Perceptive Advisors LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Perceptive Advisors LLC reported 88 stock positions worth $3.4 billion. Its top holding was Rhythm Pharmaceuticals (RYTM) at 7.2% of the portfolio, followed by Ascendis Pharma A/S (ASND, 6.3%) and Arcellx (ACLX, 5.9%). Compared with Q2 2025, it opened 17 new positions, sold out of 9, added to 30 and reduced 19. The biggest buy was Celcuity (CELC, shares +81%) and the biggest sale Verona Pharma (VRNA, shares −90%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001224962
- Portfolio Value
- $3.4B (Q3 2025)
- SEC Filing
- 0001012975-25-000762 ↗ filed Nov 14, 2025
Holdings Value
Holdings 88 stocks · $3.4B
| RYTM Rhythm Pharmaceuticals Inc. | 7.22% | 2,438,969 | $246.3M | Add +0.8% |
| ASND Ascendis Pharma A/S | 6.35% | 1,088,501 | $216.4M | Add +12.9% |
| ACLX Arcellx Inc. | 5.94% | 2,468,353 | $202.7M | Reduce -0.4% |
| CELC Celcuity Inc. | 4.28% | 2,956,319 | $146.0M | Add +81.0% |
| NUVL Nuvalent Inc. Class A | 3.96% | 1,562,336 | $135.1M | Add +13.6% |
| MRUS Merus NV | 3.74% | 1,353,093 | $127.4M | Add +91.1% |
| AMLX Amylyx Pharmaceuticals Inc. | 3.57% | 8,952,365 | $121.7M | Add +13.3% |
| ROIV Roivant Sciences Ltd. | 3.27% | 7,368,461 | $111.5M | Add +121.2% |
| MGTX Meiragtx Holdings PLC | 3.04% | 12,626,103 | $103.8M | No change |
| INSM Insmed Inc. | 2.96% | 702,130 | $101.1M | Add +8.0% |
| TVTX Travere Therapeutics Inc. | 2.66% | 3,794,615 | $90.7M | Add +354.9% |
| AORT Artivion Inc. | 2.51% | 2,020,000 | $85.5M | Reduce -27.7% |
| PRAX Praxis Precision Medicines I | 2.43% | 1,564,554 | $82.9M | Add +107.8% |
| IMTX Immatics NV | 2.34% | 9,383,456 | $79.9M | No change |
| CNTA Centessa Pharmaceuticals Ltd. | 2.21% | 3,100,902 | $75.2M | Add +170.4% |
| SLDB Solid Biosciences Inc. | 2.14% | 11,833,539 | $73.0M | Reduce -0.6% |
| PTGX Protagonist Therapeutics Inc. | 2.01% | 1,030,134 | $68.4M | Reduce -4.1% |
| NBIX Neurocrine Biosciences Inc. | 1.85% | 450,050 | $63.2M | Add +76.5% |
| EWTX Edgewise Therapeutics Inc. | 1.81% | 3,795,894 | $61.6M | Reduce -18.2% |
| VRNA Verona Pharma Ltd. | 1.64% | 524,088 | $55.9M | Reduce -90.5% |
| PEN Penumbra Inc. | 1.64% | 220,547 | $55.9M | Add +572.5% |
| AKRO Akero Therapeutics Inc. | 1.58% | 1,135,766 | $53.9M | Add +24.0% |
| APGE Apogee Therapeutics Inc. | 1.58% | 1,351,989 | $53.7M | Add +14.4% |
| OMDA Omada Health Inc. | 1.55% | 2,396,330 | $53.0M | Reduce -1.2% |
| FOLD Amicus Therapeutics Inc. | 1.47% | 6,370,851 | $50.2M | Reduce -14.1% |
| ATXS Astria Therapeutics Inc. | 1.38% | 6,485,420 | $47.2M | No change |
| INBX Inhibrx Biosciences Inc. | 1.31% | 1,327,707 | $44.7M | Add +35.8% |
| RGEN Repligen Corp. | 1.06% | 270,428 | $36.1M | Add +62.9% |
| ZYME Zymeworks Inc. | 1.05% | 2,090,663 | $35.7M | Add +63.9% |
| SION Sionna Therapeutics Inc. | 1.02% | 1,179,098 | $34.7M | Reduce -3.0% |
| CAI Caris Life Sciences Inc. | 0.97% | 1,098,163 | $33.2M | No change |
| ABVX Abivax SA-ADR | 0.97% | 388,608 | $33.0M | New |
| VRDN Viridian Therapeutics Inc. | 0.93% | 1,462,400 | $31.6M | Add +226.8% |
| CTMX Cytomx Therapeutics Inc. | 0.91% | 9,680,185 | $30.9M | Add +38.4% |
| BSX Boston Scientific Corp. | 0.89% | 310,000 | $30.3M | Add +10.7% |
| ALDX Aldeyra Therapeutics Inc. | 0.80% | 5,222,311 | $27.3M | Add +28.9% |
| DRUG Bright Minds Biosciences Inc. | 0.80% | 449,290 | $27.3M | Add +6.8% |
| IMVT Immunovant Inc. | 0.75% | 1,587,890 | $25.6M | Reduce -25.7% |
| EXAS Exact Sciences Corp. | 0.75% | 465,487 | $25.5M | New |
| PVLA Palvella Therapeutics Inc. | 0.73% | 395,093 | $24.8M | New |
| ORKA Oruka Therapeutics Inc. | 0.71% | 1,268,021 | $24.4M | New |
| ISRG Intuitive Surgical Inc. | 0.68% | 52,119 | $23.3M | Add +15.5% |
| IRTC Irhythm Holdings Inc. | 0.62% | 123,000 | $21.2M | New |
| AQST Aquestive Therapeutics Inc. | 0.62% | 3,760,099 | $21.0M | Add +71.7% |
| SYRE Spyre Therapeutics Inc. | 0.60% | 1,229,445 | $20.6M | Reduce -19.6% |
| ADGM Adagio Medical Holdings Inc. | 0.56% | 9,876,576 | $19.2M | No change |
| AXSM Axsome Therapeutics Inc. | 0.53% | 148,900 | $18.1M | Reduce -25.0% |
| ADMA Adma Biologics Inc. | 0.50% | 1,153,468 | $16.9M | Reduce -11.5% |
| ENGN Engene Holdings Inc. | 0.42% | 2,097,236 | $14.3M | New |
| OBIO Orchestra Biomed Holdings Inc. | 0.38% | 5,292,556 | $13.1M | Add +15.2% |
| NRIX Nurix Therapeutics Inc. | 0.38% | 1,416,149 | $13.1M | Add +29.1% |
| RAPP Rapport Therapeutics Inc. | 0.35% | 403,923 | $12.0M | New |
| OM Outset Medical Inc. | 0.34% | 833,333 | $11.8M | No change |
| NAUT Nautilus Biotechnology Inc. | 0.31% | 12,594,211 | $10.6M | No change |
| CRVS Corvus Pharmaceuticals Inc. | 0.31% | 1,438,595 | $10.6M | No change |
| KOD Kodiak Sciences Inc. | 0.30% | 634,577 | $10.4M | New |
| SEPN Septerna Inc. | 0.30% | 541,450 | $10.2M | No change |
| GOSS Gossamer Bio Inc. | 0.29% | 3,812,797 | $10.0M | New |
| KYMR Kymera Therapeutics Inc. | 0.28% | 169,796 | $9.6M | Reduce -19.2% |
| IKT Inhibikase Therapeutics Inc. | 0.26% | 5,421,568 | $8.8M | Reduce -0.2% |
| CTNM Contineum Therapeutics Inc. Class A | 0.25% | 714,592 | $8.4M | Add +2.2% |
| XENE Xenon Pharmaceuticals Inc. | 0.24% | 200,791 | $8.1M | No change |
| AVR Anteris Technologies Global | 0.23% | 1,705,130 | $7.7M | No change |
| JANX Janux Therapeutics Inc. | 0.21% | 292,686 | $7.2M | No change |
| IRD Opus Genetics Inc. | 0.21% | 4,325,000 | $7.1M | No change |
| TEM Tempus AI Inc. Class A | 0.20% | 85,000 | $6.9M | New |
| DYN Dyne Therapeutics Inc. | 0.20% | 540,444 | $6.8M | Reduce -76.0% |
| KRYS Krystal Biotech Inc. | 0.18% | 35,000 | $6.2M | New |
| BBNX Beta Bionics Inc. | 0.16% | 277,944 | $5.5M | Reduce -82.6% |
| CBIO Crescent Biopharma Inc. | 0.16% | 453,686 | $5.4M | No change |
| HTFL Heartflow Inc. | 0.15% | 150,000 | $5.0M | New |
| RAPT Rapt Therapeutics Inc. | 0.14% | 183,890 | $4.7M | No change |
| PEPG Pepgen Inc. | 0.11% | 829,870 | $3.8M | New |
| BLTE Belite Bio Inc. - ADR | 0.11% | 49,788 | $3.7M | New |
| SCPH Scpharmaceuticals Inc. | 0.10% | 583,142 | $3.3M | Add +16.6% |
| VKTX Viking Therapeutics Inc. | 0.08% | 105,597 | $2.8M | Reduce -72.3% |
| PYXS Pyxis Oncology Inc. | 0.08% | 1,178,307 | $2.6M | New |
| LONA Leonabio Inc. filed as ATHIRA PHARMA INC | 0.07% | 540,296 | $2.2M | No change |
| TRINITY BIOTECH INVT LTD | 0.05% | 1,790,000 | $1.9M | No change |
| AVTX Avalo Therapeutics Inc. | 0.05% | 139,667 | $1.8M | No change |
| NVNO Envveno Medical Corporation | 0.05% | 1,759,035 | $1.6M | Add +36.9% |
| LYRA Lyra Therapeutics Inc. | 0.04% | 229,382 | $1.5M | Reduce -10.1% |
| QURE Uniqure NV | 0.03% | 20,000 | $1.2M | New |
| LXEO Lexeo Therapeutics Inc. | 0.03% | 139,835 | $929K | No change |
| BDSX Biodesix Inc. | 0.02% | 108,694 | $821K | No change |
| ANRO Alto Neuroscience Inc. | 0.02% | 155,366 | $625K | New |
| APYX Apyx Medical Corp. | 0.01% | 150,000 | $321K | No change |
| ENSC Ensysce Biosciences Inc. | 0.01% | 86,666 | $205K | No change |
Options reported separately and not counted above: SPRY puts ($2.0M).
Other holdings (4): bonds, preferreds, convertibles and warrants · $50.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| RYTM Rhythm Pharmaceuticals Inc. | COM · principal | 416,666,000 | $42.1M | New |
| CELCUITY INC (CELC 2.75 08/01/31) | NOTE 2.750% 8/0 · principal | 6,500,000 | $8.7M | New |
| RVMDW Revolution Medicines Inc.-28 | *W EXP 12/17/202 | 250,000 | $75K | No change |
| SRZNW Surrozen Inc.-CW25 | *W EXP 08/01/203 | 166,666 | $3K | No change |
Total filed on the 13F, all lines: $3.5B.
Portfolio Sells Q2 2025 → Q3 2025
| VRNA Verona Pharma Ltd. | Reduce -90.5% | 1.64% | −17.91 |
| SLNO Soleno Therapeutics Inc. | Sold out | 0.00% | −1.35 |
| EOLS Evolus Inc. | Sold out | 0.00% | −0.86 |
| AORT Artivion Inc. | Reduce -27.7% | 2.51% | −0.75 |
| PODD Insulet Corp. | Sold out | 0.00% | −0.71 |
| BBNX Beta Bionics Inc. | Reduce -82.6% | 0.16% | −0.71 |
| DYN Dyne Therapeutics Inc. | Reduce -76.0% | 0.20% | −0.60 |
| CRL Charles River Laboratories | Sold out | 0.00% | −0.57 |
| IMVT Immunovant Inc. | Reduce -25.7% | 0.75% | −0.53 |
| EWTX Edgewise Therapeutics Inc. | Reduce -18.2% | 1.81% | −0.48 |
| ADMA Adma Biologics Inc. | Reduce -11.5% | 0.50% | −0.39 |
| RARE Ultragenyx Pharmaceutical Inc. | Sold out | 0.00% | −0.37 |
| VKTX Viking Therapeutics Inc. | Reduce -72.3% | 0.08% | −0.30 |
| SYRE Spyre Therapeutics Inc. | Reduce -19.6% | 0.60% | −0.25 |
| AXSM Axsome Therapeutics Inc. | Reduce -25.0% | 0.53% | −0.25 |
| PTGX Protagonist Therapeutics Inc. | Reduce -4.1% | 2.01% | −0.22 |
| GMED Globus Medical Inc. Class A | Sold out | 0.00% | −0.20 |
| ACLX Arcellx Inc. | Reduce -0.4% | 5.94% | −0.18 |
| BBOT Bridgebio Oncology Therapeut | Sold out | 0.00% | −0.16 |
| IKT Inhibikase Therapeutics Inc. | Reduce -0.2% | 0.26% | −0.14 |
| FOLD Amicus Therapeutics Inc. | Reduce -14.1% | 1.47% | −0.12 |
| OMDA Omada Health Inc. | Reduce -1.2% | 1.55% | −0.11 |
| KYMR Kymera Therapeutics Inc. | Reduce -19.2% | 0.28% | −0.06 |
| LYRA Lyra Therapeutics Inc. | Reduce -10.1% | 0.04% | −0.04 |
| SLDB Solid Biosciences Inc. | Reduce -0.6% | 2.14% | −0.03 |
| FBRX Forte Biosciences Inc. | Sold out | 0.00% | −0.03 |
| KALA Kala Bio Inc. | Sold out | 0.00% | −0.01 |
| SION Sionna Therapeutics Inc. | Reduce -3.0% | 1.02% | +0.23 |
Portfolio Buys Q2 2025 → Q3 2025
| CELC Celcuity Inc. | Add +81.0% | 4.28% | +3.46 |
| MRUS Merus NV | Add +91.1% | 3.74% | +2.34 |
| TVTX Travere Therapeutics Inc. | Add +354.9% | 2.66% | +2.20 |
| ROIV Roivant Sciences Ltd. | Add +121.2% | 3.27% | +1.86 |
| AMLX Amylyx Pharmaceuticals Inc. | Add +13.3% | 3.57% | +1.67 |
| CNTA Centessa Pharmaceuticals Ltd. | Add +170.4% | 2.21% | +1.64 |
| RYTM Rhythm Pharmaceuticals Inc. | Add +0.8% | 7.22% | +1.49 |
| PEN Penumbra Inc. | Add +572.5% | 1.64% | +1.32 |
| PRAX Praxis Precision Medicines I | Add +107.8% | 2.43% | +1.24 |
| ABVX Abivax SA-ADR | New | 0.97% | +0.97 |
| INBX Inhibrx Biosciences Inc. | Add +35.8% | 1.31% | +0.79 |
| EXAS Exact Sciences Corp. | New | 0.75% | +0.75 |
| PVLA Palvella Therapeutics Inc. | New | 0.73% | +0.73 |
| ORKA Oruka Therapeutics Inc. | New | 0.71% | +0.71 |
| VRDN Viridian Therapeutics Inc. | Add +226.8% | 0.93% | +0.69 |
| NBIX Neurocrine Biosciences Inc. | Add +76.5% | 1.85% | +0.65 |
| IRTC Irhythm Holdings Inc. | New | 0.62% | +0.62 |
| INSM Insmed Inc. | Add +8.0% | 2.96% | +0.51 |
| ZYME Zymeworks Inc. | Add +63.9% | 1.05% | +0.45 |
| ENGN Engene Holdings Inc. | New | 0.42% | +0.42 |
| DRUG Bright Minds Biosciences Inc. | Add +6.8% | 0.80% | +0.39 |
| RAPP Rapport Therapeutics Inc. | New | 0.35% | +0.35 |
| AQST Aquestive Therapeutics Inc. | Add +71.7% | 0.62% | +0.34 |
| CTMX Cytomx Therapeutics Inc. | Add +38.4% | 0.91% | +0.31 |
| KOD Kodiak Sciences Inc. | New | 0.30% | +0.30 |
| GOSS Gossamer Bio Inc. | New | 0.29% | +0.29 |
| RGEN Repligen Corp. | Add +62.9% | 1.06% | +0.29 |
| ALDX Aldeyra Therapeutics Inc. | Add +28.9% | 0.80% | +0.22 |
| TEM Tempus AI Inc. Class A | New | 0.20% | +0.20 |
| KRYS Krystal Biotech Inc. | New | 0.18% | +0.18 |
| HTFL Heartflow Inc. | New | 0.15% | +0.15 |
| CTNM Contineum Therapeutics Inc. Class A | Add +2.2% | 0.25% | +0.14 |
| PEPG Pepgen Inc. | New | 0.11% | +0.11 |
| BLTE Belite Bio Inc. - ADR | New | 0.11% | +0.11 |
| ASND Ascendis Pharma A/S | Add +12.9% | 6.35% | +0.10 |
| PYXS Pyxis Oncology Inc. | New | 0.08% | +0.08 |
| QURE Uniqure NV | New | 0.03% | +0.03 |
| SCPH Scpharmaceuticals Inc. | Add +16.6% | 0.10% | +0.03 |
| NUVL Nuvalent Inc. Class A | Add +13.6% | 3.96% | +0.02 |
| ANRO Alto Neuroscience Inc. | New | 0.02% | +0.02 |
| OBIO Orchestra Biomed Holdings Inc. | Add +15.2% | 0.38% | −0.08 |
| NRIX Nurix Therapeutics Inc. | Add +29.1% | 0.38% | −0.09 |
| NVNO Envveno Medical Corporation | Add +36.9% | 0.05% | −0.15 |
| ISRG Intuitive Surgical Inc. | Add +15.5% | 0.68% | −0.24 |
| BSX Boston Scientific Corp. | Add +10.7% | 0.89% | −0.24 |
| AKRO Akero Therapeutics Inc. | Add +24.0% | 1.58% | −0.25 |
| APGE Apogee Therapeutics Inc. | Add +14.4% | 1.58% | −0.35 |
Options Activity Q2 2025 → Q3 2025
| XBI SS SPDR S&P Biotech ETF | put | Sold out | 300,000 | $24.9Mbefore exit |
| CAPR Capricor Therapeutics Inc. | put | Sold out | 650,000 | $6.5Mbefore exit |
| SPRY Ars Pharmaceuticals Inc. | put | New | 200,000 | $2.0M |
| CAPR Capricor Therapeutics Inc. | call | Sold out | 100,000 | $993Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| RYTM Rhythm Pharmaceuticals Inc. | COM · principal | New | 416,666,000 | $42.1M |
| CELCUITY INC (CELC 2.75 08/01/31) | NOTE 2.750% 8/0 · principal | New | 6,500,000 | $8.7M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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 |