Cormorant Asset Management, LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Cormorant Asset Management, LP reported 36 stock positions worth $1.4 billion. Its top holding was Bridgebio Oncology Therapeut (BBOT) at 14.3% of the portfolio, followed by Abivax SA-ADR (ABVX, 11.4%) and Eyepoint (EYPT, 8.2%). Compared with Q2 2025, it opened 3 new positions, sold out of 9, added to 3 and reduced 12. The biggest buy was a new position in Bridgebio Oncology Therapeut (BBOT) and the biggest sale Moonlake Immunotherapeutics (MLTX, shares −77%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001583977
- Portfolio Value
- $1.4B (Q3 2025)
- SEC Filing
- 0001583977-25-000011 ↗ filed Nov 14, 2025
Holdings Value
Holdings 36 stocks · $1.4B
| BBOT Bridgebio Oncology Therapeut | 14.29% | 17,878,594 | $207.0M | New |
| ABVX Abivax SA-ADR | 11.42% | 1,950,000 | $165.6M | Reduce -8.4% |
| EYPT Eyepoint Inc. | 8.18% | 8,325,000 | $118.5M | No change |
| RAPP Rapport Therapeutics Inc. | 6.54% | 3,192,521 | $94.8M | Add +8.6% |
| BBIO Bridgebio Pharma Inc. | 5.02% | 1,400,000 | $72.7M | Reduce -12.5% |
| EWTX Edgewise Therapeutics Inc. | 4.49% | 4,010,000 | $65.0M | Reduce -5.7% |
| DRUG Bright Minds Biosciences Inc. | 4.43% | 1,059,331 | $64.3M | No change |
| ACLX Arcellx Inc. | 4.39% | 775,000 | $63.6M | Reduce -3.1% |
| INSM Insmed Inc. | 4.27% | 430,000 | $61.9M | Reduce -20.4% |
| NAMS Newamsterdam Pharma Co. NV | 4.27% | 2,175,000 | $61.9M | No change |
| PRAX Praxis Precision Medicines I | 3.66% | 1,000,000 | $53.0M | Reduce -38.5% |
| CNTA Centessa Pharmaceuticals Ltd. | 3.22% | 1,925,000 | $46.7M | Reduce -7.7% |
| PHVS Pharvaris NV | 2.35% | 1,363,200 | $34.0M | Reduce -6.3% |
| CRBP Corbus Pharmaceuticals Holdi | 2.07% | 2,375,000 | $30.0M | No change |
| GHRS GH Research PLC | 1.89% | 1,916,439 | $27.4M | Reduce -4.6% |
| CGON CG Oncology Inc. | 1.74% | 625,000 | $25.2M | No change |
| KRRO Korro Bio Inc. | 1.54% | 465,000 | $22.3M | No change |
| MBX MBX Biosciences Inc. | 1.48% | 1,225,000 | $21.4M | Add +75.0% |
| MTSR Metsera Inc. | 1.44% | 400,000 | $20.9M | No change |
| JANX Janux Therapeutics Inc. | 1.43% | 850,000 | $20.8M | Reduce -43.3% |
| TARS Tarsus Pharmaceuticals Inc. | 1.23% | 300,000 | $17.8M | No change |
| CRNX Crinetics Pharmaceuticals Inc. | 1.15% | 400,000 | $16.7M | No change |
| ENGN Engene Holdings Inc. | 1.10% | 2,323,595 | $15.9M | No change |
| ARQT Arcutis Biotherapeutics Inc. | 1.01% | 775,000 | $14.6M | Reduce -22.5% |
| MLTX Moonlake Immunotherapeutics | 0.99% | 1,994,173 | $14.3M | Reduce -76.5% |
| RNAM Avidity Biosciences Inc. | 0.90% | 300,000 | $13.1M | Add +50.0% |
| BIOA Bioage Labs Inc. | 0.87% | 2,140,605 | $12.6M | No change |
| AXSM Axsome Therapeutics Inc. | 0.84% | 100,000 | $12.1M | No change |
| CABA Cabaletta Bio Inc. | 0.81% | 5,000,000 | $11.7M | No change |
| ORKA Oruka Therapeutics Inc. | 0.71% | 533,340 | $10.3M | New |
| ALMS Alumis Inc. | 0.59% | 2,147,396 | $8.6M | No change |
| BMEA Biomea Fusion Inc. | 0.50% | 3,570,872 | $7.2M | No change |
| AMLX Amylyx Pharmaceuticals Inc. | 0.47% | 500,000 | $6.8M | New |
| PCVX Vaxcyte Inc. | 0.43% | 175,000 | $6.3M | No change |
| ELVN Enliven Therapeutics Inc. | 0.28% | 200,000 | $4.1M | No change |
| BHVN Biohaven Ltd. | 0.01% | 10,000 | $150K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| MLTX Moonlake Immunotherapeutics | Reduce -76.5% | 0.99% | −28.88 |
| MRUS Merus NV | Sold out | 0.00% | −4.39 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −2.47 |
| BBOT Bridgebio Oncology Therapeut | Sold out | 0.00% | −2.30 |
| PRAX Praxis Precision Medicines I | Reduce -38.5% | 3.66% | −1.43 |
| SPRY Ars Pharmaceuticals Inc. | Sold out | 0.00% | −1.43 |
| JANX Janux Therapeutics Inc. | Reduce -43.3% | 1.43% | −1.15 |
| CRGX Cargo Therapeutics Inc. | Sold out | 0.00% | −1.04 |
| AARD Aardvark Therapeutics Inc. | Sold out | 0.00% | −0.81 |
| STOK Stoke Therapeutics Inc. | Sold out | 0.00% | −0.21 |
| KALA Kala Bio Inc. | Sold out | 0.00% | −0.21 |
| VYNE THERAPEUTICS INC | Sold out | 0.00% | −0.17 |
| BBIO Bridgebio Pharma Inc. | Reduce -12.5% | 5.02% | −0.13 |
| ARQT Arcutis Biotherapeutics Inc. | Reduce -22.5% | 1.01% | −0.04 |
| GHRS GH Research PLC | Reduce -4.6% | 1.89% | +0.07 |
| INSM Insmed Inc. | Reduce -20.4% | 4.27% | +0.22 |
| EWTX Edgewise Therapeutics Inc. | Reduce -5.7% | 4.49% | +0.34 |
| PHVS Pharvaris NV | Reduce -6.3% | 2.35% | +0.44 |
| ACLX Arcellx Inc. | Reduce -3.1% | 4.39% | +0.47 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -7.7% | 3.22% | +1.18 |
| ABVX Abivax SA-ADR | Reduce -8.4% | 11.42% | +10.21 |
Portfolio Buys Q2 2025 → Q3 2025
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 |