# Cormorant Asset Management, LP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1583977. Source: https://holderbook.com/funds/1583977-cormorant-asset-management-lp/

- Reported value: $2.0B
- Positions: 50
- Weight of the ten largest: 59.2%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| PRAXIS PRECISION MEDICINES I | [PRAX](https://holderbook.com/stocks/PRAX/) | $214.3M | 640,000 | 11.0% | 11 |
| BRIDGEBIO ONCOLOGY THERAPEUT | [BBOT](https://holderbook.com/stocks/BBOT/) | $136.2M | 17,878,594 | 7.0% | 4 |
| PARABILIS MEDICINES INC | [PBLS](https://holderbook.com/stocks/PBLS/) | $126.3M | 4,615,612 | 6.5% | 1 |
| RAPPORT THERAPEUTICS INC | [RAPP](https://holderbook.com/stocks/RAPP/) | $110.7M | 2,657,521 | 5.7% | 9 |
| ERASCA INC | [ERAS](https://holderbook.com/stocks/ERAS/) | $109.9M | 6,000,000 | 5.6% | 2 |
| EDGEWISE THERAPEUTICS INC | [EWTX](https://holderbook.com/stocks/EWTX/) | $102.0M | 2,510,000 | 5.2% | 22 |
| EYEPOINT INC | [EYPT](https://holderbook.com/stocks/EYPT/) | $100.1M | 7,000,000 | 5.1% | 14 |
| ALUMIS INC | [ALMS](https://holderbook.com/stocks/ALMS/) | $92.5M | 3,285,596 | 4.7% | 9 |
| ABIVAX SA | [ABVX](https://holderbook.com/stocks/ABVX/) | $90.0M | 675,000 | 4.6% | 11 |
| DIANTHUS THERAPEUTICS INC | [DNTH](https://holderbook.com/stocks/DNTH/) | $73.1M | 750,000 | 3.7% | 2 |
| BRIGHT MINDS BIOSCIENCES INC | [DRUG](https://holderbook.com/stocks/DRUG/) | $63.2M | 900,000 | 3.2% | 7 |
| MOONLAKE IMMUNOTHERAPEUTICS | [MLTX](https://holderbook.com/stocks/MLTX/) | $62.4M | 3,205,433 | 3.2% | 17 |
| BIOAGE LABS INC | [BIOA](https://holderbook.com/stocks/BIOA/) | $58.6M | 2,390,605 | 3.0% | 8 |
| ORUKA THERAPEUTICS INC | [ORKA](https://holderbook.com/stocks/ORKA/) | $50.8M | 533,340 | 2.6% | 4 |
| ADLAI NORTYE LTD | [ANL](https://holderbook.com/stocks/ANL/) | $45.7M | 3,978,229 | 2.3% | 2 |
| BRIDGEBIO PHARMA INC | [BBIO](https://holderbook.com/stocks/BBIO/) | $41.0M | 550,000 | 2.1% | 29 |
| TANGO THERAPEUTICS INC | [TNGX](https://holderbook.com/stocks/TNGX/) | $40.6M | 1,300,000 | 2.1% | 2 |
| BIOHAVEN LTD | [BHVN](https://holderbook.com/stocks/BHVN/) | $38.8M | 2,610,000 | 2.0% | 15 |
| AGOMAB THERAPEUTICS NV | [AGMB](https://holderbook.com/stocks/AGMB/) | $32.0M | 2,465,348 | 1.6% | 2 |
| MBX BIOSCIENCES INC | [MBX](https://holderbook.com/stocks/MBX/) | $30.4M | 550,000 | 1.6% | 8 |
| CLIMB BIO INC | [CLYM](https://holderbook.com/stocks/CLYM/) | $27.5M | 2,106,000 | 1.4% | 1 |
| OLEMA PHARMACEUTICALS INC | [OLMA](https://holderbook.com/stocks/OLMA/) | $26.9M | 2,150,000 | 1.4% | 3 |
| DAMORA THERAPEUTICS INC | [DMRA](https://holderbook.com/stocks/DMRA/) | $26.0M | 1,000,000 | 1.3% | 2 |
| PHARVARIS N V | [PHVS](https://holderbook.com/stocks/PHVS/) | $25.9M | 750,000 | 1.3% | 22 |
| CORBUS PHARMACEUTICALS HLDGS | [CRBP](https://holderbook.com/stocks/CRBP/) | $22.0M | 2,344,971 | 1.1% | 10 |
| SPYRE THERAPEUTICS INC | [SYRE](https://holderbook.com/stocks/SYRE/) | $20.0M | 225,000 | 1.0% | 1 |
| DEFINIUM THERAPEUTICS INC | [DFTX](https://holderbook.com/stocks/DFTX/) | $18.8M | 400,000 | 1.0% | 1 |
| NEWAMSTERDAM PHARMA COMPANY | [NAMS](https://holderbook.com/stocks/NAMS/) | $16.9M | 500,000 | 0.9% | 10 |
| ROIVANT SCIENCES LTD | [ROIV](https://holderbook.com/stocks/ROIV/) | $16.8M | 475,000 | 0.9% | 2 |
| CABALETTA BIO INC | [CABA](https://holderbook.com/stocks/CABA/) | $15.6M | 5,000,000 | 0.8% | 5 |
| HELIX ACQUISITION CORP III | [HLXC](https://holderbook.com/stocks/HLXC/) | $13.8M | 1,297,500 | 0.7% | 2 |
| ASCENDIS PHARMA A/S | [ASND](https://holderbook.com/stocks/ASND/) | $13.3M | 50,000 | 0.7% | 1 |
| KAILERA THERAPEUTICS INC | [KLRA](https://holderbook.com/stocks/KLRA/) | $12.1M | 550,000 | 0.6% | 1 |
| INSMED INC | [INSM](https://holderbook.com/stocks/INSM/) | $8.0M | 75,000 | 0.4% | 12 |
| FAETH THERAPEUTICS INC | [FTH](https://holderbook.com/stocks/FTH/) | $7.7M | 1,028,242 | 0.4% | 2 |
| ENLIVEN THERAPEUTICS INC | [ELVN](https://holderbook.com/stocks/ELVN/) | $7.6M | 150,000 | 0.4% | 1 |
| TARSUS PHARMACEUTICALS INC | [TARS](https://holderbook.com/stocks/TARS/) | $6.3M | 100,000 | 0.3% | 23 |
| IBIO INC | [IBIO](https://holderbook.com/stocks/IBIO/) | $6.2M | 3,570,000 | 0.3% | 1 |
| CRINETICS PHARMACEUTICALS IN | [CRNX](https://holderbook.com/stocks/CRNX/) | $4.7M | 125,000 | 0.2% | 12 |
| ARCUTIS BIOTHERAPEUTICS INC | [ARQT](https://holderbook.com/stocks/ARQT/) | $4.6M | 175,000 | 0.2% | 10 |
| ARROWHEAD PHARMACEUTICALS IN | [ARWR](https://holderbook.com/stocks/ARWR/) | $4.1M | 50,000 | 0.2% | 2 |
| STRUCTURE THERAPEUTICS INC | [GPCR](https://holderbook.com/stocks/GPCR/) | $4.0M | 75,000 | 0.2% | 2 |
| RESEARCH ALLIANCE CORP III | [RACC](https://holderbook.com/stocks/RACC/) | $4.0M | 370,000 | 0.2% | 1 |
| COGENT BIOSCIENCES INC | [COGT](https://holderbook.com/stocks/COGT/) | $3.9M | 100,000 | 0.2% | 3 |
| ALTIMMUNE INC | [ALT](https://holderbook.com/stocks/ALT/) | $3.8M | 1,250,000 | 0.2% | 1 |
| AMYLYX PHARMACEUTICALS INC | [AMLX](https://holderbook.com/stocks/AMLX/) | $3.6M | 200,000 | 0.2% | 4 |
| ODYSSEY THERAPEUTICS INC | [ODTX](https://holderbook.com/stocks/ODTX/) | $3.3M | 175,000 | 0.2% | 1 |
| VAXCYTE INC | [PCVX](https://holderbook.com/stocks/PCVX/) | $2.9M | 50,000 | 0.1% | 15 |
| BOUNDLESS BIO INC | [BOLD](https://holderbook.com/stocks/BOLD/) | $2.5M | 1,000,000 | 0.1% | 1 |
| QUINCE THERAPEUTICS INC | - | $100.0K | 5,498 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +13.3% | +14.8% | -1.5% | 97% |
| Q1 2026 | -1.9% | -4.6% | +2.8% | 100% |
| Q4 2025 | +38.8% | +2.4% | +36.4% | 99% |
| Q3 2025 | +18.0% | +7.8% | +10.1% | 97% |
| Q2 2025 | +6.7% | +10.5% | -3.8% | 99% |
| Q1 2025 | -24.3% | -4.6% | -19.8% | 100% |
| Q4 2024 | -5.5% | +2.1% | -7.6% | 95% |
| Q3 2024 | +10.4% | +5.4% | +5.0% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $2.0B | 50 |
| Q1 2026 | $2.0B | 46 |
| Q4 2025 | $2.2B | 35 |
| Q3 2025 | $1.4B | 36 |
| Q2 2025 | $1.3B | 42 |
| Q1 2025 | $1.3B | 42 |
| Q4 2024 | $1.8B | 48 |
| Q3 2024 | $1.9B | 45 |
| Q2 2024 | $1.7B | 49 |
| Q1 2024 | $2.3B | 57 |
| Q4 2023 | $2.1B | 48 |
| Q3 2023 | $1.7B | 49 |