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Hedge fund

Cormorant Asset Management, LP

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1583977

Reported value
$2.0bn
98% in companies we cover
Positions we cover
47
Largest PRAX 11.0%
Copy, a year
−5.7%
S&P 500 +13.7%
Copy Sharpe ratio
0.02
S&P 500 0.75

How copying its 13F would have done

$5.0k$10.0k$20.0k$40.0k 2014201620182020202220242026 $50.9k$4.7k
CopyS&P 500 $10,000 copying Cormorant Asset Management, LP's filed holdings in companies we cover from February 21, 2014, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −79.1% (S&P 500 −31.8%); beta 1.12; alpha −12.7% a year (t = −1.22); last 12 months −23.7% against +12.1%.

Reported value by quarter

Cormorant Asset Management, LP: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $1B $2B $3B $4B Reported value, 2013-12-31: $344.6M Reported value, 2014-03-31: $434.9M Reported value, 2014-06-30: $377.4M Reported value, 2014-09-30: $486.2M Reported value, 2014-12-31: $648.5M Reported value, 2015-03-31: $647.1M Reported value, 2015-06-30: $752.2M Reported value, 2015-09-30: $626.1M Reported value, 2015-12-31: $835.9M Reported value, 2016-03-31: $663.8M Reported value, 2016-06-30: $704.3M Reported value, 2016-09-30: $906.8M Reported value, 2016-12-31: $741.8M Reported value, 2017-03-31: $688.7M Reported value, 2017-06-30: $603.3M Reported value, 2017-09-30: $566.4M Reported value, 2017-12-31: $862.9M Reported value, 2018-03-31: $1.2B Reported value, 2018-06-30: $1.2B Reported value, 2018-09-30: $1.4B Reported value, 2018-12-31: $1.1B Reported value, 2019-03-31: $1.4B Reported value, 2019-06-30: $1.6B Reported value, 2019-09-30: $1.4B Reported value, 2019-12-31: $2.3B Reported value, 2020-03-31: $1.8B Reported value, 2020-06-30: $2.3B Reported value, 2020-09-30: $2.3B Reported value, 2020-12-31: $3.4B Reported value, 2021-03-31: $3.5B Reported value, 2021-06-30: $2.6B Reported value, 2021-09-30: $2.5B Reported value, 2021-12-31: $1.7B Reported value, 2022-03-31: $1.3B Reported value, 2022-06-30: $1.3B Reported value, 2022-09-30: $1.4B Reported value, 2022-12-31: $1.5B Reported value, 2023-03-31: $1.5M Reported value, 2023-06-30: $1.8B Reported value, 2023-09-30: $1.7B Reported value, 2023-12-31: $2.1B Reported value, 2024-03-31: $2.3B Reported value, 2024-06-30: $1.7B Reported value, 2024-09-30: $1.9B Reported value, 2024-12-31: $1.8B Reported value, 2025-03-31: $1.3B Reported value, 2025-06-30: $1.3B Reported value, 2025-09-30: $1.4B Reported value, 2025-12-31: $1.8B Reported value, 2026-03-31: $2B Reported value, 2026-06-30: $2B 2013-12-31 2016-06-30 2018-12-31 2021-06-30 2023-12-31 2026-06-30 $2B
View chart data
Period Reported value
2013-12-31 $344.6M
2014-03-31 $434.9M
2014-06-30 $377.4M
2014-09-30 $486.2M
2014-12-31 $648.5M
2015-03-31 $647.1M
2015-06-30 $752.2M
2015-09-30 $626.1M
2015-12-31 $835.9M
2016-03-31 $663.8M
2016-06-30 $704.3M
2016-09-30 $906.8M
2016-12-31 $741.8M
2017-03-31 $688.7M
2017-06-30 $603.3M
2017-09-30 $566.4M
2017-12-31 $862.9M
2018-03-31 $1.2B
2018-06-30 $1.2B
2018-09-30 $1.4B
2018-12-31 $1.1B
2019-03-31 $1.4B
2019-06-30 $1.6B
2019-09-30 $1.4B
2019-12-31 $2.3B
2020-03-31 $1.8B
2020-06-30 $2.3B
2020-09-30 $2.3B
2020-12-31 $3.4B
2021-03-31 $3.5B
2021-06-30 $2.6B
2021-09-30 $2.5B
2021-12-31 $1.7B
2022-03-31 $1.3B
2022-06-30 $1.3B
2022-09-30 $1.4B
2022-12-31 $1.5B
2023-03-31 $1.5M
2023-06-30 $1.8B
2023-09-30 $1.7B
2023-12-31 $2.1B
2024-03-31 $2.3B
2024-06-30 $1.7B
2024-09-30 $1.9B
2024-12-31 $1.8B
2025-03-31 $1.3B
2025-06-30 $1.3B
2025-09-30 $1.4B
2025-12-31 $1.8B
2026-03-31 $2B
2026-06-30 $2B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
PRAXPraxis Precision Medicines, Inc.10.98%$214.3m640.0K−27.7% Reduced
BBOTBridgebio Oncology Therapeutics, Inc.6.98%$136.2m17.88M0.0%
PBLSParabilis Medicines, Inc.6.47%$126.3m4.62MNew
RAPPRapport Therapeutics, Inc.5.67%$110.7m2.66M−10.1% Reduced
ERASErasca, Inc.5.63%$109.9m6.00M+3.4% Added
EWTXEdgewise Therapeutics, Inc.5.23%$102.0m2.51M−23.0% Reduced
EYPTEyepoint, Inc.5.13%$100.1m7.00M−15.3% Reduced
ALMSAlumis Inc.4.74%$92.5m3.29M−16.8% Reduced
ABVXAbivax S.a.4.61%$90.0m675.0K−11.2% Reduced
DNTHDianthus Therapeutics, Inc.3.75%$73.1m750.0K−21.1% Reduced
DRUGBright Minds Biosciences Inc.3.24%$63.2m900.0K−15.0% Reduced
MLTXMoonlake Immunotherapeutics3.20%$62.4m3.21M−28.5% Reduced
BIOABioage Labs, Inc.3.00%$58.6m2.39M−17.3% Reduced
ORKAOruka Therapeutics, Inc.2.60%$50.8m533.3K0.0%
ANLAdlai Nortye Group Ltd.2.34%$45.7m3.98M+37.3% Added
BBIOBridgebio Pharma, Inc.2.10%$41.0m550.0K−35.3% Reduced
TNGXTango Therapeutics, Inc.2.08%$40.6m1.30M−8.8% Reduced
BHVNBiohaven Ltd.1.99%$38.8m2.61M+48.3% Added
AGMBAgomab Therapeutics NV1.64%$32.0m2.47M0.0%
MBXMBX Biosciences, Inc.1.56%$30.4m550.0K−50.9% Reduced
CLYMClimb Bio, Inc.1.41%$27.5m2.11MNew
OLMAOlema Pharmaceuticals, Inc.1.38%$26.9m2.15M−44.9% Reduced
PHVSPharvaris N.V.1.33%$25.9m750.0K−25.0% Reduced
CRBPCorbus Pharmaceuticals Holdings, Inc.1.13%$22.0m2.34M0.0%
SYRESpyre Therapeutics, Inc.1.02%$20.0m225.0KNew
DFTXDefinium Therapeutics, Inc.0.96%$18.8m400.0KNew
NAMSNewamsterdam Pharma Co N.V.0.87%$16.9m500.0K−47.4% Reduced
ROIVRoivant Sciences Ltd.0.86%$16.8m475.0K−36.7% Reduced
CABACabaletta Bio, Inc.0.80%$15.6m5.00M−9.1% Reduced
ASNDAscendis Pharma A/s0.68%$13.3m50.0KNew
KLRAKailera Therapeutics, Inc.0.62%$12.1m550.0KNew
INSMInsmed Inc0.41%$8.0m75.0K−60.5% Reduced
FTHFaeth Therapeutics, Inc.0.39%$7.7m1.03M+235.8% Added
ELVNEnliven Therapeutics, Inc.0.39%$7.6m150.0KNew
TARSTarsus Pharmaceuticals, Inc.0.32%$6.3m100.0K−55.6% Reduced
IBIOIbio, Inc.0.32%$6.2m3.57MNew
ARQTArcutis Biotherapeutics, Inc.0.23%$4.6m175.0K−61.1% Reduced
ARWRArrowhead Pharmaceuticals, Inc.0.21%$4.1m50.0K−50.0% Reduced
GPCRStructure Therapeutics Inc.0.21%$4.0m75.0K−57.1% Reduced
RACCResearch Alliance Corp III0.20%$4.0m370.0KNew
COGTCogent Biosciences, Inc.0.20%$3.9m100.0K−50.0% Reduced
ALTAltimmune, Inc.0.20%$3.8m1.25MNew
AMLXAmylyx Pharmaceuticals, Inc.0.18%$3.6m200.0K−42.9% Reduced
ODTXOdyssey Therapeutics, Inc.0.17%$3.3m175.0KNew
PCVXVaxcyte, Inc.0.15%$2.9m50.0K−50.0% Reduced
BOLDBoundless Bio, Inc.0.13%$2.5m1.00MNew
IRLAIrulya Therapeutics Inc.0.01%$100,0095.5KNew
CompanyBought (value)Shares
PBLSParabilis Medicines, Inc.$126.3m4.62M
CLYMClimb Bio, Inc.$27.5m2.11M
SYRESpyre Therapeutics, Inc.$20.0m225.0K
DFTXDefinium Therapeutics, Inc.$18.8m400.0K
ASNDAscendis Pharma A/s$13.3m50.0K
BHVNBiohaven Ltd.$12.6m850.0K
ANLAdlai Nortye Group Ltd.$12.4m1.08M
KLRAKailera Therapeutics, Inc.$12.1m550.0K
ELVNEnliven Therapeutics, Inc.$7.6m150.0K
IBIOIbio, Inc.$6.2m3.57M
FTHFaeth Therapeutics, Inc.$5.4m722.0K
RACCResearch Alliance Corp III$4.0m370.0K
ALTAltimmune, Inc.$3.8m1.25M
ERASErasca, Inc.$3.7m200.0K
ODTXOdyssey Therapeutics, Inc.$3.3m175.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
PRAXPraxis Precision Medicines, Inc.−$82.2m−245.5K
MBXMBX Biosciences, Inc.−$31.5m−570.0K
EWTXEdgewise Therapeutics, Inc.−$30.5m−750.0K
MLTXMoonlake Immunotherapeutics−$24.8m−1.27M
MAZEMaze Therapeutics, Inc.−$22.4m−750.0K
BBIOBridgebio Pharma, Inc.−$22.3m−300.0K
OLMAOlema Pharmaceuticals, Inc.−$21.9m−1.75M
DNTHDianthus Therapeutics, Inc.−$19.5m−200.0K
ALMSAlumis Inc.−$18.7m−663.6K
EYPTEyepoint, Inc.−$18.1m−1.26M
NAMSNewamsterdam Pharma Co N.V.−$15.3m−450.0K
RAPPRapport Therapeutics, Inc.−$12.5m−300.0K
INSMInsmed Inc−$12.3m−115.0K
BIOABioage Labs, Inc.−$12.3m−500.0K
ABVXAbivax S.a.−$11.3m−85.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
MAZEMaze Therapeutics, Inc.$22.4m750.0K
ZURAZura Bio Ltd$8.6m1.45M
AXSMAxsome Therapeutics, Inc.$8.5m50.0K
GLUEMonte Rosa Therapeutics, Inc.$6.6m400.0K
RLYBRallybio Corp$3.6m400.0K
CNTXContext Therapeutics Inc.$1.4m529.5K
  • Health Care100.0%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestFebruary 21, 2014 to November 2, 2026−5.7%+13.7%0.020.75−79.1%1.12
2018 onwardsJanuary 5, 2018 to November 2, 2026−10.5%+13.9%−0.110.66−79.1%1.07
Last three yearsNovember 3, 2023 to November 2, 2026−6.0%+21.8%−0.011.16−52.8%1.26
Last yearNovember 7, 2025 to November 2, 2026−17.9%+14.2%−0.490.84−40.1%1.40

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.