Perceptive Advisors LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed August 6, 2025), Perceptive Advisors LLC reported 84 stock positions worth $2.8 billion. Its top holding was Verona Pharma (VRNA) at 14.8% of the portfolio, followed by Arcellx (ACLX, 6.8%) and Amicus Therapeutics (FOLD, 6.2%). Compared with Q4 2024, it opened 15 new positions, sold out of 26, added to 15 and reduced 28. The biggest buy was Verona Pharma (VRNA, shares +3%) and the biggest sale Iovance Biotherapeutics (IOVA, shares −43%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001224962
- Portfolio Value
- $2.8B (Q1 2025)
- SEC Filing
- 0001012975-25-000422 ↗ filed Aug 6, 2025
Holdings Value
Holdings 84 stocks · $2.8B
| VRNA Verona Pharma Ltd. | 14.78% | 6,563,340 | $416.7M | Add +2.7% |
| ACLX Arcellx Inc. | 6.81% | 2,926,478 | $192.0M | Reduce -15.9% |
| FOLD Amicus Therapeutics Inc. | 6.21% | 21,464,527 | $175.2M | Reduce -11.5% |
| EWTX Edgewise Therapeutics Inc. | 5.11% | 6,547,328 | $144.0M | Add +143.8% |
| RYTM Rhythm Pharmaceuticals Inc. | 4.79% | 2,548,445 | $135.0M | Reduce -30.8% |
| NUVL Nuvalent Inc. Class A | 4.11% | 1,633,968 | $115.9M | Reduce -37.6% |
| SLNO Soleno Therapeutics Inc. | 3.82% | 1,506,602 | $107.6M | Add +0.4% |
| ITCI Intra-Cellular Therapies Inc. | 3.68% | 786,358 | $103.7M | Reduce -39.0% |
| MGTX Meiragtx Holdings PLC | 3.02% | 12,581,103 | $85.3M | No change |
| AORT Artivion Inc. | 2.44% | 2,793,703 | $68.7M | No change |
| ALDX Aldeyra Therapeutics Inc. | 1.89% | 9,275,851 | $53.3M | No change |
| PTGX Protagonist Therapeutics Inc. | 1.87% | 1,091,271 | $52.8M | Reduce -14.2% |
| EOLS Evolus Inc. | 1.76% | 4,129,142 | $49.7M | Reduce -19.8% |
| IMVT Immunovant Inc. | 1.72% | 2,844,072 | $48.6M | Add +33.0% |
| SLDB Solid Biosciences Inc. | 1.56% | 11,906,646 | $44.1M | Add +72.4% |
| CNTA Centessa Pharmaceuticals Ltd. | 1.55% | 3,040,395 | $43.7M | Reduce -52.1% |
| IOVA Iovance Biotherapeutics Inc. | 1.50% | 12,711,788 | $42.3M | Reduce -42.5% |
| IMTX Immatics NV | 1.50% | 9,383,456 | $42.3M | No change |
| APGE Apogee Therapeutics Inc. | 1.49% | 1,122,767 | $41.9M | Add +7.2% |
| AXSM Axsome Therapeutics Inc. | 1.47% | 355,107 | $41.4M | Reduce -46.5% |
| INSM Insmed Inc. | 1.38% | 509,300 | $38.9M | Add +253.7% |
| SYRE Spyre Therapeutics Inc. | 1.32% | 2,313,272 | $37.3M | Reduce -10.2% |
| PRAX Praxis Precision Medicines I | 1.32% | 980,894 | $37.1M | Reduce -26.2% |
| ARGX Argenx SE - ADR | 1.25% | 59,510 | $35.2M | Reduce -11.8% |
| ATXS Astria Therapeutics Inc. | 1.23% | 6,485,420 | $34.6M | No change |
| AKRO Akero Therapeutics Inc. | 1.14% | 792,960 | $32.1M | Reduce -33.1% |
| MRUS Merus NV | 1.03% | 690,485 | $29.1M | Add +130.2% |
| AMLX Amylyx Pharmaceuticals Inc. | 0.99% | 7,874,348 | $27.9M | Add +16.2% |
| ADMA Adma Biologics Inc. | 0.97% | 1,373,233 | $27.2M | Add +54.3% |
| PCVX Vaxcyte Inc. | 0.95% | 706,567 | $26.7M | Reduce -58.9% |
| JANX Janux Therapeutics Inc. | 0.93% | 970,412 | $26.2M | Add +18.6% |
| DYN Dyne Therapeutics Inc. | 0.86% | 2,313,403 | $24.2M | Add +325.8% |
| CELC Celcuity Inc. | 0.85% | 2,362,279 | $23.9M | No change |
| ZYME Zymeworks Inc. | 0.79% | 1,864,672 | $22.2M | Reduce -12.5% |
| ISRG Intuitive Surgical Inc. | 0.71% | 40,619 | $20.1M | Reduce -35.6% |
| OBIO Orchestra Biomed Holdings Inc. | 0.70% | 4,592,556 | $19.7M | No change |
| BBNX Beta Bionics Inc. | 0.69% | 1,593,608 | $19.5M | New |
| PODD Insulet Corp. | 0.67% | 71,597 | $18.8M | Reduce -69.2% |
| RGEN Repligen Corp. | 0.59% | 129,801 | $16.5M | New |
| DRUG Bright Minds Biosciences Inc. | 0.57% | 444,649 | $16.0M | Add +10.2% |
| MDGL Madrigal Pharmaceuticals Inc. | 0.55% | 46,500 | $15.4M | New |
| INBX Inhibrx Biosciences Inc. | 0.53% | 1,064,026 | $14.9M | No change |
| BSX Boston Scientific Corp. | 0.47% | 130,000 | $13.1M | New |
| SION Sionna Therapeutics Inc. | 0.46% | 1,251,101 | $13.1M | New |
| IKT Inhibikase Therapeutics Inc. | 0.46% | 5,925,000 | $13.0M | No change |
| VKTX Viking Therapeutics Inc. | 0.44% | 509,005 | $12.3M | Reduce -48.9% |
| DXCM Dexcom Inc. | 0.43% | 178,000 | $12.2M | New |
| NBIX Neurocrine Biosciences Inc. | 0.39% | 100,050 | $11.1M | No change |
| XENE Xenon Pharmaceuticals Inc. | 0.39% | 325,324 | $10.9M | No change |
| ACRV Acrivon Therapeutics Inc. | 0.39% | 5,360,858 | $10.9M | No change |
| NAUT Nautilus Biotechnology Inc. | 0.38% | 12,594,211 | $10.8M | No change |
| AQST Aquestive Therapeutics Inc. | 0.38% | 3,727,208 | $10.8M | New |
| CTNM Contineum Therapeutics Inc. Class A | 0.36% | 1,441,249 | $10.1M | No change |
| CRGX Cargo Therapeutics Inc. | 0.35% | 2,431,085 | $9.9M | Reduce -34.0% |
| OM Outset Medical Inc. | 0.33% | 833,333 | $9.2M | New |
| VRDN Viridian Therapeutics Inc. | 0.32% | 659,662 | $8.9M | Reduce -55.6% |
| EYPT Eyepoint Inc. | 0.30% | 1,537,274 | $8.3M | No change |
| ADGM Adagio Medical Holdings Inc. | 0.28% | 9,812,419 | $7.9M | No change |
| AVR Anteris Technologies Global | 0.28% | 2,140,000 | $7.8M | No change |
| IRON Disc Medicine Inc. | 0.26% | 150,000 | $7.4M | New |
| ADPT Adaptive Biotechnologies | 0.25% | 930,972 | $6.9M | New |
| OCUL Ocular Therapeutix Inc. | 0.24% | 915,775 | $6.7M | Reduce -15.1% |
| DCTH Delcath Systems Inc. | 0.21% | 462,422 | $5.9M | Add +824.8% |
| RAPT THERAPEUTICS INC | 0.19% | 4,418,947 | $5.4M | Reduce -24.9% |
| KMTS Kestra Medical Technologies | 0.18% | 200,000 | $5.0M | New |
| BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II | 0.16% | 398,000 | $4.5M | Reduce -20.4% |
| OKUR Onkure Therapeutics Inc. Class A | 0.15% | 1,004,439 | $4.3M | No change |
| IRD Opus Genetics Inc. | 0.15% | 4,325,000 | $4.2M | New |
| AVTX Avalo Therapeutics Inc. | 0.15% | 520,000 | $4.2M | New |
| NRIX Nurix Therapeutics Inc. | 0.13% | 297,553 | $3.5M | Reduce -10.0% |
| MREO Mereo Biopharma Group PL-ADR | 0.07% | 876,961 | $2.0M | Reduce -19.2% |
| LYRA Lyra Therapeutics Inc. | 0.06% | 12,757,562 | $1.6M | No change |
| KALA Kala Bio Inc. | 0.06% | 277,610 | $1.6M | New |
| ATHIRA PHARMA INC | 0.05% | 5,402,964 | $1.5M | No change |
| BDSX Biodesix Inc. | 0.05% | 2,173,880 | $1.4M | No change |
| SCPH Scpharmaceuticals Inc. | 0.05% | 500,000 | $1.3M | No change |
| TRAW Traws Pharma Inc. | 0.03% | 421,781 | $970K | Add +156.9% |
| RCKT Rocket Pharmaceuticals Inc. | 0.03% | 140,726 | $939K | Reduce -62.8% |
| CGEM Cullinan Therapeutics Inc. | 0.02% | 80,100 | $606K | New |
| LXEO Lexeo Therapeutics Inc. | 0.02% | 139,835 | $485K | No change |
| APLT Applied Therapeutics Inc. | 0.01% | 860,000 | $420K | No change |
| NBTX Nanobiotix SA - ADR | 0.01% | 105,053 | $376K | Reduce -60.5% |
| ENSC Ensysce Biosciences Inc. | 0.01% | 86,666 | $222K | No change |
| APYX Apyx Medical Corp. | 0.01% | 150,000 | $206K | No change |
Options reported separately and not counted above: EWTX calls ($11.0M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $15K (not counted above)
Total filed on the 13F, all lines: $2.8B.
Portfolio Sells Q4 2024 → Q1 2025
| IOVA Iovance Biotherapeutics Inc. | Reduce -42.5% | 1.50% | −3.06 |
| PCVX Vaxcyte Inc. | Reduce -58.9% | 0.95% | −2.97 |
| NUVL Nuvalent Inc. Class A | Reduce -37.6% | 4.11% | −1.60 |
| PRAX Praxis Precision Medicines I | Reduce -26.2% | 1.32% | −1.53 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -52.1% | 1.55% | −1.41 |
| CRGX Cargo Therapeutics Inc. | Reduce -34.0% | 0.35% | −1.13 |
| PODD Insulet Corp. | Reduce -69.2% | 0.67% | −1.02 |
| RYTM Rhythm Pharmaceuticals Inc. | Reduce -30.8% | 4.79% | −0.95 |
| VKTX Viking Therapeutics Inc. | Reduce -48.9% | 0.44% | −0.68 |
| PRCT Procept Biorobotics Corp. | Sold out | 0.00% | −0.65 |
| ACLX Arcellx Inc. | Reduce -15.9% | 6.81% | −0.62 |
| NTRA Natera Inc. | Sold out | 0.00% | −0.55 |
| PEN Penumbra Inc. | Sold out | 0.00% | −0.49 |
| VRDN Viridian Therapeutics Inc. | Reduce -55.6% | 0.32% | −0.48 |
| SEPN Septerna Inc. | Sold out | 0.00% | −0.48 |
| ORKA Oruka Therapeutics Inc. | Sold out | 0.00% | −0.46 |
| ARVN Arvinas Inc. | Sold out | 0.00% | −0.40 |
| SYRE Spyre Therapeutics Inc. | Reduce -10.2% | 1.32% | −0.35 |
| CGON CG Oncology Inc. | Sold out | 0.00% | −0.34 |
| EW Edwards Lifesciences Corp. | Sold out | 0.00% | −0.30 |
| TARS Tarsus Pharmaceuticals Inc. | Sold out | 0.00% | −0.29 |
| CRNX Crinetics Pharmaceuticals Inc. | Sold out | 0.00% | −0.26 |
| NARI Inari Medical Inc. | Sold out | 0.00% | −0.25 |
| ISRG Intuitive Surgical Inc. | Reduce -35.6% | 0.71% | −0.20 |
| ZBIO Zenas Biopharma Inc. | Sold out | 0.00% | −0.17 |
| IRTC Irhythm Holdings Inc. | Sold out | 0.00% | −0.16 |
| RAPP Rapport Therapeutics Inc. | Sold out | 0.00% | −0.15 |
| FOLD Amicus Therapeutics Inc. | Reduce -11.5% | 6.21% | −0.15 |
| CBLL Ceribell Inc. | Sold out | 0.00% | −0.13 |
| VERU Veru Inc. | Sold out | 0.00% | −0.12 |
| CATX Perspective Therapeutics Inc. | Sold out | 0.00% | −0.11 |
| LCTX Lineage Cell Therapeutics Inc. | Sold out | 0.00% | −0.10 |
| RCKT Rocket Pharmaceuticals Inc. | Reduce -62.8% | 0.03% | −0.10 |
| AXSM Axsome Therapeutics Inc. | Reduce -46.5% | 1.47% | −0.10 |
| PEPG Pepgen Inc. | Sold out | 0.00% | −0.09 |
| IBRX Immunitybio Inc. | Sold out | 0.00% | −0.09 |
| ZYME Zymeworks Inc. | Reduce -12.5% | 0.79% | −0.08 |
| BCYC Bicycle Therapeutics PLC-ADR | Sold out | 0.00% | −0.08 |
| RAPT THERAPEUTICS INC | Reduce -24.9% | 0.19% | −0.07 |
| VRCA Verrica Pharmaceuticals Inc. | Sold out | 0.00% | −0.06 |
| FBRX Forte Biosciences Inc. | Sold out | 0.00% | −0.06 |
| NRIX Nurix Therapeutics Inc. | Reduce -10.0% | 0.13% | −0.05 |
| TRINITY BIOTECH INVT LTD | Sold out | 0.00% | −0.04 |
| MREO Mereo Biopharma Group PL-ADR | Reduce -19.2% | 0.07% | −0.04 |
| FULC Fulcrum Therapeutics Inc. | Sold out | 0.00% | −0.03 |
| OCUL Ocular Therapeutix Inc. | Reduce -15.1% | 0.24% | −0.02 |
| PYXS Pyxis Oncology Inc. | Sold out | 0.00% | −0.01 |
| NBTX Nanobiotix SA - ADR | Reduce -60.5% | 0.01% | −0.01 |
| BBOT Bridgebio Oncology Therapeut | Reduce -20.4% | 0.16% | +0.01 |
| ARGX Argenx SE - ADR | Reduce -11.8% | 1.25% | +0.09 |
Portfolio Buys Q4 2024 → Q1 2025
| VRNA Verona Pharma Ltd. | Add +2.7% | 14.78% | +6.51 |
| EWTX Edgewise Therapeutics Inc. | Add +143.8% | 5.11% | +3.11 |
| SLNO Soleno Therapeutics Inc. | Add +0.4% | 3.82% | +1.94 |
| INSM Insmed Inc. | Add +253.7% | 1.38% | +1.10 |
| SLDB Solid Biosciences Inc. | Add +72.4% | 1.56% | +0.79 |
| BBNX Beta Bionics Inc. | New | 0.69% | +0.69 |
| MRUS Merus NV | Add +130.2% | 1.03% | +0.68 |
| RGEN Repligen Corp. | New | 0.59% | +0.59 |
| MDGL Madrigal Pharmaceuticals Inc. | New | 0.55% | +0.55 |
| ADMA Adma Biologics Inc. | Add +54.3% | 0.97% | +0.54 |
| DYN Dyne Therapeutics Inc. | Add +325.8% | 0.86% | +0.50 |
| BSX Boston Scientific Corp. | New | 0.47% | +0.47 |
| SION Sionna Therapeutics Inc. | New | 0.46% | +0.46 |
| DXCM Dexcom Inc. | New | 0.43% | +0.43 |
| AQST Aquestive Therapeutics Inc. | New | 0.38% | +0.38 |
| OM Outset Medical Inc. | New | 0.33% | +0.33 |
| AMLX Amylyx Pharmaceuticals Inc. | Add +16.2% | 0.99% | +0.28 |
| IRON Disc Medicine Inc. | New | 0.26% | +0.26 |
| IMVT Immunovant Inc. | Add +33.0% | 1.72% | +0.25 |
| ADPT Adaptive Biotechnologies | New | 0.25% | +0.25 |
| DCTH Delcath Systems Inc. | Add +824.8% | 0.21% | +0.19 |
| KMTS Kestra Medical Technologies | New | 0.18% | +0.18 |
| APGE Apogee Therapeutics Inc. | Add +7.2% | 1.49% | +0.17 |
| DRUG Bright Minds Biosciences Inc. | Add +10.2% | 0.57% | +0.16 |
| IRD Opus Genetics Inc. | New | 0.15% | +0.15 |
| AVTX Avalo Therapeutics Inc. | New | 0.15% | +0.15 |
| KALA Kala Bio Inc. | New | 0.06% | +0.06 |
| CGEM Cullinan Therapeutics Inc. | New | 0.02% | +0.02 |
| TRAW Traws Pharma Inc. | Add +156.9% | 0.03% | −0.01 |
| JANX Janux Therapeutics Inc. | Add +18.6% | 0.93% | −0.29 |
Options Activity Q4 2024 → Q1 2025
| PRAX Praxis Precision Medicines I | call | Sold out | 500,000 | $38.5Mbefore exit |
| EWTX Edgewise Therapeutics Inc. | call | New | 500,000 | $11.0M |
| NVAX Novavax Inc. | put | Sold out | 100,000 | $804Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 99 | $6.4B | PRAX, SYRE, CELC, ASND, RYTM |
| Q1 2026Amended | 89 | $5.0B | PRAX, CELC, ASND, ROIV, CNTA |
| Q4 2025 | 109 | $5.4B | PRAX, CELC, RYTM, ASND, APGE |
| Q3 2025 | 88 | $3.4B | RYTM, ASND, ACLX, CELC, NUVL |
| Q2 2025 | 80 | $2.7B | VRNA, ASND, ACLX, RYTM, NUVL |
| Q1 2025Amended | 84 | $2.8B | VRNA, ACLX, FOLD, EWTX, RYTM |
| Q4 2024 | 95 | $3.6B | VRNA, ACLX, FOLD, RYTM, NUVL |
| Q3 2024 | 99 | $4.7B | ACLX, NUVL, FOLD, IOVA, PCVX |
| Q2 2024Amended | 104 | $4.1B | CERE, FOLD, ACLX, IOVA, NUVL |
| Q1 2024Amended | 102 | $5.7B | CERE, FOLD, IOVA, ACLX, NUVL |