SEC 13F Intelligence

Managers / Q2 2021 · view latest →

Palo Alto Investors LP

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

Reported Value
$1.8B
Q2 2021
Positions
42
Filings on Record
33
2019–present window
Filed
Aug 16, 2021
original filing

Summary

Palo Alto Investors LP reported $1.8B in U.S.-listed holdings across 42 positions for Q2 2021.

Its largest position, STAA, represents 10.7% of the portfolio.

The book was largely unchanged from Q1 2021.

Portfolio Metrics

Turnover
+4.9%
vs prior filed quarter
Top-10 Concentration
+74.0%
share of reported value
Largest Position
+10.7%
Staar Surgical

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: 93.9%Other: 6.1%
  • Common Stock · 93.9% · $1.7B
  • Other · 6.1% · $111M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ALXNALEXION PHARMACEUTICALS INCTRIMMED−140.4K94.8K−$19M$17M
SNDXSYNDAX PHARMACEUTICALS INCADDED+136.9K401.1K+$979,000$7M
STAASTAAR SURGICAL COTRIMMED−546.1K1.27M+$2M$193M
EHTHEHEALTH INCADDED+87.5K1.15M−$10M$67M
BIIBBIOGEN INCADDED+18.4K361.6K+$29M$125M
IM8NINSMED INCHELD+194.6K6.02M−$27M$171M
2JQGRITSTONE ONCOLOGY INCHELD+57.9K2.36M−$161,000$22M
AM6AMICUS THERAPEUTICS INCHELD+241.4K10.00M−$15,000$96M

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

Holdings — Q2 2021

42 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1STAASTAAR SURGICAL COhistory →COM PAR $.0110.65%$193M1.27M
2BMRNBIOMARIN PHARMACEUTICAL INChistory →COM10.18%$185M2.21M
3ABMDEURABIOMED INChistory →COM10.04%$182M583.9K
4IM8NINSMED INChistory →COM PAR $.019.44%$171M6.02M
5BIIBBIOGEN INChistory →COM6.90%$125M361.6K
6UTHUNITED THERAPEUTICS CORPhistory →COM6.79%$123M687.2K
7AM6AMICUS THERAPEUTICS INChistory →COM5.31%$96M10.00M
8RVNCEURREVANCE THERAPEUTICS INChistory →COM5.23%$95M3.20M
9PROTHENA CORP PLCSHS4.91%$89M1.73M
10VNDAVANDA PHARMACEUTICALS INChistory →COM4.49%$82M3.79M
11EHTHEHEALTH INChistory →COM3.69%$67M1.15M
12ACADACADIA PHARMACEUTICALS INChistory →COM3.14%$57M2.34M
13EPZMEUREPIZYME INChistory →COM3.14%$57M6.86M
14KPTIEURKARYOPHARM THERAPEUTICS INChistory →COM3.06%$56M5.38M
15SG7SAGE THERAPEUTICS INChistory →COM1.88%$34M600.5K
16AFWALIGN TECHNOLOGY INChistory →COM1.87%$34M55.4K
17CLVSEURCLOVIS ONCOLOGY INChistory →COM1.43%$26M4.48M
182JQGRITSTONE ONCOLOGY INChistory →COM1.19%$22M2.36M
19ALXNALEXION PHARMACEUTICALS INChistory →COM0.96%$17M94.8K
20GOSSGOSSAMER BIO INChistory →COM0.79%$14M1.77M
21PBYIPUMA BIOTECHNOLOGY INChistory →COM0.70%$13M1.39M
22DRNAUSDDICERNA PHARMACEUTICALS INChistory →COM0.68%$12M332.7K
23ALKERMES PLCSHS0.66%$12M487.1K
24ANABANAPTYSBIO INChistory →COM0.62%$11M436.6K
25SNDXSYNDAX PHARMACEUTICALS INCCOM0.38%$7M401.1K
26KLDOKALEIDO BIOSCIENCES INCCOM0.32%$6M786.4K
27MAGENTA THERAPEUTICS INCCOM0.23%$4M432.3K
28ZGNXEURZOGENIX INCCOM NEW0.20%$4M214.7K
29KEZAR LIFE SCIENCES INCCOM0.20%$4M656.2K
30RIGLUSDRIGEL PHARMACEUTICALS INCCOM NEW0.16%$3M652.4K
31CYTKCYTOKINETICS INCCOM NEW0.13%$2M123.7K
32TVTXTRAVERE THERAPEUTICS INCCOM0.13%$2M166.1K
33ALIMERA SCIENCES INCCOM NEW0.10%$2M200.9K
34ALDXALDEYRA THERAPEUTICS INCCOM0.10%$2M160.8K
35ATNXEURATHENEX INCCOM0.08%$1M318.2K
36TCMDTACTILE SYSTEMS TECHNOLOGY ICOM0.08%$1M27.1K
37MARINUS PHARMACEUTICALS INCCOM NEW0.03%$562,00031.3K
38SYRSEURSYROS PHARMACEUTICALS INCCOM0.02%$439,00080.6K
39RYIVIRACTA THERAPEUTICS INCCOM0.02%$377,00033.2K
40UROGEN PHARMA LTDCOM0.02%$374,00024.5K
41IDERA PHARMACEUTICALS INCCOM PAR0.01%$92,00077.0K
42NERVGBPMINERVA NEUROSCIENCES INCCOM0.00%$84,00036.3K

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 ↗.