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Palo Alto Investors LP

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13F filer, CIK 1306923, PALO ALTO, CA

Palo Alto Investors LP reported $469,996,676 across 45 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 75.24% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001306923-25-000016

Period
2025-06-30
Reported value
$470M
Holdings
45
Top 10 weight
75.24%
New
7
Sold out
6

Largest buys vs the previous quarter

SecurityShares changeApprox. value
IRONnew+145,691$7.72M
STAAadded+266,862$4.48M
RNAMnew+118,886$3.38M
DNLInew+239,809$3.35M
CRSPnew+44,625$2.17M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
SRPTexited-210,258-$13.4M
INSMreduced-122,040-$12.3M
FOLDreduced-1,734,489-$9.94M
BMRNreduced-150,737-$8.29M
ANABreduced-207,892-$4.62M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0001306923-25-000016, largest first. % of portfolio is the value over $469,996,676, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,940,993 shares; 2024Q4: 1,603,465 shares; 2025Q1: 987,153 shares; 2025Q2: 865,113 shares 865,113$87.1M18.52%-122,040Timeline
ACADACADIA PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,523,956 shares; 2024Q4: 2,748,599 shares; 2025Q1: 2,663,925 shares; 2025Q2: 2,563,209 shares 2,563,209$55.3M11.76%-100,716Timeline
BMRNBIOMARIN PHARMACEUTICAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,090,056 shares; 2024Q4: 1,067,266 shares; 2025Q1: 991,207 shares; 2025Q2: 840,470 shares 840,470$46.2M9.83%-150,737Timeline
FOLDAMICUS THERAPEUTICQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,145,311 shares; 2024Q4: 7,662,479 shares; 2025Q1: 7,345,002 shares; 2025Q2: 5,610,513 shares 5,610,513$32.1M6.84%-1,734,489Timeline
UTHRUNITED THERAPEUTICS CORP DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 183,246 shares; 2024Q4: 155,714 shares; 2025Q1: 105,228 shares; 2025Q2: 95,482 shares 95,482$27.4M5.84%-9,746Timeline
BIIBBIOGEN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 228,916 shares; 2024Q4: 190,148 shares; 2025Q1: 204,923 shares; 2025Q2: 205,759 shares 205,759$25.8M5.5%+836Timeline
ALNYALNYLAM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 140,681 shares; 2024Q4: 140,681 shares; 2025Q1: 83,488 shares; 2025Q2: 75,535 shares 75,535$24.6M5.24%-7,953Timeline
PTCTPTC THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 264,469 shares; 2024Q4: 386,413 shares; 2025Q1: 404,196 shares; 2025Q2: 406,469 shares 406,469$19.9M4.22%+2,273Timeline
ANABANAPTYSBIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 843,971 shares; 2024Q4: 843,971 shares; 2025Q1: 1,020,713 shares; 2025Q2: 812,821 shares 812,821$18M3.84%-207,892Timeline
NVCRNOVOCURE LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 593,540 shares; 2024Q4: 814,191 shares; 2025Q1: 1,002,061 shares; 2025Q2: 962,396 shares 962,396$17.1M3.64%-39,665Timeline
STAASTAAR SURGICAL COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,091,608 shares; 2024Q4: 500,775 shares; 2025Q1: 525,017 shares; 2025Q2: 791,879 shares 791,879$13.3M2.83%+266,862Timeline
AGIOAGIOS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 276,578 shares; 2025Q2: 268,783 shares 268,783$8.94M1.9%-7,795Timeline
PRTAPROTHENA CORP PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,737,964 shares; 2024Q4: 1,737,964 shares; 2025Q1: 1,659,734 shares; 2025Q2: 1,274,753 shares 1,274,753$7.74M1.65%-384,981Timeline
IRONDISC MEDICINE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 145,691 shares 145,691$7.72M1.64%newTimeline
ALGNALIGN TECHNOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 37,772 shares; 2024Q4: 37,772 shares; 2025Q1: 37,772 shares; 2025Q2: 37,772 shares 37,772$7.15M1.52%0Timeline
GOSSGOSSAMER BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,277,093 shares; 2024Q4: 6,277,093 shares; 2025Q1: 6,276,893 shares; 2025Q2: 5,739,013 shares 5,739,013$7.06M1.5%-537,880Timeline
EHTHEHEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,347,519 shares; 2024Q4: 1,878,127 shares; 2025Q1: 1,684,336 shares; 2025Q2: 1,577,850 shares 1,577,850$6.86M1.46%-106,486Timeline
ALKSALKERMES PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 384,656 shares; 2024Q4: 289,308 shares; 2025Q1: 221,513 shares; 2025Q2: 221,021 shares 221,021$6.32M1.35%-492Timeline
IOVAIOVANCE BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,041,685 shares; 2024Q4: 3,041,685 shares; 2025Q1: 3,211,314 shares; 2025Q2: 3,429,329 shares 3,429,329$5.9M1.25%+218,015Timeline
SNDXSYNDAX PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 405,193 shares; 2024Q4: 405,193 shares; 2025Q1: 444,367 shares; 2025Q2: 444,367 shares 444,367$4.16M0.89%0Timeline
RNAMAVIDITY BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 118,886 shares 118,886$3.38M0.72%newTimeline
DNLIDENALI THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 239,809 shares 239,809$3.35M0.71%newTimeline
MIRMMIRUM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 64,700 shares; 2024Q4: 64,700 shares; 2025Q1: 64,700 shares; 2025Q2: 64,700 shares 64,700$3.29M0.7%0Timeline
EWEDWARDS LIFESCIENCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 39,473 shares; 2024Q4: 39,473 shares; 2025Q1: 39,473 shares; 2025Q2: 39,473 shares 39,473$3.09M0.66%0Timeline
TSHATAYSHA GENE THERAPIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 811,268 shares; 2024Q4: 811,268 shares; 2025Q1: 1,419,468 shares; 2025Q2: 1,246,033 shares 1,246,033$2.88M0.61%-173,435Timeline
BNTXBIONTECH SEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 25,206 shares; 2024Q4: 25,206 shares; 2025Q1: 25,206 shares; 2025Q2: 25,206 shares 25,206$2.68M0.57%0Timeline
DYNDYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 333,391 shares; 2025Q2: 264,976 shares 264,976$2.52M0.54%-68,415Timeline
CRSPCRISPR THERAPEUTICS AGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 44,625 shares 44,625$2.17M0.46%newTimeline
ACRSACLARIS THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 569,832 shares; 2024Q4: 569,832 shares; 2025Q1: 776,028 shares; 2025Q2: 1,390,028 shares 1,390,028$1.97M0.42%+614,000Timeline
RAREULTRAGENYX PHARMACEUTICAL INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 48,750 shares 48,750$1.77M0.38%newTimeline
BCYCBICYCLE THERAPEUTICS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 59,582 shares; 2024Q4: 248,934 shares; 2025Q1: 248,934 shares; 2025Q2: 248,934 shares 248,934$1.73M0.37%0Timeline
NBIXNEUROCRINE BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 13,334 shares; 2025Q2: 13,334 shares 13,334$1.68M0.36%0Timeline
TVTXTRAVERE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 110,719 shares; 2024Q4: 110,719 shares; 2025Q1: 110,719 shares; 2025Q2: 110,719 shares 110,719$1.64M0.35%0Timeline
NUVBNUVATION BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 772,652 shares; 2024Q4: 772,652 shares; 2025Q1: 772,652 shares; 2025Q2: 772,652 shares 772,652$1.51M0.32%0Timeline
STOKSTOKE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 125,861 shares; 2024Q4: 125,861 shares; 2025Q1: 125,861 shares; 2025Q2: 125,861 shares 125,861$1.43M0.3%0Timeline
PYXSPYXIS ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 170,000 shares; 2024Q4: 1,037,421 shares; 2025Q1: 1,037,421 shares; 2025Q2: 1,037,421 shares 1,037,421$1.14M0.24%0Timeline
HUMHUMANA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,985 shares; 2024Q4: 3,985 shares; 2025Q1: 3,985 shares; 2025Q2: 3,985 shares 3,985$974K0.21%0Timeline
ALDXALDEYRA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 225,465 shares; 2024Q4: 225,465 shares; 2025Q1: 225,465 shares; 2025Q2: 225,465 shares 225,465$864K0.18%0Timeline
KPTIKARYOPHARM THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 187,911 shares 187,911$810K0.17%newTimeline
VYNEVYNE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 445,434 shares; 2024Q4: 445,434 shares; 2025Q1: 445,434 shares; 2025Q2: 445,434 shares 445,434$735K0.16%0Timeline
ABEOABEONA THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,865 shares; 2024Q4: 108,865 shares; 2025Q1: 108,865 shares; 2025Q2: 108,865 shares 108,865$618K0.13%0Timeline
ALMSALUMIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 143,437 shares 143,437$430K0.09%newTimeline
URGNUROGEN PHARMA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 24,500 shares; 2024Q4: 24,500 shares; 2025Q1: 24,500 shares; 2025Q2: 24,500 shares 24,500$336K0.07%0Timeline
AKTXAKARI THERAPEUTICS PLC SPONSORQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 146,024 shares; 2025Q1: 146,024 shares; 2025Q2: 146,024 shares 146,024$171K0.04%0Timeline
GENERATION BIO COGENERATION BIO COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 150,475 shares; 2024Q4: 150,475 shares; 2025Q1: 150,475 shares; 2025Q2: 150,475 shares 150,475$48.2K0.01%0

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
SRPTSAREPTA THERAPEUTICS INC210,258$13.4Mshares
ACELYRIN INCACELYRIN INC1,792,895$4.43Mshares
VERVE THERAPEUTICS INCVERVE THERAPEUTICS INC575,817$2.63Mshares
KARYOPHARM THERAPEUTICS INCKARYOPHARM THERAPEUTICS INC324,032$1.21Mshares
TILINSTIL BIO INC11,165$194Kshares
RLMDRELMADA THERAPEUTICS INC495,146$134Kshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001306923-25-000016 base2025-08-14acceptance time not in the bulk data set