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Cormorant Asset Management, LP

Q2 2025 · Filed 2025-08-14
Market Value
$1.2B
+4.6%
Holdings
37
-6
New Purchases
2
Added To
4
Closed
3
Reduced
14
Top 10 Concentration
74.9%
Turnover
13.5%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MLTX 34.49% 29.85% +4.64% $401M
VRNA 2.85% 0.00% +2.85% $33M
EYPT 6.74% 4.06% +2.68% $78M
MRUS 5.07% 2.80% +2.27% $59M
INSM 4.67% 3.60% +1.07% $54M
CABA 0.65% 0.00% +0.65% $8M
AARD 0.93% 0.54% +0.39% $11M
0SZI.L 1.41% 1.13% +0.28% $16M
RAPP 2.88% 2.65% +0.22% $33M
MBX 0.69% 0.46% +0.22% $8M
ABVX 1.40% 1.20% +0.20% $16M
PHVS 2.20% 2.07% +0.13% $26M
GHRS 2.11% 1.99% +0.11% $24M
STOK 0.25% 0.15% +0.10% $3M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
EWTX 4.80% 8.12% -3.32% $56M
JANX 2.98% 4.86% -1.88% $35M
AXSM 0.90% 2.62% -1.72% $10M
ACLX 4.53% 6.20% -1.66% $53M
CRNX 0.99% 1.81% -0.82% $12M
TARS 1.05% 1.85% -0.80% $12M
RYTM 0.00% 0.71% -0.71% $0
OKUR 0.00% 0.71% -0.71% $0
ARQT 1.21% 1.90% -0.69% $14M
ALMS 0.55% 1.19% -0.63% $6M
RNAM 0.49% 1.06% -0.57% $6M
CNTA 2.36% 2.93% -0.57% $27M
PLRX 0.00% 0.36% -0.36% $0
CGON 1.40% 1.71% -0.31% $16M
BBIO 5.94% 6.22% -0.28% $69M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 5 $173M 14.9%
Mid Cap 14 $292M 25.2%
Small Cap 11 $644M 55.4%
Micro Cap 7 $53M 4.6%

Portfolio Analytics

Avg Market Cap
$5.9B
Median Market Cap
$2.5B
Avg P/E
Median P/E
Avg Dividend Yield
—%
Avg Beta
0.94
# Stocks
37
# ETFs / Funds
0

Top Holdings (37 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 MLTX 34.49% 8,494,151 $401M $47.20 $69M
2 EYPT 6.74% 8,325,000 $78M $9.41 $33M
3 BBIO 5.94% 1,600,000 $69M $43.18 -$52K -400,000 -20.0%
4 MRUS 5.07% 1,120,000 $59M $52.60 $28M +380,000 +51.4%
5 EWTX 4.80% 4,251,992 $56M $13.11 -$35M +150,000 +3.7%
6 INSM 4.67% 540,000 $54M $100.64 $14M +15,000 +2.9%
7 ACLX 4.53% 800,000 $53M $65.85 -$16M -250,000 -23.8%
8 JANX 2.98% 1,500,000 $35M $23.10 -$19M -500,000 -25.0%
9 RAPP 2.88% 2,940,921 $33M $11.37 $4M
10 VRNA 2.85% 350,000 $33M $94.58 +350,000 NEW
11 CNTA 2.36% 2,086,600 $27M $13.14 -$5M -175,000 -7.7%
12 PHVS 2.20% 1,454,660 $26M $17.60 $3M -11,800 -0.8%
13 GHRS 2.11% 2,009,482 $24M $12.19 $2M
14 SPRY 1.65% 1,100,000 $19M $17.45 -$933K -500,000 -31.2%
15 0SZI.L 1.41% 2,375,000 $16M $6.90 $4M
16 ABVX 1.40% 2,130,000 $16M $7.65 $3M
17 CGON 1.40% 625,000 $16M $26.00 -$3M -150,000 -19.4%
18 ARQT 1.21% 1,000,000 $14M $14.02 -$7M -350,000 -25.9%
19 CRGX 1.20% 3,381,277 $14M $4.12 $169K
20 TARS 1.05% 300,000 $12M $40.51 -$8M -100,000 -25.0%
21 CRNX 0.99% 400,000 $12M $28.76 -$9M -200,000 -33.3%
22 MTSR 0.98% 400,000 $11M $28.45 $492K
23 AARD 0.93% 800,189 $11M $13.52 $5M
24 AXSM 0.90% 100,000 $10M $104.39 -$19M -150,000 -60.0%
25 BIOA 0.76% 2,140,605 $9M $4.13 -$1M -488,924 -18.6%
26 MBX 0.69% 700,000 $8M $11.41 $3M
27 CABA 0.65% 5,000,000 $8M $1.52 +5,000,000 NEW
28 ALMS 0.55% 2,147,396 $6M $3.00 -$7M
29 BMEA 0.55% 3,570,872 $6M $1.80 -$1M
30 KRRO 0.50% 465,000 $6M $12.49 -$813K +84,697 +22.3%
31 PCVX 0.49% 175,000 $6M $32.51 -$919K
32 RNAM 0.49% 200,000 $6M $28.40 -$6M -200,000 -50.0%
33 ELVN 0.35% 200,000 $4M $20.06 -$908K -50,000 -20.0%
34 STOK 0.25% 254,161 $3M $11.35 $1M
35 RYTM —% -$8M -150,000 -100.0% SOLD
36 PLRX —% -$4M -3,000,000 -100.0% SOLD
37 OKUR —% -$8M -1,837,739 -100.0% SOLD

Options Breakdown

1 Calls $0 Call Value 0 Puts $0 Put Value

Top Calls

SymbolSharesValueStatus
JANX $0 SOLD

New Positions

SymbolValue% Port
VRNA $33M 2.85%
CABA $8M 0.65%

Sold Out Positions

SymbolValue% Port
OKUR —%
RYTM —%
PLRX —%
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