Cormorant Asset Management, LP

CIK

1583977

Location

BOSTON, MA

Portfolio Value

Mid $1,991,046,369

Diversification

Diversified

Filing Date

Global Rank

#1,212 / 8,622 ▲ 47 · as of Mar 2026

Top Industry

Biotechnology 96.6%

3Y Alpha vs SPY

-12.7%

Period ended 4 months ago

Filed May 15, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+35.6%

SPY

+67.9%

Annualised alpha

-8.2%

Max drawdown

−53.6%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 99% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

46 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

14.3%

−0.3 pts

Top 5

37.6%

−14.1 pts

Top 10

59.1%

−14.3 pts

HHI

516

Diversified−189

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Healthcare	99.3%	$1,977,863,769	45
Financial Services	0.7%	$13,182,600	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

6 positions

Ticker	Company	Δ Shares	Shares	Value
BHVN	Biohaven Ltd.	+1,750,000	1,760,000	$14,889,600
OLMA	Olema Pharmaceuticals, Inc.	+1,650,000	4,400,000	$65,604,000
CABA	Cabaletta Bio, Inc.	+1,100,000	5,500,000	$14,795,000
BIOA	BioAge Labs, Inc.	+850,000	2,890,605	$50,556,681
ALMS	Alumis Inc.	+313,645	3,949,241	$87,001,779
MLTX	MoonLake Immunotherapeutics	+125,000	4,480,433	$83,515,271
No positions match the current search.

Trimmed

Positions the filer reduced

17 positions

Ticker	Company	Δ Shares	Shares	Value
ABVX	Abivax S.A.	−590,000	760,000	$84,626,000
BBIO	BridgeBio Pharma, Inc.	−350,000	850,000	$63,121,000
CNTA	Centessa Pharmaceuticals plc	−275,000	1,050,000	$41,706,000
INSM	INSMED Inc	−85,000	190,000	$31,068,800
PHVS	Pharvaris N.V.	−83,000	1,000,000	$28,250,000
RAPP	Rapport Therapeutics, Inc.	−70,000	2,957,521	$92,540,832
PRAX	Praxis Precision Medicines, Inc.	−64,500	885,500	$285,299,245
AMLX	Amylyx Pharmaceuticals, Inc.	−50,000	350,000	$4,865,000
NAMS	NewAmsterdam Pharma Co N.V.	−50,000	950,000	$30,409,500
CRNX	Crinetics Pharmaceuticals, Inc.	−50,000	250,000	$9,080,000
ARQT	Arcutis Biotherapeutics, Inc.	−50,000	450,000	$10,602,000
TARS	Tarsus Pharmaceuticals, Inc.	−25,000	225,000	$15,783,750
EWTX	Edgewise Therapeutics, Inc.	−25,000	3,260,000	$102,690,000
AXSM	Axsome Therapeutics, Inc.	−25,000	50,000	$8,451,000
PCVX	Vaxcyte, Inc.	−25,000	100,000	$5,811,000
COGT	Cogent Biosciences, Inc.	−25,000	200,000	$7,698,000
ASND	Ascendis Pharma A/S	−5,000	95,000	$21,729,350
No positions match the current search.

New Positions

Positions the filer opened this quarter

17 positions

Ticker	Company	Shares	Value
ERAS	Erasca, Inc.	5,800,000	$93,844,000
DNTH	Dianthus Therapeutics, Inc. /DE/	950,000	$79,724,000
DMRA	Damora Therapeutics, Inc.	1,525,000	$39,497,500
TNGX	Tango Therapeutics, Inc.	1,425,000	$29,811,000
AGMB	Agomab Therapeutics NV	2,465,348	$25,861,500
MAZE	Maze Therapeutics, Inc.	750,000	$22,387,500
ROIV	Roivant Sciences Ltd.	750,000	$20,775,000
ANL	Adlai Nortye Ltd.	2,897,857	$20,053,170
TERN	Terns Pharmaceuticals, Inc.	300,000	$15,816,000
HLXC	Helix Acquisition Corp. III	1,297,500	$13,182,600
FTH	Faeth Therapeutics, Inc.	306,222	$9,652,117
ZURA	Zura Bio Ltd	1,450,000	$8,627,500
GPCR	Structure Therapeutics Inc.	175,000	$8,435,000
GLUE	Monte Rosa Therapeutics, Inc.	400,000	$6,580,000
ARWR	Arrowhead Pharmaceuticals, Inc.	100,000	$6,270,000
RLYB	Rallybio Corp	400,000	$3,588,000
CNTX	Context Therapeutics Inc.	529,550	$1,387,421
No positions match the current search.

Sold Out

Positions the filer fully exited

4 positions

Ticker	Company	Shares	Value
QQQ	Invesco Qqq Trust, Series 1	250,000	$153,577,500
ENGN	enGene Therapeutics Inc.	4,000,000	$36,120,000
GHRS	GH Research PLC	1,300,000	$16,510,000
JANX	Janux Therapeutics, Inc.	650,000	$8,970,000
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

46 tracked positions · $1,991,046,369 total · filing declares 47 positions · $1,991,046,371 · as of Mar 31, 2026

All sectors Financial Services Healthcare

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
PRAX	Praxis Precision Medicines, Inc. Healthcare	Reduced	885,500	-64,500	$285,299,245	+1.9%	14.33%
BBOT	BridgeBio Oncology Therapeutics, Inc. Healthcare	Held	17,878,594	0	$160,013,416	−28.5%	8.04%
EYPT	EyePoint, Inc. Healthcare	Held	8,265,000	0	$106,535,850	−29.4%	5.35%
EWTX	Edgewise Therapeutics, Inc. Healthcare	Reduced	3,260,000	-25,000	$102,690,000	+26.0%	5.16%
ERAS	Erasca, Inc. Healthcare	NEW	5,800,000	NEW	$93,844,000	NEW	4.71%
RAPP	Rapport Therapeutics, Inc. Healthcare	Reduced	2,957,521	-3,097,521	$92,540,832	−49.6%	4.65%
ALMS	Alumis Inc. Healthcare	Added	3,949,241	+313,645	$87,001,779	+145.2%	4.37%
ABVX	Abivax S.A. Healthcare	Reduced	760,000	-590,000	$84,626,000	−53.5%	4.25%
MLTX	MoonLake Immunotherapeutics Healthcare	Added	4,480,433	+125,000	$83,515,271	+45.5%	4.19%
DNTH	Dianthus Therapeutics, Inc. /DE/ Healthcare	NEW	950,000	NEW	$79,724,000	NEW	4.00%
DRUG	Bright Minds Biosciences Inc. Healthcare	Held	1,059,331	0	$77,299,383	−6.5%	3.88%
OLMA	Olema Pharmaceuticals, Inc. CALL + SHARES Healthcare	Added	4,400,000	+1,650,000	$65,604,000	−4.6%	3.29%
BBIO	BridgeBio Pharma, Inc. Healthcare	Reduced	850,000	-350,000	$63,121,000	−31.2%	3.17%
BIOA	BioAge Labs, Inc. Healthcare	Added	2,890,605	+850,000	$50,556,681	+87.3%	2.54%
CNTA	Centessa Pharmaceuticals plc Healthcare	Reduced	1,050,000	-275,000	$41,706,000	+25.9%	2.09%
DMRA	Damora Therapeutics, Inc. Healthcare	NEW	1,525,000	NEW	$39,497,500	NEW	1.98%
MBX	MBX Biosciences, Inc. Healthcare	Held	1,120,000	0	$33,432,000	−5.4%	1.68%
INSM	INSMED Inc Healthcare	Reduced	190,000	-85,000	$31,068,800	−35.1%	1.56%
NAMS	NewAmsterdam Pharma Co N.V. Healthcare	Reduced	950,000	-50,000	$30,409,500	−13.3%	1.53%
TNGX	Tango Therapeutics, Inc. Healthcare	NEW	1,425,000	NEW	$29,811,000	NEW	1.50%
PHVS	Pharvaris N.V. Healthcare	Reduced	1,000,000	-83,000	$28,250,000	−6.0%	1.42%
ORKA	Oruka Therapeutics, Inc. Healthcare	Held	533,340	0	$26,160,327	+61.8%	1.31%
AGMB	Agomab Therapeutics NV Healthcare	NEW	2,465,348	NEW	$25,861,500	NEW	1.30%
MAZE	Maze Therapeutics, Inc. Healthcare	NEW	750,000	NEW	$22,387,500	NEW	1.12%
CRBP	Corbus Pharmaceuticals Holdings, Inc. Healthcare	Held	2,344,971	0	$22,019,277	+15.4%	1.11%
ASND	Ascendis Pharma A/S Healthcare	Reduced	95,000	-5,000	$21,729,350	+1.9%	1.09%
ROIV	Roivant Sciences Ltd. Healthcare	NEW	750,000	NEW	$20,775,000	NEW	1.04%
ANL	Adlai Nortye Ltd. Healthcare	NEW	2,897,857	NEW	$20,053,170	NEW	1.01%
TERN	Terns Pharmaceuticals, Inc. Healthcare	NEW	300,000	NEW	$15,816,000	NEW	0.79%
TARS	Tarsus Pharmaceuticals, Inc. Healthcare	Reduced	225,000	-25,000	$15,783,750	−22.9%	0.79%
BHVN	Biohaven Ltd. Healthcare	Added	1,760,000	+1,750,000	$14,889,600	+13088.3%	0.75%
CABA	Cabaletta Bio, Inc. Healthcare	Added	5,500,000	+1,100,000	$14,795,000	+53.5%	0.74%
HLXC	Helix Acquisition Corp. III Financial Services	NEW	1,297,500	NEW	$13,182,600	NEW	0.66%
ARQT	Arcutis Biotherapeutics, Inc. Healthcare	Reduced	450,000	-50,000	$10,602,000	−27.0%	0.53%
FTH	Faeth Therapeutics, Inc. Healthcare	NEW	306,222	NEW	$9,652,117	NEW	0.48%
CRNX	Crinetics Pharmaceuticals, Inc. Healthcare	Reduced	250,000	-50,000	$9,080,000	−35.0%	0.46%
ZURA	Zura Bio Ltd Healthcare	NEW	1,450,000	NEW	$8,627,500	NEW	0.43%
AXSM	Axsome Therapeutics, Inc. Healthcare	Reduced	50,000	-25,000	$8,451,000	−38.3%	0.42%
GPCR	Structure Therapeutics Inc. Healthcare	NEW	175,000	NEW	$8,435,000	NEW	0.42%
COGT	Cogent Biosciences, Inc. Healthcare	Reduced	200,000	-25,000	$7,698,000	−3.7%	0.39%
GLUE	Monte Rosa Therapeutics, Inc. Healthcare	NEW	400,000	NEW	$6,580,000	NEW	0.33%
ARWR	Arrowhead Pharmaceuticals, Inc. Healthcare	NEW	100,000	NEW	$6,270,000	NEW	0.31%
PCVX	Vaxcyte, Inc. Healthcare	Reduced	100,000	-25,000	$5,811,000	+0.8%	0.29%
AMLX	Amylyx Pharmaceuticals, Inc. Healthcare	Reduced	350,000	-50,000	$4,865,000	+0.7%	0.24%
RLYB	Rallybio Corp Healthcare	NEW	400,000	NEW	$3,588,000	NEW	0.18%
CNTX	Context Therapeutics Inc. Healthcare	NEW	529,550	NEW	$1,387,421	NEW	0.07%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.