Perceptive Advisors LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Perceptive Advisors LLC reported 80 stock positions worth $2.7 billion. Its top holding was Verona Pharma (VRNA) at 19.5% of the portfolio, followed by Ascendis Pharma A/S (ASND, 6.2%) and Arcellx (ACLX, 6.1%). Compared with Q1 2025, it opened 18 new positions, sold out of 22, added to 12 and reduced 33. The biggest buy was a new position in Ascendis Pharma A/S (ASND) and the biggest sale Amicus Therapeutics (FOLD, shares −65%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001224962
- Portfolio Value
- $2.7B (Q2 2025)
- SEC Filing
- 0001012975-25-000446 ↗ filed Aug 14, 2025
Holdings Value
Holdings 80 stocks · $2.7B
| VRNA Verona Pharma Ltd. | 19.55% | 5,507,591 | $520.9M | Reduce -16.1% |
| ASND Ascendis Pharma A/S | 6.24% | 963,886 | $166.4M | New |
| ACLX Arcellx Inc. | 6.12% | 2,478,000 | $163.2M | Reduce -15.3% |
| RYTM Rhythm Pharmaceuticals Inc. | 5.73% | 2,418,299 | $152.8M | Reduce -5.1% |
| NUVL Nuvalent Inc. Class A | 3.94% | 1,375,180 | $104.9M | Reduce -15.8% |
| AORT Artivion Inc. | 3.26% | 2,793,703 | $86.9M | No change |
| MGTX Meiragtx Holdings PLC | 3.09% | 12,626,103 | $82.2M | Add +0.4% |
| INSM Insmed Inc. | 2.46% | 650,252 | $65.4M | Add +27.7% |
| EWTX Edgewise Therapeutics Inc. | 2.28% | 4,639,949 | $60.8M | Reduce -29.1% |
| PTGX Protagonist Therapeutics Inc. | 2.23% | 1,074,448 | $59.4M | Reduce -1.5% |
| SLDB Solid Biosciences Inc. | 2.18% | 11,906,646 | $58.0M | No change |
| APGE Apogee Therapeutics Inc. | 1.93% | 1,182,148 | $51.3M | Add +5.3% |
| AMLX Amylyx Pharmaceuticals Inc. | 1.90% | 7,902,365 | $50.7M | Add +0.4% |
| IMTX Immatics NV | 1.89% | 9,383,456 | $50.5M | No change |
| AKRO Akero Therapeutics Inc. | 1.83% | 915,887 | $48.9M | Add +15.5% |
| OMDA Omada Health Inc. | 1.67% | 2,426,330 | $44.4M | New |
| FOLD Amicus Therapeutics Inc. | 1.59% | 7,412,830 | $42.5M | Reduce -65.5% |
| ROIV Roivant Sciences Ltd. | 1.41% | 3,331,465 | $37.5M | New |
| MRUS Merus NV | 1.40% | 708,176 | $37.3M | Add +2.6% |
| SLNO Soleno Therapeutics Inc. | 1.35% | 430,439 | $36.1M | Reduce -71.4% |
| ATXS Astria Therapeutics Inc. | 1.30% | 6,485,420 | $34.8M | No change |
| IMVT Immunovant Inc. | 1.28% | 2,137,890 | $34.2M | Reduce -24.8% |
| NBIX Neurocrine Biosciences Inc. | 1.20% | 255,050 | $32.1M | Add +154.9% |
| PRAX Praxis Precision Medicines I | 1.19% | 752,921 | $31.7M | Reduce -23.2% |
| BSX Boston Scientific Corp. | 1.13% | 280,000 | $30.1M | Add +115.4% |
| CAI Caris Life Sciences Inc. | 1.10% | 1,098,163 | $29.3M | New |
| ISRG Intuitive Surgical Inc. | 0.92% | 45,119 | $24.5M | Add +11.1% |
| ADMA Adma Biologics Inc. | 0.89% | 1,303,468 | $23.7M | Reduce -5.1% |
| BBNX Beta Bionics Inc. | 0.87% | 1,593,608 | $23.2M | No change |
| SYRE Spyre Therapeutics Inc. | 0.86% | 1,529,445 | $22.9M | Reduce -33.9% |
| EOLS Evolus Inc. | 0.86% | 2,474,843 | $22.8M | Reduce -40.1% |
| CELC Celcuity Inc. | 0.82% | 1,633,208 | $21.8M | Reduce -30.9% |
| DYN Dyne Therapeutics Inc. | 0.80% | 2,247,390 | $21.4M | Reduce -2.9% |
| SION Sionna Therapeutics Inc. | 0.79% | 1,216,045 | $21.1M | Reduce -2.8% |
| AXSM Axsome Therapeutics Inc. | 0.78% | 198,534 | $20.7M | Reduce -44.1% |
| RGEN Repligen Corp. | 0.77% | 166,000 | $20.6M | Add +27.9% |
| PODD Insulet Corp. | 0.71% | 60,387 | $19.0M | Reduce -15.7% |
| OM Outset Medical Inc. | 0.60% | 833,333 | $16.0M | No change |
| ZYME Zymeworks Inc. | 0.60% | 1,275,274 | $16.0M | Reduce -31.6% |
| CTMX Cytomx Therapeutics Inc. | 0.60% | 6,993,646 | $15.9M | New |
| ALDX Aldeyra Therapeutics Inc. | 0.58% | 4,051,631 | $15.5M | Reduce -56.3% |
| CRL Charles River Laboratories | 0.57% | 100,000 | $15.2M | New |
| CNTA Centessa Pharmaceuticals Ltd. | 0.57% | 1,146,935 | $15.1M | Reduce -62.3% |
| INBX Inhibrx Biosciences Inc. | 0.52% | 977,892 | $14.0M | Reduce -8.1% |
| ADGM Adagio Medical Holdings Inc. | 0.48% | 9,876,576 | $12.8M | Add +0.7% |
| NRIX Nurix Therapeutics Inc. | 0.47% | 1,096,985 | $12.5M | Add +268.7% |
| TVTX Travere Therapeutics Inc. | 0.46% | 834,252 | $12.3M | New |
| OBIO Orchestra Biomed Holdings Inc. | 0.46% | 4,592,556 | $12.3M | No change |
| DRUG Bright Minds Biosciences Inc. | 0.41% | 420,690 | $11.0M | Reduce -5.4% |
| IKT Inhibikase Therapeutics Inc. | 0.40% | 5,432,293 | $10.6M | Reduce -8.3% |
| VKTX Viking Therapeutics Inc. | 0.38% | 380,700 | $10.1M | Reduce -25.2% |
| RARE Ultragenyx Pharmaceutical Inc. | 0.37% | 270,000 | $9.8M | New |
| KYMR Kymera Therapeutics Inc. | 0.34% | 210,106 | $9.2M | New |
| NAUT Nautilus Biotechnology Inc. | 0.34% | 12,594,211 | $9.1M | No change |
| PEN Penumbra Inc. | 0.32% | 32,797 | $8.4M | New |
| CBIO Crescent Biopharma Inc. | 0.27% | 453,686 | $7.3M | New |
| AQST Aquestive Therapeutics Inc. | 0.27% | 2,190,420 | $7.3M | Reduce -41.2% |
| JANX Janux Therapeutics Inc. | 0.25% | 292,686 | $6.8M | Reduce -69.8% |
| AVR Anteris Technologies Global | 0.24% | 1,705,130 | $6.5M | Reduce -20.3% |
| XENE Xenon Pharmaceuticals Inc. | 0.24% | 200,791 | $6.3M | Reduce -38.3% |
| VRDN Viridian Therapeutics Inc. | 0.23% | 447,507 | $6.3M | Reduce -32.2% |
| CRVS Corvus Pharmaceuticals Inc. | 0.22% | 1,438,595 | $5.8M | New |
| SEPN Septerna Inc. | 0.21% | 541,450 | $5.7M | New |
| GMED Globus Medical Inc. Class A | 0.20% | 88,500 | $5.2M | New |
| NVNO Envveno Medical Corporation | 0.19% | 1,284,966 | $5.1M | New |
| BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II | 0.16% | 398,000 | $4.2M | No change |
| IRD Opus Genetics Inc. | 0.15% | 4,325,000 | $4.1M | No change |
| CTNM Contineum Therapeutics Inc. Class A | 0.10% | 699,486 | $2.8M | Reduce -51.5% |
| LYRA Lyra Therapeutics Inc. | 0.09% | 255,150 | $2.3M | No change |
| SCPH Scpharmaceuticals Inc. | 0.07% | 500,000 | $1.9M | No change |
| ATHIRA PHARMA INC | 0.06% | 5,402,964 | $1.6M | No change |
| RAPT Rapt Therapeutics Inc. | 0.06% | 183,890 | $1.5M | New |
| TRINITY BIOTECH INVT LTD | 0.04% | 1,790,000 | $1.2M | New |
| FBRX Forte Biosciences Inc. | 0.03% | 68,192 | $882K | New |
| AVTX Avalo Therapeutics Inc. | 0.03% | 139,667 | $697K | Reduce -73.1% |
| BDSX Biodesix Inc. | 0.02% | 2,173,880 | $613K | No change |
| LXEO Lexeo Therapeutics Inc. | 0.02% | 139,835 | $562K | No change |
| APYX Apyx Medical Corp. | 0.01% | 150,000 | $338K | No change |
| KALA Kala Bio Inc. | 0.01% | 55,227 | $263K | Reduce -80.1% |
| ENSC Ensysce Biosciences Inc. | 0.01% | 86,666 | $193K | No change |
Options reported separately and not counted above: XBI puts ($24.9M), CAPR puts ($6.5M), CAPR calls ($993K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $69K (not counted above)
Total filed on the 13F, all lines: $2.7B.
Portfolio Sells Q1 2025 → Q2 2025
| FOLD Amicus Therapeutics Inc. | Reduce -65.5% | 1.59% | −4.62 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −3.68 |
| EWTX Edgewise Therapeutics Inc. | Reduce -29.1% | 2.28% | −2.83 |
| SLNO Soleno Therapeutics Inc. | Reduce -71.4% | 1.35% | −2.46 |
| IOVA Iovance Biotherapeutics Inc. | Sold out | 0.00% | −1.50 |
| ALDX Aldeyra Therapeutics Inc. | Reduce -56.3% | 0.58% | −1.31 |
| ARGX Argenx SE - ADR | Sold out | 0.00% | −1.25 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -62.3% | 0.57% | −0.98 |
| PCVX Vaxcyte Inc. | Sold out | 0.00% | −0.95 |
| EOLS Evolus Inc. | Reduce -40.1% | 0.86% | −0.91 |
| AXSM Axsome Therapeutics Inc. | Reduce -44.1% | 0.78% | −0.69 |
| ACLX Arcellx Inc. | Reduce -15.3% | 6.12% | −0.69 |
| JANX Janux Therapeutics Inc. | Reduce -69.8% | 0.25% | −0.68 |
| MDGL Madrigal Pharmaceuticals Inc. | Sold out | 0.00% | −0.55 |
| SYRE Spyre Therapeutics Inc. | Reduce -33.9% | 0.86% | −0.46 |
| IMVT Immunovant Inc. | Reduce -24.8% | 1.28% | −0.44 |
| DXCM Dexcom Inc. | Sold out | 0.00% | −0.43 |
| ACRV Acrivon Therapeutics Inc. | Sold out | 0.00% | −0.39 |
| CRGX Cargo Therapeutics Inc. | Sold out | 0.00% | −0.35 |
| EYPT Eyepoint Inc. | Sold out | 0.00% | −0.30 |
| IRON Disc Medicine Inc. | Sold out | 0.00% | −0.26 |
| CTNM Contineum Therapeutics Inc. Class A | Reduce -51.5% | 0.10% | −0.25 |
| ADPT Adaptive Biotechnologies | Sold out | 0.00% | −0.25 |
| OCUL Ocular Therapeutix Inc. | Sold out | 0.00% | −0.24 |
| DCTH Delcath Systems Inc. | Sold out | 0.00% | −0.21 |
| RAPT THERAPEUTICS INC | Sold out | 0.00% | −0.19 |
| ZYME Zymeworks Inc. | Reduce -31.6% | 0.60% | −0.19 |
| KMTS Kestra Medical Technologies | Sold out | 0.00% | −0.18 |
| NUVL Nuvalent Inc. Class A | Reduce -15.8% | 3.94% | −0.17 |
| DRUG Bright Minds Biosciences Inc. | Reduce -5.4% | 0.41% | −0.16 |
| OKUR Onkure Therapeutics Inc. Class A | Sold out | 0.00% | −0.15 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -38.3% | 0.24% | −0.15 |
| PRAX Praxis Precision Medicines I | Reduce -23.2% | 1.19% | −0.13 |
| AVTX Avalo Therapeutics Inc. | Reduce -73.1% | 0.03% | −0.12 |
| AQST Aquestive Therapeutics Inc. | Reduce -41.2% | 0.27% | −0.11 |
| VRDN Viridian Therapeutics Inc. | Reduce -32.2% | 0.23% | −0.08 |
| ADMA Adma Biologics Inc. | Reduce -5.1% | 0.89% | −0.08 |
| MREO Mereo Biopharma Group PL-ADR | Sold out | 0.00% | −0.07 |
| IKT Inhibikase Therapeutics Inc. | Reduce -8.3% | 0.40% | −0.06 |
| VKTX Viking Therapeutics Inc. | Reduce -25.2% | 0.38% | −0.06 |
| DYN Dyne Therapeutics Inc. | Reduce -2.9% | 0.80% | −0.06 |
| KALA Kala Bio Inc. | Reduce -80.1% | 0.01% | −0.05 |
| TRAW Traws Pharma Inc. | Sold out | 0.00% | −0.03 |
| AVR Anteris Technologies Global | Reduce -20.3% | 0.24% | −0.03 |
| RCKT Rocket Pharmaceuticals Inc. | Sold out | 0.00% | −0.03 |
| CELC Celcuity Inc. | Reduce -30.9% | 0.82% | −0.03 |
| CGEM Cullinan Therapeutics Inc. | Sold out | 0.00% | −0.02 |
| APLT Applied Therapeutics Inc. | Sold out | 0.00% | −0.01 |
| NBTX Nanobiotix SA - ADR | Sold out | 0.00% | −0.01 |
| INBX Inhibrx Biosciences Inc. | Reduce -8.1% | 0.52% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| ASND Ascendis Pharma A/S | New | 6.24% | +6.24 |
| OMDA Omada Health Inc. | New | 1.67% | +1.67 |
| ROIV Roivant Sciences Ltd. | New | 1.41% | +1.41 |
| CAI Caris Life Sciences Inc. | New | 1.10% | +1.10 |
| INSM Insmed Inc. | Add +27.7% | 2.46% | +1.08 |
| AMLX Amylyx Pharmaceuticals Inc. | Add +0.4% | 1.90% | +0.91 |
| NBIX Neurocrine Biosciences Inc. | Add +154.9% | 1.20% | +0.81 |
| AKRO Akero Therapeutics Inc. | Add +15.5% | 1.83% | +0.70 |
| BSX Boston Scientific Corp. | Add +115.4% | 1.13% | +0.66 |
| CTMX Cytomx Therapeutics Inc. | New | 0.60% | +0.60 |
| CRL Charles River Laboratories | New | 0.57% | +0.57 |
| TVTX Travere Therapeutics Inc. | New | 0.46% | +0.46 |
| APGE Apogee Therapeutics Inc. | Add +5.3% | 1.93% | +0.44 |
| RARE Ultragenyx Pharmaceutical Inc. | New | 0.37% | +0.37 |
| MRUS Merus NV | Add +2.6% | 1.40% | +0.37 |
| KYMR Kymera Therapeutics Inc. | New | 0.34% | +0.34 |
| NRIX Nurix Therapeutics Inc. | Add +268.7% | 0.47% | +0.34 |
| PEN Penumbra Inc. | New | 0.32% | +0.32 |
| CBIO Crescent Biopharma Inc. | New | 0.27% | +0.27 |
| CRVS Corvus Pharmaceuticals Inc. | New | 0.22% | +0.22 |
| SEPN Septerna Inc. | New | 0.21% | +0.21 |
| ISRG Intuitive Surgical Inc. | Add +11.1% | 0.92% | +0.21 |
| ADGM Adagio Medical Holdings Inc. | Add +0.7% | 0.48% | +0.20 |
| GMED Globus Medical Inc. Class A | New | 0.20% | +0.20 |
| NVNO Envveno Medical Corporation | New | 0.19% | +0.19 |
| RGEN Repligen Corp. | Add +27.9% | 0.77% | +0.19 |
| MGTX Meiragtx Holdings PLC | Add +0.4% | 3.09% | +0.06 |
| RAPT Rapt Therapeutics Inc. | New | 0.06% | +0.06 |
| TRINITY BIOTECH INVT LTD | New | 0.04% | +0.04 |
| FBRX Forte Biosciences Inc. | New | 0.03% | +0.03 |
Options Activity Q1 2025 → Q2 2025
| XBI SS SPDR S&P Biotech ETF | put | New | 300,000 | $24.9M |
| EWTX Edgewise Therapeutics Inc. | call | Sold out | 500,000 | $11.0Mbefore exit |
| CAPR Capricor Therapeutics Inc. | put | New | 650,000 | $6.5M |
| CAPR Capricor Therapeutics Inc. | call | New | 100,000 | $993K |
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 |