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—Since Q-end—HeldAIQuality—Est. buy—$136.2M
7.0% of stocks
No changeThis quarter—Since Q-end—HeldAIQuality—Est. buy—$126.3M
6.5% of stocks
NewThis quarter—Since Q-endNew this quarterHeldAIQuality—Est. buy—$110.7M
5.7% of stocks
-10%This quarter—Since Q-end—HeldAIQuality—Est. buy—$109.9M
5.6% of stocks
+3%This quarter—Since Q-end—HeldAIQuality—Est. buy—$102.0M
5.2% of stocks
-23%This quarter—Since Q-end—HeldAIQuality—Est. buy—$100.1M
5.1% of stocks
-15%This quarter—Since Q-end—Held$92.5M
4.7% of stocks
-17%This quarter—Since Q-end—Held$90.0M
4.6% of stocks
-11%This quarter—Since Q-end—HeldAIQuality—Est. buy—$73.1M
3.8% of stocks
-21%This quarter—Since Q-end—Held
| # | Company | Value | Weight | This quarter | Since Q-end | Held | AI quality | Est. buy | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | $214.3M | 11.0% | -28% | — | — | — | — | ||
| 2 | $136.2M | 7.0% | No change | — | — | — | — | ||
| 3 | $126.3M | 6.5% | New | — | New this quarter | — | — | ||
| 4 | $110.7M | 5.7% | -10% | — | — | — | — | ||
| 5 | $109.9M | 5.6% | +3% | — | — | — | — | ||
| 6 | $102.0M | 5.2% | -23% | — | — | — | — | ||
| 7 | $100.1M | 5.1% | -15% | — | — | AI quality score is Pro: unlock with a free trial | — | ||
| 8 | $92.5M | 4.7% | -17% | — | — | AI quality score is Pro: unlock with a free trial | — | ||
| 9 | $90.0M | 4.6% | -11% | — | — | — | — | ||
| 10 | $73.1M | 3.8% | -21% | — | — | AI quality score is Pro: unlock with a free trial | — |
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% | — | — | 13F | |
| 12 | MoonLake Immunotherapeutics | Healthcare | $62.4M | 3.2% | 3.21M | -28% | — | — | 13F | |
| 13 | BioAge Labs, Inc. | Healthcare | $58.6M | 3.0% | 2.39M | -17% | — | AI quality score is Pro: unlock with a free trial | 13F | |
| 14 | Oruka Therapeutics, Inc. | Healthcare | $50.8M | 2.6% | 533K | — | — | — | 13F | |
| 15 | Adlai Nortye Group Ltd.adr | Healthcare | $45.7M | 2.3% | 3.98M | +37% | — | — | 13F | |
| 16 | BridgeBio Pharma, Inc. | Healthcare | $41.0M | 2.1% | 550K | -35% | — | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | Tango Therapeutics, Inc. | Healthcare | $40.6M | 2.1% | 1.30M | -9% | — | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | Biohaven Ltd. | Healthcare | $38.8M | 2.0% | 2.61M | +48% | — | — | 13F | |
| 19 | AgomAb Therapeutics NVadr | Healthcare | $32.0M | 1.6% | 2.47M | — | — | — | 13F | |
| 20 | MBX Biosciences, Inc. | Healthcare | $30.4M | 1.6% | 550K | -51% | — | — | 13F | |
| 21 | Climb Bio, Inc. | Healthcare | $27.5M | 1.4% | 2.11M | New | — | — | 13F | |
| 22 | Olema Pharmaceuticals, Inc. | Healthcare | $26.9M | 1.4% | 2.15M | -45% | — | — | 13F | |
| 23 | Damora Therapeutics, Inc. | Healthcare | $26.0M | 1.3% | 1.00M | -34% | — | — | 13F | |
| 24 | Pharvaris N.V. | Healthcare | $25.9M | 1.3% | 750K | -25% | — | — | 13F | |
| 25 | Corbus Pharmaceuticals Holdings, Inc. | Healthcare | $22.0M | 1.1% | 2.34M | — | — | — | 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
now $30.4M
now $102.0M
now $62.4M
now $41.0M
$OLMAOlema Pharmaceuticals, Inc.-45%
now $26.9M
+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.
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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