Q4 2025 · 13F-HR
Cormorant Asset Management, LPholdings as filed
Filed 2026-02-17 · accession 0001583977-26-000001
$2.16B
Reported value
35
Positions
2025-12-31
Period end
The Brief · Cormorant Asset Management, LP · Q4 2025
AI · grounded in 13F
Cormorant Asset Management, LP initiated a new position in QQQ valued at $153.6M. The fund also established new holdings in IWM for $123.1M and XBI for $121.9M. On the sell side, the manager closed its position in ACLXGBX, reducing exposure by $63.6M. Other exits included CGON and KRRO, while the fund increased its stake in MLTX by 118.4%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 74006W207 | PRAX | PRAXIS PRECISION MEDICINES I | $280.0M | 12.9% | 950,000 | Common | SOLE |
| 107924102 | BBOT | BRIDGEBIO ONCOLOGY THERAPEUT | $223.8M | 10.4% | 17,878,594 | Common | SOLE |
| 00370M103 | ABVX | ABIVAX SA | $182.1M | 8.42% | 1,350,000 | Common | SOLE |
| 46090E103 | QQQ | INVESCO QQQ TR | $153.6M | 7.10% | 250,000 | PUT | SOLE |
| 30233G209 | EYPT | EYEPOINT INC | $151.0M | 6.98% | 8,265,000 | Common | SOLE |
| 464287655 | IWM | ISHARES TR | $123.1M | 5.69% | 500,000 | PUT | SOLE |
| 78464A870 | XBI | SPDR SERIES TRUST | $121.9M | 5.64% | 1,000,000 | PUT | SOLE |
| 75383L102 | RAPP | RAPPORT THERAPEUTICS INC | $91.9M | 4.25% | 3,027,521 | Common | SOLE |
| 10806X102 | BBIO | BRIDGEBIO PHARMA INC | $91.8M | 4.24% | 1,200,000 | Common | SOLE |
| 10919W405 | DRUG | BRIGHT MINDS BIOSCIENCES INC | $82.7M | 3.82% | 1,059,331 | Common | SOLE |
| 28036F105 | EWTX | EDGEWISE THERAPEUTICS INC | $81.5M | 3.77% | 3,285,000 | Common | SOLE |
| 68062P106 | OLMA | OLEMA PHARMACEUTICALS INC | $68.8M | 3.18% | 2,750,000 | Common | SOLE |
| 61559X104 | MLTX | MOONLAKE IMMUNOTHERAPEUTICS | $57.4M | 2.65% | 4,355,433 | Common | SOLE |
| 457669307 | INSM | INSMED INC | $47.9M | 2.21% | 275,000 | Common | SOLE |
| 29286M105 | — | ENGENE HOLDINGS INC | $36.1M | 1.67% | 4,000,000 | Common | SOLE |
| 022307102 | ALMS | ALUMIS INC | $35.5M | 1.64% | 3,635,596 | Common | SOLE |
| 55287L101 | MBX | MBX BIOSCIENCES INC | $35.3M | 1.63% | 1,120,000 | Common | SOLE |
| N62509109 | NAMS | NEWAMSTERDAM PHARMA COMPANY | $35.1M | 1.62% | 1,000,000 | Common | SOLE |
| 152309100 | CNTA | CENTESSA PHARMACEUTICALS PLC | $33.1M | 1.53% | 1,325,000 | Common | SOLE |
| N69605108 | PHVS | PHARVARIS N V | $30.1M | 1.39% | 1,083,000 | Common | SOLE |
| 09077V100 | BIOA | BIOAGE LABS INC | $27.0M | 1.25% | 2,040,605 | Common | SOLE |
| 04351P101 | ASNDUSD | ASCENDIS PHARMA A/S | $21.3M | 0.99% | 100,000 | Common | SOLE |
| 87650L103 | TARS | TARSUS PHARMACEUTICALS INC | $20.5M | 0.95% | 250,000 | Common | SOLE |
| 21833P301 | CRBP | CORBUS PHARMACEUTICALS HLDGS | $19.1M | 0.88% | 2,344,971 | Common | SOLE |
| G3855L106 | GHRS | GH RESEARCH PLC | $16.5M | 0.76% | 1,300,000 | Common | SOLE |
| 687604108 | ORKA | ORUKA THERAPEUTICS INC | $16.2M | 0.75% | 533,340 | Common | SOLE |
| 03969K108 | ARQT | ARCUTIS BIOTHERAPEUTICS INC | $14.5M | 0.67% | 500,000 | Common | SOLE |
| 22663K107 | CRNX | CRINETICS PHARMACEUTICALS IN | $14.0M | 0.65% | 300,000 | Common | SOLE |
| 05464T104 | AXSM | AXSOME THERAPEUTICS INC | $13.7M | 0.63% | 75,000 | Common | SOLE |
| 12674W109 | CABA | CABALETTA BIO INC | $9.6M | 0.45% | 4,400,000 | Common | SOLE |
| 47103J105 | JANX | JANUX THERAPEUTICS INC | $9.0M | 0.41% | 650,000 | Common | SOLE |
| 19240Q201 | COGT | COGENT BIOSCIENCES INC | $8.0M | 0.37% | 225,000 | Common | SOLE |
| 92243G108 | PCVX | VAXCYTE INC | $5.8M | 0.27% | 125,000 | Common | SOLE |
| 03237H101 | AMLX | AMYLYX PHARMACEUTICALS INC | $4.8M | 0.22% | 400,000 | Common | SOLE |
| G1110E107 | BHVN | BIOHAVEN LTD | $112,900 | 0.01% | 10,000 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.