Palo Alto Investors LP
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Palo Alto Investors LP reported 45 stock positions worth $769.9 million. Its top holding was Insmed (INSM) at 18.4% of the portfolio, followed by Amicus Therapeutics (FOLD, 11.3%) and Biomarin Pharmaceutical (BMRN, 10.0%). Compared with Q2 2024, it opened 8 new positions, sold out of 2, added to 7 and reduced 11. The biggest buy was a new position in Alnylam Pharmaceuticals (ALNY) and the biggest sale an exit from Alnylam Pharmaceuticals (alny 1 09/15/27).
- Most Recent 13F
- Q2 2026
- Location
- PALO ALTO, CA
- CIK
- 0001306923
- Portfolio Value
- $769.9M (Q3 2024)
- SEC Filing
- 0001306923-24-000012 ↗ filed Nov 14, 2024
Holdings Value
Holdings 45 stocks · $769.9M
| INSM Insmed Inc. | 18.40% | 1,940,993 | $141.7M | Reduce -9.3% |
| FOLD Amicus Therapeutics Inc. | 11.30% | 8,145,311 | $87.0M | Reduce -9.8% |
| BMRN Biomarin Pharmaceutical Inc. | 9.95% | 1,090,056 | $76.6M | Reduce -3.5% |
| UTHR United Therapeutics Corp. | 8.53% | 183,246 | $65.7M | Reduce -31.4% |
| BIIB Biogen Inc. | 5.76% | 228,916 | $44.4M | Reduce -20.8% |
| STAA Staar Surgical Co. | 5.27% | 1,091,608 | $40.6M | Reduce -21.0% |
| ACAD Acadia Pharmaceuticals Inc. | 5.04% | 2,523,956 | $38.8M | Add +4.3% |
| ALNY Alnylam Pharmaceuticals Inc. | 5.03% | 140,681 | $38.7M | New |
| PRTA Prothena Corp. PLC | 3.78% | 1,737,964 | $29.1M | Add +4.3% |
| IOVA Iovance Biotherapeutics Inc. | 3.71% | 3,041,685 | $28.6M | Add +43.7% |
| ANAB Anaptysbio Inc. | 3.67% | 843,971 | $28.3M | Add +5.0% |
| SRPT Sarepta Therapeutics Inc. | 3.41% | 210,258 | $26.3M | Add +4.3% |
| ALKS Alkermes PLC | 1.40% | 384,656 | $10.8M | Reduce -22.4% |
| PTCT PTC Therapeutics Inc. | 1.27% | 264,469 | $9.8M | New |
| ALGN Align Technology Inc. | 1.25% | 37,772 | $9.6M | No change |
| EHTH Ehealth Inc. | 1.24% | 2,347,519 | $9.6M | Reduce -0.1% |
| NVCR Novocure Ltd. | 1.21% | 593,540 | $9.3M | Add +5.6% |
| SLRN Acelyrin Inc. | 1.15% | 1,792,895 | $8.8M | Add +4.5% |
| RVNC Revance Therapeutics Inc. | 1.09% | 1,611,787 | $8.4M | Reduce -69.3% |
| SNDX Syndax Pharmaceuticals Inc. | 1.01% | 405,193 | $7.8M | No change |
| SAGE Sage Therapeutics Inc. | 0.95% | 1,010,833 | $7.3M | No change |
| GOSS Gossamer Bio Inc. | 0.80% | 6,277,093 | $6.2M | No change |
| KPTI Karyopharm Therapeutics Inc. | 0.55% | 5,102,193 | $4.2M | No change |
| NVRO Nevro LLC filed as NEVRO CORP | 0.54% | 750,371 | $4.2M | No change |
| BNTX Biontech SE-ADR | 0.39% | 25,206 | $3.0M | New |
| VERV Verve Therapeutics Inc. | 0.36% | 575,817 | $2.8M | No change |
| EW Edwards Lifesciences Corp. | 0.34% | 39,473 | $2.6M | New |
| MIRM Mirum Pharmaceuticals Inc. | 0.33% | 64,700 | $2.5M | No change |
| RLMD Relmada Therapeutics Inc. | 0.31% | 732,400 | $2.4M | No change |
| NUVB Nuvation Bio Inc. | 0.23% | 772,652 | $1.8M | No change |
| TSHA Taysha Gene Therapies Inc. | 0.21% | 811,268 | $1.6M | No change |
| TVTX Travere Therapeutics Inc. | 0.20% | 110,719 | $1.5M | No change |
| STOK Stoke Therapeutics Inc. | 0.20% | 125,861 | $1.5M | No change |
| BCYC Bicycle Therapeutics PLC-ADR | 0.18% | 59,582 | $1.3M | New |
| HUM Humana Inc. | 0.16% | 3,985 | $1.3M | No change |
| ALDX Aldeyra Therapeutics Inc. | 0.16% | 225,465 | $1.2M | No change |
| VYNE THERAPEUTICS INC | 0.11% | 445,434 | $837K | No change |
| ELEV Elevation Oncology Inc. | 0.10% | 1,298,097 | $779K | Reduce -27.9% |
| TIL Instil Bio Inc. | 0.10% | 11,165 | $752K | New |
| ACRS Aclaris Therapeutics Inc. | 0.09% | 569,832 | $655K | No change |
| PYXS Pyxis Oncology Inc. | 0.08% | 170,000 | $624K | New |
| GBIO Generation Bio Co. | 0.05% | 150,475 | $372K | No change |
| BLUEBIRD BIO INC | 0.04% | 604,260 | $314K | Reduce -87.0% |
| URGN Urogen Pharma Ltd. | 0.04% | 24,500 | $311K | No change |
| ABEO Abeona Therapeutics Inc. | 0.01% | 12,865 | $81K | New |
Portfolio Sells Q2 2024 → Q3 2024
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | Sold out | 0.00% | −5.16 |
| STAA Staar Surgical Co. | Reduce -21.0% | 5.27% | −2.35 |
| BIIB Biogen Inc. | Reduce -20.8% | 5.76% | −2.00 |
| UTHR United Therapeutics Corp. | Reduce -31.4% | 8.53% | −1.32 |
| BMRN Biomarin Pharmaceutical Inc. | Reduce -3.5% | 9.95% | −0.83 |
| CYTK Cytokinetics Inc. | Sold out | 0.00% | −0.70 |
| BLUEBIRD BIO INC | Reduce -87.0% | 0.04% | −0.49 |
| RVNC Revance Therapeutics Inc. | Reduce -69.3% | 1.09% | −0.48 |
| ELEV Elevation Oncology Inc. | Reduce -27.9% | 0.10% | −0.46 |
| EHTH Ehealth Inc. | Reduce -0.1% | 1.24% | +0.01 |
| ALKS Alkermes PLC | Reduce -22.4% | 1.40% | +0.01 |
| FOLD Amicus Therapeutics Inc. | Reduce -9.8% | 11.30% | +0.92 |
| INSM Insmed Inc. | Reduce -9.3% | 18.40% | +1.80 |
Portfolio Buys Q2 2024 → Q3 2024
| ALNY Alnylam Pharmaceuticals Inc. | New | 5.03% | +5.03 |
| IOVA Iovance Biotherapeutics Inc. | Add +43.7% | 3.71% | +1.74 |
| ANAB Anaptysbio Inc. | Add +5.0% | 3.67% | +1.34 |
| PTCT PTC Therapeutics Inc. | New | 1.27% | +1.27 |
| ACAD Acadia Pharmaceuticals Inc. | Add +4.3% | 5.04% | +0.49 |
| BNTX Biontech SE-ADR | New | 0.39% | +0.39 |
| EW Edwards Lifesciences Corp. | New | 0.34% | +0.34 |
| SLRN Acelyrin Inc. | Add +4.5% | 1.15% | +0.27 |
| BCYC Bicycle Therapeutics PLC-ADR | New | 0.18% | +0.18 |
| TIL Instil Bio Inc. | New | 0.10% | +0.10 |
| NVCR Novocure Ltd. | Add +5.6% | 1.21% | +0.09 |
| PYXS Pyxis Oncology Inc. | New | 0.08% | +0.08 |
| ABEO Abeona Therapeutics Inc. | New | 0.01% | +0.01 |
| PRTA Prothena Corp. PLC | Add +4.3% | 3.78% | −0.21 |
| SRPT Sarepta Therapeutics Inc. | Add +4.3% | 3.41% | −0.28 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 52 | $723.7M | PTCT, ACAD, INSM, MIRM, ANAB |
| Q1 2026 | 51 | $653.9M | INSM, ACAD, PTCT, BMRN, UTHR |
| Q4 2025 | 49 | $718.4M | INSM, FOLD, PTCT, ACAD, BMRN |
| Q3 2025 | 44 | $540.4M | INSM, PTCT, ACAD, FOLD, BMRN |
| Q2 2025 | 45 | $470.0M | INSM, ACAD, BMRN, FOLD, UTHR |
| Q1 2025 | 44 | $525.1M | INSM, BMRN, FOLD, ACAD, UTHR |
| Q4 2024 | 43 | $645.4M | INSM, FOLD, BMRN, UTHR, ACAD |
| Q3 2024 | 45 | $769.9M | INSM, FOLD, BMRN, UTHR, BIIB |
| Q2 2024 | 39 | $863.0M | INSM, BMRN, FOLD, UTHR, BIIB |
| Q1 2024 | 38 | $886.7M | INSM, FOLD, BMRN, BIIB, UTHR |