SEC 13F Intelligence

Managers / Q3 2020 · view latest →

Palo Alto Investors LP

CIK 0001306923 · 101 UNIVERSITY AVE, SUITE 200, PALO ALTO, CA, 94301 · 650-325-0772

Reported Value
$1.8B
Q3 2020
Positions
43
Filings on Record
33
2019–present window
Filed
Nov 16, 2020
original filing

Summary

Palo Alto Investors LP reported $1.8B in U.S.-listed holdings across 43 positions for Q3 2020.

The portfolio is heavily concentrated: IMMU alone accounts for 22.6% of reported value.

Compared with Q2 2020, the fund opened 4 new positions and exited 2.

Portfolio Metrics

Turnover
+12.1%
vs prior filed quarter
Top-10 Concentration
+79.7%
share of reported value
Largest Position
+22.6%
Immunomedics
New / Exited
4 / 2
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $1.9BQ4 ’18Q1 ’19: $2.4BQ2 ’19: $2.1BQ3 ’19: $1.5BQ4 ’19: $1.8BQ4 ’19Q1 ’20: $1.2BQ2 ’20: $1.7BQ3 ’20: $1.8BQ4 ’20: $1.9BQ4 ’20Q1 ’21: $1.8BQ2 ’21: $1.8BQ3 ’21: $1.7BQ4 ’21: $1.6BQ4 ’21Q1 ’22: $1.3BQ2 ’22: $1.1BQ3 ’22: $1.3BQ4 ’22: $1.2BQ4 ’22Q1 ’23: $1.2BQ2 ’23: $1.2BQ3 ’23: $1.1BQ4 ’23: $1.1BQ4 ’23Q1 ’24: $887MQ2 ’24: $863MQ3 ’24: $770MQ4 ’24: $645MQ4 ’24Q1 ’25: $525MQ2 ’25: $470MQ3 ’25: $540MQ4 ’25: $718MQ4 ’25Q1 ’26: $654Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 98.8%Other: 1.2%
  • Common Stock · 98.8% · $1.8B
  • Other · 1.2% · $22M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
EHTHEHEALTH INCNEW+280.4K280.4K+$22M$22M
ANABANAPTYSBIO INCNEW+368.7K368.7K+$5M$5M
1T7TRICIDA INCNEW+170.8K170.8K+$2M$2M
EOLSEVOLUS INCNEW+265.7K265.7K+$1M$1M
GOSSGOSSAMER BIO INCADDED+873.0K1.08M+$11M$13M
RTRXEURRETROPHIN INCADDED+110.9K157.9K+$2M$3M
APREA THERAPEUTICS INCADDED+72.6K119.8K+$1M$3M
KEZAR LIFE SCIENCES INCADDED+284.2K489.3K+$1M$2M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2020

43 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1IMMUIMMUNOMEDICS INChistory →COM22.65%$413M4.85M
2IM8NINSMED INChistory →COM PAR $.0110.64%$194M6.03M
3STAASTAAR SURGICAL COhistory →COM PAR $0.018.67%$158M2.79M
4ABMDEURABIOMED INChistory →COM7.66%$140M504.0K
5BMRNBIOMARIN PHARMACEUTICAL INChistory →COM7.23%$132M1.73M
6AM6AMICUS THERAPEUTICS INChistory →COM6.10%$111M7.87M
7UTHUNITED THERAPEUTICS CORPhistory →COM4.35%$79M785.4K
8EPZMEUREPIZYME INChistory →COM4.19%$76M6.40M
9ACADACADIA PHARMACEUTICALS INChistory →COM4.15%$76M1.83M
10KPTIEURKARYOPHARM THERAPEUTICS INChistory →COM4.08%$74M5.09M
11ALXNALEXION PHARMACEUTICALS INChistory →COM2.87%$52M457.5K
12RVNCEURREVANCE THERAPEUTICS INChistory →COM2.75%$50M1.99M
13VNDAVANDA PHARMACEUTICALS INChistory →COM2.21%$40M4.17M
14SG7SAGE THERAPEUTICS INChistory →COM1.98%$36M590.2K
15AMAGAMAG PHARMACEUTICALS INChistory →COM1.55%$28M3.00M
16CLVSEURCLOVIS ONCOLOGY INChistory →COM1.43%$26M4.47M
17EHTHEHEALTH INChistory →COM1.22%$22M280.4K
18AFWALIGN TECHNOLOGY INChistory →COM1.21%$22M67.5K
19PBYIPUMA BIOTECHNOLOGY INChistory →COM0.76%$14M1.37M
20GOSSGOSSAMER BIO INChistory →COM0.73%$13M1.08M
21PROTHENA CORP PLCSHS0.73%$13M1.33M
22KLDOKALEIDO BIOSCIENCES INCCOM0.48%$9M786.4K
23DRNAUSDDICERNA PHARMACEUTICALS INCCOM0.33%$6M331.8K
24ANABANAPTYSBIO INCCOM0.30%$5M368.7K
25ATNXEURATHENEX INCCOM0.17%$3M256.8K
26ZGNXEURZOGENIX INCCOM NEW0.16%$3M163.6K
27SNDXSYNDAX PHARMACEUTICALS INCCOM0.16%$3M198.4K
28RTRXEURRETROPHIN INCCOM0.16%$3M157.9K
29APREA THERAPEUTICS INCCOM0.16%$3M119.8K
30RIGLUSDRIGEL PHARMACEUTICALS INCCOM NEW0.16%$3M1.18M
31CYTKCYTOKINETICS INCCOM NEW0.15%$3M123.7K
32KEZAR LIFE SCIENCES INCCOM0.13%$2M489.3K
33MAGENTA THERAPEUTICS INCCOM0.13%$2M343.7K
341T7TRICIDA INCCOM0.08%$2M170.8K
35EOLSEVOLUS INCCOM0.06%$1M265.7K
36ALIMERA SCIENCES INCCOM NEW0.05%$976,000200.9K
37ALDXALDEYRA THERAPEUTICS INCCOM0.05%$874,000118.0K
38AIMTAIMMUNE THERAPEUTICS INCCOM0.04%$682,00019.8K
39UROGEN PHARMA LTDCOM0.03%$473,00024.5K
40MRNSUSDMARINUS PHARMACEUTICALS INCCOM0.02%$403,00031.3K
41IDERA PHARMACEUTICALS INCCOM PAR0.01%$165,00077.0K
42SNSSUSDSUNESIS PHARMACEUTICALS INCCOM0.01%$145,000116.2K
43NERVGBPMINERVA NEUROSCIENCES INCCOM0.01%$115,00036.3K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$654M51May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$718M49Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$540M44Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$470M45Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$525M44May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$645M43Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$770M45Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$863M39Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$887M38May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$1.1B34Feb 15, 2024RESTATEMENTchanges · EDGAR ↗
Q3 2023$1.1B29Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$1.2B30Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$1.2B30May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$1.2B29Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$1.3B32Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$1.1B33Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$1.3B35May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$1.6B37Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$1.7B42Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$1.8B42Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$1.8B42May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$1.9B41Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$1.8B43Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$1.7B41Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$1.2B37May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$1.8B37Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$1.5B37Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$2.1B39Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$2.4B37May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$1.9B36Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.