Cormorant Asset Management, LP
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Cormorant Asset Management, LP reported 46 stock positions worth $2.0 billion. Its top holding was Praxis Precision Medicines I (PRAX) at 14.4% of the portfolio, followed by Bridgebio Oncology Therapeut (BBOT, 8.1%) and Eyepoint (EYPT, 5.4%). Compared with Q4 2025, it opened 17 new positions, sold out of 3, added to 6 and reduced 17. The biggest buy was a new position in Erasca (ERAS) and the biggest sale Abivax SA-ADR (ABVX, shares −44%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001583977
- Portfolio Value
- $2.0B (Q1 2026)
- SEC Filing
- 0001583977-26-000002 ↗ filed May 15, 2026
Holdings Value
Holdings 46 stocks · $2.0B
| PRAX Praxis Precision Medicines I | 14.38% | 885,500 | $285.3M | Reduce -6.8% |
| BBOT Bridgebio Oncology Therapeut | 8.07% | 17,878,594 | $160.0M | No change |
| EYPT Eyepoint Inc. | 5.37% | 8,265,000 | $106.5M | No change |
| EWTX Edgewise Therapeutics Inc. | 5.18% | 3,260,000 | $102.7M | Reduce -0.8% |
| ERAS Erasca Inc. | 4.73% | 5,800,000 | $93.8M | New |
| RAPP Rapport Therapeutics Inc. | 4.67% | 2,957,521 | $92.5M | Reduce -2.3% |
| ALMS Alumis Inc. | 4.39% | 3,949,241 | $87.0M | Add +8.6% |
| ABVX Abivax SA-ADR | 4.27% | 760,000 | $84.6M | Reduce -43.7% |
| MLTX Moonlake Immunotherapeutics | 4.21% | 4,480,433 | $83.5M | Add +2.9% |
| DNTH Dianthus Therapeutics Inc. | 4.02% | 950,000 | $79.7M | New |
| DRUG Bright Minds Biosciences Inc. | 3.90% | 1,059,331 | $77.3M | No change |
| BBIO Bridgebio Pharma Inc. | 3.18% | 850,000 | $63.1M | Reduce -29.2% |
| OLMA Olema Pharmaceuticals Inc. | 2.93% | 3,900,000 | $58.1M | Add +41.8% |
| BIOA Bioage Labs Inc. | 2.55% | 2,890,605 | $50.6M | Add +41.6% |
| CNTA Centessa Pharmaceuticals Ltd. | 2.10% | 1,050,000 | $41.7M | Reduce -20.8% |
| DMRA Damora Therapeutics Inc. | 1.99% | 1,525,000 | $39.5M | New |
| MBX MBX Biosciences Inc. | 1.69% | 1,120,000 | $33.4M | No change |
| INSM Insmed Inc. | 1.57% | 190,000 | $31.1M | Reduce -30.9% |
| NAMS Newamsterdam Pharma Co. NV | 1.53% | 950,000 | $30.4M | Reduce -5.0% |
| TNGX Tango Therapeutics Inc. | 1.50% | 1,425,000 | $29.8M | New |
| PHVS Pharvaris NV | 1.42% | 1,000,000 | $28.3M | Reduce -7.7% |
| ORKA Oruka Therapeutics Inc. | 1.32% | 533,340 | $26.2M | No change |
| AGMB Agomab Therapeutics NV | 1.30% | 2,465,348 | $25.9M | New |
| MAZE Maze Therapeutics Inc. | 1.13% | 750,000 | $22.4M | New |
| CRBP Corbus Pharmaceuticals Holdi | 1.11% | 2,344,971 | $22.0M | No change |
| ASND Ascendis Pharma A/S | 1.10% | 95,000 | $21.7M | Reduce -5.0% |
| ROIV Roivant Sciences Ltd. | 1.05% | 750,000 | $20.8M | New |
| ANL Adlai Nortye Group Ltd. | 1.01% | 2,897,857 | $20.1M | New |
| TERN Terns Pharmaceuticals Inc. | 0.80% | 300,000 | $15.8M | New |
| TARS Tarsus Pharmaceuticals Inc. | 0.80% | 225,000 | $15.8M | Reduce -10.0% |
| BHVN Biohaven Ltd. | 0.75% | 1,760,000 | $14.9M | Add +17500.0% |
| CABA Cabaletta Bio Inc. | 0.75% | 5,500,000 | $14.8M | Add +25.0% |
| HLXC Helix Acquisition Corp. Class A | 0.66% | 1,297,500 | $13.2M | New |
| ARQT Arcutis Biotherapeutics Inc. | 0.53% | 450,000 | $10.6M | Reduce -10.0% |
| FTH Faeth Therapeutics Inc. filed as SENSEI BIOTHERAPEUTICS INC | 0.49% | 306,222 | $9.7M | New |
| CRNX Crinetics Pharmaceuticals Inc. | 0.46% | 250,000 | $9.1M | Reduce -16.7% |
| ZURA Zura Bio Ltd. | 0.43% | 1,450,000 | $8.6M | New |
| AXSM Axsome Therapeutics Inc. | 0.43% | 50,000 | $8.5M | Reduce -33.3% |
| GPCR Structure Therapeutics Inc. | 0.43% | 175,000 | $8.4M | New |
| COGT Cogent Biosciences Inc. | 0.39% | 200,000 | $7.7M | Reduce -11.1% |
| GLUE Monte Rosa Therapeutics Inc. | 0.33% | 400,000 | $6.6M | New |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.32% | 100,000 | $6.3M | New |
| PCVX Vaxcyte Inc. | 0.29% | 100,000 | $5.8M | Reduce -20.0% |
| AMLX Amylyx Pharmaceuticals Inc. | 0.25% | 350,000 | $4.9M | Reduce -12.5% |
| RLYB Rallybio Corp. | 0.18% | 400,000 | $3.6M | New |
| CNTX Context Therapeutics Inc. | 0.07% | 529,550 | $1.4M | New |
Options reported separately and not counted above: OLMA calls ($7.5M).
Portfolio Sells Q4 2025 → Q1 2026
| ABVX Abivax SA-ADR | Reduce -43.7% | 4.27% | −6.05 |
| ENGN Engene Holdings Inc. | Sold out | 0.00% | −2.05 |
| BBIO Bridgebio Pharma Inc. | Reduce -29.2% | 3.18% | −2.02 |
| PRAX Praxis Precision Medicines I | Reduce -6.8% | 14.38% | −1.49 |
| INSM Insmed Inc. | Reduce -30.9% | 1.57% | −1.15 |
| GHRS GH Research PLC | Sold out | 0.00% | −0.94 |
| RAPP Rapport Therapeutics Inc. | Reduce -2.3% | 4.67% | −0.54 |
| JANX Janux Therapeutics Inc. | Sold out | 0.00% | −0.51 |
| NAMS Newamsterdam Pharma Co. NV | Reduce -5.0% | 1.53% | −0.46 |
| TARS Tarsus Pharmaceuticals Inc. | Reduce -10.0% | 0.80% | −0.36 |
| AXSM Axsome Therapeutics Inc. | Reduce -33.3% | 0.43% | −0.35 |
| CRNX Crinetics Pharmaceuticals Inc. | Reduce -16.7% | 0.46% | −0.33 |
| ARQT Arcutis Biotherapeutics Inc. | Reduce -10.0% | 0.53% | −0.29 |
| PHVS Pharvaris NV | Reduce -7.7% | 1.42% | −0.28 |
| ASND Ascendis Pharma A/S | Reduce -5.0% | 1.10% | −0.11 |
| COGT Cogent Biosciences Inc. | Reduce -11.1% | 0.39% | −0.07 |
| PCVX Vaxcyte Inc. | Reduce -20.0% | 0.29% | −0.03 |
| AMLX Amylyx Pharmaceuticals Inc. | Reduce -12.5% | 0.25% | −0.03 |
| CNTA Centessa Pharmaceuticals Ltd. | Reduce -20.8% | 2.10% | +0.22 |
| EWTX Edgewise Therapeutics Inc. | Reduce -0.8% | 5.18% | +0.56 |
Portfolio Buys Q4 2025 → Q1 2026
| ERAS Erasca Inc. | New | 4.73% | +4.73 |
| DNTH Dianthus Therapeutics Inc. | New | 4.02% | +4.02 |
| ALMS Alumis Inc. | Add +8.6% | 4.39% | +2.37 |
| DMRA Damora Therapeutics Inc. | New | 1.99% | +1.99 |
| TNGX Tango Therapeutics Inc. | New | 1.50% | +1.50 |
| AGMB Agomab Therapeutics NV | New | 1.30% | +1.30 |
| MAZE Maze Therapeutics Inc. | New | 1.13% | +1.13 |
| ROIV Roivant Sciences Ltd. | New | 1.05% | +1.05 |
| BIOA Bioage Labs Inc. | Add +41.6% | 2.55% | +1.02 |
| ANL Adlai Nortye Group Ltd. | New | 1.01% | +1.01 |
| MLTX Moonlake Immunotherapeutics | Add +2.9% | 4.21% | +0.96 |
| TERN Terns Pharmaceuticals Inc. | New | 0.80% | +0.80 |
| BHVN Biohaven Ltd. | Add +17500.0% | 0.75% | +0.74 |
| HLXC Helix Acquisition Corp. Class A | New | 0.66% | +0.66 |
| FTH Faeth Therapeutics Inc. | New | 0.49% | +0.49 |
| ZURA Zura Bio Ltd. | New | 0.43% | +0.43 |
| GPCR Structure Therapeutics Inc. | New | 0.43% | +0.43 |
| GLUE Monte Rosa Therapeutics Inc. | New | 0.33% | +0.33 |
| ARWR Arrowhead Pharmaceuticals Inc. | New | 0.32% | +0.32 |
| CABA Cabaletta Bio Inc. | Add +25.0% | 0.75% | +0.20 |
| RLYB Rallybio Corp. | New | 0.18% | +0.18 |
| CNTX Context Therapeutics Inc. | New | 0.07% | +0.07 |
| OLMA Olema Pharmaceuticals Inc. | Add +41.8% | 2.93% | −0.97 |
Options Activity Q4 2025 → Q1 2026
| QQQ Invesco QQQ Trust Series 1 | put | Sold out | 250,000 | $153.6Mbefore exit |
| IWM iShares Russell 2000 ETF | put | Sold out | 500,000 | $123.1Mbefore exit |
| XBI SS SPDR S&P Biotech ETF | put | Sold out | 1,000,000 | $121.9Mbefore exit |
| OLMA Olema Pharmaceuticals Inc. | call | New | 500,000 | $7.5M |
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 |