Cormorant Asset Management, LP 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Cormorant Asset Management, LP disclosed 32 US equity positions worth $1.8bn in its Q4 2025 13F filing. The largest position was PRAX at 15.9% of the reported book, followed by BBOT and ABVX. Against the Q3 2025 filing, it opened 3 new positions, added to 3 and reduced 22 among the top 32 holdings.
What did Cormorant Asset Management, LP own in Q4 2025? Top 32 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | PRAX PRAXIS PRECISION MEDICINES I | Healthcare | 15.9% | $280.0m | 950,000 | -5% | reduced |
| 2 | BBOT BRIDGEBIO ONCOLOGY THERAPEUT | 12.7% | $223.8m | 17,878,594 | 0% | held | |
| 3 | ABVX ABIVAX SA | 10.3% | $182.1m | 1,350,000 | -31% | reduced | |
| 4 | EYPT EYEPOINT INC | Healthcare | 8.6% | $151.0m | 8,265,000 | -1% | reduced |
| 5 | RAPP RAPPORT THERAPEUTICS INC | 5.2% | $91.9m | 3,027,521 | -5% | reduced | |
| 6 | BBIO BRIDGEBIO PHARMA INC | Healthcare | 5.2% | $91.8m | 1,200,000 | -14% | reduced |
| 7 | DRUG BRIGHT MINDS BIOSCIENCES INC | Healthcare | 4.7% | $82.7m | 1,059,331 | 0% | held |
| 8 | EWTX EDGEWISE THERAPEUTICS INC | 4.6% | $81.5m | 3,285,000 | -18% | reduced | |
| 9 | OLMA OLEMA PHARMACEUTICALS INC | Healthcare | 3.9% | $68.8m | 2,750,000 | – | new |
| 10 | MLTX MOONLAKE IMMUNOTHERAPEUTICS | Healthcare | 3.3% | $57.4m | 4,355,433 | 118% | added |
| 11 | INSM INSMED INC | Healthcare | 2.7% | $47.9m | 275,000 | -36% | reduced |
| 12 | ENGENE HOLDINGS INC | 2.0% | $36.1m | 4,000,000 | 72% | added | |
| 13 | ALMS ALUMIS INC | 2.0% | $35.5m | 3,635,596 | 69% | added | |
| 14 | MBX MBX BIOSCIENCES INC | Healthcare | 2.0% | $35.3m | 1,120,000 | -9% | reduced |
| 15 | NEWAMSTERDAM PHARMA COMPANY | 2.0% | $35.1m | 1,000,000 | -54% | reduced | |
| 16 | CNTA CENTESSA PHARMACEUTICALS PLC | 1.9% | $33.1m | 1,325,000 | -31% | reduced | |
| 17 | PHVS PHARVARIS N V | 1.7% | $30.1m | 1,083,000 | -21% | reduced | |
| 18 | BIOA BIOAGE LABS INC | 1.5% | $27.0m | 2,040,605 | -5% | reduced | |
| 19 | ASND ASCENDIS PHARMA A/S | Healthcare | 1.2% | $21.3m | 100,000 | – | new |
| 20 | TARS TARSUS PHARMACEUTICALS INC | Healthcare | 1.2% | $20.5m | 250,000 | -17% | reduced |
| 21 | CRBP CORBUS PHARMACEUTICALS HLDGS | Healthcare | 1.1% | $19.1m | 2,344,971 | -1% | reduced |
| 22 | GHRS GH RESEARCH PLC | 0.9% | $16.5m | 1,300,000 | -32% | reduced | |
| 23 | ORKA ORUKA THERAPEUTICS INC | Healthcare | 0.9% | $16.2m | 533,340 | 0% | held |
| 24 | ARQT ARCUTIS BIOTHERAPEUTICS INC | Healthcare | 0.8% | $14.5m | 500,000 | -35% | reduced |
| 25 | CRNXGBP CRINETICS PHARMACEUTICALS IN | 0.8% | $14.0m | 300,000 | -25% | reduced | |
| 26 | AXSM AXSOME THERAPEUTICS INC | Healthcare | 0.8% | $13.7m | 75,000 | -25% | reduced |
| 27 | CABA CABALETTA BIO INC | Healthcare | 0.5% | $9.6m | 4,400,000 | -12% | reduced |
| 28 | JANX JANUX THERAPEUTICS INC | Healthcare | 0.5% | $9.0m | 650,000 | -24% | reduced |
| 29 | COGT COGENT BIOSCIENCES INC | Healthcare | 0.5% | $8.0m | 225,000 | – | new |
| 30 | PCVX VAXCYTE INC | Healthcare | 0.3% | $5.8m | 125,000 | -29% | reduced |
| 31 | AMLX AMYLYX PHARMACEUTICALS INC | Healthcare | 0.3% | $4.8m | 400,000 | -20% | reduced |
| 32 | BHVN BIOHAVEN LTD | Healthcare | 0.0% | $112.9k | 10,000 | 0% | held |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.