13F HOLDINGS REPORT
Palo Alto Investors LP
Quarter ended Q4 2025 · Filed February 17, 2026 · Accession 0001306923-26-000002
Total Value
$718.4M
Positions
49
Other Managers
0
Confidential Omitted
No
Holdings (49)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | INSMED INC | INSM | 489,482 | $85.2M | 11.86% |
| 2 | AMICUS THERAPEUTICS INC | FOLD | 5,205,767 | $74.1M | 10.32% |
| 3 | PTC THERAPEUTICS INC | PTCT | 903,916 | $68.7M | 9.56% |
| 4 | ACADIA PHARMACEUTICALS INC | ACAD | 2,484,031 | $66.3M | 9.24% |
| 5 | BIOMARIN PHARMACEUTICAL INC | BMRN | 746,256 | $44.3M | 6.17% |
| 6 | ANAPTYSBIO INC | ANABV | 690,032 | $33.5M | 4.66% |
| 7 | BIOGEN INC | BIIB | 183,571 | $32.3M | 4.50% |
| 8 | DYNE THERAPEUTICS INC | DYN | 1,472,197 | $28.8M | 4.01% |
| 9 | UNITED THERAPEUTICS CORP | UTHR | 58,186 | $28.4M | 3.95% |
| 10 | DISC MEDICINE INC | IRON | 317,456 | $25.2M | 3.51% |
| 11 | IOVANCE BIOTHERAPEUTICS INC | IOVA | 7,116,676 | $19.4M | 2.70% |
| 12 | NOVOCURE LTD | NVCR | 1,298,964 | $16.8M | 2.34% |
| 13 | SYNDAX PHARMACEUTICALS INC | SNDX | 794,507 | $16.7M | 2.32% |
| 14 | GOSSAMER BIO INC | GOSS | 4,471,592 | $13.9M | 1.93% |
| 15 | COMPASS THERAPEUTICS INC | CMPX | 2,532,419 | $13.6M | 1.89% |
| 16 | PROTHENA CORP PLC | PRTA | 1,320,510 | $12.6M | 1.76% |
| 17 | MIRUM PHARMACEUTICALS INC | MIRM | 156,421 | $12.4M | 1.72% |
| 18 | ANNEXON INC | ANNX | 2,384,192 | $12.0M | 1.67% |
| 19 | ULTRAGENYX PHARMACEUTICAL IN | RARE | 461,294 | $10.6M | 1.48% |
| 20 | DENALI THERAPEUTICS INC | DNLI | 641,239 | $10.6M | 1.47% |
| 21 | CAREDX INC | CDNA | 478,220 | $9.0M | 1.25% |
| 22 | EHEALTH INC | EHTH | 1,531,429 | $7.0M | 0.98% |
| 23 | ALKERMES PLC | ALKS | 242,560 | $6.8M | 0.94% |
| 24 | CAPRICOR THERAPEUTICS INC | CAPR | 226,304 | $6.5M | 0.91% |
| 25 | TAYSHA GENE THERAPIES INC | TSHA | 1,183,195 | $6.5M | 0.91% |
| 26 | ALIGN TECHNOLOGY INC | ALGN | 41,520 | $6.5M | 0.90% |
| 27 | AGIOS PHARMACEUTICALS INC | AGIO | 212,499 | $5.8M | 0.81% |
| 28 | BICARA THERAPEUTICS INC | BCAX | 298,575 | $5.0M | 0.70% |
| 29 | NUVATION BIO INC | NUVB | 538,079 | $4.8M | 0.67% |
| 30 | ACLARIS THERAPEUTICS INC | ACRS | 1,566,840 | $4.7M | 0.66% |
| 31 | XENON PHARMACEUTICALS INC | XENE | 96,519 | $4.3M | 0.60% |
| 32 | TRAVERE THERAPEUTICS INC | TVTX | 110,719 | $4.2M | 0.59% |
| 33 | EDWARDS LIFESCIENCES CORP | EW | 33,640 | $2.9M | 0.40% |
| 34 | NEUROCRINE BIOSCIENCES INC | NBIX | 18,117 | $2.6M | 0.36% |
| 35 | STOKE THERAPEUTICS INC | STOK | 72,022 | $2.3M | 0.32% |
| 36 | CRISPR THERAPEUTICS AG | CRSP | 41,226 | $2.2M | 0.30% |
| 37 | BIONTECH SE-ADR | BNTX | 19,614 | $1.9M | 0.26% |
| 38 | ORUKA THERAPEUTICS INC | ORKA | 59,985 | $1.8M | 0.25% |
| 39 | BICYCLE THERAPEUTICS PLC-ADR | BCYC | 221,071 | $1.6M | 0.22% |
| 40 | PYXIS ONCOLOGY INC | PYXS | 1,037,421 | $1.2M | 0.17% |
| 41 | ALDEYRA THERAPEUTICS INC | ALDX | 225,465 | $1.2M | 0.16% |
| 42 | HUMANA INC | HUM | 3,985 | $1.0M | 0.14% |
| 43 | INSPIRE MEDICAL SYSTEMS INC | 457730109 | 8,772 | $809,042 | 0.11% |
| 44 | COMPASS PATHWAYS PLC ADR | CMPS | 115,616 | $797,750 | 0.11% |
| 45 | UROGEN PHARMA LTD | URGN | 24,500 | $573,790 | 0.08% |
| 46 | ABEONA THERAPEUTICS INC | ABEO | 108,865 | $573,719 | 0.08% |
| 47 | PROQR THERAPEUTICS NV | N71542109 | 188,807 | $381,390 | 0.05% |
| 48 | GENERATION BIO CO | 37148K209 | 15,047 | $85,467 | 0.01% |
| 49 | AKARI THERAPEUTICS PLC-ADR | AKTX | 146,024 | $42,201 | 0.01% |