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Funds (13F)

Cormorant Asset Management, LP

Backtest from 21 Feb 2014 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
−5.7%
S&P 500 +13.7%
Last 12 months
−23.7%
S&P 500 +12.1%
Sharpe ratio
0.02
S&P 500 0.75
Biggest drop
−79.1%
S&P 500 −31.8%
$5.0k$10.0k$20.0k$40.0k 2014201620182020202220242026 $50.9k$4.7k
StrategyS&P 500 $10,000 in Cormorant Asset Management, LP from 21 Feb 2014 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Cormorant Asset Management, LP's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Cormorant Asset Management, LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)−5.7%+13.7%
Total return−53%+409%
Last 12 months−23.7%+12.1%
Last 3 months−34.8%—
Last month−13.9%—
This year so far−32.1%—
Volatility a year41.4%16.2%
Sharpe ratio0.020.75
Biggest drop−79.1%−31.8%
Beta to the S&P 5001.121.00
Alpha a year (t-statistic)−12.8% (−1.22)—
Share of weeks up53%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
PRAX11.2%——
BBOT7.1%——
PBLS6.6%——
RAPP5.8%——
ERAS5.8%——
EWTX5.3%——
EYPT5.3%——
ALMS4.8%——
ABVX4.7%——
DNTH3.8%——
DRUG3.3%——
MLTX3.3%——
BIOA3.1%——
ORKA2.7%——
ANL2.4%——
BBIO2.1%——
TNGX2.1%——
BHVN2.0%——
AGMB1.7%——
MBX1.6%——
CLYM1.4%——
OLMA1.4%——
PHVS1.4%——
CRBP1.1%——
SYRE1.1%——
DFTX1.0%——
NAMS0.9%——
ROIV0.9%——
CABA0.8%——
ASND0.7%——
KLRA0.6%——
INSM0.4%——
FTH0.4%——
ELVN0.4%——
TARS0.3%——
IBIO0.3%——
ARQT0.2%——
ARWR0.2%——
GPCR0.2%——
RACC0.2%——
COGT0.2%——
ALT0.2%——
AMLX0.2%——
ODTX0.2%——
PCVX0.1%——
BOLD0.1%——
IRLA0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest21 Feb 2014 to 2 Nov 2026−5.7%+13.7%0.020.75−79.1%1.12−12.8% (−1.22)
2018 onwards5 Jan 2018 to 2 Nov 2026−10.5%+13.9%−0.110.66−79.1%1.07−17.4% (−1.37)
Last three years3 Nov 2023 to 2 Nov 2026−6.0%+21.8%−0.011.16−52.8%1.26−20.9% (−0.88)
Last year7 Nov 2025 to 2 Nov 2026−17.9%+14.2%−0.490.84−40.1%1.40−31.0% (−0.98)
DateCompanyAction
21 Aug 2026SYREBought
21 Aug 2026RACCBought
21 Aug 2026PBLSBought
21 Aug 2026ODTXBought
21 Aug 2026KLRABought
21 Aug 2026IRLABought
21 Aug 2026IBIOBought
21 Aug 2026ELVNBought
21 Aug 2026DFTXBought
21 Aug 2026CLYMBought
21 Aug 2026BOLDBought
21 Aug 2026ASNDBought
21 Aug 2026ALTBought
22 May 2026ZURABought
22 May 2026TNGXBought
22 May 2026ROIVBought
22 May 2026RLYBBought
22 May 2026MAZEBought
22 May 2026GPCRBought
22 May 2026GLUEBought
22 May 2026FTHBought
22 May 2026ERASBought
22 May 2026DNTHBought
22 May 2026CNTXBought
22 May 2026ARWRBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026ZURASold
21 Aug 2026RLYBSold
21 Aug 2026MAZESold
21 Aug 2026GLUESold
21 Aug 2026CNTXSold
21 Aug 2026AXSMSold
22 May 2026JANXSold
22 May 2026GHRSSold
20 Feb 2026KRROSold
20 Feb 2026ELVNSold
20 Feb 2026CGONSold
20 Feb 2026BMEASold
21 Nov 2025STOKSold
21 Nov 2025SPRYSold
21 Nov 2025AARDSold
15 Aug 2025RYTMSold
15 Aug 2025PLRXSold
15 Aug 2025OKURSold
16 May 2025URGNSold
16 May 2025SEPNSold
16 May 2025OMERSold
16 May 2025IBRXSold
16 May 2025AVBPSold
16 May 2025ARTVSold
21 Feb 2025SLNSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest