Cormorant Asset Management, LP
BOSTON, MA
$2.0bn in 50 US stocks at the end of 30 June 2026. The top 10 are 59.2% of the money. It changed about 20.6% of the portfolio this quarter.
Value
$2.0bn
Stocks
50
Top 10 share
59.2%
Turnover
20.6%
What changed this quarter
New
Bought for the first time this quarter.
- Parabilis MedicinesPBLS6.5% of the fund
- Climb BioCLYM1.4% of the fund
- Spyre TherapeuticsSYRE1.0% of the fund
- Definium TherapeuticsDFTX1.0% of the fund
- Ascendis Pharma A/SASND0.7% of the fund
- Kailera TherapeuticsKLRA0.6% of the fund
- Enliven TherapeuticsELVN0.4% of the fund
- iBioIBIO0.3% of the fund
- Research Alliance Corp IIIRACC0.2% of the fund
- AltimmuneALT0.2% of the fund
- Odyssey TherapeuticsODTX0.2% of the fund
- Boundless BioBOLD0.1% of the fund
- Quince TherapeuticsQNCX<0.1% of the fund
Added
Bought more of a stock they already held.
- ErascaERAS5.6% of the fund+3%
- Adlai NortyeANL2.3% of the fund+37%
- BiohavenBHVN2.0% of the fund+48%
- Faeth TherapeuticsFTH0.4% of the fund+236%
Cut
Sold some of their stake.
- Praxis Precision MedicinesPRAX11.0% of the fund-28%
- Rapport TherapeuticsRAPP5.7% of the fund-10%
- Edgewise TherapeuticsEWTX5.2% of the fund-23%
- EyePointEYPT5.1% of the fund-15%
- AlumisALMS4.7% of the fund-17%
- Abivax SAABVX4.6% of the fund-11%
- Dianthus TherapeuticsDNTH3.7% of the fund-21%
- Bright Minds BiosciencesDRUG3.2% of the fund-15%
- MoonLake ImmunotherapeuticsMLTX3.2% of the fund-28%
- BioAge LabsBIOA3.0% of the fund-17%
- BridgeBio PharmaBBIO2.1% of the fund-35%
- Tango TherapeuticsTNGX2.1% of the fund-9%
- MBX BiosciencesMBX1.6% of the fund-51%
- Olema PharmaceuticalsOLMA1.4% of the fund-45%
- Damora Therapeutics1.3% of the fund-34%
- PharvarisPHVS1.3% of the fund-25%
- NewAmsterdam PharmaNAMS0.9% of the fund-47%
- Roivant SciencesROIV0.9% of the fund-37%
- Cabaletta BioCABA0.8% of the fund-9%
- InsmedINSM0.4% of the fund-61%
- Tarsus PharmaceuticalsTARS0.3% of the fund-56%
- Crinetics PharmaceuticalsCRNX0.2% of the fund-50%
- Arcutis BiotherapeuticsARQT0.2% of the fund-61%
- Arrowhead PharmaceuticalsARWR0.2% of the fund-50%
- Structure TherapeuticsGPCR0.2% of the fund-57%
Sold out
Sold their entire stake.
- Centessa Pharmaceuticals-100%
- Maze TherapeuticsMAZE-100%
- Ascendis Pharma A/SASND-100%
- Terns Pharmaceuticals-100%
- Zura BioZURA-100%
- Axsome TherapeuticsAXSM-100%
- Monte Rosa TherapeuticsGLUE-100%
- RallybioRLYB-100%
- Context TherapeuticsCNTX-100%
Holdings
- Parabilis MedicinesPBLS
- Share
- 6.5%
- Value
- $126m
- Shares
- 4,615,612
New
- Abivax SAABVX
- Share
- 4.6%
- Value
- $90m
- Shares
- 675,000
-11%
- Bright Minds BiosciencesDRUG
- Share
- 3.2%
- Value
- $63m
- Shares
- 900,000
-15%
- Adlai NortyeANL
- Share
- 2.3%
- Value
- $46m
- Shares
- 3,978,229
+37%
- Damora Therapeutics
- Share
- 1.3%
- Value
- $26m
- Shares
- 1,000,000
-34%
- Helix Acquisition Corp. IIIHLXC
- Share
- 0.7%
- Value
- $14m
- Shares
- 1,297,500
Held
- Kailera TherapeuticsKLRA
- Share
- 0.6%
- Value
- $12m
- Shares
- 550,000
New
- Crinetics PharmaceuticalsCRNX
- Share
- 0.2%
- Value
- $5m
- Shares
- 125,000
-50%
- Structure TherapeuticsGPCR
- Share
- 0.2%
- Value
- $4m
- Shares
- 75,000
-57%
- Research Alliance Corp IIIRACC
- Share
- 0.2%
- Value
- $4m
- Shares
- 370,000
New
- Odyssey TherapeuticsODTX
- Share
- 0.2%
- Value
- $3m
- Shares
- 175,000
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Praxis Precision MedicinesPRAX | 11.0% | $214m | 640,000 | -28% |
| BridgeBio Oncology TherapeuticsBBOT | 7.0% | $136m | 17,878,594 | Held |
| Parabilis MedicinesPBLS | 6.5% | $126m | 4,615,612 | New |
| Rapport TherapeuticsRAPP | 5.7% | $111m | 2,657,521 | -10% |
| ErascaERAS | 5.6% | $110m | 6,000,000 | +3% |
| Edgewise TherapeuticsEWTX | 5.2% | $102m | 2,510,000 | -23% |
| EyePointEYPT | 5.1% | $100m | 7,000,000 | -15% |
| AlumisALMS | 4.7% | $92m | 3,285,596 | -17% |
| Abivax SAABVX | 4.6% | $90m | 675,000 | -11% |
| Dianthus TherapeuticsDNTH | 3.7% | $73m | 750,000 | -21% |
| Bright Minds BiosciencesDRUG | 3.2% | $63m | 900,000 | -15% |
| MoonLake ImmunotherapeuticsMLTX | 3.2% | $62m | 3,205,433 | -28% |
| BioAge LabsBIOA | 3.0% | $59m | 2,390,605 | -17% |
| Oruka TherapeuticsORKA | 2.6% | $51m | 533,340 | Held |
| Adlai NortyeANL | 2.3% | $46m | 3,978,229 | +37% |
| BridgeBio PharmaBBIO | 2.1% | $41m | 550,000 | -35% |
| Tango TherapeuticsTNGX | 2.1% | $41m | 1,300,000 | -9% |
| BiohavenBHVN | 2.0% | $39m | 2,610,000 | +48% |
| AgomAb Therapeutics NVAGMB | 1.6% | $32m | 2,465,348 | Held |
| MBX BiosciencesMBX | 1.6% | $30m | 550,000 | -51% |
| Climb BioCLYM | 1.4% | $27m | 2,106,000 | New |
| Olema PharmaceuticalsOLMA | 1.4% | $27m | 2,150,000 | -45% |
| Damora Therapeutics | 1.3% | $26m | 1,000,000 | -34% |
| PharvarisPHVS | 1.3% | $26m | 750,000 | -25% |
| Corbus Pharmaceuticals HoldingsCRBP | 1.1% | $22m | 2,344,971 | Held |
| Spyre TherapeuticsSYRE | 1.0% | $20m | 225,000 | New |
| Definium TherapeuticsDFTX | 1.0% | $19m | 400,000 | New |
| NewAmsterdam PharmaNAMS | 0.9% | $17m | 500,000 | -47% |
| Roivant SciencesROIV | 0.9% | $17m | 475,000 | -37% |
| Cabaletta BioCABA | 0.8% | $16m | 5,000,000 | -9% |
| Helix Acquisition Corp. IIIHLXC | 0.7% | $14m | 1,297,500 | Held |
| Ascendis Pharma A/SASND | 0.7% | $13m | 50,000 | New |
| Kailera TherapeuticsKLRA | 0.6% | $12m | 550,000 | New |
| InsmedINSM | 0.4% | $8m | 75,000 | -61% |
| Faeth TherapeuticsFTH | 0.4% | $8m | 1,028,242 | +236% |
| Enliven TherapeuticsELVN | 0.4% | $8m | 150,000 | New |
| Tarsus PharmaceuticalsTARS | 0.3% | $6m | 100,000 | -56% |
| iBioIBIO | 0.3% | $6m | 3,570,000 | New |
| Crinetics PharmaceuticalsCRNX | 0.2% | $5m | 125,000 | -50% |
| Arcutis BiotherapeuticsARQT | 0.2% | $5m | 175,000 | -61% |
| Arrowhead PharmaceuticalsARWR | 0.2% | $4m | 50,000 | -50% |
| Structure TherapeuticsGPCR | 0.2% | $4m | 75,000 | -57% |
| Research Alliance Corp IIIRACC | 0.2% | $4m | 370,000 | New |
| Cogent BiosciencesCOGT | 0.2% | $4m | 100,000 | -50% |
| AltimmuneALT | 0.2% | $4m | 1,250,000 | New |
| Amylyx PharmaceuticalsAMLX | 0.2% | $4m | 200,000 | -43% |
| Odyssey TherapeuticsODTX | 0.2% | $3m | 175,000 | New |
| VaxcytePCVX | 0.1% | $3m | 50,000 | -50% |
| Boundless BioBOLD | 0.1% | $3m | 1,000,000 | New |
| Quince TherapeuticsQNCX | <0.1% | $100,009 | 5,498 | New |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 45.4% since 30 June 2025.
Where the money is
Health care90.8%
Financial services0.7%
Other8.5%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.