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Cormorant Asset Management, LP

Q4 2025 · Filed 2026-02-17
Market Value
$1.3B
+4.4%
Holdings
33
-4
New Purchases
2
Added To
2
Closed
7
Reduced
20
Top 10 Concentration
78.8%
Turnover
27.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
OLMA 5.25% 0.00% +5.25% $69M
MLTX 4.39% 1.14% +3.25% $57M
EYPT 11.54% 9.45% +2.09% $151M
ALMS 2.71% 0.68% +2.03% $35M
BBIO 7.01% 5.80% +1.22% $92M
BIOA 2.06% 1.00% +1.06% $27M
EWTX 6.23% 5.19% +1.04% $82M
MBX 2.70% 1.71% +0.99% $35M
ABVX 13.91% 13.20% +0.71% $182M
COGT 0.61% 0.00% +0.61% $8M
BBOT 17.10% 16.51% +0.60% $224M
ORKA 1.24% 0.82% +0.42% $16M
TARS 1.56% 1.42% +0.14% $20M
AXSM 1.05% 0.97% +0.08% $14M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ACLX 0.00% 5.07% -5.07% $0
CGON 0.00% 2.01% -2.01% $0
KRRO 0.00% 1.78% -1.78% $0
MTSR 0.00% 1.67% -1.67% $0
INSM 3.66% 4.94% -1.28% $48M
CNTA 2.53% 3.72% -1.19% $33M
RNAM 0.00% 1.04% -1.04% $0
JANX 0.69% 1.66% -0.97% $9M
0SZI.L 1.46% 2.40% -0.94% $19M
GHRS 1.26% 2.19% -0.92% $17M
BMEA 0.00% 0.58% -0.58% $0
RAPP 7.02% 7.56% -0.54% $92M
PHVS 2.30% 2.71% -0.42% $30M
ELVN 0.00% 0.33% -0.33% $0
CRNX 1.07% 1.33% -0.26% $14M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 4 $153M 11.7%
Mid Cap 14 $411M 31.4%
Small Cap 12 $725M 55.4%
Micro Cap 3 $19M 1.5%

Portfolio Analytics

Avg Market Cap
$4.2B
Median Market Cap
$2.5B
Avg P/E
Median P/E
Avg Dividend Yield
—%
Avg Beta
0.76
# Stocks
33
# ETFs / Funds
0

Top Holdings (33 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 BBOT 17.10% 17,878,594 $224M $12.52 $17M
2 ABVX 13.91% 1,350,000 $182M $134.85 $16M -600,000 -30.8%
3 EYPT 11.54% 8,265,000 $151M $18.27 $32M -60,000 -0.7%
4 RAPP 7.02% 3,027,521 $92M $30.34 -$3M -165,000 -5.2%
5 BBIO 7.01% 1,200,000 $92M $76.49 $19M -200,000 -14.3%
6 EWTX 6.23% 3,285,000 $82M $24.82 $16M -725,000 -18.1%
7 OLMA 5.25% 2,750,000 $69M $25.00 +2,750,000 NEW
8 MLTX 4.39% 4,355,433 $57M $13.18 $43M +2,361,260 +118.4%
9 INSM 3.66% 275,000 $48M $174.04 -$14M -155,000 -36.0%
10 ALMS 2.71% 3,635,596 $35M $9.76 $27M +1,488,200 +69.3%
11 MBX 2.70% 1,120,000 $35M $31.54 $14M -105,000 -8.6%
12 CNTA 2.53% 1,325,000 $33M $25.01 -$14M -600,000 -31.2%
13 PHVS 2.30% 1,083,000 $30M $27.75 -$4M -280,200 -20.6%
14 BIOA 2.06% 2,040,605 $27M $13.23 $14M -100,000 -4.7%
15 TARS 1.56% 250,000 $20M $81.88 $3M -50,000 -16.7%
16 0SZI.L 1.46% 2,344,971 $19M $8.14 -$11M -30,029 -1.3%
17 GHRS 1.26% 1,300,000 $17M $12.70 -$11M -616,439 -32.2%
18 ORKA 1.24% 533,340 $16M $30.31 $6M
19 ARQT 1.11% 500,000 $15M $29.04 -$89K -275,000 -35.5%
20 CRNX 1.07% 300,000 $14M $46.55 -$3M -100,000 -25.0%
21 AXSM 1.05% 75,000 $14M $182.64 $2M -25,000 -25.0%
22 CABA 0.74% 4,400,000 $10M $2.19 -$2M -600,000 -12.0%
23 JANX 0.69% 650,000 $9M $13.80 -$12M -200,000 -23.5%
24 COGT 0.61% 225,000 $8M $35.52 +225,000 NEW
25 PCVX 0.44% 125,000 $6M $46.14 -$536K -50,000 -28.6%
26 AMLX 0.37% 400,000 $5M $12.08 -$2M -100,000 -20.0%
27 KRRO —% -$22M -465,000 -100.0% SOLD
28 CGON —% -$25M -625,000 -100.0% SOLD
29 MTSR —% -$21M -400,000 -100.0% SOLD
30 RNAM —% -$13M -300,000 -100.0% SOLD
31 BMEA —% -$7M -3,570,872 -100.0% SOLD
32 ELVN —% -$4M -200,000 -100.0% SOLD
33 ACLX —% -$64M -775,000 -100.0% SOLD

Options Breakdown

0 Calls $0 Call Value 3 Puts $399M Put Value

Top Puts

SymbolSharesValueStatus
QQQ 250,000 $154M NEW
IWM 500,000 $123M NEW
XBI 1,000,000 $122M NEW

New Positions

SymbolValue% Port
OLMA $69M 5.25%
COGT $8M 0.61%

Sold Out Positions

SymbolValue% Port
KRRO —%
BMEA —%
CGON —%
ELVN —%
ACLX —%
RNAM —%
MTSR —%
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