PERCEPTIVE ADVISORS LLC

Hedge Fund • Long/Short

PERCEPTIVE ADVISORS LLC is a Long/Short Hedge Fund based in New York, NY led by Joseph Eric Edelman, reporting $8.5B in AUM as of Q3 2025 with 82% Healthcare concentration.

CEOJoseph Eric Edelman

Portfolio Value: $3.5B
Positions: 90
Top Holding: RYTM at 8.35%
Last Reported: Q3 2025

Address51 Astor Place, 10th Flr, New York, NY, 10003, United States

Top Holdings

Largest long holdings in PERCEPTIVE ADVISORS LLC's portfolio (45% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Rhythm Pharmaceuticals, Inc. RYTM	Biotechnology Healthcare	$288.4M	8.35%	+$2.4M Bought	3.67% 2.4M shares	Q3 2023 Held for 2y 2m
2 ASND Ascendis Pharma ASND	Unknown Unknown	$216.4M	6.27%	+$24.8M Bought	— 1.1M shares	Q2 2025 Held for 5 months
3 Arcellx, Inc. ACLX	Biotechnology Healthcare	$202.7M	5.87%	-$792.0K Sold	4.45% 2.5M shares	Q2 2022 Held for 3y 5m
4 Celcuity CELC	Biotechnology Healthcare	$146.0M	4.23%	+$65.4M Bought	6.97% 3.0M shares	Q4 2023 Held for 1y 11m
5 Nuvalent, Inc. NUVL	Biotechnology Healthcare	$135.1M	3.91%	+$16.2M Bought	2.17% 1.6M shares	Q3 2021 Held for 4y 2m
6 Merus N.V. MRUS	Biotechnology Healthcare	$127.4M	3.69%	+$60.7M Bought	1.79% 1.4M shares	Q2 2024 Held for 1y 5m
7 Amylyx Pharmaceuticals, Inc. AMLX	Biotechnology Healthcare	$121.7M	3.52%	+$14.3M Bought	8.39% 9.0M shares	Q1 2022 Held for 3y 8m
8 Roivant Sciences ROIV	Biotechnology Healthcare	$111.5M	3.23%	+$61.1M Bought	1.08% 7.4M shares	Q2 2025 Held for 5 months
9 MeiraGTx Holdings plc MGTX	Biotechnology Healthcare	$103.8M	3.01%	—	15.69% 12.6M shares	Q2 2018 Held for 7y 5m
10 Insmed INSM	Biotechnology Healthcare	$101.1M	2.93%	+$7.5M Bought	0.33% 702.1K shares	Q2 2024 Held for 1y 5m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in PERCEPTIVE ADVISORS LLC's latest filing

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Market Value

$3.5B

Prior: $2.7B

Q/Q Change

+29.54%

+$787.3M

Net Flows % of MV

-2.83%

Turnover Ratio

23.1%

New Purchases

7 stocks

$83.3M

Added To

30 stocks

+$604.2M

Sold Out Of

9 stocks

$113.4M

Reduced Holdings

20 stocks

-$671.9M

Increased Positions

Position	Shares Δ	Change
1 ABVX Abivax ABVX	New	0 → 388.6K +$33.0M
2 Palvella Therapeutics PVLA	New	0 → 395.1K +$24.8M
3 Gossamer Bio, Inc. GOSS	New	0 → 3.8M +$10.0M
4 Krystal Biotech, Inc. KRYS	New	0 → 35.0K +$6.2M
5 HTFL Heartflow, Inc. Common Stock HTFL	New	0 → 150.0K +$5.0M

Decreased Positions

Position	Shares Δ	Change
1 Soleno Therapeutics SLNO	Sold	430.4K → 0 −$36.1M
2 Evolus EOLS	Sold	2.5M → 0 −$22.8M
3 Insulet PODD	Sold	60.4K → 0 −$19.0M
4 Charles River Laboratories CRL	Sold	100.0K → 0 −$15.2M
5 Ultragenyx Pharmaceutical RARE	Sold	270.0K → 0 −$9.8M