Palo Alto Investors LP

Registered adviser

CIK

1306923

Location

PALO ALTO, CA

Portfolio Value

Small $723,719,475

Diversification

Diversified

Filing Date

Global Rank

#3,096 / 8,823 ▼ 51

Top Industry

Biotechnology 82.1%

Period ended 4 months ago

Filed Aug 19, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 109171

Roster of Nov 1, 2026

Regulatory AUM

$696,000,000

Main clients

Pooled investment vehicles (100% of AUM)

Private funds

6 funds · Hedge funds

Focus by fund count, roster of Nov 1, 2026

$692,000,000 gross assets

Private funds on Schedule D 7.B.(1)

As filed Mar 28, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$1,057,800,000 gross assets in 6 funds Hedge funds $1,057,800,000 (6)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Nov 2026	$696,000,000	Pooled investment vehicles (100%)
Apr 2025 to Mar 2026	$667,000,000	Pooled investment vehicles (100%)
Apr 2024 to Mar 2025	$1,057,000,000	Pooled investment vehicles (100%)
May 2023 to Mar 2024	$1,277,000,000	Pooled investment vehicles (100%)
Apr 2023	$1,277,000,000	Pooled investment vehicles (100%)
Apr 2022 to Mar 2023	$1,584,000,000	Pooled investment vehicles (100%)

3 earlier changes not shown.

Schedule 13D/13G stakes

Stakes of 5% or more disclosed on Schedule 13D or 13G, each on the filer's latest filing for the security. These are event-dated stakes, not the quarter-end 13F portfolio below.

No stake currently held at or above 5%.

A 13D or 13G stays in force until its filer amends it and no amendment is due without a material change, so a stake with no filing in 24 months reads unconfirmed, never sold. An amendment reporting under 5% ends the filer's duty to amend, not necessarily the holding. Shares are restated onto today's split basis. Show 3 exited, below-5% or retired stakes

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Concentrated

The top 10 positions are 61.3% of the book (60%+)

Turnover

Medium turnover

35.1% over the last four quarters (30% to under 100%)

Horizon

Long horizon

Value-weighted holding period 15.5 quarters (12+), a floor since 31.3% of the book was already held when coverage starts

Closest benchmark: the Russell 2000 as of 2026-06-30, active share 97.1%; sector active share 90.6% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

52 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

10.4%

−0.0 pts

Top 5

37.7%

−3.6 pts

Top 10

61.3%

−2.6 pts

HHI

490

Diversified−39

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Healthcare	99.7%	$721,510,108	51
Financial Services	0.3%	$2,209,367	1

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

5 positions

Ticker	Company	Δ Shares	Shares	Value
CMPX	Compass Therapeutics, Inc.	+4,317,309	5,831,813	$12,771,670
CLDX	Celldex Therapeutics, Inc.	+103,448	399,856	$14,878,641
VSTM	Verastem, Inc.	+63,592	309,685	$1,182,996
MIRM	Mirum Pharmaceuticals, Inc.	+23,633	348,808	$40,834,952
IRON	Disc Medicine, Inc.	+14,927	416,646	$30,473,488
No positions match the current search.

Trimmed

Positions the filer reduced

15 positions

Ticker	Company	Δ Shares	Shares	Value
IOVA	Iovance Biotherapeutics, Inc.	−1,053,354	5,296,209	$22,032,229
NUVB	Nuvation Bio Inc.	−182,237	326,609	$1,855,139
PYXS	Pyxis Oncology, Inc.	−146,233	864,277	$2,601,473
PRTA	Prothena Corp Public Ltd Co	−65,413	1,143,155	$11,191,487
TVTX	Travere Therapeutics, Inc.	−62,928	167,525	$9,517,095
ANAB	Anaptysbio, Inc	−34,672	603,489	$40,735,507
ORKA	Oruka Therapeutics, Inc.	−26,439	33,546	$3,192,572
ALGN	Align Technology Inc	−10,131	31,389	$5,294,068
ACAD	Acadia Pharmaceuticals Inc	−8,599	2,864,096	$72,461,628
DYN	Dyne Therapeutics, Inc.	−5,451	1,647,521	$36,591,441
PTCT	Ptc Therapeutics, Inc.	−2,761	918,846	$74,950,268
BMRN	Biomarin Pharmaceutical Inc	−2,405	682,777	$39,068,499
INSM	INSMED Inc	−1,289	413,980	$44,138,547
BIIB	Biogen Inc.	−440	140,279	$30,308,680
UTHR	UNITED THERAPEUTICS Corp	−222	62,587	$33,911,514
No positions match the current search.

New Positions

Positions the filer opened this quarter

3 positions

Ticker	Company	Shares	Value
TRAX	First Tracks Biotherapeutics, Inc.	603,489	$12,142,198
SGMT	Sagimet Biosciences Inc.	250,000	$1,932,500
NAMS	NewAmsterdam Pharma Co N.V.	44,359	$1,503,326
No positions match the current search.

Sold Out

Positions the filer fully exited

2 positions

Ticker	Company	Shares	Value
—		1,113,045	$16,094,631
DNLI	Denali Therapeutics Inc.	234,582	$4,503,974
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

52 tracked positions · $723,719,475 total · filing declares 52 positions · $723,718,198 · as of Jun 30, 2026

All sectors Financial Services Healthcare

Showing 1–50 of 52 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
PTCT	Ptc Therapeutics, Inc. Healthcare	Reduced	918,846	-2,761	$74,950,268	+19.4%	8	$46.75	10.36%
ACAD	Acadia Pharmaceuticals Inc Healthcare	Reduced	2,864,096	-8,599	$72,461,628	+13.3%	26+	before history	10.01%
INSM	INSMED Inc Healthcare	Reduced	413,980	-1,289	$44,138,547	−35.0%	26+	before history	6.10%
MIRM	Mirum Pharmaceuticals, Inc. Healthcare	Added	348,808	+23,633	$40,834,952	+35.9%	19	$74.07	5.64%
ANAB	Anaptysbio, Inc Healthcare	Reduced	603,489	-34,672	$40,735,507	+15.1%	24	$13.19	5.63%
BMRN	Biomarin Pharmaceutical Inc Healthcare	Reduced	682,777	-2,405	$39,068,499	+0.9%	26+	before history	5.40%
DYN	Dyne Therapeutics, Inc. Healthcare	Reduced	1,647,521	-5,451	$36,591,441	+22.1%	6	$13.46	5.06%
UTHR	UNITED THERAPEUTICS Corp Healthcare	Reduced	62,587	-222	$33,911,514	−8.9%	26+	before history	4.69%
IRON	Disc Medicine, Inc. Healthcare	Added	416,646	+14,927	$30,473,488	+18.6%	5	$63.04	4.21%
BIIB	Biogen Inc. Healthcare	Reduced	140,279	-440	$30,308,680	+17.5%	23	$255.68	4.19%
IOVA	Iovance Biotherapeutics, Inc. Healthcare	Reduced	5,296,209	-1,053,354	$22,032,229	−1.1%	11	$4.10	3.04%
RARE	Ultragenyx Pharmaceutical Inc. Healthcare	Held	596,495	0	$19,916,968	+59.4%	5	$29.24	2.75%
NVCR	NovoCure Ltd Healthcare	Held	1,280,439	0	$19,398,650	+39.0%	14	$34.92	2.68%
SNDX	Syndax Pharmaceuticals Inc Healthcare	Held	864,986	0	$18,908,593	−6.4%	26+	before history	2.61%
ANNX	Annexon, Inc. Healthcare	Held	2,948,090	0	$16,833,593	+3.1%	3	$4.17	2.33%
BCAX	Bicara Therapeutics Inc. Healthcare	Held	550,408	0	$16,341,613	+49.3%	3	$17.14	2.26%
CDNA	CareDx, Inc. Healthcare	Held	531,870	0	$15,158,295	+64.2%	4	$15.49	2.09%
CLDX	Celldex Therapeutics, Inc. Healthcare	Added	399,856	+103,448	$14,878,641	+58.2%	2	$28.56	2.06%
CMPX	Compass Therapeutics, Inc. Healthcare	Added	5,831,813	+4,317,309	$12,771,670	+59.4%	3	$3.38	1.76%
ALKS	Alkermes plc. Healthcare	Held	242,560	0	$12,710,144	+48.2%	23	$24.20	1.76%
TRAX	First Tracks Biotherapeutics, Inc. Healthcare	NEW	603,489	NEW	$12,142,198	NEW	1	$18.70	1.68%
PRTA	Prothena Corp Public Ltd Co Healthcare	Reduced	1,143,155	-65,413	$11,191,487	−4.7%	26+	before history	1.55%
TVTX	Travere Therapeutics, Inc. Healthcare	Reduced	167,525	-62,928	$9,517,095	+39.0%	23	$26.85	1.32%
TSHA	Taysha Gene Therapies, Inc. Healthcare	Held	1,391,382	0	$9,475,311	+52.3%	11	$2.29	1.31%
ACRS	Aclaris Therapeutics, Inc. Healthcare	Held	1,613,430	0	$8,535,044	+41.1%	10	$1.50	1.18%
AGIO	Agios Pharmaceuticals, Inc. Healthcare	Held	213,601	0	$7,926,733	+9.7%	6	$33.15	1.10%
CAPR	Capricor Therapeutics, Inc. Healthcare	Held	229,763	0	$5,532,693	−20.8%	3	$13.26	0.76%
ALGN	Align Technology Inc Healthcare	Reduced	31,389	-10,131	$5,294,068	−25.6%	26+	before history	0.73%
ORKA	Oruka Therapeutics, Inc. Healthcare	Reduced	33,546	-26,439	$3,192,572	+8.5%	4	$14.82	0.44%
XENE	Xenon Pharmaceuticals Inc. Healthcare	Held	51,345	0	$3,099,184	+3.8%	3	$42.00	0.43%
NBIX	Neurocrine Biosciences Inc Healthcare	Held	18,117	0	$3,053,439	+27.9%	6	$129.01	0.42%
EW	Edwards Lifesciences Corp Healthcare	Held	33,640	0	$3,043,074	+13.0%	8	$72.66	0.42%
STOK	Stoke Therapeutics, Inc. Healthcare	Held	84,631	0	$2,769,126	+0.5%	10	$10.04	0.38%
CYTK	Cytokinetics Inc Healthcare	Held	32,195	0	$2,742,692	+29.3%	2	$63.55	0.38%
PYXS	Pyxis Oncology, Inc. Healthcare	Reduced	864,277	-146,233	$2,601,473	+76.3%	8	$2.98	0.36%
EHTH	eHealth, Inc. Financial Services	Held	1,482,797	0	$2,209,367	+15.5%	24	$38.08	0.31%
CRSP	CRISPR Therapeutics AG Healthcare	Held	39,605	0	$2,160,056	+14.7%	5	$38.70	0.30%
SGMT	Sagimet Biosciences Inc. Healthcare	NEW	250,000	NEW	$1,932,500	NEW	1	$6.80	0.27%
NUVB	Nuvation Bio Inc. Healthcare	Reduced	326,609	-182,237	$1,855,139	−15.0%	10	$2.12	0.26%
BNTX	BioNTech SE Healthcare	Held	19,614	0	$1,825,082	+4.7%	8	$91.93	0.25%
CMPS	COMPASS Pathways plc Healthcare	Held	115,616	0	$1,635,966	+155.9%	3	$6.10	0.23%
HUM	Humana Inc Healthcare	Held	3,985	0	$1,582,921	+129.1%	10	$379.01	0.22%
NAMS	NewAmsterdam Pharma Co N.V. Healthcare	NEW	44,359	NEW	$1,503,326	NEW	1	$32.95	0.21%
VSTM	Verastem, Inc. Healthcare	Added	309,685	+63,592	$1,182,996	−9.3%	2	$5.89	0.16%
MDGL	Madrigal Pharmaceuticals, Inc. Healthcare	Held	1,787	0	$959,529	+2.6%	2	$477.75	0.13%
URGN	UroGen Pharma Ltd. Healthcare	Held	24,500	0	$901,600	+104.7%	26+	before history	0.12%
BCYC	Bicycle Therapeutics PLC Healthcare	Held	201,890	0	$856,013	−8.6%	8	$21.82	0.12%
XERS	Xeris Biopharma Holdings, Inc. Healthcare	Held	104,410	0	$826,927	+36.6%	2	$6.63	0.11%
ABEO	Abeona Therapeutics Inc. Healthcare	Held	108,865	0	$672,785	+37.9%	8	$6.04	0.09%
INSP	Inspire Medical Systems, Inc. Healthcare	Held	8,772	0	$391,318	−13.5%	3	$95.68	0.05%

Showing the top 50 of 52 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.