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Cormorant Asset Management, LP

Q3 2025 · Filed 2025-11-14
Market Value
$1.3B
+7.9%
Holdings
37
New Purchases
3
Added To
3
Closed
6
Reduced
11
Top 10 Concentration
74.2%
Turnover
24.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
BBOT 16.51% 0.00% +16.51% $207M
ABVX 13.20% 1.40% +11.80% $166M
RAPP 7.56% 2.88% +4.68% $95M
EYPT 9.45% 6.74% +2.71% $119M
CNTA 3.72% 2.36% +1.36% $47M
KRRO 1.78% 0.50% +1.28% $22M
MBX 1.71% 0.69% +1.02% $21M
0SZI.L 2.40% 1.41% +0.99% $30M
ORKA 0.82% 0.00% +0.82% $10M
MTSR 1.67% 0.98% +0.69% $21M
CGON 2.01% 1.40% +0.61% $25M
RNAM 1.04% 0.49% +0.55% $13M
AMLX 0.54% 0.00% +0.54% $7M
ACLX 5.07% 4.53% +0.54% $64M
PHVS 2.71% 2.20% +0.51% $34M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MLTX 1.14% 34.49% -33.35% $14M
MRUS 0.00% 5.07% -5.07% $0
VRNA 0.00% 2.85% -2.85% $0
SPRY 0.00% 1.65% -1.65% $0
JANX 1.66% 2.98% -1.32% $21M
CRGX 0.00% 1.20% -1.20% $0
AARD 0.00% 0.93% -0.93% $0
STOK 0.00% 0.25% -0.25% $0
BBIO 5.80% 5.94% -0.14% $73M
ARQT 1.16% 1.21% -0.04% $15M
ELVN 0.33% 0.35% -0.02% $4M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 5 $160M 12.7%
Mid Cap 14 $465M 37.1%
Small Cap 13 $569M 45.4%
Micro Cap 5 $60M 4.7%

Portfolio Analytics

Avg Market Cap
$5.8B
Median Market Cap
$2.3B
Avg P/E
Median P/E
Avg Dividend Yield
—%
Avg Beta
0.85
# Stocks
37
# ETFs / Funds
0

Top Holdings (37 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 BBOT 16.51% 17,878,594 $207M $11.58 +17,878,594 NEW
2 ABVX 13.20% 1,950,000 $166M $84.90 $149M -180,000 -8.4%
3 EYPT 9.45% 8,325,000 $119M $14.24 $40M
4 RAPP 7.56% 3,192,521 $95M $29.70 $61M +251,600 +8.6%
5 BBIO 5.80% 1,400,000 $73M $51.94 $4M -200,000 -12.5%
6 EWTX 5.19% 4,010,000 $65M $16.22 $9M -241,992 -5.7%
7 ACLX 5.07% 775,000 $64M $82.10 $11M -25,000 -3.1%
8 INSM 4.94% 430,000 $62M $144.01 $8M -110,000 -20.4%
9 CNTA 3.72% 1,925,000 $47M $24.25 $19M -161,600 -7.7%
10 PHVS 2.71% 1,363,200 $34M $24.95 $8M -91,460 -6.3%
11 0SZI.L 2.40% 2,375,000 $30M $12.65 $14M
12 GHRS 2.19% 1,916,439 $27M $14.30 $3M -93,043 -4.6%
13 CGON 2.01% 625,000 $25M $40.28 $9M
14 KRRO 1.78% 465,000 $22M $47.89 $16M
15 MBX 1.71% 1,225,000 $21M $17.50 $13M +525,000 +75.0%
16 MTSR 1.67% 400,000 $21M $52.33 $10M
17 JANX 1.66% 850,000 $21M $24.44 -$14M -650,000 -43.3%
18 TARS 1.42% 300,000 $18M $59.43 $6M
19 CRNX 1.33% 400,000 $17M $41.65 $5M
20 ARQT 1.16% 775,000 $15M $18.85 $589K -225,000 -22.5%
21 MLTX 1.14% 1,994,173 $14M $7.17 -$387M -6,499,978 -76.5%
22 RNAM 1.04% 300,000 $13M $43.57 $7M +100,000 +50.0%
23 BIOA 1.00% 2,140,605 $13M $5.88 $4M
24 AXSM 0.97% 100,000 $12M $121.45 $2M
25 CABA 0.93% 5,000,000 $12M $2.34 $4M
26 ORKA 0.82% 533,340 $10M $19.23 +533,340 NEW
27 ALMS 0.68% 2,147,396 $9M $3.99 $2M
28 BMEA 0.58% 3,570,872 $7M $2.02 $786K
29 AMLX 0.54% 500,000 $7M $13.59 +500,000 NEW
30 PCVX 0.50% 175,000 $6M $36.02 $614K
31 ELVN 0.33% 200,000 $4M $20.47 $82K
32 SPRY —% -$19M -1,100,000 -100.0% SOLD
33 VRNA —% -$33M -350,000 -100.0% SOLD
34 MRUS —% -$59M -1,120,000 -100.0% SOLD
35 STOK —% -$3M -254,161 -100.0% SOLD
36 CRGX —% -$14M -3,381,277 -100.0% SOLD
37 AARD —% -$11M -800,189 -100.0% SOLD

New Positions

SymbolValue% Port
BBOT $207M 16.51%
ORKA $10M 0.82%
AMLX $7M 0.54%

Sold Out Positions

SymbolValue% Port
AARD —%
STOK —%
SPRY —%
CRGX —%
MRUS —%
VRNA —%
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