Cormorant Asset Management, LP
Long book
$1.98B
Q1 2026
Positions
46
Top-10 weight
59%
concentration
Last quarter
+12.1%
SPY +14.8%
Turnover
41%
of book per quarter
Strategy in plain words
auto-generated from filingsCormorant Asset Management, LP is a concentrated fundamental stock-picker, specialised in healthcare (99% of the long book), running a $1.98B US long book across 46 positions.
The portfolio is concentrated: the top 10 names carry 59% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: PRAXIS PRECISION MEDICINES I, BRIDGEBIO ONCOLOGY THERAPEUT, EYEPOINT INC, EDGEWISE THERAPEUTICS INC, ERASCA INC.
Over the last 9 quarters its long book ran on average 1.4pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-21.2%
Q2 2024
+7.7%
Q3 2024
-3.7%
Q4 2024
-25.6%
Q1 2025
+7.2%
Q2 2025
+12.0%
Q3 2025
+42.7%
Q4 2025
-3.2%
Q1 2026
+12.1%
Sector allocation
Healthcare 98%
Other 1%
Financials 1%
Long book by quarter
What does Cormorant Asset own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| PRAX PRAXIS PRECISION MEDICINES I | Healthcare | 885.5K | $285.3M | 14.4% | -6.8% |
| BBOT BRIDGEBIO ONCOLOGY THERAPEUT | Healthcare | 17.9M | $160.0M | 8.1% | Held |
| EYPT EYEPOINT INC | Healthcare | 8.3M | $106.5M | 5.4% | Held |
| EWTX EDGEWISE THERAPEUTICS INC | Healthcare | 3.3M | $102.7M | 5.2% | -0.8% |
| ERAS ERASCA INC | Healthcare | 5.8M | $93.8M | 4.7% | New |
| RAPP RAPPORT THERAPEUTICS INC | Healthcare | 3.0M | $92.5M | 4.7% | -2.3% |
| ALMS ALUMIS INC | Healthcare | 3.9M | $87.0M | 4.4% | +8.6% |
| MLTX MOONLAKE IMMUNOTHERAPEUTICS | Healthcare | 4.5M | $83.5M | 4.2% | +2.9% |
| DNTH DIANTHUS THERAPEUTICS INC | Healthcare | 950.0K | $79.7M | 4.0% | New |
| DRUG BRIGHT MINDS BIOSCIENCES INC | Healthcare | 1.1M | $77.3M | 3.9% | Held |
| BBIO BRIDGEBIO PHARMA INC | Healthcare | 850.0K | $63.1M | 3.2% | -29.2% |
| OLMA OLEMA PHARMACEUTICALS INC | Healthcare | 3.9M | $58.1M | 2.9% | +41.8% |
| BIOA BIOAGE LABS INC | Healthcare | 2.9M | $50.6M | 2.5% | +41.7% |
| DMRA DAMORA THERAPEUTICS INC | Healthcare | 1.5M | $39.5M | 2.0% | New |
| MBX MBX BIOSCIENCES INC | Healthcare | 1.1M | $33.4M | 1.7% | Held |
| INSM INSMED INC | Healthcare | 190.0K | $31.1M | 1.6% | -30.9% |
| NAMS NEWAMSTERDAM PHARMA CO NV | Healthcare | 950.0K | $30.4M | 1.5% | -5.0% |
| TNGX TANGO THERAPEUTICS INC | Healthcare | 1.4M | $29.8M | 1.5% | New |
| PHVS PHARVARIS NV | Healthcare | 1.0M | $28.3M | 1.4% | -7.7% |
| ORKA ORUKA THERAPEUTICS INC | Healthcare | 533.3K | $26.2M | 1.3% | Held |
| MAZE MAZE THERAPEUTICS INC | Healthcare | 750.0K | $22.4M | 1.1% | New |
| CRBP CORBUS PHARMACEUTICALS HOLDI | Healthcare | 2.3M | $22.0M | 1.1% | Held |
| ROIV ROIVANT SCIENCES LTD | Healthcare | 750.0K | $20.8M | 1.0% | New |
| 430 TERNS PHARMACEUTICALS INC | — | 300.0K | $15.8M | 0.8% | New |
| TARS TARSUS PHARMACEUTICALS INC | Healthcare | 225.0K | $15.8M | 0.8% | -10.0% |
| BHVN BIOHAVEN LTD | Healthcare | 1.8M | $14.9M | 0.8% | +17500.0% |
| CABA CABALETTA BIO INC | Healthcare | 5.5M | $14.8M | 0.7% | +25.0% |
| HLXC HELIX ACQUISITION CORP-CL A | Financials | 1.3M | $13.2M | 0.7% | New |
| ARQT ARCUTIS BIOTHERAPEUTICS INC | Healthcare | 450.0K | $10.6M | 0.5% | -10.0% |
| FTH FAETH THERAPEUTICS INC | Healthcare | 306.2K | $9.7M | 0.5% | New |
| CRNX CRINETICS PHARMACEUTICALS IN | Healthcare | 250.0K | $9.1M | 0.5% | -16.7% |
| ZURA ZURA BIO LTD | Healthcare | 1.4M | $8.6M | 0.4% | New |
| AXSM AXSOME THERAPEUTICS INC | Healthcare | 50.0K | $8.5M | 0.4% | -33.3% |
| COGT COGENT BIOSCIENCES INC | Healthcare | 200.0K | $7.7M | 0.4% | -11.1% |
| GLUE MONTE ROSA THERAPEUTICS INC | Healthcare | 400.0K | $6.6M | 0.3% | New |
| ARWR ARROWHEAD PHARMACEUTICALS IN | Healthcare | 100.0K | $6.3M | 0.3% | New |
| PCVX VAXCYTE INC | Healthcare | 100.0K | $5.8M | 0.3% | -20.0% |
| AMLX AMYLYX PHARMACEUTICALS INC | Healthcare | 350.0K | $4.9M | 0.2% | -12.5% |
| RLYB RALLYBIO CORP | Healthcare | 400.0K | $3.6M | 0.2% | New |
| CNTX CONTEXT THERAPEUTICS INC | Healthcare | 529.5K | $1.4M | 0.1% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 47 | $1.99B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 35 | $2.16B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 36 | $1.45B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 42 | $1.34B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 44 | $1.33B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 48 | $1.82B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 45 | $1.89B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 49 | $1.73B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 57 | $2.28B | canonical | SEC ↗ |