Perceptive Advisors Portfolio holdings
Perceptive Advisors is a life sciences investment firm whose flagship Perceptive Life Sciences Fund puts most of its money into publicly traded small and mid-sized companies. Joseph Edelman, a former senior analyst at Paramount Capital's Aries Fund, a biotechnology hedge fund, founded the firm in 1999. It launched its first credit fund in 2013, and in 2019 teamed up with the biotech startup accelerator Xontogeny to launch its first venture capital fund.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
KARD
Kardigan Inc
KARD
|
+$190M |
| 2 |
Avalyn Pharma
AVLN
|
+$77.2M |
| 3 |
Tango Therapeutics
TNGX
|
+$63.5M |
| 4 |
Relay Therapeutics
RLAY
|
+$63.2M |
| 5 |
Biogen
BIIB
|
+$52.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CNTA
Centessa Pharmaceuticals
CNTA
|
+$209M |
| 2 |
Ascendis Pharma A/S
ASND
|
+$85.9M |
| 3 |
Day One Biopharmaceuticals
DAWN
|
+$37.6M |
| 4 |
Dyne Therapeutics
DYN
|
+$36.8M |
| 5 |
Abivax
ABVX
|
+$28.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 96.3% |
| 2 | Miscellaneous | 3.58% |
| 3 | Financials | 0.12% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
101
Connect Biopharma Holdings
CNTB
$50.5M
| $1.89M | 0.03% |
792,696
| – | – |
2025 Q4
2 quarters
|
|
102
Kiora Pharmaceuticals
KPRX
$6.9M
| $1.15M | 0.02% |
+438,471
| New | +$1.1M |
2026 Q2
0 quarters
|
|
103
Medline Inc
MDLN
$28.2B
| $1.1M | 0.02% |
28,000
| – | – |
2025 Q4
2 quarters
|
|
104
ADMA Biologics
ADMA
$2.56B
| $952K | 0.01% |
113,765
-353,468
| -76% | -$3.22M |
2016 Q3
39 quarters
|
|
105
Cumberland Pharmaceuticals
CPIX
$70.3M
| $628K | 0.01% |
96,982
-99,996
| -51% | -$479K |
2025 Q4
2 quarters
|
|
106
Exagen
XGN
$208M
| $534K | 0.01% |
114,893
| – | – |
2026 Q1
1 quarter
|
|
107
Ensysce Biosciences
ENSC
$8.19M
| $25.1K | ﹤0.01% |
86,666
| – | – |
2024 Q4
6 quarters
|
|
108
DELISTED
Surrozen Inc Warrant
SRZNW
| $2.75K | ﹤0.01% |
166,666
| – | – |
2021 Q3
19 quarters
|
|
109
DELISTED
Apellis Pharmaceuticals
APLS
| – | – |
-80,956
| Closed | -$3.26M | – |
|
110
Belite Bio
BLTE
$6.23B
| – | – |
-151,979
| Closed | -$24.2M | – |
|
|
CNTA
111
DELISTED
Centessa Pharmaceuticals
CNTA
| – | – |
-5,258,903
| Closed | -$209M | – |
|
|
112
DELISTED
Day One Biopharmaceuticals
DAWN
| – | – |
-1,755,799
| Closed | -$37.6M | – |
|
113
Bright Minds Biosciences
DRUG
$542M
| – | – |
-377,544
| Closed | -$27.5M | – |
|
114
Inhibikase Therapeutics
IKT
$216M
| – | – |
-2,315,000
| Closed | -$3.89M | – |
|
115
Neurocrine Biosciences
NBIX
$14.9B
| – | – |
-65,050
| Closed | -$8.57M | – |
|
116
Neumora Therapeutics
NMRA
$69M
| – | – |
-5,104,097
| Closed | -$10M | – |
|
117
CALL
Ocular Therapeutix
OCUL
$1.53B
| – | – |
-500,000
| Closed | -$4.24M | – |
|
118
Palatin Technologies
PTN
$8.9M
| – | – |
-61,945
| Closed | -$1.08M | – |
|
119
Opus Genetics
IRD
$305M
| – | – |
-1,835,842
| Closed | -$8.35M | – |
|
120
Evommune Inc
EVMN
$244M
| – | – |
-448,350
| Closed | -$10.3M | – |
|
Similar funds
Perceptive Advisors's Q2 2026 Portfolio in Review
As of Q2 2026, Perceptive Advisors held 121 positions worth $6.66B, up 30% from $5.12B the previous quarter. Its ten largest holdings account for 47% of the portfolio.
Perceptive Advisors deployed $235M of net new capital in Q2 2026, opening 27 new positions and adding to 30 existing holdings. Its largest new stake was Kardigan Inc: 8,200,662 shares worth $196M.
By sector, the portfolio is most concentrated in Healthcare at 96% of assets, down from 99% a quarter earlier, followed by Miscellaneous and Financials.
On the sell side, the largest reduction was Ascendis Pharma A/S, an estimated $85.9M trimmed.
- Perceptive Advisors's largest Q2 2026 buy was Kardigan Inc: 8,200,662 shares worth $196M.
- Perceptive Advisors added most to Tango Therapeutics in Q2 2026, an estimated $63.5M increase.
- Perceptive Advisors's biggest Q2 2026 reduction was Ascendis Pharma A/S, cutting an estimated $85.9M.
- Perceptive Advisors fully exited Centessa Pharmaceuticals in Q2 2026, selling an estimated $209M.
- Perceptive Advisors's ten largest holdings make up 47% of its $6.66B portfolio in Q2 2026.
- Perceptive Advisors opened 27 new positions and closed 12 in Q2 2026.
- Perceptive Advisors's portfolio value rose 30% quarter-over-quarter to $6.66B.
Based on Perceptive Advisors's 13F filing for Q2 2026, filed 14 Aug 2026.