Cormorant Asset Management, LP
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| PRAXIS PRECISION MEDICINES I | PRAX | $214.3M | 640,000 | -3.35pp | 11q | -27.7%-$82.2M | |
| BRIDGEBIO ONCOLOGY THERAPEUT | BBOT | $136.2M | 17,878,594 | -1.06pp | 4q | HELD | |
| PARABILIS MEDICINES INC | PBLS | $126.3M | 4,615,612 | - | new | NEW | |
| RAPPORT THERAPEUTICS INC | RAPP | $110.7M | 2,657,521 | +1.03pp | 9q | -10.1%-$12.5M | |
| ERASCA INC | ERAS | $109.9M | 6,000,000 | +0.92pp | 2q | +3.4%+$3.7M | |
| EDGEWISE THERAPEUTICS INC | EWTX | $102.0M | 2,510,000 | +0.07pp | 22q | -23.0%-$30.5M | |
| EYEPOINT INC | EYPT | $100.1M | 7,000,000 | -0.22pp | 14q | -15.3%-$18.1M | |
| ALUMIS INC | ALMS | $92.5M | 3,285,596 | +0.37pp | 9q | -16.8%-$18.7M | |
| ABIVAX SA | ABVX | $90.0M | 675,000 | +0.36pp | 11q | -11.2%-$11.3M | |
| DIANTHUS THERAPEUTICS INC | DNTH | $73.1M | 750,000 | -0.26pp | 2q | -21.1%-$19.5M | |
| BRIGHT MINDS BIOSCIENCES INC | DRUG | $63.2M | 900,000 | -0.64pp | 7q | -15.0%-$11.2M | |
| MOONLAKE IMMUNOTHERAPEUTICS | MLTX | $62.4M | 3,205,433 | -1.00pp | 17q | -28.5%-$24.8M | |
| BIOAGE LABS INC | BIOA | $58.6M | 2,390,605 | +0.46pp | 8q | -17.3%-$12.3M | |
| ORUKA THERAPEUTICS INC | ORKA | $50.8M | 533,340 | +1.29pp | 4q | HELD | |
| ADLAI NORTYE LTD | ANL | $45.7M | 3,978,229 | +1.34pp | 2q | +37.3%+$12.4M | |
| BRIDGEBIO PHARMA INC | BBIO | $41.0M | 550,000 | -1.07pp | 29q | -35.3%-$22.3M | |
| TANGO THERAPEUTICS INC | TNGX | $40.6M | 1,300,000 | +0.59pp | 2q | -8.8%-$3.9M | |
| BIOHAVEN LTD | BHVN | $38.8M | 2,610,000 | +1.24pp | 15q | +48.3%+$12.6M | |
| AGOMAB THERAPEUTICS NV | AGMB | $32.0M | 2,465,348 | +0.34pp | 2q | HELD | |
| MBX BIOSCIENCES INC | MBX | $30.4M | 550,000 | -0.12pp | 8q | -50.9%-$31.5M | |
| CLIMB BIO INC | CLYM | $27.5M | 2,106,000 | - | new | NEW | |
| OLEMA PHARMACEUTICALS INC | OLMA | $26.9M | 2,150,000 | -1.92pp | 3q | -44.9%-$21.9M | |
| DAMORA THERAPEUTICS INC | DMRA | $26.0M | 1,000,000 | -0.65pp | 2q | -34.4%-$13.7M | |
| PHARVARIS N V | PHVS | $25.9M | 750,000 | -0.09pp | 22q | -25.0%-$8.6M | |
| CORBUS PHARMACEUTICALS HLDGS | CRBP | $22.0M | 2,344,971 | +0.02pp | 10q | HELD | |
| SPYRE THERAPEUTICS INC | SYRE | $20.0M | 225,000 | - | new | NEW | |
| DEFINIUM THERAPEUTICS INC | DFTX | $18.8M | 400,000 | - | new | NEW | |
| NEWAMSTERDAM PHARMA COMPANY | NAMS | $16.9M | 500,000 | -0.66pp | 10q | -47.4%-$15.3M | |
| ROIVANT SCIENCES LTD | ROIV | $16.8M | 475,000 | -0.18pp | 2q | -36.7%-$9.7M | |
| CABALETTA BIO INC | CABA | $15.6M | 5,000,000 | +0.05pp | 5q | -9.1%-$1.6M | |
| HELIX ACQUISITION CORP III | HLXC | $13.8M | 1,297,500 | +0.05pp | 2q | HELD | |
| ASCENDIS PHARMA A/S | ASND | $13.3M | 50,000 | - | new | NEW | |
| KAILERA THERAPEUTICS INC | KLRA | $12.1M | 550,000 | - | new | NEW | |
| INSMED INC | INSM | $8.0M | 75,000 | -1.15pp | 12q | -60.5%-$12.3M | |
| FAETH THERAPEUTICS INC | FTH | $7.7M | 1,028,242 | -0.09pp | 2q | +235.8%+$5.4M | |
| ENLIVEN THERAPEUTICS INC | ELVN | $7.6M | 150,000 | - | new | NEW | |
| TARSUS PHARMACEUTICALS INC | TARS | $6.3M | 100,000 | -0.47pp | 23q | -55.6%-$7.9M | |
| IBIO INC | IBIO | $6.2M | 3,570,000 | - | new | NEW | |
| CRINETICS PHARMACEUTICALS IN | CRNX | $4.7M | 125,000 | -0.22pp | 12q | -50.0%-$4.7M | |
| ARCUTIS BIOTHERAPEUTICS INC | ARQT | $4.6M | 175,000 | -0.30pp | 10q | -61.1%-$7.2M | |
| ARROWHEAD PHARMACEUTICALS IN | ARWR | $4.1M | 50,000 | -0.11pp | 2q | -50.0%-$4.1M | |
| STRUCTURE THERAPEUTICS INC | GPCR | $4.0M | 75,000 | -0.22pp | 2q | -57.1%-$5.4M | |
| RESEARCH ALLIANCE CORP III | RACC | $4.0M | 370,000 | - | new | NEW | |
| COGENT BIOSCIENCES INC | COGT | $3.9M | 100,000 | -0.19pp | 3q | -50.0%-$3.9M | |
| ALTIMMUNE INC | ALT | $3.8M | 1,250,000 | - | new | NEW | |
| AMYLYX PHARMACEUTICALS INC | AMLX | $3.6M | 200,000 | -0.06pp | 4q | -42.9%-$2.7M | |
| ODYSSEY THERAPEUTICS INC | ODTX | $3.3M | 175,000 | - | new | NEW | |
| VAXCYTE INC | PCVX | $2.9M | 50,000 | -0.14pp | 15q | -50.0%-$2.9M | |
| BOUNDLESS BIO INC | BOLD | $2.5M | 1,000,000 | - | new | NEW | |
| QUINCE THERAPEUTICS INC | $100.0K | 5,498 | - | new | NEW |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Biotech & Pharma | $1.8B | 91.8% |
| Other sectors | $13.8M | 0.7% |
| Not classified | $145.8M | 7.5% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $2.0B | 50 | 13 | 4 | 28 | 9 | 59.2% | 45 |
| Q1 2026 | $2.0B | 46 | 17 | 6 | 17 | 6 | 59.1% | 45 |
| Q4 2025 | $2.2B | 35 | 6 | 3 | 22 | 7 | 69.4% | 48 |
| Q3 2025 | $1.4B | 36 | 3 | 3 | 12 | 9 | 67.3% | 45 |
| Q2 2025 | $1.3B | 42 | 3 | 4 | 16 | 3 | 68.0% | 45 |
| Q1 2025 | $1.3B | 42 | 4 | 6 | 13 | 10 | 65.5% | 45 |
| Q4 2024 | $1.8B | 48 | 8 | 7 | 11 | 5 | 65.2% | 45 |
| Q3 2024 | $1.9B | 45 | 4 | 7 | 10 | 8 | 59.0% | 45 |
| Q2 2024 | $1.7B | 49 | 10 | 11 | 11 | 18 | 58.5% | 45 |
| Q1 2024 | $2.3B | 57 | 19 | 9 | 10 | 10 | 55.4% | 45 |
| Q4 2023 | $2.1B | 48 | 11 | 11 | 12 | 12 | 62.8% | 45 |
| Q3 2023 | $1.7B | 49 | 7 | 13 | 5 | 20 | 65.1% | 45 |
| Q2 2023 | $1.8B | 62 | 10 | 13 | 6 | 20 | 61.0% | 45 |
| Q1 2023 | $1.5M | 72 | 12 | 10 | 17 | 12 | 56.1% | 45 |
| Q4 2022 | $1.5M | 72 | 7 | 11 | 22 | 8 | 50.3% | 45 |
| Q3 2022 | $1.4B | 73 | 7 | 16 | 16 | 14 | 45.4% | 45 |
| Q2 2022 | $1.3B | 80 | 9 | 14 | 14 | 6 | 45.6% | 46 |
| Q1 2022 | $1.3B | 77 | 8 | 8 | 24 | 9 | 48.9% | 46 |
| Q4 2021 | $1.7B | 78 | 8 | 9 | 33 | 18 | 50.1% | 45 |
| Q3 2021 | $2.5B | 88 | 10 | 6 | 32 | 25 | 47.3% | 46 |
| Q2 2021 | $2.9B | 103 | 15 | 6 | 66 | 31 | 43.7% | 47 |
| Q1 2021 | $4.5B | 119 | 25 | 9 | 22 | 10 | 50.5% | 47 |
| Q4 2020 | $4.2B | 104 | 24 | 9 | 48 | 10 | 44.1% | 47 |
| Q3 2020 | $2.6B | 90 | 16 | 8 | 53 | 6 | 42.0% | 47 |
| Q2 2020 | $2.6B | 80 | 14 | 6 | 48 | 3 | 42.3% | 45 |
| Q1 2020 | $2.2B | 69 | 9 | 14 | 36 | 2 | 52.5% | 45 |
| Q4 2019 | $2.5B | 62 | 10 | 7 | 27 | 19 | 53.6% | 45 |
| Q3 2019 | $1.6B | 71 | 6 | 11 | 44 | 3 | 52.3% | 45 |
| Q2 2019 | $1.7B | 68 | 12 | 10 | 37 | 8 | 48.4% | 45 |
| Q1 2019 | $1.5B | 64 | 11 | 13 | 34 | 13 | 45.1% | 45 |
| Q4 2018 | $1.2B | 66 | 0 | 0 | 0 | 0 | 49.7% | 45 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.