Palo Alto Investors LP

Q3 2025 13F-HR Holdings

Location
Palo Alto, CA
Holdings as of
9/30/2025
Date filed
11/14/2025
Form type
13F-HR
Num holdings
44
Total value ($000)
$540,390
Net value change ($000)
+70,393 (15.0%)
New positions
3
Sold out positions
4
Turnover %
3.9%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/14/2025 Next filing: 2/17/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
PTCT 33,087 166.7%
DYN 13,450 533.1%
IOVA 10,633 180.3%
FOLD 10,150 31.6%
RARE 9,342 526.9%
GOSS 7,312 103.6%
IRON 7,106 92.1%
SNDX 5,915 142.2%
PRTA 5,185 67.0%
CDNA 4,598 NEW
Top Reduces (Value $000, Stocks/ETFs)
INSM -16,240 -18.7%
STAA -13,288 -100.0%
ALNY -9,893 -40.2%
BMRN -5,364 -11.6%
UTHR -3,045 -11.1%
ACAD -2,649 -4.8%
ALGN -1,424 -19.9%
NVCR -901 -5.3%
KPTI -810 -100.0%
ALKERMES PLC -805 -12.7%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type