Cormorant Asset Management, LP
CIK 1583977 · Holdings on Dec 31, 2025 · First reported Feb 17, 2026
Top ten holdings
Q4 2025- PRAX15.87%
- BBOT12.69%
- ABVX10.32%
- EYPT8.56%
- RAPP5.21%
- BBIO5.20%
- DRUG4.69%
- EWTX4.62%
- OLMA3.90%
- MLTX3.25%
Share classes counted separately74.31%
Portfolio value by quarter
What changed this quarter?
Within preview · weight change- PRAXWeight increased · +12.21 pp3.66% → 15.87%Shares -50.00K (-5.00%)
- NAMSWeight decreased · -2.28 pp4.27% → 1.99%Shares -1.18M (-54.02%)
- MLTXWeight increased · +2.26 pp0.99% → 3.25%Shares +2.36M (+118.41%)
Weight = security value ÷ total reported holdings value. Changes are in percentage points; price moves also affect weights, so they are not trade sizes.
Top 10 holdings 27
USD · B = billion · M = million; expand a row for exact values| # | Security | Value | Weight | Quantity | Weight / quantity change | Activity | |
|---|---|---|---|---|---|---|---|
| 01 | PRAXPRAXIS PRECISION MEDICINES ICOM NEW View history and evidence | $280.00M | 15.87% | 950.00K shares | 3.66% → 15.87%+12.21 pp -50.00K (-5.00%) | Reduced | ↗▾ |
| 02 | BBOTBRIDGEBIO ONCOLOGY THERAPEUTCOM NEW View history and evidence | $223.84M | 12.69% | 17.88M shares | 14.29% → 12.69%-1.60 pp 0 (0.00%) | Unchanged | ↗▾ |
| 03 | ABVXABIVAX SA-ADRSPONSORED ADS View history and evidence | $182.05M | 10.32% | 1.35M shares | 11.42% → 10.32%-1.10 pp -600.00K (-30.77%) | Reduced | ↗▾ |
| 04 | EYPTEYEPOINT INCCOM NEW View history and evidence | $151.00M | 8.56% | 8.27M shares | 8.18% → 8.56%+0.38 pp -60.00K (-0.72%) | Reduced | ↗▾ |
| 05 | RAPPRAPPORT THERAPEUTICS INC View history and evidence | $91.85M | 5.21% | 3.03M shares | 6.54% → 5.21%-1.33 pp -165.00K (-5.17%) | Reduced | ↗▾ |
| 06 | BBIOBRIDGEBIO PHARMA INC View history and evidence | $91.79M | 5.20% | 1.20M shares | 5.02% → 5.20%+0.18 pp -200.00K (-14.29%) | Reduced | ↗▾ |
| 07 | DRUGBRIGHT MINDS BIOSCIENCES INCCOM NEW View history and evidence | $82.67M | 4.69% | 1.06M shares | 4.43% → 4.69%+0.26 pp 0 (0.00%) | Unchanged | ↗▾ |
| 08 | EWTXEDGEWISE THERAPEUTICS INC View history and evidence | $81.52M | 4.62% | 3.29M shares | 4.49% → 4.62%+0.13 pp -725.00K (-18.08%) | Reduced | ↗▾ |
| 09 | OLMAOLEMA PHARMACEUTICALS INC View history and evidence | $68.75M | 3.90% | 2.75M shares | Prior unavailable +2.75M | New | ↗▾ |
| 10 | MLTXMOONLAKE IMMUNOTHERAPEUTICSCLASS A ORD View history and evidence | $57.40M | 3.25% | 4.36M shares | 0.99% → 3.25%+2.26 pp +2.36M (+118.41%) | Added | ↗▾ |
Options overlay 3
$398.59M notionalPut and Call positions are separate. Notional is based on underlying securities, not option premium, market value or net exposure. Quantities are underlying shares.
| Security | Put / Call | Underlying shares | Notional | Quantity change | |
|---|---|---|---|---|---|
QQQINVESCO QQQ TRUST SERIES 1UNIT SER 1 View history and evidence | Put | 250.00K | $153.58M | +250.00K | ▾ |
IWMISHARES RUSSELL 2000 ETFRUSSELL 2000 ETF View history and evidence | Put | 500.00K | $123.08M | +500.00K | ▾ |
XBISS SPDR S&P BIOTECH ETFSTATE STREET SPD View history and evidence | Put | 1.00M | $121.93M | +1.00M | ▾ |
3 / 3 options · preview only
Exited positions 7
| Security | Type | Shares out | Value out | Previous filing | This filing |
|---|---|---|---|---|---|
| ACLX ARCELLX INC | Non-derivative | -775,000 | -$63.63M | SEC filing ↗ | SEC filing ↗ |
| CGON CG ONCOLOGY INC | Non-derivative | -625,000 | -$25.18M | SEC filing ↗ | SEC filing ↗ |
| KRRO KORRO BIO INC | Non-derivative | -465,000 | -$22.27M | SEC filing ↗ | SEC filing ↗ |
3 / 7 preview exits. Up to 30 exit records are previewed. Exit means absent from the current filing; execution date, price and proceeds are unknown.
Every number has a source.
CIK 1583977 · Period 2025-12-31
Data loaded 2026-09-23 · First reported 2026-02-17
Amendments and versions
{
"amendments_merged": null,
"prior_versions": null,
"cover_table_value": 2162580277
}Research all 35 reported holdings.
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