PERCEPTIVE ADVISORS LLC

Perceptive Advisors' $5.12B Q1 2026 13F is a biotech portfolio that cut legacy exposure and rebuilt around a new clinical-catalyst core. Praxis Precision Medicines became the largest position at 12.8%, while Celcuity, Ascendis Pharma, Roivant, Centessa, and Rhythm Pharmaceuticals rounded out a top six that accounts for roughly 41% of the book. The quarter's most important signal is the turnover: 15 new positions and 15 full exits, including sales of XBI, Exact Sciences, Arcellx, Boston Scientific, and Amicus. New deployments into Relay, BioCryst, Moderna, Nautilus, and Ionis show Perceptive leaning back into developmental and event-driven biotech risk rather than broad healthcare beta. The whaleScore of 74 reflects the dollar scale of a concentrated specialist fund, not diversification.