Cormorant Asset Management, LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Cormorant Asset Management, LP reported 48 stock positions worth $1.8 billion. Its top holding was Moonlake Immunotherapeutics (MLTX) at 25.3% of the portfolio, followed by Praxis Precision Medicines I (PRAX, 7.2%) and Janux Therapeutics (JANX, 6.2%). Compared with Q3 2024, it opened 8 new positions, sold out of 5, added to 7 and reduced 11. The biggest buy was Praxis Precision Medicines I (PRAX, shares +95%) and the biggest sale an exit from Longboard Pharmaceuticals (LBPH).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001583977
- Portfolio Value
- $1.8B (Q4 2024)
- SEC Filing
- 0001583977-25-000001 ↗ filed Feb 14, 2025
Holdings Value
Holdings 48 stocks · $1.8B
| MLTX Moonlake Immunotherapeutics | 25.26% | 8,494,151 | $460.0M | No change |
| PRAX Praxis Precision Medicines I | 7.16% | 1,693,219 | $130.3M | Add +94.6% |
| JANX Janux Therapeutics Inc. | 6.17% | 2,100,000 | $112.4M | Add +100.0% |
| ACLX Arcellx Inc. | 5.48% | 1,300,000 | $99.7M | Add +4.0% |
| EWTX Edgewise Therapeutics Inc. | 5.00% | 3,406,534 | $91.0M | No change |
| NAMS Newamsterdam Pharma Co. NV | 4.59% | 3,250,000 | $83.5M | Add +31.6% |
| EYPT Eyepoint Inc. | 3.41% | 8,325,000 | $62.0M | No change |
| RAPP Rapport Therapeutics Inc. | 2.87% | 2,940,921 | $52.2M | No change |
| CRNX Crinetics Pharmaceuticals Inc. | 2.81% | 1,000,000 | $51.1M | Reduce -9.1% |
| INSM Insmed Inc. | 2.46% | 650,000 | $44.9M | Add +30.0% |
| BBIO Bridgebio Pharma Inc. | 2.41% | 1,600,000 | $43.9M | Reduce -13.9% |
| CNTA Centessa Pharmaceuticals Ltd. | 2.36% | 2,561,600 | $42.9M | No change |
| DRUG Bright Minds Biosciences Inc. | 2.10% | 1,059,331 | $38.2M | New |
| PCVX Vaxcyte Inc. | 1.91% | 425,000 | $34.8M | Reduce -57.5% |
| MRUS Merus NV | 1.71% | 740,000 | $31.1M | No change |
| BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II | 1.68% | 2,909,000 | $30.5M | No change |
| RNAM Avidity Biosciences Inc. | 1.68% | 1,050,000 | $30.5M | No change |
| PHVS Pharvaris NV | 1.54% | 1,466,460 | $28.1M | No change |
| CRBP Corbus Pharmaceuticals Holdi | 1.54% | 2,375,000 | $28.0M | No change |
| TARS Tarsus Pharmaceuticals Inc. | 1.52% | 500,000 | $27.7M | No change |
| AXSM Axsome Therapeutics Inc. | 1.51% | 325,000 | $27.5M | Reduce -18.8% |
| ARQT Arcutis Biotherapeutics Inc. | 1.40% | 1,825,000 | $25.4M | Reduce -21.5% |
| RYTM Rhythm Pharmaceuticals Inc. | 1.23% | 400,000 | $22.4M | No change |
| CGON CG Oncology Inc. | 1.22% | 775,000 | $22.2M | Reduce -20.5% |
| CRGX Cargo Therapeutics Inc. | 0.94% | 1,182,563 | $17.1M | No change |
| ALMS Alumis Inc. | 0.93% | 2,147,396 | $16.9M | No change |
| OKUR Onkure Therapeutics Inc. Class A | 0.87% | 1,837,739 | $15.8M | New |
| AVBP Arrivent Biopharma Inc. | 0.86% | 585,462 | $15.6M | No change |
| ABVX Abivax SA-ADR | 0.86% | 2,130,000 | $15.6M | No change |
| ENGN Engene Holdings Inc. | 0.85% | 2,323,595 | $15.5M | Add +132.4% |
| BIOA Bioage Labs Inc. | 0.84% | 2,629,529 | $15.2M | Add +61.4% |
| BMEA Biomea Fusion Inc. | 0.76% | 3,570,872 | $13.9M | No change |
| MBX MBX Biosciences Inc. | 0.71% | 700,000 | $12.9M | No change |
| SEPN Septerna Inc. | 0.70% | 560,000 | $12.8M | New |
| IBRX Immunitybio Inc. | 0.42% | 3,000,000 | $7.7M | New |
| ELVN Enliven Therapeutics Inc. | 0.31% | 250,000 | $5.6M | New |
| SPRY Ars Pharmaceuticals Inc. | 0.29% | 500,000 | $5.3M | New |
| VYNE THERAPEUTICS INC | 0.26% | 1,394,336 | $4.7M | No change |
| KALA Kala Bio Inc. | 0.23% | 603,027 | $4.2M | New |
| GHRS GH Research PLC | 0.23% | 593,043 | $4.2M | No change |
| YMAB Y-Mabs Therapeutics Inc. | 0.18% | 425,000 | $3.3M | Reduce -70.7% |
| URGN Urogen Pharma Ltd. | 0.18% | 300,000 | $3.2M | Reduce -80.7% |
| OMER Omeros Corp. | 0.16% | 300,000 | $3.0M | New |
| STOK Stoke Therapeutics Inc. | 0.15% | 254,161 | $2.8M | Reduce -40.5% |
| BHVN Biohaven Ltd. | 0.11% | 55,539 | $2.1M | Reduce -86.2% |
| VERV Verve Therapeutics Inc. | 0.11% | 350,000 | $2.0M | No change |
| ARTV Artiva Biotherapeutics Inc. | 0.06% | 103,633 | $1.0M | No change |
| RAPT THERAPEUTICS INC | 0.02% | 200,000 | $316K | Reduce -59.7% |
Portfolio Sells Q3 2024 → Q4 2024
| LBPH Longboard Pharmaceuticals Inc. | Sold out | 0.00% | −4.93 |
| PCVX Vaxcyte Inc. | Reduce -57.5% | 1.91% | −4.15 |
| BHVN Biohaven Ltd. | Reduce -86.2% | 0.11% | −0.95 |
| URGN Urogen Pharma Ltd. | Reduce -80.7% | 0.18% | −0.87 |
| YMAB Y-Mabs Therapeutics Inc. | Reduce -70.7% | 0.18% | −0.83 |
| CGON CG Oncology Inc. | Reduce -20.5% | 1.22% | −0.73 |
| ANAB Anaptysbio Inc. | Sold out | 0.00% | −0.61 |
| KRRO Korro Bio Inc. | Sold out | 0.00% | −0.47 |
| AXSM Axsome Therapeutics Inc. | Reduce -18.8% | 1.51% | −0.40 |
| SLN Silence Therapeutics PLC-ADR | Sold out | 0.00% | −0.39 |
| NGNE Neurogene Inc. | Sold out | 0.00% | −0.24 |
| CRNX Crinetics Pharmaceuticals Inc. | Reduce -9.1% | 2.81% | −0.17 |
| STOK Stoke Therapeutics Inc. | Reduce -40.5% | 0.15% | −0.12 |
| BBIO Bridgebio Pharma Inc. | Reduce -13.9% | 2.41% | −0.10 |
| RAPT THERAPEUTICS INC | Reduce -59.7% | 0.02% | −0.04 |
| ARQT Arcutis Biotherapeutics Inc. | Reduce -21.5% | 1.40% | +0.25 |
Portfolio Buys Q3 2024 → Q4 2024
| PRAX Praxis Precision Medicines I | Add +94.6% | 7.16% | +4.50 |
| JANX Janux Therapeutics Inc. | Add +100.0% | 6.17% | +3.65 |
| NAMS Newamsterdam Pharma Co. NV | Add +31.6% | 4.59% | +2.41 |
| DRUG Bright Minds Biosciences Inc. | New | 2.10% | +2.10 |
| OKUR Onkure Therapeutics Inc. Class A | New | 0.87% | +0.87 |
| SEPN Septerna Inc. | New | 0.70% | +0.70 |
| INSM Insmed Inc. | Add +30.0% | 2.46% | +0.53 |
| ENGN Engene Holdings Inc. | Add +132.4% | 0.85% | +0.50 |
| IBRX Immunitybio Inc. | New | 0.42% | +0.42 |
| ELVN Enliven Therapeutics Inc. | New | 0.31% | +0.31 |
| SPRY Ars Pharmaceuticals Inc. | New | 0.29% | +0.29 |
| KALA Kala Bio Inc. | New | 0.23% | +0.23 |
| OMER Omeros Corp. | New | 0.16% | +0.16 |
| ACLX Arcellx Inc. | Add +4.0% | 5.48% | −0.06 |
| BIOA Bioage Labs Inc. | Add +61.4% | 0.84% | −0.96 |
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 |