Institutional
Cormorant Asset Management, LP
CIK 0001583977
$1.99B
Reported AUM
46
Positions
Q1 2026
Period
2026-05-15
Filed
The Brief · Cormorant Asset Management, LP · Q1 2026
AI · grounded in 13F
Cormorant Asset Management, LP exited its position in QQQ, reducing exposure by $153.6M. The fund also closed positions in IWM and XBI, totaling $123.1M and $121.9M respectively. On the buy side, the manager established new positions in ERAS for $93.8M and DNTH for $79.7M. Additionally, the fund increased its holdings in ALMS by 8.6%.
Portfolio · Q1 2026
Top holdings
QoQ vs Q4 2025
| # | Stock | Issuer | Price | Day % | 1Y Gr. | 5Y Gr. | Value | % of book | Δ shares (QoQ) | Status |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | PRAX | PRAXIS PRECISION MEDICINES I | $254.00 | -4.06% | 470.02% | 8.55% | $285.3M | 14.33% | −64,500 | −6.8% |
| 2 | BBOT | BRIDGEBIO ONCOLOGY THERAPEUT | $7.91 | 1.28% | -28.28% | -24.90% | $160.0M | 8.04% | — | HELD |
| 3 | EYPT | EYEPOINT INC | $11.64 | -1.19% | 31.77% | 43.31% | $106.5M | 5.35% | — | HELD |
| 4 | EWTX | EDGEWISE THERAPEUTICS INC | $35.59 | -4.41% | 133.53% | 103.26% | $102.7M | 5.16% | −25,000 | −0.8% |
| 5 | ERAS | ERASCA INC | $11.97 | -9.80% | 648.13% | -49.94% | $93.8M | 4.71% | +5,800,000 | NEW |
| 6 | RAPP | RAPPORT THERAPEUTICS INC | $36.31 | 0.58% | 185.15% | 58.89% | $92.5M | 4.65% | −70,000 | −2.3% |
| 7 | ALMS | ALUMIS INC | $19.06 | -6.52% | 430.92% | 54.96% | $87.0M | 4.37% | +313,645 | +8.6% |
| 8 | ABVX | ABIVAX SA | $101.53 | -3.24% | 1139.68% | 900.30% | $84.6M | 4.25% | −590,000 | −43.7% |
| 9 | MLTX | MOONLAKE IMMUNOTHERAPEUTICS | $18.07 | 0.92% | -61.82% | 80.48% | $83.5M | 4.19% | +125,000 | +2.9% |
| 10 | DNTH | DIANTHUS THERAPEUTICS INC | $80.51 | -4.30% | 327.11% | -29.33% | $79.7M | 4.00% | +950,000 | NEW |
| 11 | DRUG | BRIGHT MINDS BIOSCIENCES INC | $67.43 | -2.28% | 149.91% | 193.62% | $77.3M | 3.88% | — | HELD |
| 12 | OLMA | OLEMA PHARMACEUTICALS INC | $10.21 | -0.97% | 131.17% | -56.09% | $65.6M | 3.29% | +1,650,000 | +60.0% |
| 13 | BBIO | BRIDGEBIO PHARMA INC | $66.96 | -0.97% | 75.06% | 26.49% | $63.1M | 3.17% | −350,000 | −29.2% |
| 14 | BIOA | BIOAGE LABS INC | $15.70 | -7.76% | 252.81% | -33.47% | $50.6M | 2.54% | +850,000 | +41.7% |
| 15 | CNTA | CENTESSA PHARMACEUTICALS PLC | $39.62 | 0.01% | 232.38% | 91.96% | $41.7M | 2.09% | −275,000 | −20.8% |
| 16 | DMRA | DAMORA THERAPEUTICS INC | $21.01 | -5.83% | 538.60% | -80.41% | $39.5M | 1.98% | +1,525,000 | NEW |
| 17 | MBX | MBX BIOSCIENCES INC | $30.28 | -2.04% | 166.31% | 32.23% | $33.4M | 1.68% | — | HELD |
| 18 | INSM | INSMED INC | $92.67 | -1.65% | 27.98% | 283.01% | $31.1M | 1.56% | −85,000 | −30.9% |
| 19 | NAMS | NEWAMSTERDAM PHARMA COMPANY | $31.17 | -1.09% | 56.50% | 225.62% | $30.4M | 1.53% | −50,000 | −5.0% |
| 20 | TNGX | TANGO THERAPEUTICS INC | $27.69 | 36.94% | 374.65% | 101.72% | $29.8M | 1.50% | +1,425,000 | NEW |
| 21 | PHVS | PHARVARIS N V | $31.09 | -1.71% | 85.28% | 74.96% | $28.3M | 1.42% | −83,000 | −7.7% |
| 22 | ORKA | ORUKA THERAPEUTICS INC | $60.14 | -3.44% | 378.06% | 194.89% | $26.2M | 1.31% | — | HELD |
| 23 | AGMB | AGOMAB THERAPEUTICS NV | $9.75 | -1.71% | -32.29% | -5.43% | $25.9M | 1.30% | +2,465,348 | NEW |
| 24 | MAZE | MAZE THERAPEUTICS INC | $24.27 | -4.45% | 87.70% | 98.45% | $22.4M | 1.12% | +750,000 | NEW |
| 25 | CRBP | CORBUS PHARMACEUTICALS HLDGS | $7.56 | -5.62% | -18.09% | -81.61% | $22.0M | 1.11% | — | HELD |
| 26 | ASNDUSD | ASCENDIS PHARMA A/S | — | — | — | — | $21.7M | 1.09% | −5,000 | −5.0% |
| 27 | ROIV | ROIVANT SCIENCES LTD | $28.41 | -0.61% | 154.50% | 188.40% | $20.8M | 1.04% | +750,000 | NEW |
| 28 | ANL | ADLAI NORTYE LTD | $9.58 | -3.72% | 488.09% | 19.01% | $20.1M | 1.01% | +2,897,857 | NEW |
| 29 | 430 | TERNS PHARMACEUTICALS INC | — | — | — | — | $15.8M | 0.79% | +300,000 | NEW |
| 30 | TARS | TARSUS PHARMACEUTICALS INC | $59.28 | -1.76% | 34.97% | 162.65% | $15.8M | 0.79% | −25,000 | −10.0% |
| 31 | BHVN | BIOHAVEN LTD | $11.28 | 4.44% | — | — | $14.9M | 0.75% | +1,750,000 | +17500.0% |
| 32 | CABA | CABALETTA BIO INC | $3.21 | -1.08% | — | — | $14.8M | 0.74% | +1,100,000 | +25.0% |
| 33 | HLXC | HELIX ACQUISITION CORP III | $10.25 | 0.10% | — | — | $13.2M | 0.66% | +1,297,500 | NEW |
| 34 | ARQT | ARCUTIS BIOTHERAPEUTICS INC | $21.31 | 0.35% | — | — | $10.6M | 0.53% | −50,000 | −10.0% |
| 35 | SNSE | SENSEI BIOTHERAPEUTICS INC | $14.65 | -11.75% | — | — | $9.7M | 0.48% | +306,222 | NEW |
| 36 | CRNX | CRINETICS PHARMACEUTICALS IN | $32.92 | -4.94% | — | — | $9.1M | 0.46% | −50,000 | −16.7% |
| 37 | ZURA | ZURA BIO LTD | $3.40 | -7.36% | — | — | $8.6M | 0.43% | +1,450,000 | NEW |
| 38 | AXSM | AXSOME THERAPEUTICS INC. | $232.32 | 0.36% | — | — | $8.5M | 0.42% | −25,000 | −33.3% |
| 39 | GPCR | STRUCTURE THERAPEUTICS INC | $37.58 | -3.79% | — | — | $8.4M | 0.42% | +175,000 | NEW |
| 40 | COGT | COGENT BIOSCIENCES INC | $31.02 | -5.40% | — | — | $7.7M | 0.39% | −25,000 | −11.1% |
| 41 | GLUE | MONTE ROSA THERAPEUTICS INC | $16.87 | 3.05% | — | — | $6.6M | 0.33% | +400,000 | NEW |
| 42 | ARWR | ARROWHEAD PHARMACEUTICALS IN | $73.01 | -0.10% | — | — | $6.3M | 0.31% | +100,000 | NEW |
| 43 | PCVX | VAXCYTE INC | $46.38 | -2.06% | — | — | $5.8M | 0.29% | −25,000 | −20.0% |
| 44 | AMLX | AMYLYX PHARMACEUTICALS INC | $13.32 | -6.92% | — | — | $4.9M | 0.24% | −50,000 | −12.5% |
| 45 | RLYB | RALLYBIO CORP | $16.30 | 2.19% | — | — | $3.6M | 0.18% | +400,000 | NEW |
| 46 | CNTX | CONTEXT THERAPEUTICS INC | $1.73 | -1.43% | — | — | $1.4M | 0.07% | +529,550 | NEW |
| 47 | QQQ | INVESCO QQQ TR | $705.06 | -4.80% | — | — | — | — | −250,000 | EXITED |
| 48 | IWM | ISHARES TR | $281.65 | -3.55% | — | — | — | — | −500,000 | EXITED |
| 49 | XBI | SPDR SERIES TRUST | $128.67 | -3.56% | — | — | — | — | −1,000,000 | EXITED |
| 50 | — | ENGENE HOLDINGS INC | — | — | — | — | — | — | −4,000,000 | EXITED |
| 51 | GHRS | GH RESEARCH PLC | $21.43 | -7.83% | — | — | — | — | −1,300,000 | EXITED |
| 52 | JANX | JANUX THERAPEUTICS INC | $13.24 | -0.90% | — | — | — | — | −650,000 | EXITED |
Source: SEC EDGAR · accession 0001583977-26-000002. 13F discloses long positions only — shorts, foreign equities, and options are excluded.