Cormorant Asset Management, LP
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Cormorant Asset Management, LP reported 50 stock positions worth $2.0 billion. Its top holding was Praxis Precision Medicines I (PRAX) at 11.0% of the portfolio, followed by Bridgebio Oncology Therapeut (BBOT, 7.0%) and Parabilis Medicines (PBLS, 6.5%). Compared with Q1 2026, it opened 12 new positions, sold out of 8, added to 4 and reduced 29. The biggest buy was a new position in Parabilis Medicines (PBLS) and the biggest sale Praxis Precision Medicines I (PRAX, shares −28%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001583977
- Portfolio Value
- $2.0B (Q2 2026)
- SEC Filing
- 0001583977-26-000007 ↗ filed Aug 14, 2026
Holdings Value
Holdings 50 stocks · $2.0B
| PRAX Praxis Precision Medicines I | 10.98% | 640,000 | $214.3M | Reduce -27.7% |
| BBOT Bridgebio Oncology Therapeut | 6.98% | 17,878,594 | $136.2M | No change |
| PBLS Parabilis Medicines Inc. | 6.47% | 4,615,612 | $126.3M | New |
| RAPP Rapport Therapeutics Inc. | 5.67% | 2,657,521 | $110.7M | Reduce -10.1% |
| ERAS Erasca Inc. | 5.63% | 6,000,000 | $109.9M | Add +3.5% |
| EWTX Edgewise Therapeutics Inc. | 5.23% | 2,510,000 | $102.0M | Reduce -23.0% |
| EYPT Eyepoint Inc. | 5.13% | 7,000,000 | $100.1M | Reduce -15.3% |
| ALMS Alumis Inc. | 4.74% | 3,285,596 | $92.5M | Reduce -16.8% |
| ABVX Abivax SA-ADR | 4.61% | 675,000 | $90.0M | Reduce -11.2% |
| DNTH Dianthus Therapeutics Inc. | 3.75% | 750,000 | $73.1M | Reduce -21.1% |
| DRUG Bright Minds Biosciences Inc. | 3.24% | 900,000 | $63.2M | Reduce -15.0% |
| MLTX Moonlake Immunotherapeutics | 3.20% | 3,205,433 | $62.4M | Reduce -28.5% |
| BIOA Bioage Labs Inc. | 3.00% | 2,390,605 | $58.6M | Reduce -17.3% |
| ORKA Oruka Therapeutics Inc. | 2.60% | 533,340 | $50.8M | No change |
| ANL Adlai Nortye Group Ltd. | 2.34% | 3,978,229 | $45.7M | Add +37.3% |
| BBIO Bridgebio Pharma Inc. | 2.10% | 550,000 | $41.0M | Reduce -35.3% |
| TNGX Tango Therapeutics Inc. | 2.08% | 1,300,000 | $40.6M | Reduce -8.8% |
| BHVN Biohaven Ltd. | 1.99% | 2,610,000 | $38.8M | Add +48.3% |
| AGMB Agomab Therapeutics NV | 1.64% | 2,465,348 | $32.0M | No change |
| MBX MBX Biosciences Inc. | 1.56% | 550,000 | $30.4M | Reduce -50.9% |
| CLYM Climb Bio Inc. | 1.41% | 2,106,000 | $27.5M | New |
| OLMA Olema Pharmaceuticals Inc. | 1.38% | 2,150,000 | $26.9M | Reduce -44.9% |
| DMRA Damora Therapeutics Inc. | 1.33% | 1,000,000 | $26.0M | Reduce -34.4% |
| PHVS Pharvaris NV | 1.33% | 750,000 | $25.9M | Reduce -25.0% |
| CRBP Corbus Pharmaceuticals Holdi | 1.13% | 2,344,971 | $22.0M | No change |
| SYRE Spyre Therapeutics Inc. | 1.02% | 225,000 | $20.0M | New |
| DFTX Definium Therapeutics Inc. | 0.96% | 400,000 | $18.8M | New |
| NAMS Newamsterdam Pharma Co. NV | 0.87% | 500,000 | $16.9M | Reduce -47.4% |
| ROIV Roivant Sciences Ltd. | 0.86% | 475,000 | $16.8M | Reduce -36.7% |
| CABA Cabaletta Bio Inc. | 0.80% | 5,000,000 | $15.6M | Reduce -9.1% |
| HLXC Helix Acquisition Corp. Class A | 0.71% | 1,297,500 | $13.8M | No change |
| ASND Ascendis Pharma A/S | 0.68% | 50,000 | $13.3M | Reduce -47.4% |
| KLRA Kailera Therapeutics Inc. | 0.62% | 550,000 | $12.1M | New |
| INSM Insmed Inc. | 0.41% | 75,000 | $8.0M | Reduce -60.5% |
| FTH Faeth Therapeutics Inc. | 0.39% | 1,028,242 | $7.7M | Add +235.8% |
| ELVN Enliven Therapeutics Inc. | 0.39% | 150,000 | $7.6M | New |
| TARS Tarsus Pharmaceuticals Inc. | 0.32% | 100,000 | $6.3M | Reduce -55.6% |
| IBIO Ibio Inc. | 0.32% | 3,570,000 | $6.2M | New |
| CRNX Crinetics Pharmaceuticals Inc. | 0.24% | 125,000 | $4.7M | Reduce -50.0% |
| ARQT Arcutis Biotherapeutics Inc. | 0.24% | 175,000 | $4.6M | Reduce -61.1% |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.21% | 50,000 | $4.1M | Reduce -50.0% |
| GPCR Structure Therapeutics Inc. | 0.21% | 75,000 | $4.0M | Reduce -57.1% |
| RACC Research Alliance Corp. Class A | 0.20% | 370,000 | $4.0M | New |
| COGT Cogent Biosciences Inc. | 0.20% | 100,000 | $3.9M | Reduce -50.0% |
| ALT Altimmune Inc. | 0.19% | 1,250,000 | $3.8M | New |
| AMLX Amylyx Pharmaceuticals Inc. | 0.18% | 200,000 | $3.6M | Reduce -42.9% |
| ODTX Odyssey Therapeutics Inc. | 0.17% | 175,000 | $3.3M | New |
| PCVX Vaxcyte Inc. | 0.15% | 50,000 | $2.9M | Reduce -50.0% |
| BOLD Boundless Bio Inc. | 0.13% | 1,000,000 | $2.5M | New |
| QNCX Quince Therapeutics Inc. | 0.01% | 5,498 | $100K | New |
Portfolio Sells Q1 2026 → Q2 2026
| PRAX Praxis Precision Medicines I | Reduce -27.7% | 10.98% | −3.40 |
| CNTA Centessa Pharmaceuticals Ltd. | Sold out | 0.00% | −2.10 |
| OLMA Olema Pharmaceuticals Inc. | Reduce -44.9% | 1.38% | −1.55 |
| INSM Insmed Inc. | Reduce -60.5% | 0.41% | −1.16 |
| MAZE Maze Therapeutics Inc. | Sold out | 0.00% | −1.13 |
| BBIO Bridgebio Pharma Inc. | Reduce -35.3% | 2.10% | −1.08 |
| MLTX Moonlake Immunotherapeutics | Reduce -28.5% | 3.20% | −1.01 |
| TERN Terns Pharmaceuticals Inc. | Sold out | 0.00% | −0.80 |
| NAMS Newamsterdam Pharma Co. NV | Reduce -47.4% | 0.87% | −0.66 |
| DRUG Bright Minds Biosciences Inc. | Reduce -15.0% | 3.24% | −0.66 |
| DMRA Damora Therapeutics Inc. | Reduce -34.4% | 1.33% | −0.66 |
| TARS Tarsus Pharmaceuticals Inc. | Reduce -55.6% | 0.32% | −0.47 |
| ZURA Zura Bio Ltd. | Sold out | 0.00% | −0.43 |
| AXSM Axsome Therapeutics Inc. | Sold out | 0.00% | −0.43 |
| ASND Ascendis Pharma A/S | Reduce -47.4% | 0.68% | −0.41 |
| GLUE Monte Rosa Therapeutics Inc. | Sold out | 0.00% | −0.33 |
| ARQT Arcutis Biotherapeutics Inc. | Reduce -61.1% | 0.24% | −0.30 |
| DNTH Dianthus Therapeutics Inc. | Reduce -21.1% | 3.75% | −0.27 |
| EYPT Eyepoint Inc. | Reduce -15.3% | 5.13% | −0.24 |
| GPCR Structure Therapeutics Inc. | Reduce -57.1% | 0.21% | −0.22 |
| CRNX Crinetics Pharmaceuticals Inc. | Reduce -50.0% | 0.24% | −0.22 |
| COGT Cogent Biosciences Inc. | Reduce -50.0% | 0.20% | −0.19 |
| ROIV Roivant Sciences Ltd. | Reduce -36.7% | 0.86% | −0.19 |
| RLYB Rallybio Corp. | Sold out | 0.00% | −0.18 |
| PCVX Vaxcyte Inc. | Reduce -50.0% | 0.15% | −0.14 |
| MBX MBX Biosciences Inc. | Reduce -50.9% | 1.56% | −0.13 |
| ARWR Arrowhead Pharmaceuticals Inc. | Reduce -50.0% | 0.21% | −0.11 |
| PHVS Pharvaris NV | Reduce -25.0% | 1.33% | −0.10 |
| CNTX Context Therapeutics Inc. | Sold out | 0.00% | −0.07 |
| AMLX Amylyx Pharmaceuticals Inc. | Reduce -42.9% | 0.18% | −0.06 |
| EWTX Edgewise Therapeutics Inc. | Reduce -23.0% | 5.23% | +0.05 |
| CABA Cabaletta Bio Inc. | Reduce -9.1% | 0.80% | +0.05 |
| ABVX Abivax SA-ADR | Reduce -11.2% | 4.61% | +0.34 |
| ALMS Alumis Inc. | Reduce -16.8% | 4.74% | +0.35 |
| BIOA Bioage Labs Inc. | Reduce -17.3% | 3.00% | +0.45 |
| TNGX Tango Therapeutics Inc. | Reduce -8.8% | 2.08% | +0.58 |
| RAPP Rapport Therapeutics Inc. | Reduce -10.1% | 5.67% | +1.01 |
Portfolio Buys Q1 2026 → Q2 2026
| PBLS Parabilis Medicines Inc. | New | 6.47% | +6.47 |
| CLYM Climb Bio Inc. | New | 1.41% | +1.41 |
| ANL Adlai Nortye Group Ltd. | Add +37.3% | 2.34% | +1.33 |
| BHVN Biohaven Ltd. | Add +48.3% | 1.99% | +1.24 |
| SYRE Spyre Therapeutics Inc. | New | 1.02% | +1.02 |
| DFTX Definium Therapeutics Inc. | New | 0.96% | +0.96 |
| ERAS Erasca Inc. | Add +3.5% | 5.63% | +0.90 |
| KLRA Kailera Therapeutics Inc. | New | 0.62% | +0.62 |
| ELVN Enliven Therapeutics Inc. | New | 0.39% | +0.39 |
| IBIO Ibio Inc. | New | 0.32% | +0.32 |
| RACC Research Alliance Corp. Class A | New | 0.20% | +0.20 |
| ALT Altimmune Inc. | New | 0.19% | +0.19 |
| ODTX Odyssey Therapeutics Inc. | New | 0.17% | +0.17 |
| BOLD Boundless Bio Inc. | New | 0.13% | +0.13 |
| QNCX Quince Therapeutics Inc. | New | 0.01% | +0.01 |
| FTH Faeth Therapeutics Inc. | Add +235.8% | 0.39% | −0.09 |
Options Activity Q1 2026 → Q2 2026
| OLMA Olema Pharmaceuticals Inc. | call | Sold out | 500,000 | $7.5Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 50 | $2.0B | PRAX, BBOT, PBLS, RAPP, ERAS |
| Q1 2026 | 46 | $2.0B | PRAX, BBOT, EYPT, EWTX, ERAS |
| Q4 2025 | 32 | $1.8B | PRAX, BBOT, ABVX, EYPT, RAPP |
| Q3 2025 | 36 | $1.4B | BBOT, ABVX, EYPT, RAPP, BBIO |
| Q2 2025 | 42 | $1.3B | MLTX, EYPT, BBIO, PRAX, MRUS |
| Q1 2025 | 42 | $1.3B | MLTX, EWTX, BBIO, ACLX, PRAX |
| Q4 2024 | 48 | $1.8B | MLTX, PRAX, JANX, ACLX, EWTX |
| Q3 2024 | 45 | $1.9B | MLTX, PCVX, ACLX, LBPH, EWTX |
| Q2 2024 | 47 | $1.7B | MLTX, CRBP, ACLX, PCVX, LBPH |
| Q1 2024 | 56 | $2.3B | MLTX, EYPT, ACLX, ALPN, BBIO |