UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  Form 13F-HR
                              Form 13F COVER PAGE

Report for the Calendar Year of Quarter Ended: March 31, 2013

Check here if Amendment [ ]; Amendment Number:
     This Amendment (Check only one.): [ ]  is a restatement.
                                       [ ]  adds new holdings entries.


Institutional Investment Manager Filing this Report:

Name:            Perceptive Advisors LLC
Address:         499 Park Ave, 25th Floor
                 New York, NY 10022

Form 13F File Number: 28-10438

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:    Joseph Edelman
Title:   Managing Member
Phone:   (646) 205-5342

Signature, Place, and Date of Signing:

/s/ Joseph Edelman                  New York, NY                 May 15, 2013
   [Signature]                      [City, State]                   [Date]

Report Type (Check only one.):

[ X ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.)

[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all
holdings are reported by other reporting manager(s).)

[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported by
other reporting manager(s).)





                                         Form 13F SUMMARY PAGE




Report Summary:

Number of Other Included Managers:                 0

Form 13F Information Table Entry Total:           78

Form 13F Information Table Value Total:        $832,171
                                              (thousands)




List of Other Included Managers:

{None}











                                Title
                                of                             Value    Shs or    Sh/ Put/  Investment  Other      Voting Authority
Name of Issuer                  Class              CUSIP       (x1000)  Prn Amt   Prn Call  Discretion  Managers  Sole  Shared  None
                                                                                          
ALKERMES PLC                    SHS                G01767105     1,185      50,000 SH          Sole                    50,000
COVIDIEN PLC                    SHS                G2554F113    10,617     156,500 SH          Sole                   156,500
ACELRX PHARMACEUTICALS INC      COM                00444T100    25,843   5,008,400 SH          Sole                 5,008,400
ACHILLION PHARMACEUTICALS IN    COM                00448Q201       875     100,000 SH          Sole                   100,000
AEGERION PHARMACEUTICALS INC    COM                00767E102     8,068     200,000     C       Sole                   200,000
AEGERION PHARMACEUTICALS INC    COM                00767E102   136,084   3,373,426 SH          Sole                 3,373,426
ALNYLAM PHARMACEUTICALS INC     COM                02043Q107     3,826     157,000 SH          Sole                   157,000
ANTHERA PHARMACEUTICALS INC     COM                03674U102     2,278   3,451,655 SH          Sole                 3,451,655
ASTEX PHARMACEUTICALS INC       COM                04624B103     9,345   2,092,855 SH          Sole                 2,092,855
ATHERSYS INC                    COM                04744L106     7,487   4,456,797 SH          Sole                 4,456,797
BIOGEN IDEC INC                 COM                09062X103     7,223      37,500 SH          Sole                    37,500
BIOMED REALTY TRUST INC         COM                09063H107     1,361      63,000 SH          Sole                    63,000
CAPITAL SR LIVING CORP          COM                140475104    22,294     843,500 SH          Sole                   843,500
CELGENE CORP                    COM                151020104     5,796      50,000     P       Sole                    50,000
CELGENE CORP                    COM                151020104    12,171     105,000 SH          Sole                   105,000
CELLDEX THERAPEUTICS INC NEW    COM                15117B103       579      50,000 SH          Sole                    50,000
CELSION CORPORATION             COM NEW            15117N305     1,313   1,250,000     P       Sole                 1,250,000
CELSION CORPORATION             COM NEW            15117N305       479     456,500 SH          Sole                   456,500
CEMPRA INC                      COM                15130J109     3,038     450,000 SH          Sole                   450,000
CHELSEA THERAPEUTICS INTL LT    COM                163428105    11,485   5,630,000 SH          Sole                 5,630,000
CHAMPIONS ONCOLOGY INC RSTD     COM                15870p109     1,084   1,808,244 SH          Sole                 1,808,244
COMBIMATRIX CORPORATION         *W EXP 05/01/201   20009T121         2       5,000 SH          Sole                     5,000
CONCEPTUS INC                   COM                206016107     8,736     361,733 SH          Sole                   361,733
CUTERA INC                      COM                232109108     4,906     377,350 SH          Sole                   377,350
DYAX CORP                       COM                2.67E+107     3,276     751,457 SH          Sole                   751,457
EMERITUS CORP                   COM                291005106       278      10,000 SH          Sole                    10,000
EXACT SCIENCES CORP             COM                30063P105     9,002     918,600     P       Sole                   918,600
EXACT SCIENCES CORP             COM                30063P105     1,225     125,000     C       Sole                   125,000
EXACT SCIENCES CORP             COM                30063P105    10,935   1,115,808 SH          Sole                 1,115,808
GILEAD SCIENCES INC             COM                375558103    13,517     276,200 SH          Sole                   276,200
HCA HOLDINGS INC                COM                40412C101    15,439     380,000 SH          Sole                   380,000
HEARTWARE INTL INC              COM                422368100       884      10,000 SH          Sole                    10,000
IMMUNOMEDICS INC                COM                452907108     1,781     739,144 SH          Sole                   739,144
INFINITY PHARMACEUTICALS INC    COM                45665G303    24,235     500,000     P       Sole                   500,000
INFINITY PHARMACEUTICALS INC    COM                45665G303   133,256   2,749,255 SH          Sole                 2,749,255
INTERMUNE INC                   COM                45884X103     2,715     300,000 SH          Sole                   300,000
ISIS PHARMACEUTICALS INC        COM                464330109     3,388     200,000     C       Sole                   200,000
ISIS PHARMACEUTICALS INC        COM                464330109     1,694     100,000     P       Sole                   100,000
LEXICON PHARMACEUTICALS INC     COM                528872104     6,975   3,199,500 SH          Sole                 3,199,500
LIPOSCIENCE INC                 COM                53630M108       685      65,129 SH          Sole                    65,129
MGC DIAGNOSTICS CORP            COM                552768103       973     139,264 SH          Sole                   139,264
MEDGENICS INC                   COM NEW            58436Q203       728     150,000 SH          Sole                   150,000
MEDIVATION INC                  COM                58501N101       818      17,500 SH          Sole                    17,500
MYRIAD GENETICS INC             COM                62855J104       254      10,000     P       Sole                    10,000
NPS PHARMACEUTICALS INC         COM                62936P103     3,086     302,400 SH          Sole                   302,400
NAVIDEA BIOPHARMACEUTICALS I    COM                63937X103        54      20,000     P       Sole                    20,000
NEOSTEM INC                     COM NEW            640650305     2,255   3,315,938 SH          Sole                 3,315,938
NEPTUNE TECHNOLOGIES BIORESO    COM                64077P108     8,878   3,522,920 SH          Sole                 3,522,920
NEUROCRINE BIOSCIENCES INC      COM                64125C109    53,492   4,402,637 SH          Sole                 4,402,637
NEWLINK GENETICS CORP           COM                651511107     3,681     300,000 SH          Sole                   300,000
NOVARTIS A G                    SPONSORED ADR      66987V109     7,430     104,300 SH          Sole                   104,300
PROLOR BIOTECH INC              COM                74344F106     7,040   1,391,243 SH          Sole                 1,391,243
QUESTCOR PHARMACEUTICALS INC    COM                74835Y101     3,254     100,000     C       Sole                   100,000
QUESTCOR PHARMACEUTICALS INC    COM                74835Y101    14,512     446,000 SH          Sole                   446,000
RTI BIOLOGICS INC               COM                74975N105       107      27,312 SH          Sole                    27,312
REGENERON PHARMACEUTICALS       COM                75886F107    11,466      65,000 SH          Sole                    65,000
REPROS THERAPEUTICS INC         COM NEW            76028H209     3,220     200,000     P       Sole                   200,000
REPROS THERAPEUTICS INC         COM NEW            76028H209    10,506     652,650 SH          Sole                   652,650
RIGEL PHARMACEUTICALS INC       COM NEW            766559603       680     100,000     P       Sole                   100,000
SAREPTA THERAPEUTICS INC        COM                803607100     1,848      50,000     P       Sole                    50,000
SAREPTA THERAPEUTICS INC        COM                803607100     9,237     250,000     C       Sole                   250,000
SAREPTA THERAPEUTICS INC        COM                803607100    99,269   2,686,600 SH          Sole                 2,686,600
SHIRE PLC                       SPONSORED ADR      82481R106    19,259     210,800 SH          Sole                   210,800
STEMCELLS INC                   COM NEW            85857R204       401     231,600 SH          Sole                   231,600
SUNESIS PHARMACEUTICALS INC     COM NEW            867328601       317      58,010 SH          Sole                    58,010
SUPERNUS PHARMACEUTICALS INC    COM                868459108     3,275     582,829 SH          Sole                   582,829
SYNTA PHARMACEUTICALS CORP      COM                87162T206       860     100,000     P       Sole                   100,000
SYNTA PHARMACEUTICALS CORP      COM                87162T206     8,542     993,236 SH          Sole                   993,236
TRANSGENOMIC  INC  RSTD         COM                89365K206       790   2,000,000 SH          Sole                 2,000,000
TEKMIRA PHARMACEUTICALS CORP    COM NEW            87911B209     1,517     320,000 SH          Sole                   320,000
TESARO INC                      COM                881569107     4,346     197,900 SH          Sole                   197,900
UROPLASTY INC                   COM NEW            917277204       716     287,613 SH          Sole                   287,613
VENTRUS BIOSCIENCES INC         COM                922822101     1,674     560,000 SH          Sole                   560,000
VERTEX PHARMACEUTICALS INC      COM                92532F100    10,994     200,000 SH          Sole                   200,000
VIROPHARMA INC                  COM                928241108    19,029     756,300 SH          Sole                   756,300
VIVUS INC                       COM                928551100     1,100     100,000     P       Sole                   100,000
XOMA CORP DEL                   COM                98419J107     1,020     292,250 SH          Sole                   292,250
ZIOPHARM ONCOLOGY INC           COM                98973P101       183     100,000     C       Sole                   100,000
                                                               832,171