Cormorant Asset Management, LP
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Cormorant Asset Management, LP reported 47 stock positions worth $1.7 billion. Its top holding was Moonlake Immunotherapeutics (MLTX) at 21.7% of the portfolio, followed by Corbus Pharmaceuticals Holdi (CRBP, 5.3%) and Arcellx (ACLX, 4.9%). Compared with Q1 2024, it opened 8 new positions, sold out of 17, added to 11 and reduced 11. The biggest buy was a new position in Rapport Therapeutics (RAPP) and the biggest sale an exit from Alpine Immune Sciences (ALPN).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001583977
- Portfolio Value
- $1.7B (Q2 2024)
- SEC Filing
- 0001583977-24-000003 ↗ filed Aug 14, 2024
Holdings Value
Holdings 47 stocks · $1.7B
| MLTX Moonlake Immunotherapeutics | 21.72% | 8,494,151 | $373.5M | No change |
| CRBP Corbus Pharmaceuticals Holdi | 5.33% | 2,025,000 | $91.6M | No change |
| ACLX Arcellx Inc. | 4.89% | 1,525,000 | $84.2M | Reduce -14.3% |
| PCVX Vaxcyte Inc. | 4.83% | 1,100,000 | $83.1M | Add +60.6% |
| LBPH Longboard Pharmaceuticals Inc. | 4.39% | 2,790,462 | $75.4M | Reduce -16.8% |
| EYPT Eyepoint Inc. | 4.21% | 8,325,000 | $72.4M | Add +20.8% |
| RAPP Rapport Therapeutics Inc. | 3.98% | 2,940,283 | $68.4M | New |
| CRNX Crinetics Pharmaceuticals Inc. | 3.52% | 1,350,000 | $60.5M | Add +17.4% |
| EWTX Edgewise Therapeutics Inc. | 3.15% | 3,006,534 | $54.1M | No change |
| MRUS Merus NV | 2.89% | 840,000 | $49.7M | Add +17.5% |
| BBIO Bridgebio Pharma Inc. | 2.74% | 1,858,351 | $47.1M | Reduce -42.0% |
| INSM Insmed Inc. | 2.63% | 675,000 | $45.2M | Add +17.4% |
| NAMS Newamsterdam Pharma Co. NV | 2.57% | 2,300,000 | $44.2M | Add +53.3% |
| JANX Janux Therapeutics Inc. | 2.56% | 1,050,000 | $44.0M | Add +40.0% |
| AXSM Axsome Therapeutics Inc. | 1.87% | 400,000 | $32.2M | New |
| CGON CG Oncology Inc. | 1.79% | 975,000 | $30.8M | Add +21.9% |
| BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II | 1.73% | 2,909,000 | $29.7M | No change |
| ALMS Alumis Inc. | 1.66% | 2,147,400 | $28.6M | New |
| PRAX Praxis Precision Medicines I | 1.65% | 685,000 | $28.3M | Reduce -47.7% |
| ABVX Abivax SA-ADR | 1.64% | 2,130,000 | $28.2M | No change |
| BHVN Biohaven Ltd. | 1.62% | 801,963 | $27.8M | Add +30.0% |
| URGN Urogen Pharma Ltd. | 1.61% | 1,650,000 | $27.7M | New |
| PHVS Pharvaris NV | 1.60% | 1,466,460 | $27.6M | Reduce -14.3% |
| ARQT Arcutis Biotherapeutics Inc. | 1.37% | 2,525,000 | $23.5M | Add +18.8% |
| SRPT Sarepta Therapeutics Inc. | 1.15% | 125,000 | $19.8M | New |
| CGEM Cullinan Therapeutics Inc. | 1.14% | 1,125,000 | $19.6M | New |
| RYTM Rhythm Pharmaceuticals Inc. | 1.13% | 475,000 | $19.5M | Reduce -13.6% |
| CRGX Cargo Therapeutics Inc. | 1.13% | 1,182,563 | $19.4M | No change |
| YMAB Y-Mabs Therapeutics Inc. | 1.02% | 1,450,000 | $17.5M | New |
| RNAM Avidity Biosciences Inc. | 1.01% | 425,000 | $17.4M | New |
| BMEA Biomea Fusion Inc. | 0.93% | 3,570,872 | $16.1M | No change |
| CNTA Centessa Pharmaceuticals Ltd. | 0.85% | 1,611,600 | $14.6M | Add +187.0% |
| TARS Tarsus Pharmaceuticals Inc. | 0.79% | 500,000 | $13.6M | Reduce -76.6% |
| SLN Silence Therapeutics PLC-ADR | 0.69% | 625,000 | $11.9M | No change |
| AVBP Arrivent Biopharma Inc. | 0.56% | 515,000 | $9.6M | No change |
| ENGN Engene Holdings Inc. | 0.55% | 1,000,000 | $9.4M | No change |
| KRRO Korro Bio Inc. | 0.52% | 265,826 | $9.0M | Reduce -49.8% |
| IDYA Ideaya Biosciences Inc. | 0.50% | 245,000 | $8.6M | Reduce -45.6% |
| GHRS GH Research PLC | 0.40% | 593,043 | $6.9M | No change |
| LNTH Lantheus Holdings Inc. | 0.35% | 75,000 | $6.0M | No change |
| STOK Stoke Therapeutics Inc. | 0.34% | 427,163 | $5.8M | No change |
| MERSANA THERAPEUTICS INC | 0.30% | 2,600,000 | $5.2M | No change |
| NGNE Neurogene Inc. | 0.23% | 107,344 | $3.9M | Reduce -80.1% |
| VYNE THERAPEUTICS INC | 0.16% | 1,394,336 | $2.7M | No change |
| CMPX Compass Therapeutics Inc. | 0.12% | 2,030,823 | $2.0M | Reduce -63.5% |
| VERV Verve Therapeutics Inc. | 0.10% | 350,000 | $1.7M | No change |
| RAPT THERAPEUTICS INC | 0.09% | 496,750 | $1.5M | No change |
Options reported separately and not counted above: IBRX puts ($7.9M), SIGA puts ($3.8M).
Portfolio Sells Q1 2024 → Q2 2024
| ALPN Alpine Immune Sciences Inc. | Sold out | 0.00% | −4.72 |
| TARS Tarsus Pharmaceuticals Inc. | Reduce -76.6% | 0.79% | −2.64 |
| PRAX Praxis Precision Medicines I | Reduce -47.7% | 1.65% | −1.87 |
| AUTL Autolus Therapeutics PLC | Sold out | 0.00% | −1.86 |
| BBIO Bridgebio Pharma Inc. | Reduce -42.0% | 2.74% | −1.63 |
| KRRO Korro Bio Inc. | Reduce -49.8% | 0.52% | −1.57 |
| ALXO Alx Oncology Holdings Inc. | Sold out | 0.00% | −1.54 |
| AEROVATE THERAPEUTICS INC | Sold out | 0.00% | −1.39 |
| MRNS Marinus Pharmaceuticals Inc. | Sold out | 0.00% | −1.29 |
| TRML Tourmaline Bio Inc. | Sold out | 0.00% | −1.26 |
| APLS Apellis Pharmaceuticals Inc. | Sold out | 0.00% | −1.04 |
| NGNE Neurogene Inc. | Reduce -80.1% | 0.23% | −0.98 |
| CABA Cabaletta Bio Inc. | Sold out | 0.00% | −0.83 |
| ATXS Astria Therapeutics Inc. | Sold out | 0.00% | −0.81 |
| VTYX Ventyx Biosciences Inc. | Sold out | 0.00% | −0.66 |
| NKTX Nkarta Inc. | Sold out | 0.00% | −0.64 |
| ACLX Arcellx Inc. | Reduce -14.3% | 4.89% | −0.56 |
| KYTX Kyverna Therapeutics Inc. | Sold out | 0.00% | −0.48 |
| IMRX Immuneering Corp. Class A | Sold out | 0.00% | −0.42 |
| SYRE Spyre Therapeutics Inc. | Sold out | 0.00% | −0.42 |
| IDYA Ideaya Biosciences Inc. | Reduce -45.6% | 0.50% | −0.37 |
| CMPX Compass Therapeutics Inc. | Reduce -63.5% | 0.12% | −0.37 |
| RCKT Rocket Pharmaceuticals Inc. | Sold out | 0.00% | −0.36 |
| IRON Disc Medicine Inc. | Sold out | 0.00% | −0.34 |
| BCAB Bioatla Inc. | Sold out | 0.00% | −0.18 |
| PHVS Pharvaris NV | Reduce -14.3% | 1.60% | −0.14 |
| RYTM Rhythm Pharmaceuticals Inc. | Reduce -13.6% | 1.13% | +0.08 |
| LBPH Longboard Pharmaceuticals Inc. | Reduce -16.8% | 4.39% | +1.20 |
Portfolio Buys Q1 2024 → Q2 2024
| RAPP Rapport Therapeutics Inc. | New | 3.98% | +3.98 |
| PCVX Vaxcyte Inc. | Add +60.6% | 4.83% | +2.77 |
| INSM Insmed Inc. | Add +17.4% | 2.63% | +1.94 |
| AXSM Axsome Therapeutics Inc. | New | 1.87% | +1.87 |
| ALMS Alumis Inc. | New | 1.66% | +1.66 |
| URGN Urogen Pharma Ltd. | New | 1.61% | +1.61 |
| MRUS Merus NV | Add +17.5% | 2.89% | +1.47 |
| JANX Janux Therapeutics Inc. | Add +40.0% | 2.56% | +1.31 |
| SRPT Sarepta Therapeutics Inc. | New | 1.15% | +1.15 |
| CRNX Crinetics Pharmaceuticals Inc. | Add +17.4% | 3.52% | +1.15 |
| CGEM Cullinan Therapeutics Inc. | New | 1.14% | +1.14 |
| YMAB Y-Mabs Therapeutics Inc. | New | 1.02% | +1.02 |
| RNAM Avidity Biosciences Inc. | New | 1.01% | +1.01 |
| NAMS Newamsterdam Pharma Co. NV | Add +53.3% | 2.57% | +1.01 |
| CNTA Centessa Pharmaceuticals Ltd. | Add +187.0% | 0.85% | +0.57 |
| ARQT Arcutis Biotherapeutics Inc. | Add +18.8% | 1.37% | +0.44 |
| CGON CG Oncology Inc. | Add +21.9% | 1.79% | +0.24 |
| BHVN Biohaven Ltd. | Add +30.0% | 1.62% | +0.13 |
| EYPT Eyepoint Inc. | Add +20.8% | 4.21% | −2.07 |
Options Activity Q1 2024 → Q2 2024
| BEAM Beam Therapeutics Inc. | put | Sold out | 300,000 | $9.9Mbefore exit |
| IBRX Immunitybio Inc. | put | New | 1,250,000 | $7.9M |
| SIGA Siga Technologies Inc. | put | New | 500,000 | $3.8M |
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 |