Cormorant Asset Management, LP

CIK

1583977

Location

BOSTON, MA

Portfolio Value

Mid $1,991,046,369

Diversification

Diversified

Filing Date

Global Rank

#1,209 / 8,603 ▲ 44 · as of Mar 2026

Top Industry

Biotechnology 96.6%

3Y Alpha vs SPY

-7.9%

Period ended 3 months ago

Filed May 15, 2026 · 55d

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+31.2%

SPY

+76.0%

Annualised alpha

-11.2%

Max drawdown

−55.7%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

46 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 positions · $1,991,046,369 total · 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. 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%