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Cormorant Asset Management, LP

Q1 2026 · Filed 2026-05-15
Market Value
$1.5B
+18.1%
Holdings
42
+9
New Purchases
16
Added To
5
Closed
2
Reduced
14
Top 10 Concentration
61.7%
Turnover
42.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ERAS 6.07% 0.00% +6.07% $94M
DNTH 5.16% 0.00% +5.16% $80M
ALMS 5.63% 2.71% +2.92% $87M
DMRA 2.56% 0.00% +2.56% $39M
TNGX 1.93% 0.00% +1.93% $30M
AGMB 1.67% 0.00% +1.67% $26M
MAZE 1.45% 0.00% +1.45% $22M
ROIV 1.34% 0.00% +1.34% $21M
ANL 1.30% 0.00% +1.30% $20M
BIOA 3.27% 2.06% +1.21% $51M
TERN 1.02% 0.00% +1.02% $16M
MLTX 5.40% 4.39% +1.02% $84M
HLXC 0.85% 0.00% +0.85% $13M
SNSE 0.62% 0.00% +0.62% $10M
GPCR 0.55% 0.00% +0.55% $8M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ABVX 5.48% 13.91% -8.44% $85M
BBOT 10.35% 17.10% -6.75% $160M
EYPT 6.89% 11.54% -4.64% $107M
BBIO 4.08% 7.01% -2.93% $63M
INSM 2.01% 3.66% -1.65% $31M
OLMA 3.76% 5.25% -1.49% $58M
GHRS 0.00% 1.26% -1.26% $0
RAPP 5.99% 7.02% -1.03% $93M
JANX 0.00% 0.69% -0.69% $0
TARS 1.02% 1.56% -0.54% $16M
MBX 2.16% 2.70% -0.54% $33M
AXSM 0.55% 1.05% -0.50% $8M
CRNX 0.59% 1.07% -0.48% $9M
PHVS 1.83% 2.30% -0.47% $28M
ARQT 0.69% 1.11% -0.42% $11M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 5 $130M 8.4%
Mid Cap 15 $619M 40.0%
Small Cap 17 $747M 48.3%
Micro Cap 5 $50M 3.2%

Portfolio Analytics

Avg Market Cap
$3.8B
Median Market Cap
$1.7B
Avg P/E
Median P/E
Avg Dividend Yield
—%
Avg Beta
0.70
# Stocks
42
# ETFs / Funds
0

Top Holdings (42 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 BBOT 10.35% 17,878,594 $160M $8.95 -$64M
2 EYPT 6.89% 8,265,000 $107M $12.89 -$44M
3 EWTX 6.65% 3,260,000 $103M $31.50 $21M -25,000 -0.8%
4 ERAS 6.07% 5,800,000 $94M $16.18 +5,800,000 NEW
5 RAPP 5.99% 2,957,521 $93M $31.29 $686K -70,000 -2.3%
6 ALMS 5.63% 3,949,241 $87M $22.03 $52M +313,645 +8.6%
7 ABVX 5.48% 760,000 $85M $111.35 -$97M -590,000 -43.7%
8 MLTX 5.40% 4,480,433 $84M $18.64 $26M +125,000 +2.9%
9 DNTH 5.16% 950,000 $80M $83.92 +950,000 NEW
10 BBIO 4.08% 850,000 $63M $74.26 -$29M -350,000 -29.2%
11 OLMA 3.76% 3,900,000 $58M $14.91 -$11M +1,150,000 +41.8%
12 BIOA 3.27% 2,890,605 $51M $17.49 $24M +850,000 +41.6%
13 CNTA 2.70% 1,050,000 $42M $39.72 $9M -275,000 -20.8%
14 DMRA 2.56% 1,525,000 $39M $25.90 +1,525,000 NEW
15 MBX 2.16% 1,120,000 $33M $29.85 -$2M
16 INSM 2.01% 190,000 $31M $163.52 -$17M -85,000 -30.9%
17 TNGX 1.93% 1,425,000 $30M $20.92 +1,425,000 NEW
18 PHVS 1.83% 1,000,000 $28M $28.25 -$2M -83,000 -7.7%
19 ORKA 1.69% 533,340 $26M $49.05 $10M
20 AGMB 1.67% 2,465,348 $26M $10.49 +2,465,348 NEW
21 MAZE 1.45% 750,000 $22M $29.85 +750,000 NEW
22 0SZI.L 1.42% 2,344,971 $22M $9.39 $3M
23 ROIV 1.34% 750,000 $21M $27.70 +750,000 NEW
24 ANL 1.30% 2,897,857 $20M $6.92 +2,897,857 NEW
25 TERN 1.02% 300,000 $16M $52.72 +300,000 NEW
26 TARS 1.02% 225,000 $16M $70.15 -$5M -25,000 -10.0%
27 CABA 0.96% 5,500,000 $15M $2.69 $5M +1,100,000 +25.0%
28 HLXC 0.85% 1,297,500 $13M $10.16 +1,297,500 NEW
29 ARQT 0.69% 450,000 $11M $23.56 -$4M -50,000 -10.0%
30 SNSE 0.62% 306,222 $10M $31.52 +306,222 NEW
31 CRNX 0.59% 250,000 $9M $36.32 -$5M -50,000 -16.7%
32 AXSM 0.55% 50,000 $8M $169.02 -$5M -25,000 -33.3%
33 GPCR 0.55% 175,000 $8M $48.20 +175,000 NEW
34 COGT 0.50% 200,000 $8M $38.49 -$294K -25,000 -11.1%
35 GLUE 0.43% 400,000 $7M $16.45 +400,000 NEW
36 ARWR 0.41% 100,000 $6M $62.70 +100,000 NEW
37 PCVX 0.38% 100,000 $6M $58.11 $44K -25,000 -20.0%
38 AMLX 0.31% 350,000 $5M $13.90 $33K -50,000 -12.5%
39 RLYB 0.23% 400,000 $4M $8.97 +400,000 NEW
40 CNTX 0.09% 529,550 $1M $2.62 +529,550 NEW
41 JANX —% -$9M -650,000 -100.0% SOLD
42 GHRS —% -$17M -1,300,000 -100.0% SOLD

Options Breakdown

1 Calls $7M Call Value 3 Puts $0 Put Value 0.0 P/C Ratio

Top Calls

SymbolSharesValueStatus
OLMA 500,000 $7M NEW

Top Puts

SymbolSharesValueStatus
QQQ $0 SOLD
XBI $0 SOLD
IWM $0 SOLD

New Positions

SymbolValue% Port
ERAS $94M 6.07%
DNTH $80M 5.16%
DMRA $39M 2.56%
TNGX $30M 1.93%
AGMB $26M 1.67%
MAZE $22M 1.45%
ROIV $21M 1.34%
ANL $20M 1.30%
TERN $16M 1.02%
HLXC $13M 0.85%
SNSE $10M 0.62%
GPCR $8M 0.55%
GLUE $7M 0.43%
ARWR $6M 0.41%
RLYB $4M 0.23%

Sold Out Positions

SymbolValue% Port
JANX —%
GHRS —%
View SEC EDGAR Filings for Cormorant Asset Management, LP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms