Cormorant Asset Management, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Cormorant Asset Management, LP reported 42 stock positions worth $1.3 billion. Its top holding was Moonlake Immunotherapeutics (MLTX) at 25.1% of the portfolio, followed by Edgewise Therapeutics (EWTX, 6.8%) and Bridgebio Pharma (BBIO, 5.2%). Compared with Q4 2024, it opened 4 new positions, sold out of 10, added to 6 and reduced 13. The biggest buy was Bridgebio Pharma (BBIO, shares +25%) and the biggest sale Janux Therapeutics (JANX, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001583977
- Portfolio Value
- $1.3B (Q1 2025)
- SEC Filing
- 0001583977-25-000005 ↗ filed May 15, 2025
Holdings Value
Holdings 42 stocks · $1.3B
| MLTX Moonlake Immunotherapeutics | 25.13% | 8,494,151 | $331.9M | No change |
| EWTX Edgewise Therapeutics Inc. | 6.83% | 4,101,992 | $90.2M | Add +20.4% |
| BBIO Bridgebio Pharma Inc. | 5.23% | 2,000,000 | $69.1M | Add +25.0% |
| ACLX Arcellx Inc. | 5.22% | 1,050,000 | $68.9M | Reduce -19.2% |
| PRAX Praxis Precision Medicines I | 5.00% | 1,745,000 | $66.1M | Add +3.1% |
| NAMS Newamsterdam Pharma Co. NV | 4.38% | 2,825,000 | $57.8M | Reduce -13.1% |
| JANX Janux Therapeutics Inc. | 4.09% | 2,000,000 | $54.0M | Reduce -4.8% |
| EYPT Eyepoint Inc. | 3.42% | 8,325,000 | $45.1M | No change |
| INSM Insmed Inc. | 3.03% | 525,000 | $40.1M | Reduce -19.2% |
| DRUG Bright Minds Biosciences Inc. | 2.89% | 1,059,331 | $38.2M | No change |
| BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II | 2.49% | 2,909,000 | $32.9M | No change |
| CNTA Centessa Pharmaceuticals Ltd. | 2.46% | 2,261,600 | $32.5M | Reduce -11.7% |
| MRUS Merus NV | 2.36% | 740,000 | $31.1M | No change |
| RAPP Rapport Therapeutics Inc. | 2.23% | 2,940,921 | $29.5M | No change |
| AXSM Axsome Therapeutics Inc. | 2.21% | 250,000 | $29.2M | Reduce -23.1% |
| PHVS Pharvaris NV | 1.74% | 1,466,460 | $23.0M | No change |
| GHRS GH Research PLC | 1.68% | 2,009,482 | $22.2M | Add +238.8% |
| ARQT Arcutis Biotherapeutics Inc. | 1.60% | 1,350,000 | $21.1M | Reduce -26.0% |
| TARS Tarsus Pharmaceuticals Inc. | 1.56% | 400,000 | $20.5M | Reduce -20.0% |
| SPRY Ars Pharmaceuticals Inc. | 1.52% | 1,600,000 | $20.1M | Add +220.0% |
| CRNX Crinetics Pharmaceuticals Inc. | 1.52% | 600,000 | $20.1M | Reduce -40.0% |
| CGON CG Oncology Inc. | 1.44% | 775,000 | $19.0M | No change |
| CRGX Cargo Therapeutics Inc. | 1.04% | 3,381,277 | $13.8M | Add +185.9% |
| ABVX Abivax SA-ADR | 1.01% | 2,130,000 | $13.3M | No change |
| ALMS Alumis Inc. | 1.00% | 2,147,396 | $13.2M | No change |
| CRBP Corbus Pharmaceuticals Holdi | 0.95% | 2,375,000 | $12.6M | No change |
| RNAM Avidity Biosciences Inc. | 0.89% | 400,000 | $11.8M | Reduce -61.9% |
| MTSR Metsera Inc. | 0.82% | 400,000 | $10.9M | New |
| ENGN Engene Holdings Inc. | 0.79% | 2,323,595 | $10.4M | No change |
| BIOA Bioage Labs Inc. | 0.75% | 2,629,529 | $9.9M | No change |
| RYTM Rhythm Pharmaceuticals Inc. | 0.60% | 150,000 | $7.9M | Reduce -62.5% |
| OKUR Onkure Therapeutics Inc. Class A | 0.60% | 1,837,739 | $7.9M | No change |
| BMEA Biomea Fusion Inc. | 0.58% | 3,570,872 | $7.6M | No change |
| KRRO Korro Bio Inc. | 0.50% | 380,303 | $6.6M | New |
| PCVX Vaxcyte Inc. | 0.50% | 175,000 | $6.6M | Reduce -58.8% |
| AARD Aardvark Therapeutics Inc. | 0.46% | 800,189 | $6.0M | New |
| MBX MBX Biosciences Inc. | 0.39% | 700,000 | $5.2M | No change |
| ELVN Enliven Therapeutics Inc. | 0.37% | 250,000 | $4.9M | No change |
| PLRX Pliant Therapeutics Inc. | 0.31% | 3,000,000 | $4.0M | New |
| KALA Kala Bio Inc. | 0.26% | 603,027 | $3.5M | No change |
| STOK Stoke Therapeutics Inc. | 0.13% | 254,161 | $1.7M | No change |
| BHVN Biohaven Ltd. | 0.02% | 10,000 | $240K | Reduce -82.0% |
Options reported separately and not counted above: NAMS calls ($5.1M), JANX calls ($4.0M).
Portfolio Sells Q4 2024 → Q1 2025
| JANX Janux Therapeutics Inc. | Reduce -4.8% | 4.09% | −2.09 |
| PCVX Vaxcyte Inc. | Reduce -58.8% | 0.50% | −1.41 |
| CRNX Crinetics Pharmaceuticals Inc. | Reduce -40.0% | 1.52% | −1.28 |
| AVBP Arrivent Biopharma Inc. | Sold out | 0.00% | −0.86 |
| RNAM Avidity Biosciences Inc. | Reduce -61.9% | 0.89% | −0.78 |
| SEPN Septerna Inc. | Sold out | 0.00% | −0.70 |
| RYTM Rhythm Pharmaceuticals Inc. | Reduce -62.5% | 0.60% | −0.63 |
| IBRX Immunitybio Inc. | Sold out | 0.00% | −0.42 |
| ACLX Arcellx Inc. | Reduce -19.2% | 5.22% | −0.26 |
| VYNE THERAPEUTICS INC | Sold out | 0.00% | −0.26 |
| NAMS Newamsterdam Pharma Co. NV | Reduce -13.1% | 4.38% | −0.21 |
| YMAB Y-Mabs Therapeutics Inc. | Sold out | 0.00% | −0.18 |
| URGN Urogen Pharma Ltd. | Sold out | 0.00% | −0.18 |
| OMER Omeros Corp. | Sold out | 0.00% | −0.16 |
| VERV Verve Therapeutics Inc. | Sold out | 0.00% | −0.11 |
| BHVN Biohaven Ltd. | Reduce -82.0% | 0.02% | −0.10 |
| ARTV Artiva Biotherapeutics Inc. | Sold out | 0.00% | −0.06 |
| RAPT THERAPEUTICS INC | Sold out | 0.00% | −0.02 |
| TARS Tarsus Pharmaceuticals Inc. | Reduce -20.0% | 1.56% | +0.04 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -11.7% | 2.46% | +0.11 |
| ARQT Arcutis Biotherapeutics Inc. | Reduce -26.0% | 1.60% | +0.20 |
| INSM Insmed Inc. | Reduce -19.2% | 3.03% | +0.57 |
| AXSM Axsome Therapeutics Inc. | Reduce -23.1% | 2.21% | +0.70 |
Portfolio Buys Q4 2024 → Q1 2025
| BBIO Bridgebio Pharma Inc. | Add +25.0% | 5.23% | +2.82 |
| EWTX Edgewise Therapeutics Inc. | Add +20.4% | 6.83% | +1.84 |
| GHRS GH Research PLC | Add +238.8% | 1.68% | +1.45 |
| SPRY Ars Pharmaceuticals Inc. | Add +220.0% | 1.52% | +1.23 |
| MTSR Metsera Inc. | New | 0.82% | +0.82 |
| KRRO Korro Bio Inc. | New | 0.50% | +0.50 |
| AARD Aardvark Therapeutics Inc. | New | 0.46% | +0.46 |
| PLRX Pliant Therapeutics Inc. | New | 0.31% | +0.31 |
| CRGX Cargo Therapeutics Inc. | Add +185.9% | 1.04% | +0.11 |
| PRAX Praxis Precision Medicines I | Add +3.1% | 5.00% | −2.15 |
Options Activity Q4 2024 → Q1 2025
| NAMS Newamsterdam Pharma Co. NV | call | New | 250,000 | $5.1M |
| JANX Janux Therapeutics Inc. | call | New | 150,000 | $4.0M |
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 |