Palo Alto Investors LP
CIK 0001306923
Annualised vol
12.924455%
Beta
0.279608
HHI
490.456911
Top-10 weight
61.277239%
VaR 95%
1.142805%
VaR 99%
2.375322%
Max drawdown
28.733156%
Matched value
95.004197%
Returns of reported holdings
Loading returns…
Position changes vs prior quarter
What the latest 13F shows bought and sold against the quarter before, by share count.
| Ticker | Change | Shares now | Shares before | Share change % | Value now ($) |
|---|---|---|---|---|---|
| PTCT | REDUCED | 918,846 | 921,607 | -0.3% | 74,950,268 |
| ACAD | REDUCED | 2,864,096 | 2,872,695 | -0.3% | 72,461,629 |
| INSM | REDUCED | 413,980 | 415,269 | -0.31% | 44,138,548 |
| MIRM | ADDED | 348,808 | 325,175 | 7.27% | 40,834,953 |
| ANAB | REDUCED | 603,489 | 638,161 | -5.43% | 40,735,508 |
| BMRN | REDUCED | 682,777 | 685,182 | -0.35% | 39,068,500 |
| DYN | REDUCED | 1,647,521 | 1,652,972 | -0.33% | 36,591,441 |
| UTHR | REDUCED | 62,587 | 62,809 | -0.35% | 33,911,514 |
| IRON | ADDED | 416,646 | 401,719 | 3.72% | 30,473,488 |
| BIIB | REDUCED | 140,279 | 140,719 | -0.31% | 30,308,681 |
| IOVA | REDUCED | 5,296,209 | 6,349,563 | -16.59% | 22,032,229 |
| NVCR | UNCHANGED | 1,280,439 | 1,280,439 | 0.0% | 19,398,651 |
| SNDX | UNCHANGED | 864,986 | 864,986 | 0.0% | 18,908,594 |
| ANNX | UNCHANGED | 2,948,090 | 2,948,090 | 0.0% | 16,833,594 |
| BCAX | UNCHANGED | 550,408 | 550,408 | 0.0% | 16,341,614 |
| CDNA | UNCHANGED | 531,870 | 531,870 | 0.0% | 15,158,295 |
| CLDX | ADDED | 399,856 | 296,408 | 34.9% | 14,878,642 |
| CMPX | ADDED | 5,831,813 | 1,514,504 | 285.06% | 12,771,670 |
| ALKS | UNCHANGED | 242,560 | 242,560 | 0.0% | 12,708,931 |
| TRAX | NEW | 603,489 | - | - | 12,142,199 |
| TVTX | REDUCED | 167,525 | 230,453 | -27.31% | 9,517,095 |
| TSHA | UNCHANGED | 1,391,382 | 1,391,382 | 0.0% | 9,475,311 |
| ACRS | UNCHANGED | 1,613,430 | 1,613,430 | 0.0% | 8,535,045 |
| AGIO | UNCHANGED | 213,601 | 213,601 | 0.0% | 7,926,733 |
| CAPR | UNCHANGED | 229,763 | 229,763 | 0.0% | 5,532,693 |
| ALGN | REDUCED | 31,389 | 41,520 | -24.4% | 5,294,069 |
| XENE | UNCHANGED | 51,345 | 51,345 | 0.0% | 3,099,184 |
| NBIX | UNCHANGED | 18,117 | 18,117 | 0.0% | 3,053,349 |
| EW | UNCHANGED | 33,640 | 33,640 | 0.0% | 3,043,074 |
| STOK | UNCHANGED | 84,631 | 84,631 | 0.0% | 2,769,126 |
| CYTK | UNCHANGED | 32,195 | 32,195 | 0.0% | 2,742,692 |
| PYXS | REDUCED | 864,277 | 1,010,510 | -14.47% | 2,601,474 |
| EHTH | UNCHANGED | 1,482,797 | 1,482,797 | 0.0% | 2,209,368 |
| CRSP | UNCHANGED | 39,605 | 39,605 | 0.0% | 2,160,057 |
| SGMT | NEW | 250,000 | - | - | 1,932,500 |
| NUVB | REDUCED | 326,609 | 508,846 | -35.81% | 1,855,139 |
| BNTX | UNCHANGED | 19,614 | 19,614 | 0.0% | 1,825,083 |
| CMPS | UNCHANGED | 115,616 | 115,616 | 0.0% | 1,635,966 |
| HUM | UNCHANGED | 3,985 | 3,985 | 0.0% | 1,582,922 |
| VSTM | ADDED | 309,685 | 246,093 | 25.84% | 1,182,997 |
| MDGL | UNCHANGED | 1,787 | 1,787 | 0.0% | 959,530 |
| URGN | UNCHANGED | 24,500 | 24,500 | 0.0% | 901,600 |
| BCYC | UNCHANGED | 201,890 | 201,890 | 0.0% | 856,014 |
| XERS | UNCHANGED | 104,410 | 104,410 | 0.0% | 826,927 |
| ABEO | UNCHANGED | 108,865 | 108,865 | 0.0% | 672,786 |
| INSP | UNCHANGED | 8,772 | 8,772 | 0.0% | 391,319 |
| ALDX | UNCHANGED | 155,709 | 155,709 | 0.0% | 331,660 |
| DNLI | CLOSED OUT | 0 | 234,582 | -100.0% | 0 |
| ORKA | CLOSED OUT | 0 | 59,985 | -100.0% | 0 |
Holdings (latest quarter)
| Ticker | Change | Issuer | Class | CUSIP | Value ($) | Weight % | Shares |
|---|---|---|---|---|---|---|---|
| PTCT | REDUCED | PTC THERAPEUTICS INC | COM | 69366J200 | 74,950,268 | 10.36 | 918846.0 |
| ACAD | REDUCED | ACADIA PHARMACEUTICALS INC | COM | 004225108 | 72,461,629 | 10.01 | 2864096.0 |
| INSM | REDUCED | INSMED INC | COM PAR $.01 | 457669307 | 44,138,548 | 6.1 | 413980.0 |
| MIRM | ADDED | MIRUM PHARMACEUTICALS INC | COM | 604749101 | 40,834,953 | 5.64 | 348808.0 |
| ANAB | REDUCED | ANAPTYSBIO INC | COM | 032724106 | 40,735,508 | 5.63 | 603489.0 |
| BMRN | REDUCED | BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 | 39,068,500 | 5.4 | 682777.0 |
| DYN | REDUCED | DYNE THERAPEUTICS INC | COM | 26818M108 | 36,591,441 | 5.06 | 1647521.0 |
| UTHR | REDUCED | UNITED THERAPEUTICS CORP | COM | 91307C102 | 33,911,514 | 4.69 | 62587.0 |
| IRON | ADDED | DISC MEDICINE INC | COM | 254604101 | 30,473,488 | 4.21 | 416646.0 |
| BIIB | REDUCED | BIOGEN INC | COM | 09062X103 | 30,308,681 | 4.19 | 140279.0 |
| IOVA | REDUCED | IOVANCE BIOTHERAPEUTICS INC | COM | 462260100 | 22,032,229 | 3.04 | 5296209.0 |
| - | ULTRAGENYX PHARMACEUTICAL IN | COM | 90400D108 | 19,916,968 | 2.75 | 596495.0 | |
| NVCR | UNCHANGED | NOVOCURE LTD | ORD SHS | G6674U108 | 19,398,651 | 2.68 | 1280439.0 |
| SNDX | UNCHANGED | SYNDAX PHARMACEUTICALS INC | COM | 87164F105 | 18,908,594 | 2.61 | 864986.0 |
| ANNX | UNCHANGED | ANNEXON INC | COM | 03589W102 | 16,833,594 | 2.33 | 2948090.0 |
| BCAX | UNCHANGED | BICARA THERAPEUTICS INC | COM | 055477103 | 16,341,614 | 2.26 | 550408.0 |
| CDNA | UNCHANGED | CAREDX INC | COM | 14167L103 | 15,158,295 | 2.09 | 531870.0 |
| CLDX | ADDED | CELLDEX THERAPEUTICS INC | COM NEW | 15117B202 | 14,878,642 | 2.06 | 399856.0 |
| CMPX | ADDED | COMPASS THERAPEUTICS INC | COM | 20454B104 | 12,771,670 | 1.76 | 5831813.0 |
| ALKS | UNCHANGED | ALKERMES PLC | SHS | G01767105 | 12,708,931 | 1.76 | 242560.0 |
| TRAX | NEW | FIRST TRACKS BIOTHERAPEUTICS | ORD SHS | 337185102 | 12,142,199 | 1.68 | 603489.0 |
| - | PROTHENA CORP PLC | SHS | G72800108 | 11,191,487 | 1.55 | 1143155.0 | |
| TVTX | REDUCED | TRAVERE THERAPEUTICS INC | COM | 89422G107 | 9,517,095 | 1.32 | 167525.0 |
| TSHA | UNCHANGED | TAYSHA GENE THERAPIES INC | COM SHS | 877619106 | 9,475,311 | 1.31 | 1391382.0 |
| ACRS | UNCHANGED | ACLARIS THERAPEUTICS INC | COM | 00461U105 | 8,535,045 | 1.18 | 1613430.0 |
| AGIO | UNCHANGED | AGIOS PHARMACEUTICALS INC | COM | 00847X104 | 7,926,733 | 1.1 | 213601.0 |
| CAPR | UNCHANGED | CAPRICOR THERAPEUTICS INC | COM NEW | 14070B309 | 5,532,693 | 0.76 | 229763.0 |
| ALGN | REDUCED | ALIGN TECHNOLOGY INC | COM | 016255101 | 5,294,069 | 0.73 | 31389.0 |
| - | ORUKA THERAPEUTICS INC - Restricted | COM | 687604108 | 3,192,573 | 0.44 | 33546.0 | |
| XENE | UNCHANGED | XENON PHARMACEUTICALS INC | COM | 98420N105 | 3,099,184 | 0.43 | 51345.0 |
| NBIX | UNCHANGED | NEUROCRINE BIOSCIENCES INC | COM | 64125C109 | 3,053,349 | 0.42 | 18117.0 |
| EW | UNCHANGED | EDWARDS LIFESCIENCES CORP | COM | 28176E108 | 3,043,074 | 0.42 | 33640.0 |
| STOK | UNCHANGED | STOKE THERAPEUTICS INC | COM | 86150R107 | 2,769,126 | 0.38 | 84631.0 |
| CYTK | UNCHANGED | CYTOKINETICS INC | COM NEW | 23282W605 | 2,742,692 | 0.38 | 32195.0 |
| PYXS | REDUCED | PYXIS ONCOLOGY INC | COMMON STOCK | 747324101 | 2,601,474 | 0.36 | 864277.0 |
| EHTH | UNCHANGED | EHEALTH INC | COM | 28238P109 | 2,209,368 | 0.31 | 1482797.0 |
| CRSP | UNCHANGED | CRISPR THERAPEUTICS AG | NAMEN AKT | H17182108 | 2,160,057 | 0.3 | 39605.0 |
| SGMT | NEW | SAGIMET BIOSCIENCES INC-A | COM SER A | 786700104 | 1,932,500 | 0.27 | 250000.0 |
| NUVB | REDUCED | NUVATION BIO INC | COM CL A | 67080N101 | 1,855,139 | 0.26 | 326609.0 |
| BNTX | UNCHANGED | BIONTECH SE-ADR | SPONSORED ADS | 09075V102 | 1,825,083 | 0.25 | 19614.0 |
| CMPS | UNCHANGED | COMPASS PATHWAYS PLC ADR | SPONSORED ADS | 20451W101 | 1,635,966 | 0.23 | 115616.0 |
| HUM | UNCHANGED | HUMANA INC | COM | 444859102 | 1,582,922 | 0.22 | 3985.0 |
| - | NEWAMSTERDAM PHARMA CO NV | ORDINARY SHARES | N62509109 | 1,503,327 | 0.21 | 44359.0 | |
| VSTM | ADDED | VERASTEM INC | COM NEW | 92337C203 | 1,182,997 | 0.16 | 309685.0 |
| MDGL | UNCHANGED | MADRIGAL PHARMACEUTICALS INC | COM | 558868105 | 959,530 | 0.13 | 1787.0 |
| URGN | UNCHANGED | UROGEN PHARMA LTD | COM | M96088105 | 901,600 | 0.12 | 24500.0 |
| BCYC | UNCHANGED | BICYCLE THERAPEUTICS PLC-ADR | SPONSORED ADS | 088786108 | 856,014 | 0.12 | 201890.0 |
| XERS | UNCHANGED | XERIS BIOPHARMA HOLDINGS INC | COM | 98422E103 | 826,927 | 0.11 | 104410.0 |
| ABEO | UNCHANGED | ABEONA THERAPEUTICS INC | COM NEW | 00289Y206 | 672,786 | 0.09 | 108865.0 |
| INSP | UNCHANGED | INSPIRE MEDICAL SYSTEMS INC | COM | 457730109 | 391,319 | 0.05 | 8772.0 |
| - | PROQR THERAPEUTICS NV | SHS EURO | N71542109 | 351,181 | 0.05 | 188807.0 | |
| ALDX | UNCHANGED | ALDEYRA THERAPEUTICS INC | COM | 01438T106 | 331,660 | 0.05 | 155709.0 |
Quarterly portfolios
| Period | Filed | Value ($) | Positions | Vol % | Beta | Max DD % |
|---|---|---|---|---|---|---|
| 2026-06-30 | 2026-08-19 | 723,718,198 | 52 | 12.924455 | 0.279608 | 28.733156 |
| 2026-03-31 | 2026-05-15 | 653,863,097 | 51 | 14.228654 | 0.33533 | 28.541279 |
| 2025-12-31 | 2026-02-17 | 718,352,025 | 49 | 13.877368 | 0.33829 | 24.030198 |
| 2025-09-30 | 2025-11-14 | 540,390,359 | 44 | 14.71461 | 0.382486 | 21.860504 |
| 2025-03-31 | 2025-05-15 | 525,145,307 | 44 | 16.464295 | 0.462812 | 19.513595 |
| 2024-12-31 | 2025-02-14 | 645,377,517 | 43 | 17.986027 | 0.497489 | 20.278634 |