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Perceptive Advisors Portfolio holdings

AUM $5.12B
1-Year Est. Return 314.02%
This Fund
S&P 500
This Quarter Est. Return
+91.05%
1 Year Est. Return
+314.02%
3 Year Est. Return
+1,498.66%
5 Year Est. Return
+2,457.67%
10 Year Est. Return
+48,821.41%
AUM
$5.61B
AUM Growth
+$2.15B
Cap. Flow
+$788M
Cap. Flow %
14.05%
Top 10 Hldgs %
41.76%
Holding
131
New
39
Increased
33
Reduced
20
Closed
15

Top Buys

Rank Stock Value
1
PRAX icon
Praxis Precision Medicines
PRAX
+$80.3M
2
BSX icon
Boston Scientific
BSX
+$65.6M
3
APGE icon
Apogee Therapeutics
APGE
+$61.6M
4
EXAS
Exact Sciences
EXAS
+$59M
5
DYN icon
Dyne Therapeutics
DYN
+$55.6M

Top Sells

Rank Stock Value
1
MRUS
Merus
MRUS
+$127M
2
INSM icon
Insmed
INSM
+$101M
3
ACLX
Arcellx
ACLX
+$80M
4
VRNA
Verona Pharma
VRNA
+$55.9M
5
AKRO
Akero Therapeutics
AKRO
+$53.9M

Sector Composition

Rank Sector Weight
1 Healthcare 97.04%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PVLA
51
Palvella Therapeutics
PVLA
$2.26B
$27.9M 0.5%
266,287
-128,806
-33% -$11M
AXSM icon
52
Axsome Therapeutics
AXSM
$11.8B
$27.2M 0.48%
148,900
– –
AXGN icon
53
Axogen
AXGN
$2.12B
$25.7M 0.46%
+784,140
New +$19.3M
XFOR icon
54
X4 Pharmaceuticals
XFOR
$360M
$25.3M 0.45%
+6,314,452
New +$22.9M
BCRX icon
55
BioCryst Pharmaceuticals
BCRX
$2.36B
$24.7M 0.44%
+3,162,529
New +$22.9M
NAUT icon
56
Nautilus Biotechnolgy
NAUT
$221M
$24.6M 0.44%
12,594,211
– –
KOD icon
57
Kodiak Sciences
KOD
$2.67B
$23.7M 0.42%
848,900
+214,323
+34% +$4.39M
BIIB icon
58
Biogen
BIIB
$30.4B
$21.8M 0.39%
+124,000
New +$20.3M
ALDX icon
59
Aldeyra Therapeutics
ALDX
$102M
$21.7M 0.39%
4,185,632
-1,036,679
-20% -$5.33M
OBIO icon
60
Orchestra BioMed
OBIO
$220M
$21.3M 0.38%
5,127,256
-165,300
-3% -$667K
MIRM icon
61
Mirum Pharmaceuticals
MIRM
$7.25B
$20.5M 0.37%
+259,545
New +$18.6M
RAPP
62
Rapport Therapeutics
RAPP
$2.04B
$20.4M 0.36%
673,923
+270,000
+67% +$7.47M
GRAL
63
GRAIL Inc
GRAL
$3.12B
$20.3M 0.36%
+237,342
New +$20.5M
IRTC icon
64
iRhythm Holdings
IRTC
$3.64B
$19.2M 0.34%
108,000
-15,000
-12% -$2.66M
BBNX
65
Beta Bionics
BBNX
$770M
$18.4M 0.33%
602,944
+325,000
+117% +$8.68M
CVS icon
66
CVS Health
CVS
$137B
$17.5M 0.31%
+220,000
New +$17.3M
CTNM
67
Contineum Therapeutics
CTNM
$532M
$16.7M 0.3%
1,464,592
+750,000
+105% +$8.56M
GH icon
68
Guardant Health
GH
$20.7B
$16.3M 0.29%
+160,000
New +$14.3M
ADMA icon
69
ADMA Biologics
ADMA
$2.02B
$16.1M 0.29%
883,468
-270,000
-23% -$4.55M
RLAY icon
70
Relay Therapeutics
RLAY
$4.34B
$16.1M 0.29%
+1,903,245
New +$13.6M
GKOS icon
71
Glaukos
GKOS
$9.21B
$15.8M 0.28%
+140,000
New +$13.4M
DXCM icon
72
DexCom
DXCM
$29.6B
$15M 0.27%
+225,758
New +$14.6M
SVRA icon
73
Savara
SVRA
$1.13B
$14.5M 0.26%
+2,400,000
New +$11.8M
LONA
74
LeonaBio Inc
LONA
$67.8M
$14.1M 0.25%
1,859,322
+1,319,026
+244% +$6.04M
SEPN
75
Septerna Inc
SEPN
$1.51B
$12.1M 0.22%
433,160
-108,290
-20% -$2.59M
1 2
3
4 5

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Perceptive Advisors's Q4 2025 Portfolio in Review

As of Q4 2025, Perceptive Advisors held 131 positions worth $5.61B, up 62% from $3.46B the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Perceptive Advisors deployed $788M of net new capital in Q4 2025, opening 39 new positions and adding to 33 existing holdings. Its largest new stake was Invivyd: 21,785,166 shares worth $53.8M.

By sector, the portfolio is most concentrated in Healthcare at 97% of assets, down from 100% a quarter earlier.

On the sell side, the largest reduction was Arcellx, an estimated $80M trimmed.

  • Perceptive Advisors's largest Q4 2025 buy was Invivyd: 21,785,166 shares worth $53.8M.
  • Perceptive Advisors added most to Praxis Precision Medicines in Q4 2025, an estimated $80.3M increase.
  • Perceptive Advisors's biggest Q4 2025 reduction was Arcellx, cutting an estimated $80M.
  • Perceptive Advisors fully exited Merus in Q4 2025, selling an estimated $127M.
  • Perceptive Advisors's ten largest holdings make up 42% of its $5.61B portfolio in Q4 2025.
  • Perceptive Advisors opened 39 new positions and closed 15 in Q4 2025.
  • Perceptive Advisors's portfolio value rose 62% quarter-over-quarter to $5.61B.

Based on Perceptive Advisors's 13F filing for Q4 2025, filed 17 Feb 2026.