Cormorant Asset Management, LP
CIK 1583977 · View on SEC EDGAR ↗
- Portfolio value
- $2.0B
- Positions
- 50
- As of
- June 30, 2026
#1,535 of 9,443 by 13F value · top 16.3%
Portfolio value QoQ: -2.0% 13F does not disclose cash
- Top 10 holdings weight
- 59.19%
- Top 25 holdings weight
- 89.52%
- Positions above 1%
- 26
- Effective number of positions
- 21.7
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 14.19% Est. buys $279,640,718 · sells $550,664,873
Median holding: 2.0 quarters Tracked Q4 2024–Q2 2026 · 52.6% still held
- New positions
- 13
- Increased
- 4
- Decreased
- 28
- Closed
- 9
On this page
- Performance vs S&P How this manager's 13F portfolio performed against the S&P 500.
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
- Related The person behind this filer, where we can match one.
Performance vs S&P 500
Annualized: +29.7% · S&P 500: +18.0%
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Priceable coverage: 97.7% · Options excluded: 4.1%
Sector breakdown
Healthcare
88.5%
Other/Unmapped
11.5%
Full portfolio 50 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| PRAX Praxis Precision Medicines, Inc. - Common Stock | $214,265,600 | 10.98% | 640,000 | $-71,033,645 | Down ×5 | ||
| BBOT BridgeBio Oncology Therapeutics, Inc. - Common Stock | $136,234,886 | 6.98% | 17,878,594 | $-23,778,530 | |||
| Unknown issuer (CUSIP: 698955101) | $126,329,300 | 6.47% | 4,615,612 | Up ×1 | |||
| RAPP Rapport Therapeutics, Inc. - Common Stock | $110,738,900 | 5.67% | 2,657,521 | $18,198,068 | Down ×3 | ||
| ERAS Erasca, Inc. - Common Stock | $109,920,000 | 5.63% | 6,000,000 | $16,076,000 | Up ×1 | ||
| EWTX Edgewise Therapeutics, Inc. - Common Stock | $101,981,300 | 5.23% | 2,510,000 | $-708,700 | Down ×4 | ||
| EYPT EyePoint, Inc. - Common Stock | $100,100,000 | 5.13% | 7,000,000 | $-6,435,850 | Down ×1 | ||
| ALMS Alumis Inc. - Common Stock | $92,456,671 | 4.74% | 3,285,596 | $5,454,892 | Down ×1 | ||
| ABVX Abivax SA - American Depositary Shares | $89,950,500 | 4.61% | 675,000 | $5,324,500 | Down ×4 | ||
| DNTH Dianthus Therapeutics, Inc. - Common Stock | $73,110,000 | 3.75% | 750,000 | $-6,614,000 | Down ×1 | ||
| DRUG Bright Minds Biosciences Inc. - common stock | $63,180,000 | 3.24% | 900,000 | $-14,119,383 | Down ×1 | ||
| MLTX MoonLake Immunotherapeutics - Class A Ordinary Shares | $62,409,781 | 3.20% | 3,205,433 | $-21,105,490 | Down ×1 | ||
| BIOA BioAge Labs, Inc. - Common Stock | $58,593,729 | 3.00% | 2,390,605 | $8,037,048 | Down ×1 | ||
| ORKA Oruka Therapeutics, Inc. - Common Stock | $50,757,968 | 2.60% | 533,340 | $24,597,641 | |||
| ANL Adlai Nortye Ltd. - American Depositary Shares | $45,749,634 | 2.34% | 3,978,229 | $25,696,464 | Up ×1 | ||
| BBIO BridgeBio Pharma, Inc. - Common Stock | $40,964,000 | 2.10% | 550,000 | $-22,157,000 | Down ×5 | ||
| TNGX Tango Therapeutics, Inc. - Common Stock | $40,638,000 | 2.08% | 1,300,000 | $10,827,000 | Down ×1 | ||
| BHVN Biohaven Ltd. Common Shares | $38,836,800 | 1.99% | 2,610,000 | $23,947,200 | Up ×2 | ||
| AGMB AgomAb Therapeutics NV - ADRs representing one common share. | $32,000,217 | 1.64% | 2,465,348 | $6,138,716 | |||
| MBX MBX Biosciences, Inc. - Common Stock | $30,360,000 | 1.56% | 550,000 | $-3,072,000 | Down ×1 | ||
| CLYM Climb Bio, Inc. - Common Stock | $27,462,240 | 1.41% | 2,106,000 | Up ×1 | |||
| OLMA Olema Pharmaceuticals, Inc. - Common Stock | $26,896,500 | 1.38% | 2,150,000 | $-31,252,500 | Down ×1 | ||
| GLTO Galecto, Inc. - Common Stock | $26,010,000 | 1.33% | 1,000,000 | $-13,487,500 | Down ×1 | ||
| PHVS Pharvaris N.V. - Ordinary Shares | $25,935,000 | 1.33% | 750,000 | $-2,315,000 | Down ×5 | ||
| CRBP Corbus Pharmaceuticals Holdings, Inc. - Common Stock | $21,995,828 | 1.13% | 2,344,971 | $-23,450 | |||
| SYRE Spyre Therapeutics, Inc. - Common Stock | $19,975,500 | 1.02% | 225,000 | Up ×1 | |||
| DFTX Definium Therapeutics, Inc. - Common Shares | $18,816,000 | 0.96% | 400,000 | Up ×1 | |||
| NAMS NewAmsterdam Pharma Company N.V. - Ordinary Shares | $16,945,000 | 0.87% | 500,000 | $-13,464,500 | Down ×3 | ||
| ROIV Roivant Sciences Ltd. - Common Shares | $16,810,250 | 0.86% | 475,000 | $-3,964,750 | Down ×1 | ||
| CABA Cabaletta Bio, Inc. - Common Stock | $15,550,000 | 0.80% | 5,000,000 | $755,000 | Down ×1 | ||
| HLXC Helix Acquisition Corp. III - Class A Ordinary Shares | $13,805,400 | 0.71% | 1,297,500 | $622,800 | |||
| Unknown issuer (CUSIP: K08588103) | $13,336,000 | 0.68% | 50,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 482931102) | $12,116,500 | 0.62% | 550,000 | Up ×1 | |||
| INSM Insmed Incorporated - Common Stock | $7,996,500 | 0.41% | 75,000 | $-23,072,300 | Down ×4 | ||
| SNSE Sensei Biotherapeutics, Inc. - Common Stock | $7,655,550 | 0.39% | 1,028,242 | $-1,996,567 | Up ×1 | ||
| ELVN Enliven Therapeutics, Inc. - Common Stock | $7,612,500 | 0.39% | 150,000 | ||||
| TARS Tarsus Pharmaceuticals, Inc. - Common Stock | $6,294,000 | 0.32% | 100,000 | $-9,489,750 | Down ×3 | ||
| IBIO iBio, Inc. - Common Stock | $6,247,500 | 0.32% | 3,570,000 | Up ×1 | |||
| CRNX Crinetics Pharmaceuticals, Inc. - Common Stock | $4,677,500 | 0.24% | 125,000 | $-4,402,500 | Down ×3 | ||
| ARQT Arcutis Biotherapeutics, Inc. - Common stock | $4,588,500 | 0.24% | 175,000 | $-6,013,500 | Down ×6 | ||
| ARWR Arrowhead Pharmaceuticals, Inc. - Common Stock | $4,075,500 | 0.21% | 50,000 | $-2,194,500 | Down ×1 | ||
| GPCR Structure Therapeutics Inc. - American Depositary Shares | $4,025,250 | 0.21% | 75,000 | $-4,409,750 | Down ×1 | ||
| Unknown issuer (CUSIP: G75226103) | $3,959,000 | 0.20% | 370,000 | Up ×1 | |||
| COGT Cogent Biosciences, Inc. - Common Stock | $3,870,000 | 0.20% | 100,000 | $-3,828,000 | Down ×2 | ||
| ALT Altimmune, Inc. - Common Stock | $3,800,000 | 0.19% | 1,250,000 | Up ×1 | |||
| AMLX Amylyx Pharmaceuticals, Inc. - Common Stock | $3,592,000 | 0.18% | 200,000 | $-1,273,000 | Down ×3 | ||
| Unknown issuer (CUSIP: 67613T104) | $3,274,250 | 0.17% | 175,000 | Up ×1 | |||
| PCVX Vaxcyte, Inc. - Common Stock | $2,906,500 | 0.15% | 50,000 | $-2,904,500 | Down ×3 | ||
| BOLD Boundless Bio, Inc. - Common Stock | $2,500,000 | 0.13% | 1,000,000 | Up ×1 | |||
| Unknown issuer (CUSIP: 22053A305) | $100,009 | 0.01% | 5,498 | Up ×1 | |||
| No matches | |||||||
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| Unknown issuer (CUSIP: 698955101) | $126,329,300 | 4,615,612 | 6.47% |
| CLYM | $27,462,240 | 2,106,000 | 1.41% |
| SYRE | $19,975,500 | 225,000 | 1.02% |
| DFTX | $18,816,000 | 400,000 | 0.96% |
| Unknown issuer (CUSIP: K08588103) | $13,336,000 | 50,000 | 0.68% |
| Unknown issuer (CUSIP: 482931102) | $12,116,500 | 550,000 | 0.62% |
| ELVN | $7,612,500 | 150,000 | 0.39% |
| IBIO | $6,247,500 | 3,570,000 | 0.32% |
| Unknown issuer (CUSIP: G75226103) | $3,959,000 | 370,000 | 0.20% |
| ALT | $3,800,000 | 1,250,000 | 0.19% |
| Unknown issuer (CUSIP: 67613T104) | $3,274,250 | 175,000 | 0.17% |
| BOLD | $2,500,000 | 1,000,000 | 0.13% |
| Unknown issuer (CUSIP: 22053A305) | $100,009 | 5,498 | 0.01% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| PRAX | Trimmed | -246K | -$71.0M |
| OLMA | Trimmed | -1.8M | -$31.3M |
| ANL | Bought more | +1.1M | +$25.7M |
| ORKA | Price move only | +0 | +$24.6M |
| BHVN | Bought more | +850K | +$23.9M |
| BBOT | Price move only | +0 | -$23.8M |
| INSM | Trimmed | -115K | -$23.1M |
| BBIO | Trimmed | -300K | -$22.2M |
| MLTX | Trimmed | -1.3M | -$21.1M |
| RAPP | Trimmed | -300K | +$18.2M |
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| QQQ | March 31, 2026 | 250,000 | $153,577,500 | |
| IWM | March 31, 2026 | 500,000 | $123,080,000 | No longer tracked |
| XBI | March 31, 2026 | 1,000,000 | $121,930,000 | No longer tracked |
| ACLX | Dec. 31, 2025 | 775,000 | $63,627,500 | No longer tracked |
| MRUS | Sept. 30, 2025 | 1,120,000 | $58,912,000 | No longer tracked |
| CNTA | June 30, 2026 | 1,050,000 | $41,706,000 | No longer tracked |
| ENGN | March 31, 2026 | 4,000,000 | $36,120,000 | -73.6% |
| VRNA | Sept. 30, 2025 | 350,000 | $33,103,000 | No longer tracked |
| HLXB | Sept. 30, 2025 | 2,909,000 | $30,893,580 | No longer tracked |
| CGON | Dec. 31, 2025 | 625,000 | $25,175,000 | 88.5% |
| MAZE | June 30, 2026 | 750,000 | $22,387,500 | -2.6% |
| KRRO | Dec. 31, 2025 | 465,000 | $22,268,850 | 66.5% |
| ASND | June 30, 2026 | 95,000 | $21,729,350 | -3.3% |
| MTSR | Dec. 31, 2025 | 400,000 | $20,932,000 | No longer tracked |
| SPRY | Sept. 30, 2025 | 1,100,000 | $19,195,000 | -44.5% |
| GHRS | March 31, 2026 | 1,300,000 | $16,510,000 | 105.7% |
| TERN | June 30, 2026 | 300,000 | $15,816,000 | No longer tracked |
| AVBP | March 31, 2025 | 585,462 | $15,596,708 | 58.8% |
| CRGX | Sept. 30, 2025 | 3,381,277 | $13,930,861 | No longer tracked |
| RNA | Dec. 31, 2025 | 300,000 | $13,071,000 | -81.8% |
| SEPN | March 31, 2025 | 560,000 | $12,824,000 | 612.3% |
| AARD | Sept. 30, 2025 | 800,189 | $10,818,555 | -54.3% |
| JANX | March 31, 2026 | 650,000 | $8,970,000 | 26.5% |
| ZURA | June 30, 2026 | 1,450,000 | $8,627,500 | -1.0% |
| AXSM | June 30, 2026 | 50,000 | $8,451,000 | -14.8% |
| RYTM | June 30, 2025 | 150,000 | $7,945,500 | 73.7% |
| OKUR | June 30, 2025 | 1,837,739 | $7,902,278 | 66.1% |
| IBRX | March 31, 2025 | 3,000,000 | $7,680,000 | 162.5% |
| BMEA | Dec. 31, 2025 | 3,570,872 | $7,213,161 | 10.5% |
| GLUE | June 30, 2026 | 400,000 | $6,580,000 | -38.4% |
| VYNE | March 31, 2025 | 1,394,336 | $4,671,026 | No longer tracked |
| ELVN | Dec. 31, 2025 | 200,000 | $4,094,000 | 285.5% |
| PLRX | June 30, 2025 | 3,000,000 | $4,050,000 | -3.4% |
| RLYB | June 30, 2026 | 400,000 | $3,588,000 | 4.8% |
| YMAB | March 31, 2025 | 425,000 | $3,327,750 | No longer tracked |
| URGN | March 31, 2025 | 300,000 | $3,195,000 | 318.2% |
| OMER | March 31, 2025 | 300,000 | $2,964,000 | 128.1% |
| STOK | Sept. 30, 2025 | 254,161 | $2,884,727 | 35.2% |
| KALA | Sept. 30, 2025 | 603,027 | $2,870,409 | -44.1% |
| VYNE | Sept. 30, 2025 | 1,370,938 | $2,262,048 | No longer tracked |
| VERV | March 31, 2025 | 350,000 | $1,974,000 | No longer tracked |
| CNTX | June 30, 2026 | 529,550 | $1,387,421 | -3.1% |
| ARTV | March 31, 2025 | 103,633 | $1,044,621 | 278.7% |
| RAPT | March 31, 2025 | 200,000 | $316,000 | No longer tracked |