PERCEPTIVE ADVISORS LLC

CIK

1224962

Location

NEW YORK, NY

Portfolio Value

Large $45,197,334,793

Diversification

Highly concentrated

Filing Date

Global Rank

#149 / 7,976 ▲ 980

Top Industry

Biotechnology 98.7%

3Y Alpha vs SPY

-15.7%

Period ended 9 months ago

Filed Nov 14, 2025 · 7mo

23 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+16.1%

SPY

+76.5%

Annualised alpha

-15.7%

Max drawdown

−46.0%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

82 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025

Top Position

93.6%

+85.4 pts

Top 5

95.2%

+61.7 pts

Top 10

96.4%

+46.7 pts

HHI

8,771

Highly concentrated+8,412

Portfolio Trend

23 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Healthcare	99.9%	$45,171,868,000	81
Unclassified	0.1%	$25,466,793	1

Last Quarter's Activity

Export CSV

Sep 30, 2025 vs Jun 30, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
RYTM	Rhythm Pharmaceuticals, Inc.	+416,686,670	419,104,969	$42,325,410,819
ROIV	Roivant Sciences Ltd.	+4,036,996	7,368,461	$111,484,814
TVTX	Travere Therapeutics, Inc.	+2,960,363	3,794,615	$90,691,298
CTMX	CytomX Therapeutics, Inc.	+2,686,539	9,680,185	$30,879,790
CNTA	Centessa Pharmaceuticals plc	+1,953,967	3,100,902	$75,196,873
AQST	Aquestive Therapeutics, Inc.	+1,569,679	3,760,099	$21,018,953
CELC	Celcuity Inc.	+1,323,111	2,956,319	$146,042,158
ALDX	Aldeyra Therapeutics, Inc.	+1,170,680	5,222,311	$27,260,463
AMLX	Amylyx Pharmaceuticals, Inc.	+1,050,000	8,952,365	$121,662,640
VRDN	Viridian Therapeutics, Inc.DE	+1,014,893	1,462,400	$31,558,592
ZYME	Zymeworks Inc.	+815,389	2,090,663	$35,708,524
PRAX	Praxis Precision Medicines, Inc.	+811,633	1,564,554	$82,921,362
OBIO	Orchestra BioMed Holdings, Inc.	+700,000	5,292,556	$13,125,538
INBX	Inhibrx Biosciences, Inc.	+349,815	1,327,707	$44,717,171
NRIX	Nurix Therapeutics, Inc.	+319,164	1,416,149	$13,085,216
NBIX	Neurocrine Biosciences Inc	+195,000	450,050	$63,178,019
PEN	Penumbra Inc	+187,750	220,547	$55,868,966
NUVL	Nuvalent, Inc.	+187,156	1,562,336	$135,110,817
APGE	Apogee Therapeutics, Inc.	+169,841	1,351,989	$53,714,522
ASND	Ascendis Pharma A/S	+124,615	1,088,501	$216,404,883
RGEN	Repligen Corp	+104,428	270,428	$36,148,110
INSM	INSMED Inc	+51,878	702,130	$101,113,741
BSX	Boston Scientific Corp	+30,000	310,000	$30,265,300
DRUG	Bright Minds Biosciences Inc.	+28,600	449,290	$27,253,931
CTNM	Contineum Therapeutics, Inc.	+15,106	714,592	$8,396,456
No positions match the current search.

Trimmed

Positions the filer reduced

18 positions

Ticker	Company	Δ Shares	Shares	Value
DYN	Dyne Therapeutics, Inc.	−1,706,946	540,444	$6,836,616
BBNX	Beta Bionics, Inc.	−1,315,664	277,944	$5,522,747
FOLD	AMICUS THERAPEUTICS, INC.	−1,041,979	6,370,851	$50,202,305
EWTX	Edgewise Therapeutics, Inc.	−844,055	3,795,894	$61,569,400
AORT	Artivion, Inc.	−773,703	2,020,000	$85,526,800
IMVT	Immunovant, Inc.	−550,000	1,587,890	$25,596,786
SYRE	Spyre Therapeutics, Inc.	−300,000	1,229,445	$20,605,498
VKTX	Viking Therapeutics, Inc.	−275,103	105,597	$2,775,089
ADMA	Adma Biologics, Inc.	−150,000	1,153,468	$16,909,840
SLDB	Solid Biosciences Inc.	−73,107	11,833,539	$73,012,935
AXSM	Axsome Therapeutics, Inc.	−49,634	148,900	$18,083,905
PTGX	Protagonist Therapeutics, Inc	−44,314	1,030,134	$68,431,801
KYMR	Kymera Therapeutics, Inc.	−40,310	169,796	$9,610,453
SION	Sionna Therapeutics, Inc.	−36,947	1,179,098	$34,677,272
OMDA	Omada Health, Inc.	−30,000	2,396,330	$52,982,856
LYRA	Lyra Therapeutics, Inc.	−25,768	229,382	$1,496,946
IKT	Inhibikase Therapeutics, Inc.	−10,725	5,421,568	$8,782,940
ACLX	Arcellx, Inc.	−9,647	2,468,353	$202,651,781
No positions match the current search.

New Positions

Positions the filer opened this quarter

20 positions

Ticker	Company	Shares	Value
ABVX	Abivax S.A.	388,608	$32,992,819
EXAS	EXACT SCIENCES CORP	465,487	$25,466,793
PVLA	Palvella Therapeutics, Inc.	395,093	$24,768,380
ORKA	Oruka Therapeutics, Inc.	1,268,021	$24,384,043
IRTC	iRhythm Holdings, Inc.	123,000	$21,154,770
ENGN	enGene Therapeutics Inc.	2,097,236	$14,324,121
RAPP	Rapport Therapeutics, Inc.	403,923	$11,996,513
KOD	Kodiak Sciences Inc.	634,577	$10,388,025
GOSS	Gossamer Bio, Inc.	3,812,797	$10,027,656
TEM	Tempus AI, Inc.	85,000	$6,860,350
KRYS	Krystal Biotech, Inc.	35,000	$6,178,550
HTFL	Heartflow, Inc.	150,000	$5,049,000
PEPG	PepGen Inc.	829,870	$3,833,999
BLTE	Belite Bio, Inc	49,788	$3,684,312
PYXS	Pyxis Oncology, Inc.	1,178,307	$2,615,841
LONA	LeonaBio, Inc.	540,296	$2,236,825
SPRY	ARS Pharmaceuticals, Inc.	200,000	$2,010,000
QURE	uniQure N.V.	20,000	$1,167,400
BDSX	Biodesix Inc	108,694	$820,639
ANRO	Alto Neuroscience, Inc.	155,366	$624,571
No positions match the current search.

Sold Out

Positions the filer fully exited

9 positions

Ticker	Company	Shares	Value
SLNO	Soleno Therapeutics Inc	430,439	$36,062,179
EOLS	Evolus, Inc.	2,474,843	$22,793,304
PODD	Insulet Corp	60,387	$18,972,387
CRL	Charles River Laboratories International, Inc.	100,000	$15,173,000
RARE	Ultragenyx Pharmaceutical Inc.	270,000	$9,817,200
CAPR	Capricor Therapeutics, Inc.	750,000	$7,447,500
GMED	Globus Medical Inc	88,500	$5,223,270
FBRX	Forte Biosciences, Inc.	68,192	$881,722
KALA	KALA BIO, Inc.	55,227	$262,880
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

82 positions · $45,197,334,793 total · as of Sep 30, 2025

All sectors Healthcare

Showing 1–50 of 82 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
RYTM	Rhythm Pharmaceuticals, Inc. Healthcare	Added	419,104,969	+416,686,670	$42,325,410,819	+27597.6%	93.65%
ASND	Ascendis Pharma A/S Healthcare	Added	1,088,501	+124,615	$216,404,883	+30.1%	0.48%
ACLX	Arcellx, Inc. Healthcare	Reduced	2,468,353	-9,647	$202,651,781	+24.2%	0.45%
CELC	Celcuity Inc. Healthcare	Added	2,956,319	+1,323,111	$146,042,158	+569.8%	0.32%
NUVL	Nuvalent, Inc. Healthcare	Added	1,562,336	+187,156	$135,110,817	+28.8%	0.30%
AMLX	Amylyx Pharmaceuticals, Inc. Healthcare	Added	8,952,365	+1,050,000	$121,662,640	+140.2%	0.27%
ROIV	Roivant Sciences Ltd. Healthcare	Added	7,368,461	+4,036,996	$111,484,814	+196.9%	0.25%
MGTX	MeiraGTx Holdings plc Healthcare	Held	12,626,103	0	$103,912,827	+26.2%	0.23%
INSM	INSMED Inc Healthcare	Added	702,130	+51,878	$101,113,741	+54.5%	0.22%
TVTX	Travere Therapeutics, Inc. Healthcare	Added	3,794,615	+2,960,363	$90,691,298	+634.5%	0.20%
AORT	Artivion, Inc. Healthcare	Reduced	2,020,000	-773,703	$85,526,800	−1.6%	0.19%
PRAX	Praxis Precision Medicines, Inc. Healthcare	Added	1,564,554	+811,633	$82,921,362	+161.9%	0.18%
IMTX	Immatics N.V. Healthcare	Held	9,383,456	0	$79,947,045	+58.4%	0.18%
CNTA	Centessa Pharmaceuticals plc Healthcare	Added	3,100,902	+1,953,967	$75,196,873	+399.0%	0.17%
SLDB	Solid Biosciences Inc. Healthcare	Reduced	11,833,539	-73,107	$73,012,935	+25.9%	0.16%
PTGX	Protagonist Therapeutics, Inc Healthcare	Reduced	1,030,134	-44,314	$68,431,801	+15.2%	0.15%
NBIX	Neurocrine Biosciences Inc Healthcare	Added	450,050	+195,000	$63,178,019	+97.1%	0.14%
EWTX	Edgewise Therapeutics, Inc. Healthcare	Reduced	3,795,894	-844,055	$61,569,400	+1.2%	0.14%
PEN	Penumbra Inc Healthcare	Added	220,547	+187,750	$55,868,966	+563.8%	0.12%
APGE	Apogee Therapeutics, Inc. Healthcare	Added	1,351,989	+169,841	$53,714,522	+4.6%	0.12%
OMDA	Omada Health, Inc. Healthcare	Reduced	2,396,330	-30,000	$52,982,856	+19.3%	0.12%
FOLD	AMICUS THERAPEUTICS, INC. Healthcare	Reduced	6,370,851	-1,041,979	$50,202,305	+18.2%	0.11%
INBX	Inhibrx Biosciences, Inc. Healthcare	Added	1,327,707	+349,815	$44,717,171	+220.4%	0.10%
RGEN	Repligen Corp Healthcare	Added	270,428	+104,428	$36,148,110	+75.1%	0.08%
ZYME	Zymeworks Inc. Healthcare	Added	2,090,663	+815,389	$35,708,524	+123.1%	0.08%
SION	Sionna Therapeutics, Inc. Healthcare	Reduced	1,179,098	-36,947	$34,677,272	+64.4%	0.08%
CAI	Caris Life Sciences, Inc. Healthcare	Held	1,098,163	0	$33,219,430	+13.2%	0.07%
ABVX	Abivax S.A. Healthcare	NEW	388,608	NEW	$32,992,819	NEW	0.07%
VRDN	Viridian Therapeutics, Inc.DE Healthcare	Added	1,462,400	+1,014,893	$31,558,592	+404.4%	0.07%
CTMX	CytomX Therapeutics, Inc. Healthcare	Added	9,680,185	+2,686,539	$30,879,790	+94.5%	0.07%
BSX	Boston Scientific Corp Healthcare	Added	310,000	+30,000	$30,265,300	+0.6%	0.07%
ALDX	Aldeyra Therapeutics, Inc. Healthcare	Added	5,222,311	+1,170,680	$27,260,463	+75.7%	0.06%
DRUG	Bright Minds Biosciences Inc. Healthcare	Added	449,290	+28,600	$27,253,931	+148.1%	0.06%
IMVT	Immunovant, Inc. Healthcare	Reduced	1,587,890	-550,000	$25,596,786	−25.2%	0.06%
EXAS	EXACT SCIENCES CORP	NEW	465,487	NEW	$25,466,793	NEW	0.06%
PVLA	Palvella Therapeutics, Inc. Healthcare	NEW	395,093	NEW	$24,768,380	NEW	0.05%
ORKA	Oruka Therapeutics, Inc. Healthcare	NEW	1,268,021	NEW	$24,384,043	NEW	0.05%
ISRG	Intuitive Surgical Inc Healthcare	Added	52,119	+7,000	$23,309,180	−4.9%	0.05%
IRTC	iRhythm Holdings, Inc. Healthcare	NEW	123,000	NEW	$21,154,770	NEW	0.05%
AQST	Aquestive Therapeutics, Inc. Healthcare	Added	3,760,099	+1,569,679	$21,018,953	+189.9%	0.05%
SYRE	Spyre Therapeutics, Inc. Healthcare	Reduced	1,229,445	-300,000	$20,605,498	−10.0%	0.05%
ADGM	Adagio Medical Holdings, Inc. Healthcare	Held	9,876,576	0	$19,160,557	+49.2%	0.04%
AXSM	Axsome Therapeutics, Inc. Healthcare	Reduced	148,900	-49,634	$18,083,905	−12.7%	0.04%
ADMA	Adma Biologics, Inc. Healthcare	Reduced	1,153,468	-150,000	$16,909,840	−28.8%	0.04%
ENGN	enGene Therapeutics Inc. Healthcare	NEW	2,097,236	NEW	$14,324,121	NEW	0.03%
OBIO	Orchestra BioMed Holdings, Inc. Healthcare	Added	5,292,556	+700,000	$13,125,538	+6.6%	0.03%
NRIX	Nurix Therapeutics, Inc. Healthcare	Added	1,416,149	+319,164	$13,085,216	+4.7%	0.03%
RAPP	Rapport Therapeutics, Inc. Healthcare	NEW	403,923	NEW	$11,996,513	NEW	0.03%
OM	Outset Medical, Inc. Healthcare	Held	833,333	0	$11,766,661	−26.5%	0.03%
NAUT	Nautilus Biotechnology, Inc. Healthcare	Held	12,594,211	0	$10,642,108	+16.6%	0.02%