Cormorant Asset Management, LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Cormorant Asset Management, LP reported 42 stock positions worth $1.3 billion. Its top holding was Moonlake Immunotherapeutics (MLTX) at 29.9% of the portfolio, followed by Eyepoint (EYPT, 5.8%) and Bridgebio Pharma (BBIO, 5.1%). Compared with Q1 2025, it opened 3 new positions, sold out of 3, added to 4 and reduced 16. The biggest buy was a new position in Verona Pharma (VRNA) and the biggest sale Janux Therapeutics (JANX, shares −25%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001583977
- Portfolio Value
- $1.3B (Q2 2025)
- SEC Filing
- 0001583977-25-000007 ↗ filed Aug 14, 2025
Holdings Value
Holdings 42 stocks · $1.3B
| MLTX Moonlake Immunotherapeutics | 29.86% | 8,494,151 | $400.9M | No change |
| EYPT Eyepoint Inc. | 5.84% | 8,325,000 | $78.3M | No change |
| BBIO Bridgebio Pharma Inc. | 5.15% | 1,600,000 | $69.1M | Reduce -20.0% |
| PRAX Praxis Precision Medicines I | 5.09% | 1,625,000 | $68.3M | Reduce -6.9% |
| MRUS Merus NV | 4.39% | 1,120,000 | $58.9M | Add +51.4% |
| EWTX Edgewise Therapeutics Inc. | 4.15% | 4,251,992 | $55.7M | Add +3.7% |
| INSM Insmed Inc. | 4.05% | 540,000 | $54.3M | Add +2.9% |
| ACLX Arcellx Inc. | 3.92% | 800,000 | $52.7M | Reduce -23.8% |
| NAMS Newamsterdam Pharma Co. NV | 2.93% | 2,175,000 | $39.4M | Reduce -23.0% |
| JANX Janux Therapeutics Inc. | 2.58% | 1,500,000 | $34.6M | Reduce -25.0% |
| RAPP Rapport Therapeutics Inc. | 2.49% | 2,940,921 | $33.4M | No change |
| VRNA Verona Pharma Ltd. | 2.47% | 350,000 | $33.1M | New |
| BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II | 2.30% | 2,909,000 | $30.9M | No change |
| DRUG Bright Minds Biosciences Inc. | 2.06% | 1,059,331 | $27.7M | No change |
| CNTA Centessa Pharmaceuticals Ltd. | 2.04% | 2,086,600 | $27.4M | Reduce -7.7% |
| PHVS Pharvaris NV | 1.91% | 1,454,660 | $25.6M | Reduce -0.8% |
| GHRS GH Research PLC | 1.82% | 2,009,482 | $24.5M | No change |
| SPRY Ars Pharmaceuticals Inc. | 1.43% | 1,100,000 | $19.2M | Reduce -31.3% |
| CRBP Corbus Pharmaceuticals Holdi | 1.22% | 2,375,000 | $16.4M | No change |
| ABVX Abivax SA-ADR | 1.21% | 2,130,000 | $16.3M | No change |
| CGON CG Oncology Inc. | 1.21% | 625,000 | $16.3M | Reduce -19.4% |
| ARQT Arcutis Biotherapeutics Inc. | 1.04% | 1,000,000 | $14.0M | Reduce -25.9% |
| CRGX Cargo Therapeutics Inc. | 1.04% | 3,381,277 | $13.9M | No change |
| TARS Tarsus Pharmaceuticals Inc. | 0.91% | 300,000 | $12.2M | Reduce -25.0% |
| CRNX Crinetics Pharmaceuticals Inc. | 0.86% | 400,000 | $11.5M | Reduce -33.3% |
| MTSR Metsera Inc. | 0.85% | 400,000 | $11.4M | No change |
| AARD Aardvark Therapeutics Inc. | 0.81% | 800,189 | $10.8M | No change |
| AXSM Axsome Therapeutics Inc. | 0.78% | 100,000 | $10.4M | Reduce -60.0% |
| BIOA Bioage Labs Inc. | 0.66% | 2,140,605 | $8.8M | Reduce -18.6% |
| ENGN Engene Holdings Inc. | 0.63% | 2,323,595 | $8.5M | No change |
| MBX MBX Biosciences Inc. | 0.59% | 700,000 | $8.0M | No change |
| CABA Cabaletta Bio Inc. | 0.57% | 5,000,000 | $7.6M | New |
| ALMS Alumis Inc. | 0.48% | 2,147,396 | $6.4M | No change |
| BMEA Biomea Fusion Inc. | 0.48% | 3,570,872 | $6.4M | No change |
| KRRO Korro Bio Inc. | 0.43% | 465,000 | $5.8M | Add +22.3% |
| PCVX Vaxcyte Inc. | 0.42% | 175,000 | $5.7M | No change |
| RNAM Avidity Biosciences Inc. | 0.42% | 200,000 | $5.7M | Reduce -50.0% |
| ELVN Enliven Therapeutics Inc. | 0.30% | 200,000 | $4.0M | Reduce -20.0% |
| STOK Stoke Therapeutics Inc. | 0.21% | 254,161 | $2.9M | No change |
| KALA Kala Bio Inc. | 0.21% | 603,027 | $2.9M | No change |
| VYNE THERAPEUTICS INC | 0.17% | 1,370,938 | $2.3M | New |
| BHVN Biohaven Ltd. | 0.01% | 10,000 | $141K | No change |
Portfolio Sells Q1 2025 → Q2 2025
| JANX Janux Therapeutics Inc. | Reduce -25.0% | 2.58% | −1.51 |
| NAMS Newamsterdam Pharma Co. NV | Reduce -23.0% | 2.93% | −1.44 |
| AXSM Axsome Therapeutics Inc. | Reduce -60.0% | 0.78% | −1.43 |
| ACLX Arcellx Inc. | Reduce -23.8% | 3.92% | −1.29 |
| CRNX Crinetics Pharmaceuticals Inc. | Reduce -33.3% | 0.86% | −0.67 |
| TARS Tarsus Pharmaceuticals Inc. | Reduce -25.0% | 0.91% | −0.65 |
| RYTM Rhythm Pharmaceuticals Inc. | Sold out | 0.00% | −0.60 |
| OKUR Onkure Therapeutics Inc. Class A | Sold out | 0.00% | −0.60 |
| ARQT Arcutis Biotherapeutics Inc. | Reduce -25.9% | 1.04% | −0.55 |
| RNAM Avidity Biosciences Inc. | Reduce -50.0% | 0.42% | −0.47 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -7.7% | 2.04% | −0.42 |
| PLRX Pliant Therapeutics Inc. | Sold out | 0.00% | −0.31 |
| CGON CG Oncology Inc. | Reduce -19.4% | 1.21% | −0.23 |
| SPRY Ars Pharmaceuticals Inc. | Reduce -31.3% | 1.43% | −0.09 |
| BIOA Bioage Labs Inc. | Reduce -18.6% | 0.66% | −0.09 |
| BBIO Bridgebio Pharma Inc. | Reduce -20.0% | 5.15% | −0.09 |
| ELVN Enliven Therapeutics Inc. | Reduce -20.0% | 0.30% | −0.07 |
| PRAX Praxis Precision Medicines I | Reduce -6.9% | 5.09% | +0.09 |
| PHVS Pharvaris NV | Reduce -0.8% | 1.91% | +0.16 |
Portfolio Buys Q1 2025 → Q2 2025
Options Activity Q1 2025 → Q2 2025
| NAMS Newamsterdam Pharma Co. NV | call | Sold out | 250,000 | $5.1Mbefore exit |
| JANX Janux Therapeutics Inc. | call | Sold out | 150,000 | $4.0Mbefore 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 |