Cormorant Asset Management, LP

Registered adviser

CIK

1583977

Location

BOSTON, MA

Portfolio Value

Mid $1,969,456,557

Diversification

Diversified

Reports for

Chen Bihua

Filing Date

Global Rank

#1,614 / 8,825 ▼ 152

Top Industry

Biotechnology 95.9%

Period ended 4 months ago

Filed Aug 14, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 167820

Roster of Nov 1, 2026

Regulatory AUM

$3,838,575,938

Main clients

Pooled investment vehicles (100% of AUM)

Private funds

7 funds · Private equity funds

Focus by fund count, roster of Nov 1, 2026

$3,829,857,221 gross assets

Private funds on Schedule D 7.B.(1)

As filed May 22, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$4,012,760,852 gross assets in 6 funds Private equity funds $2,097,944,375 (5) Hedge funds $1,914,816,477 (1)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Nov 2026	$3,838,575,938	Pooled investment vehicles (100%)
Mar 2026	$3,858,641,023	Pooled investment vehicles (100%)
Apr 2025 to Feb 2026	$3,858,641,023	Pooled investment vehicles (100%)
Apr 2024 to Mar 2025	$4,022,479,936	Pooled investment vehicles (100%)
Dec 2023 to Mar 2024	$3,117,053,633	Pooled investment vehicles (100%)
May 2023 to Nov 2023	$3,117,053,633	Pooled investment vehicles (100%)

5 earlier changes not shown.

Schedule 13D/13G stakes

Stakes of 5% or more disclosed on Schedule 13D or 13G, each on the filer's latest filing for the security. These are event-dated stakes, not the quarter-end 13F portfolio below.

Company	Schedule	Event date	Filed	Shares	% of class	Change	Status
CRBP Corbus Pharmaceuticals Holdings, Inc.	13G/A	Oct 31, 2026	2d	1,500,000	7.76%	-844,971 since Dec 11, 2025	Current
BLSM BlossomHill Therapeutics, Inc.	13D Passive investment	Aug 6, 2026	3mo	3,614,034	11.79%	—	Current
ANL Adlai Nortye Group Ltd.	13G/A	Jun 30, 2026	3mo	3,978,229	6.77%	+1,080,372 since Mar 31, 2026	Current
BIOA BioAge Labs, Inc.	13G/A	Jun 30, 2026	3mo	2,390,605	5.38%	-500,000 since Mar 31, 2026	Current
CABA Cabaletta Bio, Inc.	13G/A	Jun 30, 2026	3mo	10,000,000	5.95%	-500,000 since Mar 31, 2026	Current
DRUG Bright Minds Biosciences Inc.	13G/A	Jun 30, 2026	3mo	900,000	9.17%	-50,000 since Apr 28, 2026	Current
EYPT EyePoint, Inc.	13G/A	Jun 30, 2026	3mo	7,000,000	8.35%	-1,265,000 since Dec 4, 2025	Current
IBIO iBio, Inc.	13G/A	Jun 30, 2026	3mo	5,117,481	9.99%	+1,283,146 since Mar 31, 2026	Current
IRLA IRulya Therapeutics Inc.	13G	Jun 30, 2026	3mo	108,029	9.99%	—	Current
RAPP Rapport Therapeutics, Inc.	13G/A	Jun 30, 2026	3mo	2,657,521	5.56%	-300,000 since Mar 31, 2026	Current
AGMB AgomAb Therapeutics NV	13G	Mar 31, 2026	6mo	2,465,348	5.01%	—	Current

A 13D or 13G stays in force until its filer amends it and no amendment is due without a material change, so a stake with no filing in 24 months reads unconfirmed, never sold. An amendment reporting under 5% ends the filer's duty to amend, not necessarily the holding. Shares are restated onto today's split basis. Show 30 exited, below-5% or retired stakes

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 58.7%, 22.0 effective positions, active share 97.5% against the Russell 2000 as of 2026-06-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Medium turnover

48.1% over the last four quarters (30% to under 100%)

Horizon

Horizon unknown

The value-weighted holding period is at least 8.4 quarters, but 2.1% of the book was already held when coverage starts

Closest benchmark: the Russell 2000 as of 2026-06-30, active share 97.5%; sector active share 90.0% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

50 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

10.9%

−3.4 pts

Top 5

35.4%

−2.2 pts

Top 10

58.7%

−0.4 pts

HHI

455

Diversified−61

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Healthcare	99.1%	$1,951,692,157	48
Financial Services	0.9%	$17,764,400	2

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

4 positions

Ticker	Company	Δ Shares	Shares	Value
ANL	Adlai Nortye Group Ltd.	+1,080,372	3,978,229	$45,749,633
BHVN	Biohaven Ltd.	+850,000	2,610,000	$38,836,800
FTH	Faeth Therapeutics, Inc.	+722,020	1,028,242	$25,706,050
ERAS	Erasca, Inc.	+200,000	6,000,000	$109,920,000
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
OLMA	Olema Pharmaceuticals, Inc.	−1,750,000	2,150,000	$26,896,500
MLTX	MoonLake Immunotherapeutics	−1,275,000	3,205,433	$62,409,780
EYPT	EyePoint, Inc.	−1,265,000	7,000,000	$100,100,000
EWTX	Edgewise Therapeutics, Inc.	−750,000	2,510,000	$101,981,300
ALMS	Alumis Inc.	−663,645	3,285,596	$92,456,671
MBX	MBX Biosciences, Inc.	−570,000	550,000	$30,360,000
DMRA	Damora Therapeutics, Inc.	−525,000	1,000,000	$26,010,000
CABA	Cabaletta Bio, Inc.	−500,000	5,000,000	$15,550,000
BIOA	BioAge Labs, Inc.	−500,000	2,390,605	$58,593,728
NAMS	NewAmsterdam Pharma Co N.V.	−450,000	500,000	$16,945,000
RAPP	Rapport Therapeutics, Inc.	−300,000	2,657,521	$110,738,900
BBIO	BridgeBio Pharma, Inc.	−300,000	550,000	$40,964,000
ARQT	Arcutis Biotherapeutics, Inc.	−275,000	175,000	$4,588,500
ROIV	Roivant Sciences Ltd.	−275,000	475,000	$16,810,250
PHVS	Pharvaris N.V.	−250,000	750,000	$25,935,000
PRAX	Praxis Precision Medicines, Inc.	−245,500	640,000	$214,265,600
DNTH	Dianthus Therapeutics, Inc.	−200,000	750,000	$73,110,000
DRUG	Bright Minds Biosciences Inc.	−159,331	900,000	$63,180,000
AMLX	Amylyx Pharmaceuticals, Inc.	−150,000	200,000	$3,592,000
—		−125,000	125,000	$4,677,500
TARS	Tarsus Pharmaceuticals, Inc.	−125,000	100,000	$6,294,000
TNGX	Tango Therapeutics, Inc.	−125,000	1,300,000	$40,638,000
INSM	INSMED Inc	−115,000	75,000	$7,996,500
COGT	Cogent Biosciences, Inc.	−100,000	100,000	$3,870,000
GPCR	Structure Therapeutics Inc.	−100,000	75,000	$4,025,250
No positions match the current search.

New Positions

Positions the filer opened this quarter

12 positions

Ticker	Company	Shares	Value
PBLS	Parabilis Medicines, Inc.	4,615,612	$126,329,300
CLYM	Climb Bio, Inc.	2,106,000	$27,462,240
SYRE	Spyre Therapeutics, Inc.	225,000	$19,975,500
DFTX	Definium Therapeutics, Inc.	400,000	$18,816,000
KLRA	Kailera Therapeutics, Inc.	550,000	$12,116,500
ELVN	Enliven Therapeutics, Inc.	150,000	$7,612,500
IBIO	iBio, Inc.	3,570,000	$6,247,500
RACC	Research Alliance Corp III	370,000	$3,959,000
ALT	Altimmune, Inc.	1,250,000	$3,800,000
ODTX	Odyssey Therapeutics, Inc.	175,000	$3,274,250
BOLD	Boundless Bio, Inc.	1,000,000	$2,500,000
IRLA	IRulya Therapeutics Inc.	5,498	$100,008
No positions match the current search.

Sold Out

Positions the filer fully exited

8 positions

Ticker	Company	Shares	Value
CNTA	Centessa Pharmaceuticals plc	1,050,000	$41,706,000
MAZE	Maze Therapeutics, Inc.	750,000	$22,387,500
—		300,000	$15,816,000
ZURA	Zura Bio Ltd	1,450,000	$8,627,500
AXSM	Axsome Therapeutics, Inc.	50,000	$8,451,000
GLUE	Monte Rosa Therapeutics, Inc.	400,000	$6,580,000
RLYB	Rallybio Corp	400,000	$3,588,000
CNTX	Context Therapeutics Inc.	529,550	$1,387,421
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

50 tracked positions · $1,969,456,557 total · filing declares 50 positions · $1,951,406,063 · as of Jun 30, 2026

All sectors Financial Services Healthcare

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
PRAX	Praxis Precision Medicines, Inc. Healthcare	Reduced	640,000	-245,500	$214,265,600	−24.9%	13	unpriced	10.88%
BBOT	BridgeBio Oncology Therapeutics, Inc. Healthcare	Held	17,878,594	0	$136,234,886	−14.9%	4	$10.42	6.92%
PBLS	Parabilis Medicines, Inc. Healthcare	NEW	4,615,612	NEW	$126,329,300	NEW	1	unpriced	6.41%
RAPP	Rapport Therapeutics, Inc. Healthcare	Reduced	2,657,521	-300,000	$110,738,900	+19.7%	9	unpriced	5.62%
ERAS	Erasca, Inc. Healthcare	Added	6,000,000	+200,000	$109,920,000	+17.1%	2	$11.90	5.58%
EWTX	Edgewise Therapeutics, Inc. Healthcare	Reduced	2,510,000	-750,000	$101,981,300	−0.7%	22	unpriced	5.18%
EYPT	EyePoint, Inc. Healthcare	Reduced	7,000,000	-1,265,000	$100,100,000	−6.0%	14	$11.03	5.08%
ALMS	Alumis Inc. Healthcare	Reduced	3,285,596	-663,645	$92,456,671	+6.3%	9	unpriced	4.69%
ABVX	Abivax S.A. Healthcare	Reduced	675,000	-85,000	$89,950,500	+6.3%	11	$10.19	4.57%
DNTH	Dianthus Therapeutics, Inc. Healthcare	Reduced	750,000	-200,000	$73,110,000	−8.3%	2	$57.91	3.71%
DRUG	Bright Minds Biosciences Inc. Healthcare	Reduced	900,000	-159,331	$63,180,000	−18.3%	7	$35.19	3.21%
MLTX	MoonLake Immunotherapeutics Healthcare	Reduced	3,205,433	-1,275,000	$62,409,780	−25.3%	17	$12.12	3.17%
BIOA	BioAge Labs, Inc. Healthcare	Reduced	2,390,605	-500,000	$58,593,728	+15.9%	8	unpriced	2.98%
ORKA	Oruka Therapeutics, Inc. Healthcare	Held	533,340	0	$50,757,967	+94.0%	4	$14.82	2.58%
ANL	Adlai Nortye Group Ltd. Healthcare	Added	3,978,229	+1,080,372	$45,749,633	+128.1%	2	$8.17	2.32%
BBIO	BridgeBio Pharma, Inc. Healthcare	Reduced	550,000	-300,000	$40,964,000	−35.1%	26+	before history	2.08%
TNGX	Tango Therapeutics, Inc. Healthcare	Reduced	1,300,000	-125,000	$40,638,000	+36.3%	2	$13.92	2.06%
BHVN	Biohaven Ltd. Healthcare	Added	2,610,000	+850,000	$38,836,800	+160.8%	15	$11.01	1.97%
AGMB	AgomAb Therapeutics NV Healthcare	Held	2,465,348	0	$32,000,217	+23.7%	2	$14.16	1.62%
MBX	MBX Biosciences, Inc. Healthcare	Reduced	550,000	-570,000	$30,360,000	−9.2%	8	unpriced	1.54%
CLYM	Climb Bio, Inc. Healthcare	NEW	2,106,000	NEW	$27,462,240	NEW	1	$10.33	1.39%
OLMA	Olema Pharmaceuticals, Inc. Healthcare	Reduced	2,150,000	-2,250,000	$26,896,500	−59.0%	3	$19.11	1.37%
DMRA	Damora Therapeutics, Inc. Healthcare	Reduced	1,000,000	-525,000	$26,010,000	−34.1%	2	$25.70	1.32%
PHVS	Pharvaris N.V. Healthcare	Reduced	750,000	-250,000	$25,935,000	−8.2%	22	$21.49	1.32%
FTH	Faeth Therapeutics, Inc. Healthcare	Added	1,028,242	+722,020	$25,706,050	+166.3%	2	$22.19	1.31%
CRBP	Corbus Pharmaceuticals Holdings, Inc. Healthcare	Held	2,344,971	0	$21,995,827	−0.1%	10	$28.57	1.12%
SYRE	Spyre Therapeutics, Inc. Healthcare	NEW	225,000	NEW	$19,975,500	NEW	1	$72.97	1.01%
DFTX	Definium Therapeutics, Inc. Healthcare	NEW	400,000	NEW	$18,816,000	NEW	1	$24.71	0.96%
NAMS	NewAmsterdam Pharma Co N.V. Healthcare	Reduced	500,000	-450,000	$16,945,000	−44.3%	10	$20.31	0.86%
ROIV	Roivant Sciences Ltd. Healthcare	Reduced	475,000	-275,000	$16,810,250	−19.1%	2	$25.69	0.85%
CABA	Cabaletta Bio, Inc. Healthcare	Reduced	5,000,000	-500,000	$15,550,000	+5.1%	5	$1.80	0.79%
HLXC	Helix Acquisition Corp. III Financial Services	Held	1,297,500	0	$13,805,400	+4.7%	2	$10.24	0.70%
ASND	Ascendis Pharma A/S Healthcare	Reduced	50,000	-45,000	$13,336,000	−38.6%	3	$206.53	0.68%
KLRA	Kailera Therapeutics, Inc. Healthcare	NEW	550,000	NEW	$12,116,500	NEW	1	$21.98	0.62%
INSM	INSMED Inc Healthcare	Reduced	75,000	-115,000	$7,996,500	−74.3%	12	$37.15	0.41%
ELVN	Enliven Therapeutics, Inc. Healthcare	NEW	150,000	NEW	$7,612,500	NEW	1	$42.45	0.39%
TARS	Tarsus Pharmaceuticals, Inc. Healthcare	Reduced	100,000	-125,000	$6,294,000	−60.1%	23	$21.36	0.32%
IBIO	iBio, Inc. Healthcare	NEW	3,570,000	NEW	$6,247,500	NEW	1	$1.79	0.32%
		Reduced	125,000	-125,000	$4,677,500	−48.5%	12	$24.75	0.24%
ARQT	Arcutis Biotherapeutics, Inc. Healthcare	Reduced	175,000	-275,000	$4,588,500	−56.7%	10	$7.71	0.23%
ARWR	Arrowhead Pharmaceuticals, Inc. Healthcare	Reduced	50,000	-50,000	$4,075,500	−35.0%	2	$63.30	0.21%
GPCR	Structure Therapeutics Inc. Healthcare	Reduced	75,000	-100,000	$4,025,250	−52.3%	2	$68.44	0.20%
RACC	Research Alliance Corp III Financial Services	NEW	370,000	NEW	$3,959,000	NEW	1	$10.42	0.20%
COGT	Cogent Biosciences, Inc. Healthcare	Reduced	100,000	-100,000	$3,870,000	−49.7%	3	$28.11	0.20%
ALT	Altimmune, Inc. Healthcare	NEW	1,250,000	NEW	$3,800,000	NEW	1	$2.99	0.19%
AMLX	Amylyx Pharmaceuticals, Inc. Healthcare	Reduced	200,000	-150,000	$3,592,000	−26.2%	4	$9.41	0.18%
ODTX	Odyssey Therapeutics, Inc. Healthcare	NEW	175,000	NEW	$3,274,250	NEW	1	$17.54	0.17%
PCVX	Vaxcyte, Inc. Healthcare	Reduced	50,000	-50,000	$2,906,500	−50.0%	15	$53.56	0.15%
BOLD	Boundless Bio, Inc. Healthcare	NEW	1,000,000	NEW	$2,500,000	NEW	1	$1.54	0.13%
IRLA	IRulya Therapeutics Inc. Healthcare	NEW	5,498	NEW	$100,008	NEW	1	unpriced	0.01%

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.