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 Q2 2025 with 68% Healthcare concentration, 55% concentrated in top 10 holdings, and 20% allocation to VRNA.

CEOJoseph Eric Edelman

Portfolio Value: $2.7B
Positions: 82
Top Holding: VRNA at 19.55%
Last Reported: Q2 2025

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

Top Holdings

Largest long holdings in PERCEPTIVE ADVISORS LLC's portfolio (54.9% of total portfolio)

See all holdingsGthenH

Holding	Sector	Market Value	Weight	Ownership	Owned Since
1 VRNA Verona Pharma VRNA	Unknown Unknown	$520.9M	19.55%	— 5.5M shares	Q2 2023 Held for 2y 4m
2 ASND Ascendis Pharma ASND	Unknown Unknown	$166.4M	6.24%	— 963.9K shares	Q2 2025 Held for 4 months
3 Arcellx, Inc. ACLX	Biotechnology Healthcare	$163.2M	6.12%	4.50% 2.5M shares	Q2 2022 Held for 3y 4m
4 Rhythm Pharmaceuticals, Inc. RYTM	Biotechnology Healthcare	$152.8M	5.73%	3.80% 2.4M shares	Q3 2023 Held for 2y 1m
5 Nuvalent, Inc. NUVL	Biotechnology Healthcare	$104.9M	3.94%	1.92% 1.4M shares	Q3 2021 Held for 4y 1m
6 Artivion AORT	Medical - Devices Healthcare	$86.9M	3.26%	5.94% 2.8M shares	Q4 2021 Held for 3y 9m
7 MeiraGTx Holdings plc MGTX	Biotechnology Healthcare	$82.2M	3.09%	15.71% 12.6M shares	Q2 2018 Held for 7y 4m
8 Insmed INSM	Biotechnology Healthcare	$65.4M	2.46%	0.34% 650.3K shares	Q2 2024 Held for 1y 4m
9 Edgewise Therapeutics, Inc. EWTX	Biotechnology Healthcare	$60.8M	2.28%	4.41% 4.6M shares	Q4 2023 Held for 1y 10m
10 Protagonist Therapeutics PTGX	Biotechnology Healthcare	$59.4M	2.23%	1.73% 1.1M shares	Q1 2023 Held for 2y 7m

See all holdings

GthenH

Changes

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

See all changesGthenC

Market Value

$2.7B

Prior: $2.8B

Q/Q Change

-5.49%

-$154.7M

Net Flows % of MV

-30.91%

Turnover Ratio

21.31%

New Purchases

4 stocks

$79.5M

Added To

12 stocks

+$76.5M

Sold Out Of

21 stocks

$306.2M

Reduced Holdings

35 stocks

-$673.5M

Increased Positions

Position	Shares Δ	Change
1 Omada Health, Inc. Common Stock OMDA	New	0 → 2.4M +$44.4M
2 CAI CAI International CAI	New	0 → 1.1M +$29.3M
3 Corvus Pharmaceuticals CRVS	New	0 → 1.4M +$5.8M
4 SRZNW Surrozen SRZNW	New	0 → 166.7K +$3.0K
5 Nurix Therapeutics, Inc. NRIX	+268.67%	297.6K → 1.1M +$9.1M

Decreased Positions

Position	Shares Δ	Change
1 Intra-Cellular Therapies ITCI	Sold	786.4K → 0 −$103.7M
2 Iovance Biotherapeutics, Inc. IOVA	Sold	12.7M → 0 −$42.3M
3 ARGX argenx ARGX	Sold	59.5K → 0 −$35.2M
4 Vaxcyte, Inc. PCVX	Sold	706.6K → 0 −$26.7M
5 Madrigal Pharmaceuticals, Inc. MDGL	Sold	46.5K → 0 −$15.4M

See all changes

GthenC

Analytics

Portfolio insights and performance metrics for PERCEPTIVE ADVISORS LLC

View analyticsGthenA

Sector Allocation

Healthcare

67.60%

Financial Services

0.20%

Market Cap Distribution

Large Cap ($10B - $200B)

6.42%

Mid Cap ($2B - $10B)

32.08%

Small Cap ($300M - $2B)

29.27%

Micro Cap ($50M - $300M)

3.91%

Nano Cap (< $50M)

1.93%

N/A (ETF or Unknown)

26.40%

Portfolio Concentration

Top 10 Holdings %

54.89%

Top 20 Holdings %

72.05%

Top 50 Holdings %

95.05%

Top 100 Holdings %

100.0%

View analytics

GthenA