PERCEPTIVE ADVISORS LLC
Long book
$5.05B
Q1 2026
Positions
91
Top-10 weight
52%
concentration
Last quarter
+22.1%
SPY +14.8%
Turnover
43%
of book per quarter
Strategy in plain words
auto-generated from filingsPERCEPTIVE ADVISORS LLC is a diversified fundamental manager, specialised in healthcare (100% of the long book), running a $5.05B US long book across 91 positions.
The portfolio is concentrated: the top 10 names carry 52% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: PRAXIS PRECISION MEDICINES I, CELCUITY INC, The Bank of New York Mellon Corporation, ROIVANT SCIENCES LTD, CENTESSA PHARMACEUTICALS-ADR.
Over the last 9 quarters its long book ran on average 2.7pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-16.7%
Q2 2024
+17.0%
Q3 2024
-13.5%
Q4 2024
-20.9%
Q1 2025
+1.3%
Q2 2025
+32.0%
Q3 2025
+42.4%
Q4 2025
+1.0%
Q1 2026
+22.1%
Sector allocation
Healthcare 99%
Other 1%
Long book by quarter
What does PERCEPTIVE ADVISORS own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| PRAX PRAXIS PRECISION MEDICINES I | Healthcare | 2.0M | $656.0M | 13.0% | +2.0% |
| CELC CELCUITY INC | Healthcare | 3.1M | $356.9M | 7.1% | -1.0% |
| ROIV ROIVANT SCIENCES LTD | Healthcare | 8.3M | $229.5M | 4.5% | +3.8% |
| RYTM RHYTHM PHARMACEUTICALS INC | Healthcare | 2.4M | $206.4M | 4.1% | -6.8% |
| SYRE SPYRE THERAPEUTICS INC | Healthcare | 3.8M | $190.8M | 3.8% | +23.3% |
| NUVL NUVALENT INC-A | Healthcare | 1.6M | $161.9M | 3.2% | -5.1% |
| EWTX EDGEWISE THERAPEUTICS INC | Healthcare | 4.4M | $139.4M | 2.8% | -0.8% |
| PTGX PROTAGONIST THERAPEUTICS INC | Healthcare | 1.2M | $129.7M | 2.6% | -8.9% |
| APGE APOGEE THERAPEUTICS INC | Healthcare | 1.5M | $129.7M | 2.6% | -33.9% |
| TVTX TRAVERE THERAPEUTICS INC | Healthcare | 4.1M | $123.1M | 2.4% | -3.2% |
| AMLX AMYLYX PHARMACEUTICALS INC | Healthcare | 8.3M | $115.2M | 2.3% | Held |
| IMTX IMMATICS NV | Healthcare | 10.4M | $102.2M | 2.0% | Held |
| RLAY RELAY THERAPEUTICS INC | Healthcare | 9.8M | $97.0M | 1.9% | +412.3% |
| INBX INHIBRX BIOSCIENCES INC | Healthcare | 1.4M | $97.0M | 1.9% | -0.7% |
| MGTX MEIRAGTX HOLDINGS PLC | Healthcare | 10.3M | $89.3M | 1.8% | Held |
| ZYME ZYMEWORKS INC | Healthcare | 3.5M | $87.9M | 1.7% | +7.6% |
| SLDB SOLID BIOSCIENCES INC | Healthcare | 11.9M | $85.7M | 1.7% | +0.6% |
| DYN DYNE THERAPEUTICS INC | Healthcare | 4.7M | $84.6M | 1.7% | +34.2% |
| BCRX BIOCRYST PHARMACEUTICALS INC | Healthcare | 7.4M | $70.8M | 1.4% | +135.1% |
| ORKA ORUKA THERAPEUTICS INC | Healthcare | 1.4M | $68.4M | 1.4% | -5.5% |
| AORT ARTIVION INC | Healthcare | 1.6M | $60.0M | 1.2% | -4.9% |
| NRIX NURIX THERAPEUTICS INC | Healthcare | 3.7M | $57.5M | 1.1% | +4.4% |
| NAUT NAUTILUS BIOTECHNOLOGY INC | Healthcare | 12.6M | $48.9M | 1.0% | Held |
| CTMX CYTOMX THERAPEUTICS INC | Healthcare | 10.1M | $47.5M | 0.9% | +4.3% |
| ANRO ALTO NEUROSCIENCE INC | Healthcare | 2.0M | $45.2M | 0.9% | +12.6% |
| ENGN enGene Therapeutics Inc | Healthcare | 5.8M | $39.7M | 0.8% | -0.7% |
| IMVT IMMUNOVANT INC | Healthcare | 1.6M | $39.7M | 0.8% | -19.9% |
| ISRG INTUITIVE SURGICAL INC | Healthcare | 85.4K | $39.4M | 0.8% | -2.8% |
| IONS IONIS PHARMACEUTICALS INC | Healthcare | 504.0K | $37.8M | 0.7% | New |
| DAWNGBX DAY ONE BIOPHARMACEUTICALS I | — | 1.8M | $37.6M | 0.7% | New |
| CRVS CORVUS PHARMACEUTICALS INC | Healthcare | 2.3M | $33.5M | 0.7% | +231.1% |
| RGEN REPLIGEN CORP | Healthcare | 280.5K | $33.1M | 0.7% | -11.1% |
| JAZZ JAZZ PHARMACEUTICALS PLC | Healthcare | 170.0K | $32.1M | 0.6% | Held |
| DMRA DAMORA THERAPEUTICS INC | Healthcare | 1.2M | $31.7M | 0.6% | New |
| XFOR X4 PHARMACEUTICALS INC | Healthcare | 6.7M | $27.8M | 0.6% | +6.7% |
| GH GUARDANT HEALTH INC | Healthcare | 300.0K | $27.7M | 0.5% | +87.5% |
| DRUG BRIGHT MINDS BIOSCIENCES INC | Healthcare | 377.5K | $27.5M | 0.5% | -16.0% |
| IVVD INVIVYD INC | Healthcare | 20.9M | $27.1M | 0.5% | -4.2% |
| SION SIONNA THERAPEUTICS INC | Healthcare | 658.4K | $26.4M | 0.5% | -44.2% |
| AXSM AXSOME THERAPEUTICS INC | Healthcare | 149.9K | $25.3M | 0.5% | +0.7% |
| RVMD REVOLUTION MEDICINES INC | Healthcare | 258.6K | $25.1M | 0.5% | New |
| SABS SAB BIOTHERAPEUTICS INC | Healthcare | 6.4M | $24.6M | 0.5% | +700.8% |
| TENX TENAX THERAPEUTICS INC | Healthcare | 1.4M | $23.2M | 0.5% | +229.7% |
| AXGN AXOGEN INC | Healthcare | 697.3K | $23.1M | 0.5% | -11.1% |
| VRDN VIRIDIAN THERAPEUTICS INC | Healthcare | 1.2M | $22.9M | 0.5% | -61.5% |
| OBIO ORCHESTRA BIOMED HOLDINGS IN | Healthcare | 5.0M | $21.4M | 0.4% | -1.7% |
| RAPP RAPPORT THERAPEUTICS INC | Healthcare | 673.9K | $21.1M | 0.4% | Held |
| LONA LEONABIO INC | Healthcare | 1.9M | $19.1M | 0.4% | Held |
| AVR ANTERIS TECHNOLOGIES GLOBAL | Healthcare | 3.4M | $19.0M | 0.4% | +104.4% |
| STRO SUTRO BIOPHARMA INC | Healthcare | 715.3K | $17.8M | 0.4% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR/ARESTATEMENT | May 29, 2026 | 94 | $5.12B | canonical | SEC ↗ |
| Q1 2026 | 13F-HR | May 15, 2026 | 94 | $5.11B | SEC ↗ | |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 116 | $5.61B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 93 | $3.46B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 85 | $2.70B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR/ARESTATEMENT | Aug 6, 2025 | 87 | $2.83B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 87 | $2.84B | SEC ↗ | |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 99 | $3.63B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 108 | $4.73B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR/ARESTATEMENT | Aug 16, 2024 | 110 | $4.15B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 111 | $4.20B | SEC ↗ | |
| Q1 2024 | 13F-HR/ARESTATEMENT | Aug 6, 2024 | 112 | $5.72B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 112 | $5.76B | SEC ↗ |