2026 Q2 Portfolio Activity
In 2026 Q2, Palo Alto Investors LP maintained a portfolio of 56 distinct positions. The most significant new addition was ACADIA PHARMACEUTICALS INC, now representing 10.01% of the total fund value. They heavily accumulated shares in CELLDEX THERAPEUTICS INC, increasing the position by 34.9%. Conversely, Palo Alto Investors LP completely exited their position in ACADIA PHARMACEUTICALS INC.
Position History
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Total Positions
56
Quarter
2026 Q2
Top Holding
PTCT (10.4%)
Top 10 Concentration
61.3%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-50 of 56
Palo Alto Investors LP Full Holdings List — 2026 Q2
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
PTCT
PTC THERAPEUTIC...
|
Healthcare | 10.36% | 9.60% |
#1
2
Prev: #3
|
6.5 |
—
|
-2,761 | -0.3% |
P
S
|
918,846 | $74,950,268 | 2024 Q3 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
ACHC
ACADIA PHARMACE...
|
Healthcare | 10.01% | — |
#2
Prev: #—
|
9.0 |
—
|
2,864,096 | — |
NEW
|
2,864,096 | $72,461,629 | 2019 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
INSM
INSMED INC
|
Healthcare | 6.10% | 10.39% |
#3
2
Prev: #1
|
3.9 |
—
|
-1,289 | -0.3% |
P
S
|
413,980 | $44,138,548 | 2011 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
N/A
MIRUM PHARMACEU...
|
|
Bond/Debt | 5.64% | — |
#4
Prev: #—
|
6.3 |
—
|
348,808 | — |
NEW
|
348,808 | $40,834,953 | — | 13F Filing | 2026-06-30 | 2026-08-17 | ||
|
ANAB
ANAPTYSBIO INC
|
Healthcare | 5.63% | 5.41% |
#5
1
Prev: #6
|
3.3 |
—
|
-34,672 | -5.4% |
P
S
|
603,489 | $40,735,508 | 2020 Q3 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
BMRN
BIOMARIN PHARMA...
|
Healthcare | 5.40% | 5.92% |
#6
2
Prev: #4
|
2.7 |
—
|
-2,405 | -0.4% |
P
S
|
682,777 | $39,068,500 | 2004 Q3 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
DYN
DYNE THERAPEUTI...
|
Healthcare | 5.06% | 4.58% |
#7
1
Prev: #8
|
2.5 |
—
|
-5,451 | -0.3% |
P
S
|
1,647,521 | $36,591,441 | 2025 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
UTHR
UNITED THERAPEU...
|
Healthcare | 4.69% | 5.70% |
#8
3
Prev: #5
|
2.4 |
—
|
-222 | -0.4% |
P
S
|
62,587 | $33,911,514 | 2007 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
IRON
DISC MEDICINE I...
|
Healthcare | 4.21% | 3.93% |
#9
1
Prev: #10
|
2.2 |
—
|
14,927 | 3.7% |
P
S
|
416,646 | $30,473,488 | 2025 Q2 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
BIIB
BIOGEN INC
|
Healthcare | 4.19% | 3.95% |
#10
1
Prev: #9
|
2.2 |
—
|
-440 | -0.3% |
P
S
|
140,279 | $30,308,681 | 2004 Q3 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
IOVA
IOVANCE BIOTHER...
|
Healthcare | 3.04% | 3.41% |
#11
Prev: #11
|
1.7 |
—
|
-1,053,354 | -16.6% |
P
S
|
5,296,209 | $22,032,229 | 2023 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
RARE
ULTRAGENYX PHAR...
|
Healthcare | 2.75% | 1.91% |
#12
4
Prev: #16
|
2.1 |
—
|
no change | no change |
P
S
|
596,495 | $19,916,968 | 2025 Q2 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
NVCR
NOVOCURE LTD
|
Healthcare | 2.68% | 2.13% |
#13
2
Prev: #15
|
2.1 |
—
|
no change | no change |
P
S
|
1,280,439 | $19,398,651 | 2023 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
SNDX
SYNDAX PHARMACE...
|
Healthcare | 2.61% | 3.09% |
#14
2
Prev: #12
|
2.0 |
—
|
no change | no change |
P
S
|
864,986 | $18,908,594 | 2020 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
ANNX
ANNEXON INC
|
Healthcare | 2.33% | 2.50% |
#15
2
Prev: #13
|
1.9 |
—
|
no change | no change |
P
S
|
2,948,090 | $16,833,594 | 2025 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
BCAX
BICARA THERAPEU...
|
Healthcare | 2.26% | 1.67% |
#16
2
Prev: #18
|
1.9 |
—
|
no change | no change |
P
S
|
550,408 | $16,341,614 | 2025 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
CDNA
CAREDX INC
|
Healthcare | 2.09% | 1.41% |
#17
3
Prev: #20
|
1.8 |
—
|
no change | no change |
P
S
|
531,870 | $15,158,295 | 2025 Q3 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
CLDX
CELLDEX THERAPE...
|
Healthcare | 2.06% | 1.44% |
#18
1
Prev: #19
|
3.3 |
—
|
103,448 | 34.9% |
P
S
|
399,856 | $14,878,642 | 2026 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
CMPX
COMPASS THERAPE...
|
Healthcare | 1.76% | 1.23% |
#19
3
Prev: #22
|
3.7 |
—
|
4,317,309 | 285.1% |
P
S
|
5,831,813 | $12,771,670 | 2025 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
ALKS
ALKERMES PLC
|
Healthcare | 1.76% | 1.31% |
#20
1
Prev: #21
|
1.7 |
—
|
no change | no change |
P
S
|
242,560 | $12,708,931 | 2020 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
N/A
FIRST TRACKS BI...
|
|
Unknown | 1.68% | — |
#21
Prev: #—
|
4.2 |
—
|
603,489 | — |
NEW
|
603,489 | $12,142,199 | — | 13F Filing | 2026-06-30 | 2026-08-17 | ||
|
PRTA
PROTHENA CORP P...
|
Healthcare | 1.55% | 1.80% |
#22
5
Prev: #17
|
1.1 |
—
|
-65,413 | -5.4% |
P
S
|
1,143,155 | $11,191,487 | 2013 Q2 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
TVTX
TRAVERE THERAPE...
|
Healthcare | 1.32% | 1.05% |
#23
3
Prev: #26
|
0.5 |
—
|
-62,928 | -27.3% |
P
S
|
167,525 | $9,517,095 | 2020 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
TSHA
TAYSHA GENE THE...
|
Healthcare | 1.31% | 0.95% |
#24
3
Prev: #27
|
1.5 |
—
|
no change | no change |
P
S
|
1,391,382 | $9,475,311 | 2023 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
ACRS
ACLARIS THERAPE...
|
Healthcare | 1.18% | 0.93% |
#25
3
Prev: #28
|
1.5 |
—
|
no change | no change |
P
S
|
1,613,430 | $8,535,045 | 2024 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
AGIO
AGIOS PHARMACEU...
|
Healthcare | 1.10% | 1.11% |
#26
3
Prev: #23
|
1.4 |
—
|
no change | no change |
P
S
|
213,601 | $7,926,733 | 2025 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
CAPR
CAPRICOR THERAP...
|
Healthcare | 0.76% | 1.07% |
#27
2
Prev: #25
|
1.3 |
—
|
no change | no change |
P
S
|
229,763 | $5,532,693 | 2025 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
ALGN
ALIGN TECHNOLOG...
|
Healthcare | 0.73% | 1.09% |
#28
4
Prev: #24
|
0.3 |
—
|
-10,131 | -24.4% |
P
S
|
31,389 | $5,294,069 | 2005 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
ORKA
ORUKA THERAPEUT...
|
Healthcare | 0.44% | 0.45% |
#29
2
Prev: #31
|
0.2 |
—
|
-26,439 | -44.1% |
P
S
|
33,546 | $3,192,573 | 2025 Q3 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
XENE
XENON PHARMACEU...
|
Healthcare | 0.43% | 0.46% |
#30
Prev: #30
|
1.2 |
—
|
no change | no change |
P
S
|
51,345 | $3,099,184 | 2025 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
NBIX
NEUROCRINE BIOS...
|
Healthcare | 0.42% | 0.37% |
#31
3
Prev: #34
|
1.2 |
—
|
no change | no change |
P
S
|
18,117 | $3,053,349 | 2025 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
EW
EDWARDS LIFESCI...
|
Healthcare | 0.42% | 0.41% |
#32
1
Prev: #33
|
1.2 |
—
|
no change | no change |
P
S
|
33,640 | $3,043,074 | 2024 Q3 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
STOK
STOKE THERAPEUT...
|
Healthcare | 0.38% | 0.42% |
#33
1
Prev: #32
|
1.2 |
—
|
no change | no change |
P
S
|
84,631 | $2,769,126 | 2024 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
CYTK
CYTOKINETICS IN...
|
Healthcare | 0.38% | 0.32% |
#34
2
Prev: #36
|
1.2 |
—
|
no change | no change |
P
S
|
32,195 | $2,742,692 | 2013 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
PYXS
PYXIS ONCOLOGY ...
|
Healthcare | 0.36% | 0.23% |
#35
5
Prev: #40
|
0.6 |
—
|
-146,233 | -14.5% |
P
S
|
864,277 | $2,601,474 | 2024 Q3 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
EHTH
EHEALTH INC
|
Financial Services | 0.31% | 0.29% |
#36
1
Prev: #37
|
1.1 |
—
|
no change | no change |
P
S
|
1,482,797 | $2,209,368 | 2020 Q3 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
CRSP
CRISPR THERAPEU...
|
Healthcare | 0.30% | 0.29% |
#37
1
Prev: #38
|
1.1 |
—
|
no change | no change |
P
S
|
39,605 | $2,160,057 | 2025 Q2 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
SGMT
SAGIMET BIOSCIE...
|
Healthcare | 0.27% | — |
#38
Prev: #—
|
3.6 |
—
|
250,000 | — |
NEW
|
250,000 | $1,932,500 | 2026 Q2 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
NUVB
NUVATION BIO IN...
|
Healthcare | 0.26% | 0.33% |
#39
4
Prev: #35
|
0.1 |
—
|
-182,237 | -35.8% |
P
S
|
326,609 | $1,855,139 | 2024 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
BNTX
BIONTECH SE-ADR
|
Healthcare | 0.25% | 0.27% |
#40
1
Prev: #39
|
1.1 |
—
|
no change | no change |
P
S
|
19,614 | $1,825,083 | 2024 Q3 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
CMPS
COMPASS PATHWAY...
|
Healthcare | 0.23% | 0.10% |
#41
4
Prev: #45
|
1.1 |
—
|
no change | no change |
P
S
|
115,616 | $1,635,966 | 2025 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
HUM
HUMANA INC
|
Healthcare | 0.22% | 0.11% |
#42
2
Prev: #44
|
1.1 |
—
|
no change | no change |
P
S
|
3,985 | $1,582,922 | 2024 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
NAMS
NEWAMSTERDAM PH...
|
Healthcare | 0.21% | — |
#43
Prev: #—
|
3.6 |
—
|
44,359 | — |
NEW
|
44,359 | $1,503,327 | 2026 Q2 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
VSTM
VERASTEM INC
|
Healthcare | 0.16% | 0.20% |
#44
3
Prev: #41
|
2.6 |
—
|
63,592 | 25.8% |
P
S
|
309,685 | $1,182,997 | 2026 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
MDGL
MADRIGAL PHARMA...
|
Healthcare | 0.13% | 0.14% |
#45
2
Prev: #43
|
1.1 |
—
|
no change | no change |
P
S
|
1,787 | $959,530 | 2026 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
URGN
UROGEN PHARMA L...
|
Healthcare | 0.12% | 0.07% |
#46
3
Prev: #49
|
1.0 |
—
|
no change | no change |
P
S
|
24,500 | $901,600 | 2020 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
BCYC
BICYCLE THERAPE...
|
Healthcare | 0.12% | 0.14% |
#47
5
Prev: #42
|
1.0 |
—
|
no change | no change |
P
S
|
201,890 | $856,014 | 2024 Q3 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
XERS
XERIS BIOPHARMA...
|
Healthcare | 0.11% | 0.09% |
#48
2
Prev: #46
|
1.0 |
—
|
no change | no change |
P
S
|
104,410 | $826,927 | 2026 Q1 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
ABEO
ABEONA THERAPEU...
|
Healthcare | 0.09% | 0.07% |
#49
2
Prev: #47
|
1.0 |
—
|
no change | no change |
P
S
|
108,865 | $672,786 | 2024 Q3 | 13F Filing | 2026-06-30 | 2026-08-17 | |||
|
INSP
INSPIRE MEDICAL...
|
Healthcare | 0.05% | 0.07% |
#50
2
Prev: #48
|
1.0 |
—
|
no change | no change |
P
S
|
8,772 | $391,319 | 2025 Q4 | 13F Filing | 2026-06-30 | 2026-08-17 |
Showing 1-50 of 56 holdings