Cormorant Asset Management, LP
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Cormorant Asset Management, LP reported 45 stock positions worth $1.9 billion. Its top holding was Moonlake Immunotherapeutics (MLTX) at 22.7% of the portfolio, followed by Vaxcyte (PCVX, 6.1%) and Arcellx (ACLX, 5.5%). Compared with Q2 2024, it opened 4 new positions, sold out of 6, added to 8 and reduced 11. The biggest buy was a new position in Bioage Labs (BIOA) and the biggest sale an exit from Sarepta Therapeutics (SRPT).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001583977
- Portfolio Value
- $1.9B (Q3 2024)
- SEC Filing
- 0001583977-24-000006 ↗ filed Nov 14, 2024
Holdings Value
Holdings 45 stocks · $1.9B
| MLTX Moonlake Immunotherapeutics | 22.71% | 8,494,151 | $428.3M | No change |
| PCVX Vaxcyte Inc. | 6.06% | 1,000,000 | $114.3M | Reduce -9.1% |
| ACLX Arcellx Inc. | 5.54% | 1,250,000 | $104.4M | Reduce -18.0% |
| LBPH Longboard Pharmaceuticals Inc. | 4.93% | 2,790,462 | $93.0M | No change |
| EWTX Edgewise Therapeutics Inc. | 4.82% | 3,406,534 | $90.9M | Add +13.3% |
| EYPT Eyepoint Inc. | 3.53% | 8,325,000 | $66.5M | No change |
| RAPP Rapport Therapeutics Inc. | 3.19% | 2,940,921 | $60.2M | Add +0.0% |
| CRNX Crinetics Pharmaceuticals Inc. | 2.98% | 1,100,000 | $56.2M | Reduce -18.5% |
| PRAX Praxis Precision Medicines I | 2.65% | 870,000 | $50.1M | Add +27.0% |
| CRBP Corbus Pharmaceuticals Holdi | 2.60% | 2,375,000 | $49.0M | Add +17.3% |
| RNAM Avidity Biosciences Inc. | 2.56% | 1,050,000 | $48.2M | Add +147.1% |
| JANX Janux Therapeutics Inc. | 2.53% | 1,050,000 | $47.7M | No change |
| BBIO Bridgebio Pharma Inc. | 2.51% | 1,858,351 | $47.3M | No change |
| NAMS Newamsterdam Pharma Co. NV | 2.17% | 2,470,000 | $41.0M | Add +7.4% |
| CNTA Centessa Pharmaceuticals Ltd. | 2.17% | 2,561,600 | $41.0M | Add +59.0% |
| MRUS Merus NV | 1.96% | 740,000 | $37.0M | Reduce -11.9% |
| CGON CG Oncology Inc. | 1.95% | 975,000 | $36.8M | No change |
| INSM Insmed Inc. | 1.94% | 500,000 | $36.5M | Reduce -25.9% |
| BMEA Biomea Fusion Inc. | 1.91% | 3,570,872 | $36.1M | No change |
| AXSM Axsome Therapeutics Inc. | 1.91% | 400,000 | $35.9M | No change |
| BIOA Bioage Labs Inc. | 1.80% | 1,629,529 | $33.9M | New |
| BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II | 1.61% | 2,909,000 | $30.4M | No change |
| PHVS Pharvaris NV | 1.44% | 1,466,460 | $27.2M | No change |
| ABVX Abivax SA-ADR | 1.30% | 2,130,000 | $24.5M | No change |
| ALMS Alumis Inc. | 1.22% | 2,147,396 | $22.9M | Reduce 0.0% |
| CRGX Cargo Therapeutics Inc. | 1.16% | 1,182,563 | $21.8M | No change |
| ARQT Arcutis Biotherapeutics Inc. | 1.15% | 2,325,000 | $21.6M | Reduce -7.9% |
| RYTM Rhythm Pharmaceuticals Inc. | 1.11% | 400,000 | $21.0M | Reduce -15.8% |
| BHVN Biohaven Ltd. | 1.07% | 401,963 | $20.1M | Reduce -49.9% |
| URGN Urogen Pharma Ltd. | 1.04% | 1,550,000 | $19.7M | Reduce -6.1% |
| YMAB Y-Mabs Therapeutics Inc. | 1.01% | 1,450,000 | $19.1M | No change |
| MBX MBX Biosciences Inc. | 0.96% | 700,000 | $18.2M | New |
| TARS Tarsus Pharmaceuticals Inc. | 0.87% | 500,000 | $16.4M | No change |
| AVBP Arrivent Biopharma Inc. | 0.73% | 585,462 | $13.8M | Add +13.7% |
| ANAB Anaptysbio Inc. | 0.61% | 342,465 | $11.5M | New |
| KRRO Korro Bio Inc. | 0.47% | 265,826 | $8.9M | No change |
| SLN Silence Therapeutics PLC-ADR | 0.39% | 400,000 | $7.3M | Reduce -36.0% |
| ENGN Engene Holdings Inc. | 0.35% | 1,000,000 | $6.6M | No change |
| STOK Stoke Therapeutics Inc. | 0.28% | 427,163 | $5.2M | No change |
| NGNE Neurogene Inc. | 0.24% | 107,344 | $4.5M | No change |
| GHRS GH Research PLC | 0.21% | 593,043 | $4.0M | No change |
| VYNE THERAPEUTICS INC | 0.14% | 1,394,336 | $2.6M | No change |
| VERV Verve Therapeutics Inc. | 0.09% | 350,000 | $1.7M | No change |
| ARTV Artiva Biotherapeutics Inc. | 0.08% | 103,633 | $1.6M | New |
| RAPT THERAPEUTICS INC | 0.05% | 496,750 | $998K | No change |
Portfolio Sells Q2 2024 → Q3 2024
| SRPT Sarepta Therapeutics Inc. | Sold out | 0.00% | −1.15 |
| CGEM Cullinan Therapeutics Inc. | Sold out | 0.00% | −1.14 |
| MRUS Merus NV | Reduce -11.9% | 1.96% | −0.93 |
| INSM Insmed Inc. | Reduce -25.9% | 1.94% | −0.69 |
| URGN Urogen Pharma Ltd. | Reduce -6.1% | 1.04% | −0.57 |
| BHVN Biohaven Ltd. | Reduce -49.9% | 1.07% | −0.55 |
| CRNX Crinetics Pharmaceuticals Inc. | Reduce -18.5% | 2.98% | −0.54 |
| IDYA Ideaya Biosciences Inc. | Sold out | 0.00% | −0.50 |
| ALMS Alumis Inc. | Reduce 0.0% | 1.22% | −0.44 |
| LNTH Lantheus Holdings Inc. | Sold out | 0.00% | −0.35 |
| SLN Silence Therapeutics PLC-ADR | Reduce -36.0% | 0.39% | −0.30 |
| MERSANA THERAPEUTICS INC | Sold out | 0.00% | −0.30 |
| ARQT Arcutis Biotherapeutics Inc. | Reduce -7.9% | 1.15% | −0.22 |
| CMPX Compass Therapeutics Inc. | Sold out | 0.00% | −0.12 |
| RYTM Rhythm Pharmaceuticals Inc. | Reduce -15.8% | 1.11% | −0.02 |
| ACLX Arcellx Inc. | Reduce -18.0% | 5.54% | +0.64 |
| PCVX Vaxcyte Inc. | Reduce -9.1% | 6.06% | +1.23 |
Portfolio Buys Q2 2024 → Q3 2024
| BIOA Bioage Labs Inc. | New | 1.80% | +1.80 |
| EWTX Edgewise Therapeutics Inc. | Add +13.3% | 4.82% | +1.67 |
| RNAM Avidity Biosciences Inc. | Add +147.1% | 2.56% | +1.55 |
| CNTA Centessa Pharmaceuticals Ltd. | Add +59.0% | 2.17% | +1.33 |
| PRAX Praxis Precision Medicines I | Add +27.0% | 2.65% | +1.01 |
| MBX MBX Biosciences Inc. | New | 0.96% | +0.96 |
| ANAB Anaptysbio Inc. | New | 0.61% | +0.61 |
| AVBP Arrivent Biopharma Inc. | Add +13.7% | 0.73% | +0.17 |
| ARTV Artiva Biotherapeutics Inc. | New | 0.08% | +0.08 |
| NAMS Newamsterdam Pharma Co. NV | Add +7.4% | 2.17% | −0.40 |
| RAPP Rapport Therapeutics Inc. | Add +0.0% | 3.19% | −0.78 |
| CRBP Corbus Pharmaceuticals Holdi | Add +17.3% | 2.60% | −2.73 |
Options Activity Q2 2024 → Q3 2024
| IBRX Immunitybio Inc. | put | Sold out | 1,250,000 | $7.9Mbefore exit |
| SIGA Siga Technologies Inc. | put | Sold out | 500,000 | $3.8Mbefore 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 |