Palo Alto Investors LP Long-Term Concentrated

Name: Palo Alto Investors LP Q2 2026 13F Filing | 13F Explorer
Creator: Palo Alto Investors LP
Published: 2026-08-19

Location: Palo Alto, CA

CIK: 0001306923 · Show all filings

Period: Q2 2026 (← Previous)

Filing Date: Aug 19, 2026

Total Value: $724M (100.0% shares, 0.0% debt)

Holdings (52)

New Positions (3)

TRAX FIRST TRACKS BIOTHERAPEUTICS 1.7%

Value $12.14M Shares 603,489 Share Price $20.12 Est. Cost/Share $20.12 Unrealized @ Report Date —

SGMT SAGIMET BIOSCIENCES INC-A 0.3%

Value $1.933M Shares 250,000 Share Price $7.73 Est. Cost/Share $7.73 Unrealized @ Report Date —

NAMS NEWAMSTERDAM PHARMA CO NV 0.2%

Value $1.503M Shares 44,359 Share Price $33.89 Est. Cost/Share $33.89 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
TRAX	FIRST TRACKS BIOTHERAPEUTICS	603,489	$12.14M	1.7%	$20.12	$20.12	—	ORD SHS	337185102
SGMT	SAGIMET BIOSCIENCES INC-A	250,000	$1.933M	0.3%	$7.73	$7.73	—	COM SER A	786700104
NAMS	NEWAMSTERDAM PHARMA CO NV	44,359	$1.503M	0.2%	$33.89	$33.89	—	ORDINARY SHARES	N62509109

Increased Positions (5)

MIRM MIRUM PHARMACEUTICALS INC 5.6%

Value $40.83M (+35.9%) Shares 348,808 (+7.3%) Share Price $117.07 Est. Cost/Share $76.41 Unrealized @ Report Date —

CLDX CELLDEX THERAPEUTICS INC 2.1%

Value $14.88M (+58.2%) Shares 399,856 (+34.9%) Share Price $37.21 Est. Cost/Share $28.47 Unrealized @ Report Date —

IRON DISC MEDICINE INC 4.2%

Value $30.47M (+18.6%) Shares 416,646 (+3.7%) Share Price $73.14 Est. Cost/Share $64.14 Unrealized @ Report Date —

CMPX COMPASS THERAPEUTICS INC 1.8%

Value $12.77M (+59.4%) Shares 5,831,813 (+285.1%) Share Price $2.19 Est. Cost/Share $2.82 Unrealized @ Report Date —

VSTM VERASTEM INC 0.2%

Value $1.183M (-9.3%) Shares 309,685 (+25.8%) Share Price $3.82 Est. Cost/Share $5.93 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
MIRM	MIRUM PHARMACEUTICALS INC	348,808 (+7.3%)	$40.83M (+35.9%)	5.6%	$117.07	$76.41	—	COM	604749101
CLDX	CELLDEX THERAPEUTICS INC	399,856 (+34.9%)	$14.88M (+58.2%)	2.1%	$37.21	$28.47	—	COM NEW	15117B202
IRON	DISC MEDICINE INC	416,646 (+3.7%)	$30.47M (+18.6%)	4.2%	$73.14	$64.14	—	COM	254604101
CMPX	COMPASS THERAPEUTICS INC	5,831,813 (+285.1%)	$12.77M (+59.4%)	1.8%	$2.19	$2.82	—	COM	20454B104
VSTM	VERASTEM INC	309,685 (+25.8%)	$1.183M (-9.3%)	0.2%	$3.82	$5.93	—	COM NEW	92337C203

Exited Positions (2)

FOLD AMICUS THERAPEUTICS INC 2.2%

Value $16.09M Shares 1,113,045 Share Price $14.46 Est. Cost/Share $9.63 Unrealized @ Report Date —

DNLI DENALI THERAPEUTICS INC 0.6%

Value $4.504M Shares 234,582 Share Price $19.20 Est. Cost/Share $15.17 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
FOLD	AMICUS THERAPEUTICS INC	1,113,045	$16.09M	2.2%	$14.46	$9.63	—	—	03152W109
DNLI	DENALI THERAPEUTICS INC	234,582	$4.504M	0.6%	$19.20	$15.17	—	—	24823R105

Decreased Positions (8)

ANAB ANAPTYSBIO INC 5.6%

Value $40.74M (+15.1%) Shares 603,489 (-5.4%) Share Price $67.50 Est. Cost/Share $19.77 Unrealized @ Report Date —

TVTX TRAVERE THERAPEUTICS INC 1.3%

Value $9.517M (+39.0%) Shares 167,525 (-27.3%) Share Price $56.81 Est. Cost/Share $27.44 Unrealized @ Report Date —

ALGN ALIGN TECHNOLOGY INC 0.7%

Value $5.294M (-25.6%) Shares 31,389 (-24.4%) Share Price $168.66 Est. Cost/Share $150.48 Unrealized @ Report Date —

PYXS PYXIS ONCOLOGY INC 0.4%

Value $2.601M (+76.3%) Shares 864,277 (-14.5%) Share Price $3.01 Est. Cost/Share $2.98 Unrealized @ Report Date —

PRTA PROTHENA CORP PLC 1.5%

Value $11.19M (-4.7%) Shares 1,143,155 (-5.4%) Share Price $9.79 Est. Cost/Share $20.95 Unrealized @ Report Date —

NUVB NUVATION BIO INC 0.3%

Value $1.855M (-15.0%) Shares 326,609 (-35.8%) Share Price $5.68 Est. Cost/Share $2.12 Unrealized @ Report Date —

IOVA IOVANCE BIOTHERAPEUTICS INC 3.0%

Value $22.03M (-1.1%) Shares 5,296,209 (-16.6%) Share Price $4.16 Est. Cost/Share $4.09 Unrealized @ Report Date —

ORKA ORUKA THERAPEUTICS INC - Restricted 0.4%

Value $3.193M (+8.5%) Shares 33,546 (-44.1%) Share Price $95.17 Est. Cost/Share $14.82 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ANAB	ANAPTYSBIO INC	603,489 (-5.4%)	$40.74M (+15.1%)	5.6%	$67.50	$19.77	—	COM	032724106
TVTX	TRAVERE THERAPEUTICS INC	167,525 (-27.3%)	$9.517M (+39.0%)	1.3%	$56.81	$27.44	—	COM	89422G107
ALGN	ALIGN TECHNOLOGY INC	31,389 (-24.4%)	$5.294M (-25.6%)	0.7%	$168.66	$150.48	—	COM	016255101
PYXS	PYXIS ONCOLOGY INC	864,277 (-14.5%)	$2.601M (+76.3%)	0.4%	$3.01	$2.98	—	COMMON STOCK	747324101
PRTA	PROTHENA CORP PLC	1,143,155 (-5.4%)	$11.19M (-4.7%)	1.5%	$9.79	$20.95	—	SHS	G72800108
NUVB	NUVATION BIO INC	326,609 (-35.8%)	$1.855M (-15.0%)	0.3%	$5.68	$2.12	—	COM CL A	67080N101
IOVA	IOVANCE BIOTHERAPEUTICS INC	5,296,209 (-16.6%)	$22.03M (-1.1%)	3.0%	$4.16	$4.09	—	COM	462260100
ORKA	ORUKA THERAPEUTICS INC - Restricted	33,546 (-44.1%)	$3.193M (+8.5%)	0.4%	$95.17	$14.82	—	COM	687604108

Unchanged Positions (36)

INSM INSMED INC 6.1%

Value $44.14M Shares 413,980 Share Price $106.62 Est. Cost/Share $17.79 Unrealized @ Report Date —

PTCT PTC THERAPEUTICS INC 10.4%

Value $74.95M Shares 918,846 Share Price $81.57 Est. Cost/Share $46.78 Unrealized @ Report Date —

ACAD ACADIA PHARMACEUTICALS INC 10.0%

Value $72.46M Shares 2,864,096 Share Price $25.30 Est. Cost/Share $26.72 Unrealized @ Report Date —

RARE ULTRAGENYX PHARMACEUTICAL IN 2.8%

Value $19.92M Shares 596,495 Share Price $33.39 Est. Cost/Share $29.43 Unrealized @ Report Date —

DYN DYNE THERAPEUTICS INC 5.1%

Value $36.59M Shares 1,647,521 Share Price $22.21 Est. Cost/Share $13.45 Unrealized @ Report Date —

CDNA CAREDX INC 2.1%

Value $15.16M Shares 531,870 Share Price $28.50 Est. Cost/Share $15.56 Unrealized @ Report Date —

NVCR NOVOCURE LTD 2.7%

Value $19.4M Shares 1,280,439 Share Price $15.15 Est. Cost/Share $34.92 Unrealized @ Report Date —

BCAX BICARA THERAPEUTICS INC 2.3%

Value $16.34M Shares 550,408 Share Price $29.69 Est. Cost/Share $16.72 Unrealized @ Report Date —

BIIB BIOGEN INC 4.2%

Value $30.31M Shares 140,279 Share Price $216.06 Est. Cost/Share $256.18 Unrealized @ Report Date —

ALKS ALKERMES PLC 1.8%

Value $12.71M Shares 242,560 Share Price $52.39 Est. Cost/Share $24.20 Unrealized @ Report Date —

UTHR UNITED THERAPEUTICS CORP 4.7%

Value $33.91M Shares 62,587 Share Price $541.83 Est. Cost/Share $118.03 Unrealized @ Report Date —

TSHA TAYSHA GENE THERAPIES INC 1.3%

Value $9.475M Shares 1,391,382 Share Price $6.81 Est. Cost/Share $2.31 Unrealized @ Report Date —

ACRS ACLARIS THERAPEUTICS INC 1.2%

Value $8.535M Shares 1,613,430 Share Price $5.29 Est. Cost/Share $1.50 Unrealized @ Report Date —

CAPR CAPRICOR THERAPEUTICS INC 0.8%

Value $5.533M Shares 229,763 Share Price $24.08 Est. Cost/Share $13.24 Unrealized @ Report Date —

SNDX SYNDAX PHARMACEUTICALS INC 2.6%

Value $18.91M Shares 864,986 Share Price $21.86 Est. Cost/Share $16.22 Unrealized @ Report Date —

CMPS COMPASS PATHWAYS PLC ADR 0.2%

Value $1.636M Shares 115,616 Share Price $14.15 Est. Cost/Share $6.90 Unrealized @ Report Date —

HUM HUMANA INC 0.2%

Value $1.583M Shares 3,985 Share Price $397.22 Est. Cost/Share $369.63 Unrealized @ Report Date —

AGIO AGIOS PHARMACEUTICALS INC 1.1%

Value $7.927M Shares 213,601 Share Price $37.11 Est. Cost/Share $33.17 Unrealized @ Report Date —

NBIX NEUROCRINE BIOSCIENCES INC 0.4%

Value $3.053M Shares 18,117 Share Price $168.54 Est. Cost/Share $129.01 Unrealized @ Report Date —

CYTK CYTOKINETICS INC 0.4%

Value $2.743M Shares 32,195 Share Price $85.19 Est. Cost/Share $64.44 Unrealized @ Report Date —

ANNX ANNEXON INC 2.3%

Value $16.83M Shares 2,948,090 Share Price $5.71 Est. Cost/Share $4.19 Unrealized @ Report Date —

URGN UROGEN PHARMA LTD 0.1%

Value $902K Shares 24,500 Share Price $36.80 Est. Cost/Share $27.01 Unrealized @ Report Date —

BMRN BIOMARIN PHARMACEUTICAL INC 5.4%

Value $39.07M Shares 682,777 Share Price $57.22 Est. Cost/Share $83.16 Unrealized @ Report Date —

EW EDWARDS LIFESCIENCES CORP 0.4%

Value $3.043M Shares 33,640 Share Price $90.46 Est. Cost/Share $72.66 Unrealized @ Report Date —

EHTH EHEALTH INC 0.3%

Value $2.209M Shares 1,482,797 Share Price $1.49 Est. Cost/Share $38.13 Unrealized @ Report Date —

CRSP CRISPR THERAPEUTICS AG 0.3%

Value $2.16M Shares 39,605 Share Price $54.54 Est. Cost/Share $38.70 Unrealized @ Report Date —

XERS XERIS BIOPHARMA HOLDINGS INC 0.1%

Value $827K Shares 104,410 Share Price $7.92 Est. Cost/Share $7.21 Unrealized @ Report Date —

ABEO ABEONA THERAPEUTICS INC 0.1%

Value $673K Shares 108,865 Share Price $6.18 Est. Cost/Share $6.04 Unrealized @ Report Date —

XENE XENON PHARMACEUTICALS INC 0.4%

Value $3.099M Shares 51,345 Share Price $60.36 Est. Cost/Share $42.00 Unrealized @ Report Date —

BNTX BIONTECH SE-ADR 0.3%

Value $1.825M Shares 19,614 Share Price $93.05 Est. Cost/Share $118.77 Unrealized @ Report Date —

BCYC BICYCLE THERAPEUTICS PLC-ADR 0.1%

Value $856K Shares 201,890 Share Price $4.24 Est. Cost/Share $16.07 Unrealized @ Report Date —

ALDX ALDEYRA THERAPEUTICS INC 0.0%

Value $332K Shares 155,709 Share Price $2.13 Est. Cost/Share $5.95 Unrealized @ Report Date —

INSP INSPIRE MEDICAL SYSTEMS INC 0.1%

Value $391K Shares 8,772 Share Price $44.61 Est. Cost/Share $95.68 Unrealized @ Report Date —

PRQR PROQR THERAPEUTICS NV 0.0%

Value $351K Shares 188,807 Share Price $1.86 Est. Cost/Share $2.18 Unrealized @ Report Date —

MDGL MADRIGAL PHARMACEUTICALS INC 0.1%

Value $960K Shares 1,787 Share Price $536.95 Est. Cost/Share $492.48 Unrealized @ Report Date —

STOK STOKE THERAPEUTICS INC 0.4%

Value $2.769M Shares 84,631 Share Price $32.72 Est. Cost/Share $9.90 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
INSM	INSMED INC	413,980	$44.14M	6.1%	$106.62	$17.79	—	COM PAR $.01	457669307
PTCT	PTC THERAPEUTICS INC	918,846	$74.95M	10.4%	$81.57	$46.78	—	COM	69366J200
ACAD	ACADIA PHARMACEUTICALS INC	2,864,096	$72.46M	10.0%	$25.30	$26.72	—	COM	004225108
RARE	ULTRAGENYX PHARMACEUTICAL IN	596,495	$19.92M	2.8%	$33.39	$29.43	—	COM	90400D108
DYN	DYNE THERAPEUTICS INC	1,647,521	$36.59M	5.1%	$22.21	$13.45	—	COM	26818M108
CDNA	CAREDX INC	531,870	$15.16M	2.1%	$28.50	$15.56	—	COM	14167L103
NVCR	NOVOCURE LTD	1,280,439	$19.4M	2.7%	$15.15	$34.92	—	ORD SHS	G6674U108
BCAX	BICARA THERAPEUTICS INC	550,408	$16.34M	2.3%	$29.69	$16.72	—	COM	055477103
BIIB	BIOGEN INC	140,279	$30.31M	4.2%	$216.06	$256.18	—	COM	09062X103
ALKS	ALKERMES PLC	242,560	$12.71M	1.8%	$52.39	$24.20	—	SHS	G01767105
UTHR	UNITED THERAPEUTICS CORP	62,587	$33.91M	4.7%	$541.83	$118.03	—	COM	91307C102
TSHA	TAYSHA GENE THERAPIES INC	1,391,382	$9.475M	1.3%	$6.81	$2.31	—	COM SHS	877619106
ACRS	ACLARIS THERAPEUTICS INC	1,613,430	$8.535M	1.2%	$5.29	$1.50	—	COM	00461U105
CAPR	CAPRICOR THERAPEUTICS INC	229,763	$5.533M	0.8%	$24.08	$13.24	—	COM NEW	14070B309
SNDX	SYNDAX PHARMACEUTICALS INC	864,986	$18.91M	2.6%	$21.86	$16.22	—	COM	87164F105
CMPS	COMPASS PATHWAYS PLC ADR	115,616	$1.636M	0.2%	$14.15	$6.90	—	SPONSORED ADS	20451W101
HUM	HUMANA INC	3,985	$1.583M	0.2%	$397.22	$369.63	—	COM	444859102
AGIO	AGIOS PHARMACEUTICALS INC	213,601	$7.927M	1.1%	$37.11	$33.17	—	COM	00847X104
NBIX	NEUROCRINE BIOSCIENCES INC	18,117	$3.053M	0.4%	$168.54	$129.01	—	COM	64125C109
CYTK	CYTOKINETICS INC	32,195	$2.743M	0.4%	$85.19	$64.44	—	COM NEW	23282W605
ANNX	ANNEXON INC	2,948,090	$16.83M	2.3%	$5.71	$4.19	—	COM	03589W102
URGN	UROGEN PHARMA LTD	24,500	$902K	0.1%	$36.80	$27.01	—	COM	M96088105
BMRN	BIOMARIN PHARMACEUTICAL INC	682,777	$39.07M	5.4%	$57.22	$83.16	—	COM	09061G101
EW	EDWARDS LIFESCIENCES CORP	33,640	$3.043M	0.4%	$90.46	$72.66	—	COM	28176E108
EHTH	EHEALTH INC	1,482,797	$2.209M	0.3%	$1.49	$38.13	—	COM	28238P109
CRSP	CRISPR THERAPEUTICS AG	39,605	$2.16M	0.3%	$54.54	$38.70	—	NAMEN AKT	H17182108
XERS	XERIS BIOPHARMA HOLDINGS INC	104,410	$827K	0.1%	$7.92	$7.21	—	COM	98422E103
ABEO	ABEONA THERAPEUTICS INC	108,865	$673K	0.1%	$6.18	$6.04	—	COM NEW	00289Y206
XENE	XENON PHARMACEUTICALS INC	51,345	$3.099M	0.4%	$60.36	$42.00	—	COM	98420N105
BNTX	BIONTECH SE-ADR	19,614	$1.825M	0.3%	$93.05	$118.77	—	SPONSORED ADS	09075V102
BCYC	BICYCLE THERAPEUTICS PLC-ADR	201,890	$856K	0.1%	$4.24	$16.07	—	SPONSORED ADS	088786108
ALDX	ALDEYRA THERAPEUTICS INC	155,709	$332K	0.0%	$2.13	$5.95	—	COM	01438T106
INSP	INSPIRE MEDICAL SYSTEMS INC	8,772	$391K	0.1%	$44.61	$95.68	—	COM	457730109
PRQR	PROQR THERAPEUTICS NV	188,807	$351K	0.0%	$1.86	$2.18	—	SHS EURO	N71542109
MDGL	MADRIGAL PHARMACEUTICALS INC	1,787	$960K	0.1%	$536.95	$492.48	—	COM	558868105
STOK	STOKE THERAPEUTICS INC	84,631	$2.769M	0.4%	$32.72	$9.90	—	COM	86150R107