Palo Alto Investors LP

All Holdings — 2025 Q4

Portfolio Concentration Analytics: 7.6
Risk-based ENB:
Total Positions
52
Quarter
2025 Q4
Top Holding
INSM (11.9%)
Top 10 Concentration
67.8%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
1-25 of 52
Stock History Sector / Type Port % Prev % Rank / Prev Conviction Change % Change Influence Shares Mkt Value Avg Cost Price Held 1st Owned Source Source Date Date Reported
INSM
INSMED INC
Healthcare 11.86% 13.11% #1
Prev: #1
4.7 -2,323 -0.5%
P
S
489,482 $85,189,447 2011 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
FOLD
AMICUS THERAPEU...
Healthcare 10.32% 7.83% #2 2
Prev: #4
4.1 -162,031 -3.0%
P
S
5,205,767 $74,130,122 2007 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
PTCT
PTC THERAPEUTIC...
Healthcare 9.56% 9.80% #3 1
Prev: #2
5.8 41,303 4.8%
P
S
903,916 $68,661,459 2024 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
ACAD
ACADIA PHARMACE...
Healthcare 9.24% 9.74% #4 1
Prev: #3
5.7 17,347 0.7%
P
S
2,484,031 $66,348,468 2016 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
BMRN
BIOMARIN PHARMA...
Healthcare 6.17% 7.56% #5
Prev: #5
2.5 -7,751 -1.0%
P
S
746,256 $44,349,994 2004 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
ANAB
ANAPTYSBIO INC
Healthcare 4.66% 3.82% #6 2
Prev: #8
3.9 16,512 2.5%
P
S
690,032 $33,452,751 2020 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
BIIB
BIOGEN INC
Healthcare 4.50% 4.81% #7 1
Prev: #6
1.8 -2,090 -1.1%
P
S
183,571 $32,306,660 2004 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
DYN
DYNE THERAPEUTI...
Healthcare 4.01% 2.96% #8 3
Prev: #11
3.7 209,523 16.6%
P
S
1,472,197 $28,796,173 2025 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
UTHR
UNITED THERAPEU...
Healthcare 3.95% 4.51% #9 2
Prev: #7
1.6 no change no change
P
S
58,186 $28,351,129 2007 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
IRON
DISC MEDICINE I...
Healthcare 3.51% 2.74% #10 2
Prev: #12
3.5 93,156 41.5%
P
S
317,456 $25,209,181 2025 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
IOVA
IOVANCE BIOTHER...
Healthcare 2.70% 3.06% #11 2
Prev: #9
1.1 -501,456 -6.6%
P
S
7,116,676 $19,428,525 2023 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
NVCR
NOVOCURE LTD
Healthcare 2.34% 3.00% #12 2
Prev: #10
2.9 42,805 3.4%
P
S
1,298,964 $16,795,605 2023 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
SNDX
SYNDAX PHARMACE...
Healthcare 2.32% 1.86% #13 5
Prev: #18
3.0 139,577 21.3%
P
S
794,507 $16,692,592 2020 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
GOSS
GOSSAMER BIO IN...
Healthcare 1.93% 2.66% #14
Prev: #14
0.8 -992,757 -18.2%
P
S
4,471,592 $13,861,935 2020 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
CMPX
COMPASS THERAPE...
Healthcare 1.89% #15
Prev: #—
2.8 2,532,419 no change
NEW
2,532,419 $13,599,090 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
PRTA
PROTHENA CORP P...
Healthcare 1.76% 2.39% #16 1
Prev: #15
0.7 -3,518 -0.3%
P
S
1,320,510 $12,610,871 2013 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
MIRM
MIRUM PHARMACEU...
Healthcare 1.72% 0.88% #17 7
Prev: #24
3.0 91,721 141.8%
P
S
156,421 $12,355,695 2021 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
ANNX
ANNEXON INC
Healthcare 1.67% #18
Prev: #—
2.7 2,384,192 no change
NEW
2,384,192 $11,968,644 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
RARE
ULTRAGENYX PHAR...
Healthcare 1.48% 2.06% #19 3
Prev: #16
2.7 91,763 24.8%
P
S
461,294 $10,609,762 2025 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
DNLI
DENALI THERAPEU...
Healthcare 1.47% 1.10% #20
Prev: #20
2.8 233,233 57.2%
P
S
641,239 $10,586,856 2025 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
CDNA
CAREDX INC
Healthcare 1.25% 0.85% #21 4
Prev: #25
2.7 162,016 51.2%
P
S
478,220 $9,009,665 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
EHTH
EHEALTH INC
Financial Services 0.98% 1.23% #22 3
Prev: #19
0.4 -13,190 -0.9%
P
S
1,531,429 $7,044,573 2020 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
ALKS
ALKERMES PLC
Healthcare 0.94% 1.02% #23 1
Prev: #22
2.5 58,622 31.9%
P
S
242,560 $6,786,829 2020 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
CAPR
CAPRICOR THERAP...
Healthcare 0.91% #24
Prev: #—
2.4 226,304 no change
NEW
226,304 $6,531,133 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
TSHA
TAYSHA GENE THE...
Healthcare 0.91% 0.75% #25 1
Prev: #26
0.4 -62,838 -5.0%
P
S
1,183,195 $6,507,573 2023 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
ALNY
ALNYLAM PHARMAC...
Healthcare 0.00% 2.73%
Sold All 😨
(Was: #13)
0.3 -32,320 -100.0%
CLOSED
$— 2023 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
RNA
AVIDITY BIOSCIE...
Healthcare 0.00% 0.89%
Sold All 😨
(Was: #23)
0.3 -109,831 -100.0%
CLOSED
$— 2025 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
GBIO
GENERATION BIO ...
Healthcare 0.00% 0.02%
Sold All 😨
(Was: #44)
0.3 -15,047 -100.0%
CLOSED
$— 2024 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
Showing 1-25 of 52 holdings

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