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Cormorant Asset Management Portfolio holdings

AUM $1.99B
1-Year Est. Return 737.95%
This Fund
S&P 500
This Quarter Est. Return
+163.13%
1 Year Est. Return
+737.95%
3 Year Est. Return
+5,256.52%
5 Year Est. Return
+13,483.26%
10 Year Est. Return
+564,575.55%
AUM
$1.45B
AUM Growth
+$107M
Cap. Flow
-$394M
Cap. Flow %
-27.19%
Top 10 Hldgs %
67.3%
Holding
44
New
2
Increased
4
Reduced
12
Closed
8

Top Buys

Rank Stock Value
1
BBOT
BridgeBio Oncology
BBOT
+$156M
2
ORKA
Oruka Therapeutics
ORKA
+$7.91M
3
MBX
MBX Biosciences
MBX
+$7.02M
4
AMLX icon
Amylyx Pharmaceuticals
AMLX
+$4.71M
5
RAPP
Rapport Therapeutics
RAPP
+$4.49M

Top Sells

Rank Stock Value
1
MLTX icon
MoonLake Immunotherapeutics
MLTX
+$339M
2
MRUS
Merus
MRUS
+$58.9M
3
VRNA
Verona Pharma
VRNA
+$33.1M
4
PRAX icon
Praxis Precision Medicines
PRAX
+$30.3M
5
SPRY icon
ARS Pharmaceuticals
SPRY
+$19.2M

Sector Composition

Rank Sector Weight
1 Healthcare 100%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RNAM
26
DELISTED
Avidity Biosciences
RNAM
$13.1M 0.9%
300,000
+100,000
+50% +$4.04M
BIOA
27
BioAge Labs
BIOA
$538M
$12.6M 0.87%
2,140,605
– –
AXSM icon
28
Axsome Therapeutics
AXSM
$10.9B
$12.1M 0.84%
100,000
– –
CABA icon
29
Cabaletta Bio
CABA
$455M
$11.7M 0.81%
5,000,000
– –
ORKA
30
Oruka Therapeutics
ORKA
$5.96B
$10.3M 0.71%
+533,340
New +$7.91M
ALMS
31
Alumis Inc
ALMS
$3.52B
$8.57M 0.59%
2,147,396
– –
BMEA icon
32
Biomea Fusion
BMEA
$91.3M
$7.21M 0.5%
3,570,872
– –
AMLX icon
33
Amylyx Pharmaceuticals
AMLX
$2.54B
$6.79M 0.47%
+500,000
New +$4.71M
PCVX icon
34
Vaxcyte
PCVX
$8.64B
$6.3M 0.43%
175,000
– –
ELVN icon
35
Enliven Therapeutics
ELVN
$4.43B
$4.09M 0.28%
200,000
– –
BHVN icon
36
Biohaven
BHVN
$2.21B
$150K 0.01%
10,000
– –
CRGX
37
DELISTED
CARGO Therapeutics
CRGX
– –
-3,381,277
Closed -$13.9M
KALA icon
38
KALA BIO
KALA
$14.5M
– –
-12,061
Closed -$2.87M
MRUS
39
DELISTED
Merus
MRUS
– –
-1,120,000
Closed -$58.9M
SPRY icon
40
ARS Pharmaceuticals
SPRY
$612M
– –
-1,100,000
Closed -$19.2M
STOK icon
41
Stoke Therapeutics
STOK
$2.11B
– –
-254,161
Closed -$2.88M
VRNA
42
DELISTED
Verona Pharma
VRNA
– –
-350,000
Closed -$33.1M
YARW
43
Yarrow Bioscience, Inc. Common Stock
YARW
$111M
– –
-27,419
Closed -$2.26M
AARD
44
Aardvark Therapeutics
AARD
$173M
– –
-800,189
Closed -$10.8M
1
2

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RCM
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Cormorant Asset Management's Q3 2025 Portfolio in Review

As of Q3 2025, Cormorant Asset Management held 44 positions worth $1.45B, up 8% from $1.34B the previous quarter. Its ten largest holdings account for 67% of the portfolio.

Cormorant Asset Management withdrew a net $394M in Q3 2025, closing 8 positions and reducing 12 holdings. Its most notable exit was Merus, an estimated $58.9M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 100% of assets, unchanged from a quarter earlier.

Against the trend, Cormorant Asset Management opened a new position in Oruka Therapeutics worth $10.3M.

  • Cormorant Asset Management's largest Q3 2025 buy was Oruka Therapeutics: 533,340 shares worth $10.3M.
  • Cormorant Asset Management added most to BridgeBio Oncology in Q3 2025, an estimated $156M increase.
  • Cormorant Asset Management's biggest Q3 2025 reduction was MoonLake Immunotherapeutics, cutting an estimated $339M.
  • Cormorant Asset Management fully exited Merus in Q3 2025, selling an estimated $58.9M.
  • Cormorant Asset Management's ten largest holdings make up 67% of its $1.45B portfolio in Q3 2025.
  • Cormorant Asset Management opened 2 new positions and closed 8 in Q3 2025.
  • Cormorant Asset Management's portfolio value rose 8% quarter-over-quarter to $1.45B.

Based on Cormorant Asset Management's 13F filing for Q3 2025, filed 14 Nov 2025.