Cormorant Asset Management, LP
Sector Allocation
- Healthcare98.7%$1.9B
- Other1.1%$21.5M
- Financials0.2%$4.0M
AUM History
13fpro.ai/research/fund/cormorant-asset-management-lp-1583977
Conviction and streaks
Stable · top 10 = 59.2%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q2 2026
PRAX
$214.3MBBOT
$136.2MPBLS
$126.3MRAPP
$110.7MERAS
$109.9MEWTX
$102.0MEYPT
$100.1MALMS
$92.5MABVX
$90.0MDNTH
$73.1MDRUG
$63.2MMLTX
$62.4MBIOA
$58.6MORKA
$50.8MANL
$45.7MBBIO
$41.0MTNGX
$40.6MBHVN
$38.8MAGMB
$32.0MMBX
$30.4M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/cormorant-asset-management-lp-1583977
Cormorant Asset Management, LP 13F holdings — Q2 2026
$2.0B portfolio (-2.0% QoQ) · 50 holdings · Q2 2026 13F · top 10 are 59% of the stock portfolio
$214.3M
11.0% of stocks
-28%This quarter-27.1%Since filed10+ qtrsHeld$136.2M
7.0% of stocks
No changeThis quarter-70.3%Since filed4 qtrsHeld$126.3M
6.5% of stocks
NewThis quarter-28.5%Since filedNew this quarterHeld$110.7M
5.7% of stocks
-10%This quarter-41.9%Since filed9 qtrsHeld$109.9M
5.6% of stocks
+3%This quarter-17.2%Since filed2 qtrsHeld$102.0M
5.2% of stocks
-23%This quarter-10.5%Since filed10+ qtrsHeld$100.1M
5.1% of stocks
-15%This quarter—Since filed10+ qtrsHeld$92.5M
4.7% of stocks
-17%This quarter-73.8%Since filed9 qtrsHeld$90.0M
4.6% of stocks
-11%This quarter-26.9%Since filed10+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 4 qtrs in a row$73.1M
3.8% of stocks
-21%This quarter-31.4%Since filed2 qtrsHeld
All holdings — Cormorant Asset Management, LP (Q2 2026)
50 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | BRIGHT MINDS BIOSCIENCES INC. | Healthcare | $63.2M | 3.2% | 900K | -15% | 7 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 12 | MoonLake Immunotherapeutics | Healthcare | $62.4M | 3.2% | 3.21M | -28% | 10+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 13 | BioAge Labs, Inc. | Healthcare | $58.6M | 3.0% | 2.39M | -17% | 8 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 14 | Oruka Therapeutics, Inc. | Healthcare | $50.8M | 2.6% | 533K | — | 4 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | Adlai Nortye Group Ltd.adr | Healthcare | $45.7M | 2.3% | 3.98M | +37% | 2 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | BridgeBio Pharma, Inc. | Healthcare | $41.0M | 2.1% | 550K | -35% | 10+ qtrsTrimmed 5 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | Tango Therapeutics, Inc. | Healthcare | $40.6M | 2.1% | 1.30M | -9% | 2 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | Biohaven Ltd. | Healthcare | $38.8M | 2.0% | 2.61M | +48% | 10+ qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 19 | AgomAb Therapeutics NVadr | Healthcare | $32.0M | 1.6% | 2.47M | — | 2 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | MBX Biosciences, Inc. | Healthcare | $30.4M | 1.6% | 550K | -51% | 8 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | Climb Bio, Inc. | Healthcare | $27.5M | 1.4% | 2.11M | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | Olema Pharmaceuticals, Inc. | Healthcare | $26.9M | 1.4% | 2.15M | -45% | 3 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 23 | Damora Therapeutics, Inc. | Healthcare | $26.0M | 1.3% | 1.00M | -34% | 2 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | Pharvaris N.V. | Healthcare | $25.9M | 1.3% | 750K | -25% | 10+ qtrsTrimmed 4 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 25 | Corbus Pharmaceuticals Holdings, Inc. | Healthcare | $22.0M | 1.1% | 2.34M | — | 10+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 26 | $SYRE | Spyre Therapeutics, Inc. | Healthcare | $20.0M | 1.0% | 225K | New | |||
| 27 | $DFTX | Definium Therapeutics, Inc. | Healthcare | $18.8M | 1.0% | 400K | New | |||
| 28 | $NAMS | NewAmsterdam Pharma Co N.V. | Healthcare | $16.9M | 0.9% | 500K | -47% | |||
| 29 | $ROIV | Roivant Sciences Ltd. | Healthcare | $16.8M | 0.9% | 475K | -37% | |||
| 30 | $CABA | Cabaletta Bio, Inc. | Healthcare | $15.6M | 0.8% | 5.00M | -9% | |||
| 31 | — | HELIX ACQUISITION CORP III - USD CL A ORD SHS | — | $13.8M | 0.7% | 1.30M | — | |||
| 32 | $ASND | Ascendis Pharma A/S | Healthcare | $13.3M | 0.7% | 50K | -47% | |||
| 33 | $KLRA | Kailera Therapeutics, Inc. | Healthcare | $12.1M | 0.6% | 550K | New | |||
| 34 | $INSM | INSMED Inc | Healthcare | $8.0M | 0.4% | 75K | -61% | |||
| 35 | — | FAETH THERAPEUTICS INC - COM NEW | — | $7.7M | 0.4% | 1.03M | +236% | |||
| 36 | $ELVN | Enliven Therapeutics, Inc. | Healthcare | $7.6M | 0.4% | 150K | New | |||
| 37 | $TARS | Tarsus Pharmaceuticals, Inc. | Healthcare | $6.3M | 0.3% | 100K | -56% | |||
| 38 | $IBIO | iBio, Inc. | Healthcare | $6.2M | 0.3% | 3.57M | New | |||
| 39 | $CRNX | Crinetics Pharmaceuticals, Inc. | Healthcare | $4.7M | 0.2% | 125K | -50% | |||
| 40 | $ARQT | Arcutis Biotherapeutics, Inc. | Healthcare | $4.6M | 0.2% | 175K | -61% | |||
| 41 | $ARWR | ARROWHEAD PHARMACEUTICALS, INC. | Healthcare | $4.1M | 0.2% | 50K | -50% | |||
| 42 | $GPCR | Structure Therapeutics Inc. | Healthcare | $4.0M | 0.2% | 75K | -57% | |||
| 43 | $RACC | Research Alliance Corp III | Financials | $4.0M | 0.2% | 370K | New | |||
| 44 | $COGT | Cogent Biosciences, Inc. | Healthcare | $3.9M | 0.2% | 100K | -50% | |||
| 45 | $ALT | Altimmune, Inc. | Healthcare | $3.8M | 0.2% | 1.25M | New | |||
| 46 | $AMLX | Amylyx Pharmaceuticals, Inc. | Healthcare | $3.6M | 0.2% | 200K | -43% | |||
| 47 | $ODTX | Odyssey Therapeutics, Inc. | Healthcare | $3.3M | 0.2% | 175K | New | |||
| 48 | $PCVX | Vaxcyte, Inc. | Healthcare | $2.9M | 0.1% | 50K | -50% | |||
| 49 | $BOLD | Boundless Bio, Inc. | Healthcare | $2.5M | 0.1% | 1.00M | New | |||
| 50 | $IRLA | IRulya Therapeutics Inc. | Healthcare | $100K | 0.0% | 5,498 | New |
What changed in Q2 2026
Against the previous quarter's 13F: 12 new, 4 added to, 29 trimmed, 9 sold out. Share-count changes; largest moves by dollar size first.
New positions (12)
first bought this quarter
$CLYMClimb Bio, Inc.$27.5M
first bought this quarter
$SYRESpyre Therapeutics, Inc.$20.0M
first bought this quarter
$DFTXDefinium Therapeutics, Inc.$18.8M
first bought this quarter
$KLRAKailera Therapeutics, Inc.$12.1M
first bought this quarter
$ELVNEnliven Therapeutics, Inc.$7.6M
first bought this quarter
+6 more in the Excel export
Added to (4)
Trimmed (29)
now $214.3M · held 10+ qtrs, 5 trims in a row
now $30.4M · held 8 qtrs
now $102.0M · held 10+ qtrs
now $62.4M · held 10+ qtrs
now $41.0M · held 10+ qtrs, 5 trims in a row
$OLMAOlema Pharmaceuticals, Inc.-45%
now $26.9M · held 3 qtrs
+23 more in the Excel export
Sold out (9)
$CNTACentessa Pharmaceuticals plcwas $41.7M
held 9+ qtrs
$MAZEMaze Therapeutics, Inc.was $22.4M
held 1 qtr
$TERNTerns Pharmaceuticals, Inc.was $15.8M
held 1 qtr
$ZURAZura Bio Ltdwas $8.6M
held 1 qtr
$AXSMAxsome Therapeutics, Inc.was $8.5M
+3 more in the Excel export
Holdings by quarter
Every 13F Cormorant Asset Management, LP has filed, 41 earlier quarters. Pick one to see what it held then.
Is it too late to follow Cormorant Asset Management?
Q2 2026 13F filed with the SEC on Aug 14, 2026. Prices are closing prices as of Oct 27, 2026.
Average quality of Cormorant Asset Management's top 20 holdings: 18/100 (our AI quality score, weighted by position size; 6 of the 20 are scored)
Top 10 since filing
-36.1%
Value-weighted move of the 10 largest stock positions
Turnover
14%
Last quarter; 53% over the last 4
Top 10 weight
59%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
67%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q1 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
Cormorant Asset Management, LP disclosed 50 positions worth $2.0B in its Form 13F-HR for Q2 2026, led by $PRAX (Praxis Precision Medicines, Inc.) at 11.0% of the equity portfolio, followed by $BBOT and $PBLS. During the quarter the fund opened 12 new positions and exited 9 — including a new stake in $PBLS and a full exit from $CNTA. The portfolio is most concentrated in Healthcare (98.7% of disclosed assets). All figures are sourced directly from Cormorant Asset Management, LP’s Form 13F-HR filing with the SEC under CIK 1583977.
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