Palo Alto Investors LP
Net seller this quarter
$724M
52
-$28.4M
61.3%
Holdings
| Company | Value | % of portfolio | % of company | POSITION CHANGE qoq % | First reported |
|---|---|---|---|---|---|
| Q2 2026 | |||||
 PTCT | $75M | 10.36% | 1.10% | -0.3% | Q3 2024 |
 ACAD | $72.5M | 10.01% | 1.66% | -0.3% | Q1 2016 |
 INSM | $44.1M | 6.10% | 0.19% | -0.3% | Q2 2013 |
 MIRM | $40.8M | 5.64% | 0.54% | +7.3% | Q4 2021 |
 ANAB | $40.7M | 5.63% | 2.07% | -37.0% | Q3 2020 |
 BMRN | $39.1M | 5.40% | 0.35% | -0.4% | Q2 2013 |
 DYN | $36.6M | 5.06% | 0.99% | -0.3% | Q1 2025 |
 UTHR | $33.9M | 4.69% | 0.15% | -0.4% | Q2 2013 |
 IRON | $30.5M | 4.21% | 1.09% | +3.7% | Q2 2025 |
 BIIB | $30.3M | 4.19% | 0.10% | -0.3% | Q4 2020 |
 IOVA | $22M | 3.04% | 1.17% | -16.6% | Q4 2023 |
 RARE | $19.9M | 2.75% | 0.61% | Not reported | Q2 2025 |
 NVCR | $19.4M | 2.68% | 1.10% | Not reported | Q1 2023 |
 SNDX | $18.9M | 2.61% | 0.97% | Not reported | Q1 2020 |
 ANNX | $16.8M | 2.33% | 1.97% | Not reported | Q4 2025 |
| BCAX | $16.3M | 2.26% | 0.83% | Not reported | Q4 2025 |
 CDNA | $15.2M | 2.09% | 1.03% | Not reported | Q3 2025 |
 CLDX | $14.9M | 2.06% | 0.51% | +34.9% | Q1 2026 |
 CMPX | $12.8M | 1.76% | 3.24% | +285.1% | Q4 2025 |
 ALKS | $12.7M | 1.76% | 0.14% | Not reported | Q4 2020 |
 TRAX | $12.1M | 1.68% | 1.71% | New | Q2 2026 |
 PRTA | $11.2M | 1.55% | 2.21% | -5.4% | Q2 2013 |
 TVTX | $9.52M | 1.32% | 0.18% | -27.3% | Q4 2020 |
 TSHA | $9.48M | 1.31% | 0.43% | Not reported | Q4 2023 |
 ACRS | $8.54M | 1.18% | 1.15% | Not reported | Q1 2024 |
 AGIO | $7.93M | 1.10% | 0.36% | Not reported | Q1 2025 |
 CAPR | $5.53M | 0.76% | 0.40% | Not reported | Q4 2025 |
 ALGN | $5.29M | 0.73% | 0.04% | -24.4% | Q1 2014 |
 ORKA | $3.19M | 0.44% | 0.05% | -44.1% | Q3 2025 |
 XENE | $3.1M | 0.43% | 0.05% | Not reported | Q4 2025 |
 NBIX | $3.05M | 0.42% | 0.02% | Not reported | Q1 2025 |
 EW | $3.04M | 0.42% | 0.01% | Not reported | Q3 2024 |
 STOK | $2.77M | 0.38% | 0.14% | Not reported | Q1 2024 |
 CYTK | $2.74M | 0.38% | 0.03% | Not reported | Q2 2013 |
 PYXS | $2.6M | 0.36% | 1.36% | -14.5% | Q3 2024 |
 EHTH | $2.21M | 0.31% | 4.67% | Not reported | Q3 2020 |
 CRSP | $2.16M | 0.30% | 0.04% | Not reported | Q2 2025 |
 SGMT | $1.93M | 0.27% | 0.82% | New | Q2 2026 |
 NUVB | $1.86M | 0.26% | 0.09% | -35.8% | Q1 2024 |
 BNTX | $1.83M | 0.25% | 0.01% | Not reported | Q3 2024 |
 CMPS | $1.64M | 0.23% | 0.09% | Not reported | Q4 2025 |
 HUM | $1.58M | 0.22% | 0.00% | Not reported | Q1 2024 |
 NAMS | $1.5M | 0.21% | 0.04% | New | Q2 2026 |
 VSTM | $1.18M | 0.16% | 0.34% | +25.8% | Q1 2026 |
 MDGL | $960K | 0.13% | 0.01% | Not reported | Q1 2026 |
 URGN | $902K | 0.12% | 0.05% | Not reported | Q1 2020 |
 BCYC | $856K | 0.12% | 0.29% | Not reported | Q3 2024 |
 XERS | $827K | 0.11% | 0.06% | Not reported | Q1 2026 |
 ABEO | $673K | 0.09% | 0.19% | Not reported | Q3 2024 |
 INSP | $391K | 0.05% | 0.03% | Not reported | Q4 2025 |
| Q1 2026 | |||||
| INSM | $67.9M | 10.39% | 0.19% | -15.2% | Q2 2013 |
| ACAD | $63.9M | 9.78% | 1.68% | +15.7% | Q1 2016 |
| PTCT | $62.8M | 9.60% | 1.11% | +2.0% | Q3 2024 |
| BMRN | $38.7M | 5.92% | 0.35% | -8.2% | Q2 2013 |
| UTHR | $37.2M | 5.70% | 0.15% | +8.0% | Q2 2013 |
| ANAB | $35.4M | 5.41% | 2.20% | -7.5% | Q3 2020 |
| MIRM | $30M | 4.59% | 0.53% | +107.9% | Q4 2021 |
| DYN | $30M | 4.58% | 1.00% | +12.3% | Q1 2025 |
| BIIB | $25.8M | 3.95% | 0.10% | -23.3% | Q4 2020 |
| IRON | $25.7M | 3.93% | 1.05% | +26.5% | Q2 2025 |
| IOVA | $22.3M | 3.41% | 1.45% | -10.8% | Q4 2023 |
| SNDX | $20.2M | 3.09% | 0.98% | +8.9% | Q1 2020 |
| ANNX | $16.3M | 2.50% | 1.97% | +23.7% | Q4 2025 |
| FOLD | $16.1M | 2.46% | 0.35% | -78.6% | Q2 2013 |
| NVCR | $14M | 2.13% | 1.11% | -1.4% | Q1 2023 |
| RARE | $12.5M | 1.91% | 0.61% | +29.3% | Q2 2025 |
| PRTA | $11.7M | 1.80% | 2.28% | -8.5% | Q2 2013 |
| BCAX | $10.9M | 1.67% | 0.84% | +84.3% | Q4 2025 |
| CLDX | $9.4M | 1.44% | 0.45% | New | Q1 2026 |
| CDNA | $9.23M | 1.41% | 1.04% | +11.2% | Q3 2025 |
| ALKS | $8.58M | 1.31% | 0.15% | Not reported | Q4 2020 |
| CMPX | $8.01M | 1.23% | 0.84% | -40.2% | Q4 2025 |
| AGIO | $7.23M | 1.11% | 0.36% | +0.5% | Q1 2025 |
| ALGN | $7.12M | 1.09% | 0.06% | Not reported | Q1 2014 |
| CAPR | $6.98M | 1.07% | 0.40% | +1.5% | Q4 2025 |
| TVTX | $6.85M | 1.05% | 0.25% | +108.1% | Q4 2020 |
| TSHA | $6.22M | 0.95% | 0.48% | +17.6% | Q4 2023 |
| ACRS | $6.05M | 0.93% | 1.16% | +3.0% | Q1 2024 |
 DNLI | $4.5M | 0.69% | 0.15% | -63.4% | Q2 2025 |
| XENE | $2.99M | 0.46% | 0.05% | -46.8% | Q4 2025 |
| ORKA | $2.94M | 0.45% | 0.12% | Not reported | Q3 2025 |
| STOK | $2.76M | 0.42% | 0.14% | +17.5% | Q1 2024 |
| EW | $2.69M | 0.41% | 0.01% | Not reported | Q3 2024 |
| NBIX | $2.39M | 0.37% | 0.02% | Not reported | Q1 2025 |
| NUVB | $2.18M | 0.33% | 0.15% | -5.4% | Q1 2024 |
| CYTK | $2.12M | 0.32% | 0.03% | Not reported | Q2 2013 |
| EHTH | $1.91M | 0.29% | 4.77% | -3.2% | Q3 2020 |
| CRSP | $1.88M | 0.29% | 0.04% | -3.9% | Q2 2025 |
| BNTX | $1.74M | 0.27% | 0.01% | Not reported | Q3 2024 |
| PYXS | $1.48M | 0.23% | 1.61% | -2.6% | Q3 2024 |
| VSTM | $1.3M | 0.20% | 0.28% | New | Q1 2026 |
| BCYC | $937K | 0.14% | 0.29% | -8.7% | Q3 2024 |
| MDGL | $935K | 0.14% | 0.01% | New | Q1 2026 |
| HUM | $691K | 0.11% | 0.00% | Not reported | Q1 2024 |
| CMPS | $639K | 0.10% | 0.09% | Not reported | Q4 2025 |
| XERS | $606K | 0.09% | 0.06% | New | Q1 2026 |
| ABEO | $488K | 0.07% | 0.19% | Not reported | Q3 2024 |
| INSP | $452K | 0.07% | 0.03% | Not reported | Q4 2025 |
| URGN | $441K | 0.07% | 0.05% | Not reported | Q1 2020 |
 PRQR | $306K | 0.05% | 0.18% | Not reported | Q3 2025 |
| Q4 2025 | |||||
| INSM | $85.2M | 11.86% | 0.23% | -0.5% | Q2 2013 |
| FOLD | $74.1M | 10.32% | 1.67% | -3.0% | Q2 2013 |
| PTCT | $68.7M | 9.56% | 1.11% | +4.8% | Q3 2024 |
| ACAD | $66.3M | 9.24% | 1.46% | +0.7% | Q1 2016 |
| BMRN | $44.3M | 6.17% | 0.39% | -1.0% | Q2 2013 |
| ANAB | $33.5M | 4.66% | 2.46% | +2.5% | Q3 2020 |
| BIIB | $32.3M | 4.50% | 0.13% | -1.1% | Q4 2020 |
| DYN | $28.8M | 4.01% | 0.89% | +16.6% | Q1 2025 |
| UTHR | $28.4M | 3.95% | 0.13% | Not reported | Q2 2013 |
| IRON | $25.2M | 3.51% | 0.84% | +41.5% | Q2 2025 |
| IOVA | $19.4M | 2.70% | 1.73% | -6.6% | Q4 2023 |
| NVCR | $16.8M | 2.34% | 1.15% | +3.4% | Q1 2023 |
| SNDX | $16.7M | 2.32% | 0.91% | +21.3% | Q1 2020 |
 GOSS | $13.9M | 1.93% | 1.91% | -18.2% | Q2 2020 |
| CMPX | $13.6M | 1.89% | 1.42% | New | Q4 2025 |
| PRTA | $12.6M | 1.76% | 2.45% | -0.3% | Q2 2013 |
| MIRM | $12.4M | 1.72% | 0.30% | +141.8% | Q4 2021 |
| ANNX | $12M | 1.67% | 1.60% | New | Q4 2025 |
| RARE | $10.6M | 1.48% | 0.48% | +24.8% | Q2 2025 |
| DNLI | $10.6M | 1.47% | 0.41% | +57.2% | Q2 2025 |
| CDNA | $9.01M | 1.25% | 0.94% | +51.2% | Q3 2025 |
| EHTH | $7.04M | 0.98% | 4.94% | -0.9% | Q3 2020 |
| ALKS | $6.79M | 0.94% | 0.15% | +31.9% | Q4 2020 |
| CAPR | $6.53M | 0.91% | 0.39% | New | Q4 2025 |
| TSHA | $6.51M | 0.91% | 0.42% | -5.0% | Q4 2023 |
| ALGN | $6.48M | 0.90% | 0.06% | -9.2% | Q1 2014 |
| AGIO | $5.78M | 0.81% | 0.36% | -20.0% | Q1 2025 |
| BCAX | $5.03M | 0.70% | 0.53% | New | Q4 2025 |
| NUVB | $4.82M | 0.67% | 0.16% | -47.3% | Q1 2024 |
| ACRS | $4.72M | 0.66% | 1.30% | Not reported | Q1 2024 |
| XENE | $4.33M | 0.60% | 0.12% | New | Q4 2025 |
| TVTX | $4.23M | 0.59% | 0.12% | Not reported | Q4 2020 |
| EW | $2.87M | 0.40% | 0.01% | Not reported | Q3 2024 |
| NBIX | $2.57M | 0.36% | 0.02% | Not reported | Q1 2025 |
| STOK | $2.29M | 0.32% | 0.12% | -31.7% | Q1 2024 |
| CRSP | $2.16M | 0.30% | 0.04% | Not reported | Q2 2025 |
| BNTX | $1.87M | 0.26% | 0.01% | Not reported | Q3 2024 |
| ORKA | $1.82M | 0.25% | 0.12% | Not reported | Q3 2025 |
| BCYC | $1.57M | 0.22% | 0.32% | Not reported | Q3 2024 |
| PYXS | $1.19M | 0.17% | 1.65% | Not reported | Q3 2024 |
 ALDX | $1.17M | 0.16% | 0.37% | Not reported | Q2 2019 |
| HUM | $1.02M | 0.14% | 0.00% | Not reported | Q1 2024 |
| INSP | $809K | 0.11% | 0.03% | New | Q4 2025 |
| CMPS | $798K | 0.11% | 0.12% | New | Q4 2025 |
| URGN | $574K | 0.08% | 0.05% | Not reported | Q1 2020 |
| ABEO | $574K | 0.08% | 0.20% | Not reported | Q3 2024 |
| PRQR | $381K | 0.05% | 0.18% | Not reported | Q3 2025 |
| GBIO | $85.5K | 0.01% | 0.22% | Not reported | Q2 2024 |
 AKTX | $42.2K | 0.01% | 0.00% | Not reported | Q4 2024 |
| Q3 2025 | |||||
| INSM | $70.8M | 13.11% | 0.23% | -43.2% | Q2 2013 |
| PTCT | $52.9M | 9.80% | 1.08% | +112.2% | Q3 2024 |
| ACAD | $52.6M | 9.74% | 1.46% | -3.8% | Q1 2016 |
| FOLD | $42.3M | 7.83% | 1.74% | -4.3% | Q2 2013 |
| BMRN | $40.8M | 7.56% | 0.39% | -10.3% | Q2 2013 |
| BIIB | $26M | 4.81% | 0.13% | -9.8% | Q4 2020 |
| UTHR | $24.4M | 4.51% | 0.14% | -39.1% | Q2 2013 |
| ANAB | $20.6M | 3.82% | 2.44% | -17.1% | Q3 2020 |
| IOVA | $16.5M | 3.06% | 1.98% | +122.2% | Q4 2023 |
| NVCR | $16.2M | 3.00% | 1.12% | +30.5% | Q1 2023 |
| DYN | $16M | 2.96% | 0.89% | +376.5% | Q1 2025 |
| IRON | $14.8M | 2.74% | 0.64% | +54.0% | Q2 2025 |
 ALNY | $14.7M | 2.73% | 0.02% | -57.2% | Q4 2023 |
| GOSS | $14.4M | 2.66% | 2.36% | -4.8% | Q2 2020 |
| PRTA | $12.9M | 2.39% | 2.46% | +3.9% | Q2 2013 |
| RARE | $11.1M | 2.06% | 0.38% | +658.0% | Q2 2025 |
| AGIO | $10.7M | 1.97% | 0.46% | -1.2% | Q1 2025 |
| SNDX | $10.1M | 1.86% | 0.75% | +47.4% | Q1 2020 |
| EHTH | $6.66M | 1.23% | 5.05% | -2.1% | Q3 2020 |
| DNLI | $5.92M | 1.10% | 0.28% | +70.1% | Q2 2025 |
| ALGN | $5.73M | 1.06% | 0.06% | +21.1% | Q1 2014 |
| ALKS | $5.52M | 1.02% | 0.11% | -16.8% | Q4 2020 |
| RNAM | $4.79M | 0.89% | 0.07% | -7.6% | Q2 2025 |
| MIRM | $4.74M | 0.88% | 0.13% | Not reported | Q4 2021 |
| CDNA | $4.6M | 0.85% | 0.62% | New | Q3 2025 |
| TSHA | $4.07M | 0.75% | 0.45% | Not reported | Q4 2023 |
| NUVB | $3.78M | 0.70% | 0.30% | +32.1% | Q1 2024 |
| ACRS | $2.98M | 0.55% | 1.45% | +12.7% | Q1 2024 |
| CRSP | $2.67M | 0.49% | 0.04% | -7.6% | Q2 2025 |
| TVTX | $2.65M | 0.49% | 0.12% | Not reported | Q4 2020 |
| EW | $2.62M | 0.48% | 0.01% | -14.8% | Q3 2024 |
| NBIX | $2.54M | 0.47% | 0.02% | +35.9% | Q1 2025 |
| STOK | $2.48M | 0.46% | 0.19% | -16.2% | Q1 2024 |
| PYXS | $2.3M | 0.43% | 1.67% | Not reported | Q3 2024 |
| BNTX | $1.93M | 0.36% | 0.01% | -22.2% | Q3 2024 |
| BCYC | $1.71M | 0.32% | 0.32% | -11.2% | Q3 2024 |
| ALDX | $1.18M | 0.22% | 0.37% | Not reported | Q2 2019 |
| HUM | $1.04M | 0.19% | 0.00% | Not reported | Q1 2024 |
| ORKA | $791K | 0.15% | 0.12% | New | Q3 2025 |
| ABEO | $575K | 0.11% | 0.21% | Not reported | Q3 2024 |
| URGN | $489K | 0.09% | 0.05% | Not reported | Q1 2020 |
| PRQR | $402K | 0.07% | 0.18% | New | Q3 2025 |
| AKTX | $147K | 0.03% | 0.00% | Not reported | Q4 2024 |
| GBIO | $92.1K | 0.02% | 0.22% | -90.0% | Q2 2024 |