Perceptive Advisors LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Perceptive Advisors LLC reported 109 stock positions worth $5.4 billion. Its top holding was Praxis Precision Medicines I (PRAX) at 10.8% of the portfolio, followed by Celcuity (CELC, 5.8%) and Rhythm Pharmaceuticals (RYTM, 5.0%). Compared with Q3 2025, it opened 35 new positions, sold out of 14, added to 33 and reduced 20. The biggest buy was Praxis Precision Medicines I (PRAX, shares +28%) and the biggest sale Arcellx (ACLX, shares −41%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001224962
- Portfolio Value
- $5.4B (Q4 2025)
- SEC Filing
- 0001012975-26-000155 ↗ filed Feb 17, 2026
Holdings Value
Holdings 109 stocks · $5.4B
| PRAX Praxis Precision Medicines I | 10.81% | 1,995,986 | $588.3M | Add +27.6% |
| CELC Celcuity Inc. | 5.79% | 3,160,200 | $315.2M | Add +6.9% |
| RYTM Rhythm Pharmaceuticals Inc. | 5.01% | 2,546,391 | $272.6M | Add +4.4% |
| ASND Ascendis Pharma A/S | 4.24% | 1,081,421 | $230.6M | Reduce -0.7% |
| APGE Apogee Therapeutics Inc. | 3.23% | 2,330,651 | $175.9M | Add +72.4% |
| ROIV Roivant Sciences Ltd. | 3.18% | 7,985,461 | $173.3M | Add +8.4% |
| NUVL Nuvalent Inc. Class A | 3.08% | 1,665,105 | $167.5M | Add +6.6% |
| TVTX Travere Therapeutics Inc. | 3.00% | 4,278,180 | $163.5M | Add +12.7% |
| EXAS Exact Sciences Corp. | 2.24% | 1,200,487 | $121.9M | Add +157.9% |
| PTGX Protagonist Therapeutics Inc. | 2.17% | 1,350,425 | $117.9M | Add +31.1% |
| INBX Inhibrx Biosciences Inc. | 2.11% | 1,452,707 | $114.8M | Add +9.4% |
| EWTX Edgewise Therapeutics Inc. | 2.03% | 4,457,974 | $110.6M | Add +17.4% |
| IMTX Immatics NV | 2.00% | 10,383,456 | $109.0M | Add +10.7% |
| SYRE Spyre Therapeutics Inc. | 1.85% | 3,069,225 | $100.5M | Add +149.6% |
| AMLX Amylyx Pharmaceuticals Inc. | 1.84% | 8,284,882 | $100.1M | Reduce -7.5% |
| ACLX Arcellx Inc. | 1.76% | 1,466,071 | $95.6M | Reduce -40.6% |
| VRDN Viridian Therapeutics Inc. | 1.74% | 3,042,703 | $94.7M | Add +108.1% |
| BSX Boston Scientific Corp. | 1.71% | 979,000 | $93.3M | Add +215.8% |
| FOLD Amicus Therapeutics Inc. | 1.67% | 6,370,851 | $90.7M | No change |
| ZYME Zymeworks Inc. | 1.58% | 3,261,850 | $85.9M | Add +56.0% |
| ATXS Astria Therapeutics Inc. | 1.56% | 6,485,420 | $84.9M | No change |
| MGTX Meiragtx Holdings PLC | 1.51% | 10,326,103 | $82.1M | Reduce -18.2% |
| AORT Artivion Inc. | 1.44% | 1,722,290 | $78.6M | Reduce -14.7% |
| CNTA Centessa Pharmaceuticals Ltd. | 1.34% | 2,917,634 | $73.0M | Reduce -5.9% |
| DYN Dyne Therapeutics Inc. | 1.25% | 3,478,944 | $68.0M | Add +543.7% |
| NRIX Nurix Therapeutics Inc. | 1.24% | 3,555,877 | $67.5M | Add +151.1% |
| SLDB Solid Biosciences Inc. | 1.23% | 11,833,539 | $66.7M | No change |
| BLTE Belite Bio Inc. - ADR | 1.22% | 414,239 | $66.3M | Add +732.0% |
| ABVX Abivax SA-ADR | 1.14% | 458,343 | $61.8M | Add +17.9% |
| IVVD Invivyd Inc. | 0.99% | 21,785,166 | $53.8M | New |
| ENGN Engene Holdings Inc. | 0.97% | 5,869,076 | $53.0M | Add +179.8% |
| RGEN Repligen Corp. | 0.95% | 315,541 | $51.7M | Add +16.7% |
| IMVT Immunovant Inc. | 0.93% | 1,994,890 | $50.7M | Add +25.6% |
| ISRG Intuitive Surgical Inc. | 0.91% | 87,919 | $49.8M | Add +68.7% |
| SION Sionna Therapeutics Inc. | 0.89% | 1,179,098 | $48.5M | No change |
| NBIX Neurocrine Biosciences Inc. | 0.86% | 331,050 | $47.0M | Reduce -26.4% |
| DHR Danaher Corp. | 0.84% | 200,000 | $45.8M | New |
| ORKA Oruka Therapeutics Inc. | 0.82% | 1,476,501 | $44.8M | Add +16.4% |
| CTMX Cytomx Therapeutics Inc. | 0.76% | 9,680,185 | $41.2M | No change |
| OMDA Omada Health Inc. | 0.69% | 2,396,330 | $37.8M | No change |
| CDTX Cidara Therapeutics Inc. | 0.67% | 165,131 | $36.5M | New |
| IRON Disc Medicine Inc. | 0.66% | 450,743 | $35.8M | New |
| DRUG Bright Minds Biosciences Inc. | 0.64% | 449,290 | $35.1M | No change |
| PEN Penumbra Inc. | 0.63% | 110,529 | $34.4M | Reduce -49.9% |
| ANRO Alto Neuroscience Inc. | 0.58% | 1,784,393 | $31.8M | Add +1048.5% |
| CAI Caris Life Sciences Inc. | 0.56% | 1,136,206 | $30.7M | Add +3.5% |
| JAZZ Jazz Pharmaceuticals PLC | 0.53% | 170,000 | $28.9M | New |
| PALI Palisade Bio Inc. | 0.52% | 12,050,000 | $28.3M | New |
| RAPT Rapt Therapeutics Inc. | 0.51% | 825,890 | $28.0M | Add +349.1% |
| PVLA Palvella Therapeutics Inc. | 0.51% | 266,287 | $27.9M | Reduce -32.6% |
| AXSM Axsome Therapeutics Inc. | 0.50% | 148,900 | $27.2M | No change |
| AXGN Axogen Inc. | 0.47% | 784,140 | $25.7M | New |
| XFOR X4 Pharmaceuticals Inc. | 0.46% | 6,314,452 | $25.3M | New |
| BCRX Biocryst Pharmaceuticals Inc. | 0.45% | 3,162,529 | $24.7M | New |
| NAUT Nautilus Biotechnology Inc. | 0.45% | 12,594,211 | $24.6M | No change |
| KOD Kodiak Sciences Inc. | 0.44% | 848,900 | $23.7M | Add +33.8% |
| BIIB Biogen Inc. | 0.40% | 124,000 | $21.8M | New |
| ALDX Aldeyra Therapeutics Inc. | 0.40% | 4,185,632 | $21.7M | Reduce -19.9% |
| OBIO Orchestra Biomed Holdings Inc. | 0.39% | 5,127,256 | $21.3M | Reduce -3.1% |
| MIRM Mirum Pharmaceuticals Inc. | 0.38% | 259,545 | $20.5M | New |
| RAPP Rapport Therapeutics Inc. | 0.38% | 673,923 | $20.4M | Add +66.8% |
| GRAL Grail Inc. | 0.37% | 237,342 | $20.3M | New |
| IRTC Irhythm Holdings Inc. | 0.35% | 108,000 | $19.2M | Reduce -12.2% |
| BBNX Beta Bionics Inc. | 0.34% | 602,944 | $18.4M | Add +116.9% |
| CVS CVS Health Corp. | 0.32% | 220,000 | $17.5M | New |
| CTNM Contineum Therapeutics Inc. Class A | 0.31% | 1,464,592 | $16.7M | Add +105.0% |
| GH Guardant Health Inc. | 0.30% | 160,000 | $16.3M | New |
| ADMA Adma Biologics Inc. | 0.30% | 883,468 | $16.1M | Reduce -23.4% |
| RLAY Relay Therapeutics Inc. | 0.30% | 1,903,245 | $16.1M | New |
| GKOS Glaukos Corp. | 0.29% | 140,000 | $15.8M | New |
| DXCM Dexcom Inc. | 0.28% | 225,758 | $15.0M | New |
| SVRA Savara Inc. | 0.27% | 2,400,000 | $14.5M | New |
| LONA Leonabio Inc. filed as ATHIRA PHARMA INC | 0.26% | 1,859,322 | $14.1M | Add +244.1% |
| SEPN Septerna Inc. | 0.22% | 433,160 | $12.1M | Reduce -20.0% |
| IKT Inhibikase Therapeutics Inc. | 0.20% | 5,421,568 | $11.1M | No change |
| ADGM Adagio Medical Holdings Inc. | 0.19% | 9,876,576 | $10.3M | No change |
| OCS Oculis Holding AG | 0.18% | 493,827 | $9.9M | New |
| GOSS Gossamer Bio Inc. | 0.18% | 3,139,669 | $9.7M | Reduce -17.6% |
| MPLT Maplight Therapeutics Inc. | 0.18% | 550,000 | $9.7M | New |
| XENE Xenon Pharmaceuticals Inc. | 0.17% | 200,791 | $9.0M | No change |
| IRD Opus Genetics Inc. | 0.16% | 4,325,000 | $8.7M | No change |
| AVR Anteris Technologies Global | 0.15% | 1,675,476 | $8.4M | Reduce -1.7% |
| KMTS Kestra Medical Technologies | 0.14% | 285,000 | $7.6M | New |
| BLLN Billiontoone Inc. Class A | 0.11% | 72,812 | $6.0M | New |
| KYMR Kymera Therapeutics Inc. | 0.10% | 69,935 | $5.4M | Reduce -58.8% |
| PEPG Pepgen Inc. | 0.10% | 829,870 | $5.4M | No change |
| CBIO Crescent Biopharma Inc. | 0.10% | 453,686 | $5.4M | No change |
| TENX Tenax Therapeutics Inc. | 0.10% | 439,142 | $5.4M | New |
| CRVS Corvus Pharmaceuticals Inc. | 0.10% | 692,441 | $5.3M | Reduce -51.9% |
| AQST Aquestive Therapeutics Inc. | 0.09% | 747,193 | $4.8M | Reduce -80.1% |
| TNGX Tango Therapeutics Inc. | 0.08% | 513,035 | $4.5M | New |
| KRYS Krystal Biotech Inc. | 0.08% | 17,500 | $4.3M | Reduce -50.0% |
| COGT Cogent Biosciences Inc. | 0.08% | 121,082 | $4.3M | New |
| OLMA Olema Pharmaceuticals Inc. | 0.08% | 165,713 | $4.1M | New |
| SDGR Schrodinger Inc. | 0.07% | 202,400 | $3.6M | New |
| OM Outset Medical Inc. | 0.06% | 833,333 | $3.1M | No change |
| SABS Sab Biotherapeutics Inc. | 0.06% | 803,210 | $3.0M | New |
| AVTX Avalo Therapeutics Inc. | 0.05% | 139,667 | $2.5M | No change |
| CNTB Connect Biopharma Holdings L | 0.04% | 792,696 | $2.2M | New |
| IMMX Immix Biopharma Inc. | 0.03% | 338,941 | $1.8M | New |
Options reported separately and not counted above: XBI puts ($134.1M), CAPR calls ($7.0M), BHVN calls ($5.6M), TECX calls ($5.2M).
Other holdings (3): bonds, preferreds, convertibles and warrants · $14.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| CELCUITY INC (CELC 2.75 08/01/31) | NOTE 2.750% 8/0 · principal | 6,500,000 | $14.1M | No change |
| RVMDW Revolution Medicines Inc.-28 | *W EXP 12/17/202 | 250,000 | $235K | No change |
| SRZNW Surrozen Inc.-CW25 | *W EXP 08/01/203 | 166,666 | $3K | No change |
Total filed on the 13F, all lines: $5.5B.
Portfolio Sells Q3 2025 → Q4 2025
| ACLX Arcellx Inc. | Reduce -40.6% | 1.76% | −4.19 |
| MRUS Merus NV | Sold out | 0.00% | −3.74 |
| INSM Insmed Inc. | Sold out | 0.00% | −2.96 |
| ASND Ascendis Pharma A/S | Reduce -0.7% | 4.24% | −2.11 |
| AMLX Amylyx Pharmaceuticals Inc. | Reduce -7.5% | 1.84% | −1.73 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −1.64 |
| AKRO Akero Therapeutics Inc. | Sold out | 0.00% | −1.58 |
| MGTX Meiragtx Holdings PLC | Reduce -18.2% | 1.51% | −1.54 |
| AORT Artivion Inc. | Reduce -14.7% | 1.44% | −1.06 |
| PEN Penumbra Inc. | Reduce -49.9% | 0.63% | −1.01 |
| NBIX Neurocrine Biosciences Inc. | Reduce -26.4% | 0.86% | −0.99 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -5.9% | 1.34% | −0.86 |
| AQST Aquestive Therapeutics Inc. | Reduce -80.1% | 0.09% | −0.53 |
| ALDX Aldeyra Therapeutics Inc. | Reduce -19.9% | 0.40% | −0.40 |
| IRTC Irhythm Holdings Inc. | Reduce -12.2% | 0.35% | −0.27 |
| PVLA Palvella Therapeutics Inc. | Reduce -32.6% | 0.51% | −0.21 |
| CRVS Corvus Pharmaceuticals Inc. | Reduce -51.9% | 0.10% | −0.21 |
| JANX Janux Therapeutics Inc. | Sold out | 0.00% | −0.21 |
| TEM Tempus AI Inc. Class A | Sold out | 0.00% | −0.20 |
| ADMA Adma Biologics Inc. | Reduce -23.4% | 0.30% | −0.20 |
| KYMR Kymera Therapeutics Inc. | Reduce -58.8% | 0.10% | −0.18 |
| HTFL Heartflow Inc. | Sold out | 0.00% | −0.15 |
| GOSS Gossamer Bio Inc. | Reduce -17.6% | 0.18% | −0.12 |
| KRYS Krystal Biotech Inc. | Reduce -50.0% | 0.08% | −0.10 |
| SCPH Scpharmaceuticals Inc. | Sold out | 0.00% | −0.10 |
| VKTX Viking Therapeutics Inc. | Sold out | 0.00% | −0.08 |
| SEPN Septerna Inc. | Reduce -20.0% | 0.22% | −0.08 |
| PYXS Pyxis Oncology Inc. | Sold out | 0.00% | −0.08 |
| AVR Anteris Technologies Global | Reduce -1.7% | 0.15% | −0.07 |
| TRINITY BIOTECH INVT LTD | Sold out | 0.00% | −0.05 |
| LYRA Lyra Therapeutics Inc. | Sold out | 0.00% | −0.04 |
| QURE Uniqure NV | Sold out | 0.00% | −0.03 |
| APYX Apyx Medical Corp. | Sold out | 0.00% | −0.01 |
| OBIO Orchestra Biomed Holdings Inc. | Reduce -3.1% | 0.39% | +0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| PRAX Praxis Precision Medicines I | Add +27.6% | 10.81% | +8.37 |
| APGE Apogee Therapeutics Inc. | Add +72.4% | 3.23% | +1.66 |
| CELC Celcuity Inc. | Add +6.9% | 5.79% | +1.51 |
| EXAS Exact Sciences Corp. | Add +157.9% | 2.24% | +1.49 |
| SYRE Spyre Therapeutics Inc. | Add +149.6% | 1.85% | +1.24 |
| BLTE Belite Bio Inc. - ADR | Add +732.0% | 1.22% | +1.11 |
| DYN Dyne Therapeutics Inc. | Add +543.7% | 1.25% | +1.05 |
| IVVD Invivyd Inc. | New | 0.99% | +0.99 |
| NRIX Nurix Therapeutics Inc. | Add +151.1% | 1.24% | +0.86 |
| DHR Danaher Corp. | New | 0.84% | +0.84 |
| BSX Boston Scientific Corp. | Add +215.8% | 1.71% | +0.83 |
| VRDN Viridian Therapeutics Inc. | Add +108.1% | 1.74% | +0.81 |
| INBX Inhibrx Biosciences Inc. | Add +9.4% | 2.11% | +0.80 |
| CDTX Cidara Therapeutics Inc. | New | 0.67% | +0.67 |
| IRON Disc Medicine Inc. | New | 0.66% | +0.66 |
| ANRO Alto Neuroscience Inc. | Add +1048.5% | 0.58% | +0.57 |
| ENGN Engene Holdings Inc. | Add +179.8% | 0.97% | +0.55 |
| JAZZ Jazz Pharmaceuticals PLC | New | 0.53% | +0.53 |
| ZYME Zymeworks Inc. | Add +56.0% | 1.58% | +0.53 |
| PALI Palisade Bio Inc. | New | 0.52% | +0.52 |
| AXGN Axogen Inc. | New | 0.47% | +0.47 |
| XFOR X4 Pharmaceuticals Inc. | New | 0.46% | +0.46 |
| BCRX Biocryst Pharmaceuticals Inc. | New | 0.45% | +0.45 |
| BIIB Biogen Inc. | New | 0.40% | +0.40 |
| MIRM Mirum Pharmaceuticals Inc. | New | 0.38% | +0.38 |
| RAPT Rapt Therapeutics Inc. | Add +349.1% | 0.51% | +0.37 |
| GRAL Grail Inc. | New | 0.37% | +0.37 |
| TVTX Travere Therapeutics Inc. | Add +12.7% | 3.00% | +0.34 |
| CVS CVS Health Corp. | New | 0.32% | +0.32 |
| GH Guardant Health Inc. | New | 0.30% | +0.30 |
| RLAY Relay Therapeutics Inc. | New | 0.30% | +0.30 |
| GKOS Glaukos Corp. | New | 0.29% | +0.29 |
| DXCM Dexcom Inc. | New | 0.28% | +0.28 |
| SVRA Savara Inc. | New | 0.27% | +0.27 |
| ISRG Intuitive Surgical Inc. | Add +68.7% | 0.91% | +0.23 |
| EWTX Edgewise Therapeutics Inc. | Add +17.4% | 2.03% | +0.23 |
| LONA Leonabio Inc. | Add +244.1% | 0.26% | +0.19 |
| OCS Oculis Holding AG | New | 0.18% | +0.18 |
| IMVT Immunovant Inc. | Add +25.6% | 0.93% | +0.18 |
| MPLT Maplight Therapeutics Inc. | New | 0.18% | +0.18 |
| BBNX Beta Bionics Inc. | Add +116.9% | 0.34% | +0.18 |
| ABVX Abivax SA-ADR | Add +17.9% | 1.14% | +0.17 |
| PTGX Protagonist Therapeutics Inc. | Add +31.1% | 2.17% | +0.16 |
| KMTS Kestra Medical Technologies | New | 0.14% | +0.14 |
| KOD Kodiak Sciences Inc. | Add +33.8% | 0.44% | +0.13 |
| BLLN Billiontoone Inc. Class A | New | 0.11% | +0.11 |
| ORKA Oruka Therapeutics Inc. | Add +16.4% | 0.82% | +0.11 |
| TENX Tenax Therapeutics Inc. | New | 0.10% | +0.10 |
| TNGX Tango Therapeutics Inc. | New | 0.08% | +0.08 |
| COGT Cogent Biosciences Inc. | New | 0.08% | +0.08 |
Options Activity Q3 2025 → Q4 2025
| XBI SS SPDR S&P Biotech ETF | put | New | 1,100,000 | $134.1M |
| CAPR Capricor Therapeutics Inc. | call | New | 242,100 | $7.0M |
| BHVN Biohaven Ltd. | call | New | 500,000 | $5.6M |
| TECX Tectonic Therapeutic Inc. | call | New | 250,000 | $5.2M |
| SPRY Ars Pharmaceuticals Inc. | put | Sold out | 200,000 | $2.0Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025
| RYTM Rhythm Pharmaceuticals Inc. | COM · principal | Sold out | 416,666,000 | $42.1Mbefore exit |
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 |