Cormorant Asset Management, LP In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Cormorant Asset Management, LP reported 32 stock positions worth $1.8 billion . Its top holding was Praxis Precision Medicines I (PRAX) at 15.9% of the portfolio, followed by Bridgebio Oncology Therapeut (BBOT, 12.7% ) and Abivax SA-ADR (ABVX, 10.3% ). Compared with Q3 2025, it opened 3 new positions, sold out of 7, added to 3 and reduced 22. The biggest buy was a new position in Olema Pharmaceuticals (OLMA) and the biggest sale an exit from Arcellx (ACLX).
Location BOSTON, MA
CIK 0001583977
Portfolio Value $1.8B (Q4 2025) Holdings 32 stocks · $1.8B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 PRAX Praxis Precision Medicines I 950,000 $280.0M Reduce -5.0% BBOT Bridgebio Oncology Therapeut 17,878,594 $223.8M No change ABVX Abivax SA-ADR 1,350,000 $182.1M Reduce -30.8% EYPT Eyepoint Inc. 8,265,000 $151.0M Reduce -0.7% RAPP Rapport Therapeutics Inc. 3,027,521 $91.9M Reduce -5.2% BBIO Bridgebio Pharma Inc. 1,200,000 $91.8M Reduce -14.3% DRUG Bright Minds Biosciences Inc. 1,059,331 $82.7M No change EWTX Edgewise Therapeutics Inc. 3,285,000 $81.5M Reduce -18.1% OLMA Olema Pharmaceuticals Inc. 2,750,000 $68.8M New MLTX Moonlake Immunotherapeutics 4,355,433 $57.4M Add +118.4% INSM Insmed Inc. 275,000 $47.9M Reduce -36.0% ENGN Engene Holdings Inc. 4,000,000 $36.1M Add +72.2% ALMS Alumis Inc. 3,635,596 $35.5M Add +69.3% MBX MBX Biosciences Inc. 1,120,000 $35.3M Reduce -8.6% NAMS Newamsterdam Pharma Co. NV 1,000,000 $35.1M Reduce -54.0% CNTA Centessa Pharmaceuticals Ltd. 1,325,000 $33.1M Reduce -31.2% PHVS Pharvaris NV 1,083,000 $30.1M Reduce -20.6% BIOA Bioage Labs Inc. 2,040,605 $27.0M Reduce -4.7% ASND Ascendis Pharma A/S 100,000 $21.3M New TARS Tarsus Pharmaceuticals Inc. 250,000 $20.5M Reduce -16.7% CRBP Corbus Pharmaceuticals Holdi 2,344,971 $19.1M Reduce -1.3% GHRS GH Research PLC 1,300,000 $16.5M Reduce -32.2% ORKA Oruka Therapeutics Inc. 533,340 $16.2M No change ARQT Arcutis Biotherapeutics Inc. 500,000 $14.5M Reduce -35.5% CRNX Crinetics Pharmaceuticals Inc. 300,000 $14.0M Reduce -25.0% AXSM Axsome Therapeutics Inc. 75,000 $13.7M Reduce -25.0% CABA Cabaletta Bio Inc. 4,400,000 $9.6M Reduce -12.0% JANX Janux Therapeutics Inc. 650,000 $9.0M Reduce -23.5% COGT Cogent Biosciences Inc. 225,000 $8.0M New PCVX Vaxcyte Inc. 125,000 $5.8M Reduce -28.6% AMLX Amylyx Pharmaceuticals Inc. 400,000 $4.8M Reduce -20.0% BHVN Biohaven Ltd. 10,000 $113K No change
Options reported separately and not counted above: QQQ puts ($153.6M), IWM puts ($123.1M), XBI puts ($121.9M).
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ ACLX Arcellx Inc. Sold out 0.00% −4.39 NAMS Newamsterdam Pharma Co. NV Reduce -54.0% 1.99% −2.28 CGON CG Oncology Inc. Sold out 0.00% −1.74 INSM Insmed Inc. Reduce -36.0% 2.71% −1.56 KRRO Korro Bio Inc. Sold out 0.00% −1.54 MTSR Metsera Inc. Sold out 0.00% −1.44 CNTA Centessa Pharmaceuticals Ltd. Reduce -31.2% 1.88% −1.34 RAPP Rapport Therapeutics Inc. Reduce -5.2% 5.21% −1.34 ABVX Abivax SA-ADR Reduce -30.8% 10.32% −1.10 CRBP Corbus Pharmaceuticals Holdi Reduce -1.3% 1.08% −0.99 GHRS GH Research PLC Reduce -32.2% 0.94% −0.95 JANX Janux Therapeutics Inc. Reduce -23.5% 0.51% −0.92 RNAM Avidity Biosciences Inc. Sold out 0.00% −0.90 PHVS Pharvaris NV Reduce -20.6% 1.70% −0.64 BMEA Biomea Fusion Inc. Sold out 0.00% −0.50 CRNX Crinetics Pharmaceuticals Inc. Reduce -25.0% 0.79% −0.36 ELVN Enliven Therapeutics Inc. Sold out 0.00% −0.28 CABA Cabaletta Bio Inc. Reduce -12.0% 0.55% −0.26 AMLX Amylyx Pharmaceuticals Inc. Reduce -20.0% 0.27% −0.19 ARQT Arcutis Biotherapeutics Inc. Reduce -35.5% 0.82% −0.18 PCVX Vaxcyte Inc. Reduce -28.6% 0.33% −0.11 TARS Tarsus Pharmaceuticals Inc. Reduce -16.7% 1.16% −0.07 AXSM Axsome Therapeutics Inc. Reduce -25.0% 0.78% −0.06 EWTX Edgewise Therapeutics Inc. Reduce -18.1% 4.62% +0.13 BBIO Bridgebio Pharma Inc. Reduce -14.3% 5.20% +0.19 EYPT Eyepoint Inc. Reduce -0.7% 8.56% +0.38 MBX MBX Biosciences Inc. Reduce -8.6% 2.00% +0.52 BIOA Bioage Labs Inc. Reduce -4.7% 1.53% +0.66 PRAX Praxis Precision Medicines I Reduce -5.0% 15.87% +12.22
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ OLMA Olema Pharmaceuticals Inc. New 3.90% +3.90 MLTX Moonlake Immunotherapeutics Add +118.4% 3.25% +2.27 ALMS Alumis Inc. Add +69.3% 2.01% +1.42 ASND Ascendis Pharma A/S New 1.21% +1.21 ENGN Engene Holdings Inc. Add +72.2% 2.05% +0.95 COGT Cogent Biosciences Inc. New 0.45% +0.45
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ QQQ Invesco QQQ Trust Series 1 put New 250,000 $153.6M IWM iShares Russell 2000 ETF put New 500,000 $123.1M XBI SS SPDR S&P Biotech ETF put New 1,000,000 $121.9M
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