Filed: 2/17/2026ACC: 0001306923-26-000002
📋 What this filing means
PALO ALTO INVESTORS LP filed this quarterly 13F‑HR report disclosing 49 equity positions with a total reported market value of $718.35M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
49
Positions
$718.35M
Total AUM (reported)
42.60M
Total Shares
Allocation by class
COM$604.54M84.2%
SPONSORED ADS$61.90M8.6%
COM NEW$26.53M3.7%
COM CL A$17.43M2.4%
COM SHS$4.23M0.6%
NAMEN AKT$2.16M0.3%
SPONSORED ADR$1.17M0.2%
Portfolio Concentration
Top 3$227.98M31.7%
4–10$258.81M36.0%
11–25$174.39M24.3%
Rest$57.17M8.0%
Top 3 weight
31.7%
Top 10 weight
67.8%
Voting Authority Distribution
Total shares with voting rights: 42.60M
Sole
Full voting authority
42.60M
shares
% of voting shares100.0%
Shared
Joint voting authority
0.00
shares
% of voting shares0.0%
None
No voting authority
0.00
shares
% of voting shares0.0%
Investment Discretion (by position count)
Sole49
Shared0
Other0
Dominant voting typeSole · 100.0% of voting shares
Institutional Holdings49
Rows:
INSMED INC
SOLEShares489.48K
TypeSH
Market value$85.19M
11.86%
Sole
489.48K
Shared
0.00
None
0.00
AMICUS THERAPEUTICS INC
SOLEShares5.21M
TypeSH
Market value$74.13M
10.32%
Sole
5.21M
Shared
0.00
None
0.00
PTC THERAPEUTICS INC
SOLEShares903.92K
TypeSH
Market value$68.66M
9.56%
Sole
903.92K
Shared
0.00
None
0.00
ACADIA PHARMACEUTICALS INC
SOLEShares2.48M
TypeSH
Market value$66.35M
9.24%
Sole
2.48M
Shared
0.00
None
0.00
BIOMARIN PHARMACEUTICAL INC
SOLEShares746.26K
TypeSH
Market value$44.35M
6.17%
Sole
746.26K
Shared
0.00
None
0.00
ANAPTYSBIO INC
SOLEShares690.03K
TypeSH
Market value$33.45M
4.66%
Sole
690.03K
Shared
0.00
None
0.00
BIOGEN INC
SOLEShares183.57K
TypeSH
Market value$32.31M
4.50%
Sole
183.57K
Shared
0.00
None
0.00
DYNE THERAPEUTICS INC
SOLEShares1.47M
TypeSH
Market value$28.80M
4.01%
Sole
1.47M
Shared
0.00
None
0.00
UNITED THERAPEUTICS CORP
SOLEShares58.19K
TypeSH
Market value$28.35M
3.95%
Sole
58.19K
Shared
0.00
None
0.00
DISC MEDICINE INC
SOLEShares317.46K
TypeSH
Market value$25.21M
3.51%
Sole
317.46K
Shared
0.00
None
0.00
IOVANCE BIOTHERAPEUTICS INC
SOLEShares7.12M
TypeSH
Market value$19.43M
2.70%
Sole
7.12M
Shared
0.00
None
0.00
NOVOCURE LTD
SOLEShares1.30M
TypeSH
Market value$16.80M
2.34%
Sole
1.30M
Shared
0.00
None
0.00
SYNDAX PHARMACEUTICALS INC
SOLEShares794.51K
TypeSH
Market value$16.69M
2.32%
Sole
794.51K
Shared
0.00
None
0.00
GOSSAMER BIO INC
SOLEShares4.47M
TypeSH
Market value$13.86M
1.93%
Sole
4.47M
Shared
0.00
None
0.00
COMPASS THERAPEUTICS INC
SOLEShares2.53M
TypeSH
Market value$13.60M
1.89%
Sole
2.53M
Shared
0.00
None
0.00
PROTHENA CORP PLC
SOLEShares1.32M
TypeSH
Market value$12.61M
1.76%
Sole
1.32M
Shared
0.00
None
0.00
MIRUM PHARMACEUTICALS INC
SOLEShares156.42K
TypeSH
Market value$12.36M
1.72%
Sole
156.42K
Shared
0.00
None
0.00
ANNEXON INC
SOLEShares2.38M
TypeSH
Market value$11.97M
1.67%
Sole
2.38M
Shared
0.00
None
0.00
ULTRAGENYX PHARMACEUTICAL IN
SOLEShares461.29K
TypeSH
Market value$10.61M
1.48%
Sole
461.29K
Shared
0.00
None
0.00
DENALI THERAPEUTICS INC
SOLEShares641.24K
TypeSH
Market value$10.59M
1.47%
Sole
641.24K
Shared
0.00
None
0.00
CAREDX INC
SOLEShares478.22K
TypeSH
Market value$9.01M
1.25%
Sole
478.22K
Shared
0.00
None
0.00
EHEALTH INC
SOLEShares1.53M
TypeSH
Market value$7.04M
0.98%
Sole
1.53M
Shared
0.00
None
0.00
ALKERMES PLC
SOLEShares242.56K
TypeSH
Market value$6.79M
0.94%
Sole
242.56K
Shared
0.00
None
0.00
CAPRICOR THERAPEUTICS INC
SOLEShares226.30K
TypeSH
Market value$6.53M
0.91%
Sole
226.30K
Shared
0.00
None
0.00
TAYSHA GENE THERAPIES INC
SOLEShares1.18M
TypeSH
Market value$6.51M
0.91%
Sole
1.18M
Shared
0.00
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
INSMED INCSOLE | COM | 489.48K | SH | $85.19M 11.86% | 489.48K | 0.00 | 0.00 |
AMICUS THERAPEUTICS INCSOLE | COM | 5.21M | SH | $74.13M 10.32% | 5.21M | 0.00 | 0.00 |
PTC THERAPEUTICS INCSOLE | COM | 903.92K | SH | $68.66M 9.56% | 903.92K | 0.00 | 0.00 |
ACADIA PHARMACEUTICALS INCSOLE | COM | 2.48M | SH | $66.35M 9.24% | 2.48M | 0.00 | 0.00 |
BIOMARIN PHARMACEUTICAL INCSOLE | COM | 746.26K | SH | $44.35M 6.17% | 746.26K | 0.00 | 0.00 |
ANAPTYSBIO INCSOLE | COM | 690.03K | SH | $33.45M 4.66% | 690.03K | 0.00 | 0.00 |
BIOGEN INCSOLE | SPONSORED ADS | 183.57K | SH | $32.31M 4.50% | 183.57K | 0.00 | 0.00 |
DYNE THERAPEUTICS INCSOLE | SPONSORED ADS | 1.47M | SH | $28.80M 4.01% | 1.47M | 0.00 | 0.00 |
UNITED THERAPEUTICS CORPSOLE | COM | 58.19K | SH | $28.35M 3.95% | 58.19K | 0.00 | 0.00 |
DISC MEDICINE INCSOLE | COM | 317.46K | SH | $25.21M 3.51% | 317.46K | 0.00 | 0.00 |
IOVANCE BIOTHERAPEUTICS INCSOLE | COM NEW | 7.12M | SH | $19.43M 2.70% | 7.12M | 0.00 | 0.00 |
NOVOCURE LTDSOLE | COM | 1.30M | SH | $16.80M 2.34% | 1.30M | 0.00 | 0.00 |
SYNDAX PHARMACEUTICALS INCSOLE | COM | 794.51K | SH | $16.69M 2.32% | 794.51K | 0.00 | 0.00 |
GOSSAMER BIO INCSOLE | COM | 4.47M | SH | $13.86M 1.93% | 4.47M | 0.00 | 0.00 |
COMPASS THERAPEUTICS INCSOLE | COM | 2.53M | SH | $13.60M 1.89% | 2.53M | 0.00 | 0.00 |
PROTHENA CORP PLCSOLE | COM CL A | 1.32M | SH | $12.61M 1.76% | 1.32M | 0.00 | 0.00 |
MIRUM PHARMACEUTICALS INCSOLE | COM | 156.42K | SH | $12.36M 1.72% | 156.42K | 0.00 | 0.00 |
ANNEXON INCSOLE | COM | 2.38M | SH | $11.97M 1.67% | 2.38M | 0.00 | 0.00 |
ULTRAGENYX PHARMACEUTICAL INSOLE | COM | 461.29K | SH | $10.61M 1.48% | 461.29K | 0.00 | 0.00 |
DENALI THERAPEUTICS INCSOLE | COM | 641.24K | SH | $10.59M 1.47% | 641.24K | 0.00 | 0.00 |
CAREDX INCSOLE | COM | 478.22K | SH | $9.01M 1.25% | 478.22K | 0.00 | 0.00 |
EHEALTH INCSOLE | COM | 1.53M | SH | $7.04M 0.98% | 1.53M | 0.00 | 0.00 |
ALKERMES PLCSOLE | COM | 242.56K | SH | $6.79M 0.94% | 242.56K | 0.00 | 0.00 |
CAPRICOR THERAPEUTICS INCSOLE | COM NEW | 226.30K | SH | $6.53M 0.91% | 226.30K | 0.00 | 0.00 |
TAYSHA GENE THERAPIES INCSOLE | COM | 1.18M | SH | $6.51M 0.91% | 1.18M | 0.00 | 0.00 |
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