263	$25,685,912	+1.9%	3.93%
IOVA	Iovance Biotherapeutics, Inc. Healthcare	Reduced	6,349,563	-767,113	$22,286,966	+14.7%	3.41%
SNDX	Syndax Pharmaceuticals Inc Healthcare	Added	864,986	+70,479	$20,206,072	+21.0%	3.09%
ANNX	Annexon, Inc. Healthcare	Added	2,948,090	+563,898	$16,332,418	+36.5%	2.50%
FOLD	AMICUS THERAPEUTICS, INC. Healthcare	Reduced	1,113,045	-4,092,722	$16,094,630	−78.3%	2.46%
NVCR	NovoCure Ltd Healthcare	Reduced	1,280,439	-18,525	$13,956,785	−16.9%	2.13%
RARE	Ultragenyx Pharmaceutical Inc. Healthcare	Added	596,495	+135,201	$12,496,570	+17.8%	1.91%
PRTA	Prothena Corp Public Ltd Co Healthcare	Reduced	1,208,568	-111,942	$11,747,280	−6.8%	1.80%
BCAX	Bicara Therapeutics Inc. Healthcare	Added	550,408	+251,833	$10,947,615	+117.9%	1.67%
CLDX	Celldex Therapeutics, Inc. Healthcare	NEW	296,408	NEW	$9,402,061	NEW	1.44%
CDNA	CareDx, Inc. Healthcare	Added	531,870	+53,650	$9,233,263	+2.5%	1.41%
ALKS	Alkermes plc. Healthcare	Held	242,560	0	$8,576,921	+26.4%	1.31%
CMPX	Compass Therapeutics, Inc. Healthcare	Reduced	1,514,504	-1,017,915	$8,011,726	−41.1%	1.23%
AGIO	Agios Pharmaceuticals, Inc. Healthcare	Added	213,601	+1,102	$7,226,121	+24.9%	1.11%
ALGN	Align Technology Inc Healthcare	Held	41,520	0	$7,117,773	+9.8%	1.09%
CAPR	Capricor Therapeutics, Inc. Healthcare	Added	229,763	+3,459	$6,984,795	+6.9%	1.07%
TVTX	Travere Therapeutics, Inc. Healthcare	Added	230,453	+119,734	$6,846,758	+61.8%	1.05%
TSHA	Taysha Gene Therapies, Inc. Healthcare	Added	1,391,382	+208,187	$6,219,477	−4.4%	0.95%
ACRS	Aclaris Therapeutics, Inc. Healthcare	Added	1,613,430	+46,590	$6,050,362	+28.3%	0.93%
DNLI	Denali Therapeutics Inc. Healthcare	Reduced	234,582	-406,657	$4,503,974	−57.5%	0.69%
XENE	Xenon Pharmaceuticals Inc. Healthcare	Reduced	51,345	-45,174	$2,985,711	−31.0%	0.46%
ORKA	Oruka Therapeutics, Inc. Healthcare	Held	59,985	0	$2,942,264	+61.8%	0.45%
STOK	Stoke Therapeutics, Inc. Healthcare	Added	84,631	+12,609	$2,755,585	+20.5%	0.42%
EW	Edwards Lifesciences Corp Healthcare	Held	33,640	0	$2,693,891	−6.1%	0.41%
NBIX	Neurocrine Biosciences Inc Healthcare	Held	18,117	0	$2,386,733	−7.1%	0.37%
NUVB	Nuvation Bio Inc. Healthcare	Reduced	508,846	-29,233	$2,182,949	−54.7%	0.33%
CYTK	Cytokinetics Inc Healthcare	NEW	32,195	NEW	$2,121,972	NEW	0.32%
EHTH	eHealth, Inc. Financial Services	Reduced	1,482,797	-1,580,061	$1,912,808	−86.4%	0.29%
CRSP	CRISPR Therapeutics AG Healthcare	Reduced	39,605	-1,621	$1,884,009	−12.9%	0.29%
BNTX	BioNTech SE Healthcare	Held	19,614	0	$1,743,292	−6.6%	0.27%
PYXS	Pyxis Oncology, Inc. Healthcare	Reduced	1,010,510	-26,911	$1,475,344	+23.7%	0.23%
VSTM	Verastem, Inc. Healthcare	NEW	246,093	NEW	$1,304,292	NEW	0.20%
BCYC	Bicycle Therapeutics PLC Healthcare	Reduced	201,890	-19,181	$936,769	−40.1%	0.14%
MDGL	Madrigal Pharmaceuticals, Inc. Healthcare	NEW	1,787	NEW	$935,440	NEW	0.14%
HUM	Humana Inc Healthcare	Held	3,985	0	$690,959	−32.3%	0.11%
CMPS	COMPASS Pathways plc Healthcare	Held	115,616	0	$639,356	−19.9%	0.10%
XERS	Xeris Biopharma Holdings, Inc. Healthcare	NEW	104,410	NEW	$605,578	NEW	0.09%
ABEO	Abeona Therapeutics Inc. Healthcare	Held	108,865	0	$487,715	−15.0%	0.07%
INSP	Inspire Medical Systems, Inc. Healthcare	Held	8,772	0	$452,459	−44.1%	0.07%
URGN	UroGen Pharma Ltd. Healthcare	Held	24,500	0	$440,510	−23.2%	0.07%
PRQR	ProQR Therapeutics N.V. Healthcare	Held	188,807	0	$305,867	−19.8%	0.05%