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Palo Alto Investors LP

Institutional InvestorSimilar funds →SEC EDGAR: CIK 1306923
Institutional-grade research for retail investors

Sector Allocation

  • Healthcare98.2%$710.3M
  • Other1.6%$11.2M
  • Financials0.3%$2.2M

AUM History

13fpro.ai/research/fund/palo-alto-investors-lp-1306923

Largest positions — Q2 2026

Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.

13fpro.ai/research/fund/palo-alto-investors-lp-1306923

Palo Alto Investors LP 13F holdings — Q2 2026

$723.7M portfolio (+10.7% QoQ) · 52 holdings · Q2 2026 13F · top 10 are 61% of the stock portfolio

All holdings — Palo Alto Investors LP (Q2 2026)

52 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.

Company
IOVA$IOVAIOVANCE BIOTHERAPEUTICS, INC.$22.0M-17%
RARE$RAREUltragenyx Pharmaceutical Inc.$19.9M—
NVCR$NVCRNovoCure Ltd$19.4M—
SNDX$SNDXSyndax Pharmaceuticals Inc$18.9M—
ANNX$ANNXAnnexon, Inc.$16.8M—
BCAX$BCAXBicara Therapeutics Inc.$16.3M—
CDNA$CDNACareDx, Inc.$15.2M—
CLDX$CLDXCelldex Therapeutics, Inc.$14.9M+35%
CMPX$CMPXCompass Therapeutics, Inc.$12.8M+285%
ALKS$ALKSAlkermes plc.$12.7M—
TRAX$TRAXFirst Tracks Biotherapeutics, Inc.$12.1MNew
— PROTHENA CORP PLC - SHS$11.2M-5%
TVTX$TVTXTravere Therapeutics, Inc.$9.5M-27%
TSHA$TSHATaysha Gene Therapies, Inc.$9.5M—
ACRS$ACRSAclaris Therapeutics, Inc.$8.5M—

What changed in Q2 2026

Against the previous quarter's 13F: 4 new, 5 added to, 14 trimmed, 3 sold out. Share-count changes; largest moves by dollar size first.

New positions (4)

  • ACHC$ACHCAcadia Healthcare Company, Inc.$72.5M

    first bought this quarter

  • TRAX$TRAXFirst Tracks Biotherapeutics, Inc.$12.1M

    first bought this quarter

  • SGMT$SGMTSagimet Biosciences Inc.$1.9M

    first bought this quarter

  • NAMS$NAMSNewAmsterdam Pharma Co N.V.$1.5M

    first bought this quarter

Added to (5)

  • CMPX$CMPXCompass Therapeutics, Inc.+285%

    now $12.8M · held 3 qtrs

  • CLDX$CLDXCelldex Therapeutics, Inc.+35%

    now $14.9M · held 2 qtrs, 2 adds in a row

  • MIRM$MIRMMirum Pharmaceuticals, Inc.+7%

    now $40.8M · held 4+ qtrs, 3 adds in a row

  • IRON$IRONDisc Medicine, Inc.+4%

    now $30.5M · held 4+ qtrs, 3 adds in a row

  • VSTM$VSTMVerastem, Inc.+26%

    now $1.2M · held 2 qtrs, 2 adds in a row

Trimmed (14)

  • IOVA$IOVAIOVANCE BIOTHERAPEUTICS, INC.-17%

    now $22.0M · held 4+ qtrs, 3 trims in a row

  • TVTX$TVTXTravere Therapeutics, Inc.-27%

    now $9.5M · held 4+ qtrs

  • ORKA$ORKAOruka Therapeutics, Inc.-44%

    now $3.2M · held 4+ qtrs

  • ANAB$ANABANAPTYSBIO, INC-5%

    now $40.7M · held 4+ qtrs, 2 trims in a row

  • ALGN$ALGNALIGN TECHNOLOGY INC-24%

    now $5.3M · held 4+ qtrs

  • NUVB$NUVBNuvation Bio Inc.-36%

    now $1.9M · held 4+ qtrs, 3 trims in a row

+8 more in the Excel export

Sold out (3)

  • ACAD$ACADACADIA PHARMACEUTICALS INCwas $63.9M

    held 9+ qtrs

  • FOLD$FOLDAMICUS THERAPEUTICS, INC.was $16.1M

    held 9+ qtrs

  • DNLI$DNLIDenali Therapeutics Inc.was $4.5M

    held 4+ qtrs

Firm AUM (Form ADV): $696.0M as of 2025-12-31 · SEC IAPD

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Holdings by quarter

Every 13F Palo Alto Investors LP has filed, 38 earlier quarters. Pick one to see what it held then.

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Q2 2026 13F filed with the SEC on Aug 17, 2026. Prices are closing prices as of Oct 26, 2026.

Average quality of Palo Alto Investors's top 20 holdings: 45/100 (our AI quality score, weighted by position size; 14 of the 20 are scored)

Top 10 since filing

-10.2%

Value-weighted move of the 10 largest stock positions

Turnover

15%

Last quarter

Top 10 weight

61%

Share of the stock portfolio in its 10 largest positions

Held 4+ quarters

77%

Share of portfolio value in positions held a year or more

Highest-quality names it owns(among its 100 largest positions)

The 8 highest-scoring companies in this portfolio are a Pro feature.

How these are measured
  • Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
  • Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
  • Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q3 2025 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
  • Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
  • Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.

Portfolio Overview

Palo Alto Investors LP disclosed 52 positions worth $723.7M in its Form 13F-HR for Q2 2026, led by $PTCT (PTC THERAPEUTICS, INC.) at 10.4% of the equity portfolio, followed by $ACHC and $INSM. During the quarter the fund opened 4 new positions and exited 3 — including a new stake in $ACHC and a full exit from $ACAD. The portfolio is most concentrated in Healthcare (98.2% of disclosed assets). All figures are sourced directly from Palo Alto Investors LP’s Form 13F-HR filing with the SEC under CIK 1306923.

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AI-Powered Hedge Fund Analysis: Palo Alto Investors LP

13F Pro is an AI hedge fund tracker and stock research platform. For Palo Alto Investors LP (SEC CIK: 1306923), the platform ingests every quarterly Form 13F filing and applies AI-powered analysis on top — 10 specialized AI analysts (value, growth, momentum, macro, activist, and more) debate the fund's top positions and publish AI-generated analysis with cited SEC sources.

Every holding in Palo Alto Investors LP's portfolio is scored on an AI quality ranking built from its SEC filings (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.