Latest Palo Alto Investors LP Stock Portfolio

Palo Alto Investors LP Performance:

2025 Q4: 22.32%YTD: 31.91%2024: -11.56%

Performance for 2025 Q4 is 22.32%, and YTD is 31.91%, and 2024 is -11.56%.

About Palo Alto Investors LP and 13F Hedge Fund Stock Holdings

Palo Alto Investors LP is a hedge fund based in Palo Alto, CA. On 2026-02-17, the fund reported it's updated stock portfolio. In the 13F Holdings report, Palo Alto Investors LP reported an equity portfolio of $718.4 Millions as of 31 Dec, 2025.

The top stock holdings of Palo Alto Investors LP are INSM, FOLD, PTCT. The fund has invested 11.9% of it's portfolio in INSMED INC and 10.3% of portfolio in AMICUS THERAPEUTICS INC.

The fund managers got completely rid off ALNYLAM PHARMACEUTICALS INC (ALNY), AVIDITY BIOSCIENCES INC (RNA) and GENERATION BIO CO (GBIO) stocks. They significantly reduced their stock positions in NUVATION BIO INC (NUVB), STOKE THERAPEUTICS INC (STOK) and AGIOS PHARMACEUTICALS INC (AGIO). Palo Alto Investors LP opened new stock positions in COMPASS THERAPEUTICS INC (CMPX), ANNEXON INC (ANNX) and CAPRICOR THERAPEUTICS INC (CAPR). The fund showed a lot of confidence in some stocks as they added substantially to MIRUM PHARMACEUTICALS INC (MIRM), DENALI THERAPEUTICS INC (DNLI) and CAREDX INC (CDNA).

Palo Alto Investors LP Annual Return Estimates Vs S&P 500

Our best estimate is that Palo Alto Investors LP made a return of 22.32% in the last quarter. In trailing 12 months, it's portfolio return was 31.91%.

Performance
S&P 500

New Buys

Ticker	$ Bought
compass therapeutics inc	13,599,100
annexon inc	11,968,600
capricor therapeutics inc	6,531,130
bicara therapeutics inc	5,025,020
xenon pharmaceuticals inc	4,325,980
inspire medical systems inc	809,042
compass pathways plc adr	797,750
generation bio co	85,467

New stocks bought by Palo Alto Investors LP

Additions

Ticker	% Inc.
mirum pharmaceuticals inc	141
denali therapeutics inc	57.16
caredx inc	51.24
disc medicine inc	41.53
alkermes plc	31.87
ultragenyx pharmaceutical in	24.83
syndax pharmaceuticals inc	21.31
dyne therapeutics inc	16.59

Additions to existing portfolio by Palo Alto Investors LP

Reductions

Ticker	% Reduced
nuvation bio inc	-47.28
stoke therapeutics inc	-31.69
agios pharmaceuticals inc	-19.96
gossamer bio inc	-18.17
align technology inc	-9.22
iovance biotherapeutics inc	-6.58
taysha gene therapies inc	-5.04
amicus therapeutics inc	-3.02

Palo Alto Investors LP reduced stake in above stock

Sold off

Ticker	$ Sold
avidity biosciences inc	-4,785,340
alnylam pharmaceuticals inc	-14,737,900
generation bio co	-92,088

Palo Alto Investors LP got rid off the above stocks

Sector Distribution

Palo Alto Investors LP has about 94.2% of it's holdings in Healthcare sector.

Sector	%
Healthcare	94.2
Others	4.8

Market Cap. Distribution

Palo Alto Investors LP has about 28.3% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
MID-CAP	38.8
LARGE-CAP	28.3
SMALL-CAP	26.9
UNALLOCATED	4.8
MICRO-CAP	1.2

Stocks belong to which Index?

About 75.5% of the stocks held by Palo Alto Investors LP either belong to S&P 500 or RUSSELL 2000 index.

Index	%
RUSSELL 2000	69.6
Others	24.4
S&P 500	5.9

Top 5 Winners (%)		%
	oruka therapeutics inc	129.8 %
NUVB	nuvation bio inc	108.6 %
FOLD	amicus therapeutics inc	79.5 %
TSHA	taysha gene therapies inc	66.5 %
TVTX	travere therapeutics inc	59.9 %

Top 5 Winners ($)		$
FOLD	amicus therapeutics inc	33.6 M
INSM	insmed inc	14.7 M
ACAD	acadia pharmaceuticals inc	13.3 M
PTCT	ptc therapeutics inc	12.9 M
ANAB	anaptysbio inc	12.2 M

Top 5 Losers (%)		%
AKTX	akari therapeutics plc-adr	-71.4 %
PYXS	pyxis oncology inc	-48.2 %
AGIO	agios pharmaceuticals inc	-29.0 %
RARE	ultragenyx pharmaceutical in	-21.7 %
CRSP	crispr therapeutics ag	-19.1 %

Top 5 Losers ($)		$
AGIO	agios pharmaceuticals inc	-3.1 M
RARE	ultragenyx pharmaceutical in	-2.9 M
PYXS	pyxis oncology inc	-1.1 M
CRSP	crispr therapeutics ag	-0.5 M
ALKS	alkermes plc	-0.4 M

Palo Alto Investors LP Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of Palo Alto Investors LP

Palo Alto Investors LP has 49 stocks in it's portfolio. About 67.8% of the portfolio is in top 10 stocks. AGIO proved to be the most loss making stock for the portfolio. FOLD was the most profitable stock for Palo Alto Investors LP last quarter.

Last Reported on: 17 Feb, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
ABEO	abeona therapeutics inc	0.08	108,865	573,719	unchanged	0.00

ACAD	acadia pharmaceuticals inc	9.24	2,484,030	66,348,500	added	0.7

ACRS	aclaris therapeutics inc	0.66	1,566,840	4,716,190	unchanged	0.00

AGIO	agios pharmaceuticals inc	0.80	212,499	5,784,220	reduced	-19.96

AKTX	akari therapeutics plc-adr	0.01	146,024	42,201	unchanged	0.00

ALDX	aldeyra therapeutics inc	0.16	225,465	1,167,910	unchanged	0.00

ALGN	align technology inc	0.90	41,520	6,483,350	reduced	-9.22

ALKS	alkermes plc	0.94	242,560	6,786,830	added	31.87

ALNY	alnylam pharmaceuticals inc	0.00	0.00	0.00	sold off	-100

ANAB	anaptysbio inc	4.66	690,032	33,452,800	added	2.45

ANNX	annexon inc	1.67	2,384,190	11,968,600	new

BCYC	bicycle therapeutics plc-adr	0.22	221,071	1,565,180	unchanged	0.00

BIIB	biogen inc	4.50	183,571	32,306,700	reduced	-1.13

BMRN	biomarin pharmaceutical inc	6.17	746,256	44,350,000	reduced	-1.03

BNTX	biontech se-adr	0.26	19,614	1,867,250	unchanged	0.00

CAPR	capricor therapeutics inc	0.91	226,304	6,531,130	new

CDNA	caredx inc	1.25	478,220	9,009,660	added	51.24

CMPS	compass pathways plc adr	0.11	115,616	797,750	new

CMPX	compass therapeutics inc	1.89	2,532,420	13,599,100	new

CRSP	crispr therapeutics ag	0.30	41,226	2,161,890	unchanged	0.00