Cormorant Asset Management, LP reported 46 positions worth $1.94B for the quarter ended Jun 30, 2026, up 1.5% on the prior quarter. It opened 10 new positions, added to 3, trimmed 28 and exited 6. Its largest holding is Praxis Precision Medicines, Inc. at 11.1% of the portfolio.
Reported 13F market value at each quarter end. A change mixes trading with price moves in the positions held.
Dollar value of shares bought and sold each quarter, at that quarter’s price. It counts trading only, not price changes.
How many positions were opened, added to, trimmed or closed each quarter.
Share of reported value in each sector at every quarter end.
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| PBLS Parabilis Medicines, Inc. | +4.62M | – | $126.33M | 6.53% |
| CLYM Climb Bio, Inc. | +2.11M | – | $27.46M | 1.42% |
| SYRE Spyre Therapeutics, Inc. | +225.0K | – | $19.98M | 1.03% |
| DFTX Definium Therapeutics, Inc. | +400.0K | – | $18.82M | 0.972% |
| BHVN Biohaven Ltd. | +850.0K | +48.3% | $12.65M | 2.01% |
| ANL Adlai Nortye Group Ltd. | +1.08M | +37.3% | $12.42M | 2.36% |
| KLRA Kailera Therapeutics, Inc. | +550.0K | – | $12.12M | 0.626% |
| ELVN Enliven Therapeutics, Inc. | +150.0K | – | $7.61M | 0.393% |
| IBIO iBio, Inc. | +3.57M | – | $6.25M | 0.323% |
| ALT Altimmune, Inc. | +1.25M | – | $3.80M | 0.196% |
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| PRAX Praxis Precision Medicines, Inc. | -245.5K | -27.7% | $82.19M | 11.07% |
| MBX MBX Biosciences, Inc. | -570.0K | -50.9% | $31.46M | 1.57% |
| EWTX Edgewise Therapeutics, Inc. | -750.0K | -23.0% | $30.47M | 5.27% |
| MLTX MoonLake Immunotherapeutics | -1.28M | -28.5% | $24.82M | 3.23% |
| MAZE Maze Therapeutics, Inc. | -750.0K | -100.0% | $22.39M | Exited |
| BBIO BridgeBio Pharma, Inc. | -300.0K | -35.3% | $22.34M | 2.12% |
| OLMA Olema Pharmaceuticals, Inc. | -1.75M | -44.9% | $21.89M | 1.39% |
| DNTH Dianthus Therapeutics, Inc. | -200.0K | -21.1% | $19.50M | 3.78% |
| ALMS Alumis Inc. | -663.6K | -16.8% | $18.67M | 4.78% |
| EYPT EyePoint, Inc. | -1.27M | -15.3% | $18.09M | 5.17% |
| Holding | Shares | Trade Value | Weight |
|---|---|---|---|
| PBLS Parabilis Medicines, Inc. | +4.62M | $126.33M | 6.53% |
| CLYM Climb Bio, Inc. | +2.11M | $27.46M | 1.42% |
| SYRE Spyre Therapeutics, Inc. | +225.0K | $19.98M | 1.03% |
| DFTX Definium Therapeutics, Inc. | +400.0K | $18.82M | 0.972% |
| KLRA Kailera Therapeutics, Inc. | +550.0K | $12.12M | 0.626% |
| ELVN Enliven Therapeutics, Inc. | +150.0K | $7.61M | 0.393% |
| IBIO iBio, Inc. | +3.57M | $6.25M | 0.323% |
| ALT Altimmune, Inc. | +1.25M | $3.80M | 0.196% |
| ODTX Odyssey Therapeutics, Inc. | +175.0K | $3.27M | 0.169% |
| BOLD Boundless Bio, Inc. | +1.00M | $2.50M | 0.129% |
| Holding | Shares Sold | Trade Value | Prior Weight |
|---|---|---|---|
| MAZE Maze Therapeutics, Inc. | -750.0K | $22.39M | 1.17% |
| ZURA Zura Bio Ltd | -1.45M | $8.63M | 0.452% |
| AXSM Axsome Therapeutics, Inc. | -50.0K | $8.45M | 0.443% |
| GLUE Monte Rosa Therapeutics, Inc. | -400.0K | $6.58M | 0.345% |
| RLYB Rallybio Corp | -400.0K | $3.59M | 0.188% |
| CNTX Context Therapeutics Inc. | -529.6K | $1.39M | 0.073% |
| # | Activity | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | PRAX Praxis Precision Medicines, Inc. | Healthcare | 640.0K | $214.27M | 11.07% | -245.5K | -27.7% | Reduced | 2.2% |
| 2 | BBOT BridgeBio Oncology Therapeutics, Inc. | Healthcare | 17.88M | $136.23M | 7.04% | 0 | 0.0% | Unchanged | 22.33% |
| 3 | PBLS Parabilis Medicines, Inc. | Healthcare | 4.62M | $126.33M | 6.53% | +4.62M | – | New | 3.79% |
| 4 | RAPP Rapport Therapeutics, Inc. | Healthcare | 2.66M | $110.74M | 5.72% | -300.0K | -10.1% | Reduced | 5.54% |
| 5 | ERAS Erasca, Inc. | Healthcare | 6.00M | $109.92M | 5.68% | +200.0K | +3.4% | Added | 1.92% |
| 6 | EWTX Edgewise Therapeutics, Inc. | Healthcare | 2.51M | $101.98M | 5.27% | -750.0K | -23.0% | Reduced | 2.33% |
| 7 | EYPT EyePoint, Inc. | Healthcare | 7.00M | $100.10M | 5.17% | -1.27M | -15.3% | Reduced | 8.09% |
| 8 | ALMS Alumis Inc. | Healthcare | 3.29M | $92.46M | 4.78% | -663.6K | -16.8% | Reduced | 2.57% |
| 9 | ABVX Abivax S.A. | Healthcare | 675.0K | $89.95M | 4.65% | -85.0K | -11.2% | Reduced | 0.97% |
| 10 | DNTH Dianthus Therapeutics, Inc. | Healthcare | 750.0K | $73.11M | 3.78% | -200.0K | -21.1% | Reduced | 1.34% |
| 11 | DRUG Bright Minds Biosciences Inc. | Healthcare | 900.0K | $63.18M | 3.27% | -159.3K | -15.0% | Reduced | 13.09% |
| 12 | MLTX MoonLake Immunotherapeutics | Healthcare | 3.21M | $62.41M | 3.23% | -1.28M | -28.5% | Reduced | 4.34% |
| 13 | BIOA BioAge Labs, Inc. | Healthcare | 2.39M | $58.59M | 3.03% | -500.0K | -17.3% | Reduced | 5.22% |
| 14 | ORKA Oruka Therapeutics, Inc. | Healthcare | 533.3K | $50.76M | 2.62% | 0 | 0.0% | Unchanged | 0.85% |
| 15 | ANL Adlai Nortye Group Ltd. | Healthcare | 3.98M | $45.75M | 2.36% | +1.08M | +37.3% | Added | 11.59% |
Tip. Select a row to see that position’s full history at Cormorant Asset Management.
As of its Q2 2026 13F filing, Cormorant Asset Management, LP’s five largest positions were Praxis Precision Medicines, Inc. (PRAX) at 11.1%, BridgeBio Oncology Therapeutics, Inc. (BBOT) at 7.0%, Parabilis Medicines, Inc. (PBLS) at 6.5%, Rapport Therapeutics, Inc. (RAPP) at 5.7%, Erasca, Inc. (ERAS) at 5.7% of the reported portfolio.
Cormorant Asset Management, LP reported a 13F portfolio worth $1.94B across 46 positions for Q2 2026. That is up 1.5% from the previous quarter.
Its largest purchases by value were Parabilis Medicines, Inc. ($126.33M), Climb Bio, Inc. ($27.46M), Spyre Therapeutics, Inc. ($19.98M). It opened 10 new positions.
Its largest sales by value were Praxis Precision Medicines, Inc. ($82.19M), MBX Biosciences, Inc. ($31.46M), Edgewise Therapeutics, Inc. ($30.47M). It exited 6 positions entirely.
From the Form 13F-HR reports Cormorant Asset Management, LP files with the SEC each quarter, within 45 days of quarter end. A 13F lists long positions in US-listed equities and options; it excludes short positions, cash, bonds and most non-US holdings.
13F data reflects long positions in US-listed equities and options as reported to the SEC up to 45 days after quarter end. It excludes short positions, cash, bonds and most non-US securities, so it is not a complete picture of a manager’s assets.