SEC 13F Intelligence

Managers / Q4 2020 · view latest →

Palo Alto Investors LP

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

Reported Value
$1.9B
Q4 2020
Positions
41
Filings on Record
33
2019–present window
Filed
Feb 16, 2021
original filing

Summary

Palo Alto Investors LP reported $1.9B in U.S.-listed holdings across 41 positions for Q4 2020.

Its largest position, STAA, represents 11.8% of the portfolio.

Compared with Q3 2020, the fund opened 4 new positions and exited 6.

Portfolio Metrics

Turnover
+24.6%
vs prior filed quarter
Top-10 Concentration
+76.4%
share of reported value
Largest Position
+11.8%
Staar Surgical
New / Exited
4 / 6
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: 98.3%Other: 1.7%
  • Common Stock · 98.3% · $1.9B
  • Other · 1.7% · $32M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BIIBBIOGEN INCNEW+234.3K234.3K+$57M$57M
TVTXTRAVERE THERAPEUTICS INCNEW+157.9K157.9K+$4M$4M
ALKERMES PLCNEW+150.6K150.6K+$3M$3M
TCMDTACTILE SYSTEMS TECHNOLOGY INEW+27.1K27.1K+$1M$1M
EHTHEHEALTH INCADDED+306.6K587.0K+$19M$41M
IMMUIMMUNOMEDICS INCSOLD OUT−4.85M0−$413M$0
AMAGAMAG PHARMACEUTICALS INCSOLD OUT−3.00M0−$28M$0
RTRXEURRETROPHIN INCSOLD OUT−157.9K0−$3M$0

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

Holdings — Q4 2020

41 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1STAASTAAR SURGICAL COhistory →COM PAR $0.0111.83%$226M2.85M
2IM8NINSMED INChistory →COM PAR $.0110.66%$203M6.11M
3BMRNBIOMARIN PHARMACEUTICAL INChistory →COM9.91%$189M2.16M
4AM6AMICUS THERAPEUTICS INChistory →COM9.52%$182M7.87M
5ABMDEURABIOMED INChistory →COM9.46%$180M556.6K
6ACADACADIA PHARMACEUTICALS INChistory →COM6.45%$123M2.30M
7UTHUNITED THERAPEUTICS CORPhistory →COM6.25%$119M785.4K
8KPTIEURKARYOPHARM THERAPEUTICS INChistory →COM4.27%$82M5.27M
9ALXNALEXION PHARMACEUTICALS INChistory →COM4.12%$79M503.4K
10RVNCEURREVANCE THERAPEUTICS INChistory →COM3.97%$76M2.67M
11EPZMEUREPIZYME INChistory →COM3.84%$73M6.74M
12BIIBBIOGEN INChistory →COM3.01%$57M234.3K
13VNDAVANDA PHARMACEUTICALS INChistory →COM2.91%$56M4.23M
14SG7SAGE THERAPEUTICS INChistory →COM2.68%$51M590.2K
15EHTHEHEALTH INChistory →COM2.17%$41M587.0K
16AFWALIGN TECHNOLOGY INChistory →COM1.89%$36M67.5K
17CLVSEURCLOVIS ONCOLOGY INChistory →COM1.12%$21M4.47M
18PROTHENA CORP PLCSHS1.07%$20M1.69M
19GOSSGOSSAMER BIO INChistory →COM0.88%$17M1.74M
20PBYIPUMA BIOTECHNOLOGY INChistory →COM0.74%$14M1.37M
21ANABANAPTYSBIO INCCOM0.47%$9M416.3K
22DRNAUSDDICERNA PHARMACEUTICALS INCCOM0.38%$7M331.8K
23KLDOKALEIDO BIOSCIENCES INCCOM0.38%$7M786.4K
24SNDXSYNDAX PHARMACEUTICALS INCCOM0.31%$6M264.2K
25TVTXTRAVERE THERAPEUTICS INCCOM0.23%$4M157.9K
26ZGNXEURZOGENIX INCCOM NEW0.22%$4M214.7K
27ATNXEURATHENEX INCCOM0.18%$4M318.2K
28RIGLUSDRIGEL PHARMACEUTICALS INCCOM NEW0.18%$3M998.2K
29MAGENTA THERAPEUTICS INCCOM0.18%$3M427.1K
30ALKERMES PLCSHS0.16%$3M150.6K
31KEZAR LIFE SCIENCES INCCOM0.15%$3M548.2K
32CYTKCYTOKINETICS INCCOM NEW0.13%$3M123.7K
33TCMDTACTILE SYSTEMS TECHNOLOGY ICOM0.06%$1M27.1K
34ALDXALDEYRA THERAPEUTICS INCCOM0.06%$1M160.8K
35ALIMERA SCIENCES INCCOM NEW0.04%$848,000200.9K
36APREA THERAPEUTICS INCCOM0.03%$634,000128.8K
37UROGEN PHARMA LTDCOM0.02%$441,00024.5K
38MRNSUSDMARINUS PHARMACEUTICALS INCCOM0.02%$382,00031.3K
39IDERA PHARMACEUTICALS INCCOM PAR0.01%$283,00077.0K
40SNSSUSDSUNESIS PHARMACEUTICALS INCCOM0.01%$231,000116.2K
41NERVGBPMINERVA NEUROSCIENCES INCCOM0.00%$85,00036.3K

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 ↗.