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Perceptive Advisors LLC
Joseph Edelman · Hedge Fund · Long/Short Equity
Founded in 1999 by Joseph Edelman, Perceptive Advisors LLC is a New York-based investment firm specializing in the healthcare and biotechnology sectors. The firm manages several billion dollars in assets across various strategies, including its flagship Perceptive Life Sciences Fund. Perceptive provides capital to companies throughout their entire lifecycle, from early-stage venture and private credit to public equities, with a focus on supporting transformative medical innovations such as gene therapies, cancer immunotherapies, and treatments for rare diseases.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +199.4% |
| YTD return | +47.8% |
| Sharpe ratio | 4.62 |
| Win rate | 70% |
| AUM | $4.0B |
| Inception | Oct 1, 2025 |
| Updated | Aug 20, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $4.0B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | http://www.perceptivelife.com |
Current Holdings
Updated on Aug 20, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| PRAX | Praxis Precision Medicines Inc | 16.3% | +160.0% |
| SYRE | Spyre Therapeutics Inc. | 10.8% | +91.2% |
| ROIV | Roivant Sciences Ltd | 7.2% | +77.0% |
| CELC | Celcuity LLC | 7.2% | +37.9% |
| RYTM | Rhythm Pharmaceuticals Inc | 6.4% | +9.9% |
| TVTX | Travere Therapeutics Inc | 5.9% | +123.1% |
| APGE | Apogee Therapeutics, Inc. Common Stock | 5.2% | +124.5% |
| EWTX | Edgewise Therapeutics Inc | 4.4% | +96.7% |
| KARD | Kardigan, Inc. Common Stock | 4.4% | -16.7% |
| PTGX | Protagonist Therapeutics Inc | 4.3% | +90.3% |
| AMLX | Amylyx Pharmaceuticals Inc | 3.7% | +162.9% |
| MGTX | MeiraGTx Holdings PLC | 3.4% | +55.2% |
| INBX | Inhibrx Biosciences, Inc. | 3.3% | +66.9% |
| ORKA | Oruka Therapeutics, Inc. | 3.2% | +53.6% |
| DYN | Dyne Therapeutics Inc | 2.7% | +37.6% |
| SLDB | Solid Biosciences LLC | 2.6% | +23.3% |
| IMTX | Immatics NV | 2.5% | -10.7% |
| ZYME | Zymeworks Inc. Common Stock | 2.4% | -3.8% |
| NRIX | Nurix Therapeutics Inc | 2.2% | +13.0% |
| AVLN | Avalyn Pharma Inc. Common Stock | 1.9% | +31.2% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Aug 17, 2026 | BUY | FRNM | 0.0% → 2.9% |
| Aug 17, 2026 | SELL | DYN | 2.7% → 2.7% |
| Aug 17, 2026 | SELL | MGTX | 3.4% → 3.1% |
| Aug 17, 2026 | SELL | PRAX | 16.3% → 16.4% |
| Aug 17, 2026 | SELL | RYTM | 6.4% → 6.1% |
Investment Style Analysis
Perceptive Advisors LLC is widely recognized for employing a Long/Short Equity strategy. As of Aug 20, 2026, the firm oversees approximately $4.0B in assets under management (AUM). The portfolio demonstrates a clear preference for the Biotechnology and Other sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Aug 17, Perceptive Advisors LLC made a significant move by increasing exposure to FRNM. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Perceptive Advisors employs a fundamental, research-driven investment philosophy centered on deep scientific expertise and a multidisciplinary team of MDs, PhDs, and scientists. The firm utilizes a two-pronged strategy that evaluates biotechnology securities through the lenses of both investor perception and scientific reality, such as the likelihood of clinical trial success and FDA approval. By focusing on transformative technologies and maintaining a disciplined approach to risk, Perceptive seeks to identify undervalued assets and support innovations that have the potential to significantly improve global patient outcomes.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Perceptive Advisors LLC.
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Frequently asked questions
How is the simulated portfolio for Perceptive Advisors LLC constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Perceptive Advisors LLC's largest holding?
As of the latest filing, Perceptive Advisors LLC's top position is Praxis Precision Medicines Inc (PRAX), representing 16.3% of the portfolio. This reflects a high-conviction bet by the institution.
What is Perceptive Advisors LLC's historical performance and risk profile?
Our simulation indicates a total return of +199.4% with a win rate of 70%. Notably, the portfolio maintains a Sharpe Ratio of 4.62, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Perceptive Advisors LLC primarily invest in?
Perceptive Advisors LLC has a strong preference for the Biotechnology sector, which makes up 93.7% of their disclosed assets. The portfolio also has exposure to Other, indicating a specific thematic focus.
Is Perceptive Advisors LLC's portfolio concentrated or diversified?
Perceptive Advisors LLC runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 34.3% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Perceptive Advisors LLC performed in 2026?
Our AI-simulated model portfolio for Perceptive Advisors LLC tracks a Year-to-Date (YTD) return of +47.8%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Joseph Edelman manage Perceptive Advisors LLC directly?
Yes, Joseph Edelman serves as the key portfolio manager for Perceptive Advisors LLC, overseeing the investment strategy and final capital allocation decisions.