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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
+107.41%
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
$2.16B
AUM Growth
+$713M
(+49%)
Cap. Flow
+$121M
Cap. Flow
% of AUM
5.58%
Top 10 Holdings %
Top 10 Hldgs %
69.44%
Holding
42
New
6
Increased
3
Reduced
22
Closed
7
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Olema Pharmaceuticals
OLMA
|
+$48.9M |
| 2 |
MoonLake Immunotherapeutics
MLTX
|
+$27.9M |
| 3 |
Ascendis Pharma A/S
ASND
|
+$20.7M |
| 4 |
enGene Therapeutics
ENGN
|
+$13.4M |
| 5 |
ALMS
Alumis Inc
ALMS
|
+$10.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ABVX
Abivax
ABVX
|
+$65.5M |
| 2 |
ACLX
Arcellx
ACLX
|
+$63.6M |
| 3 |
NewAmsterdam Pharma
NAMS
|
+$42.8M |
| 4 |
Insmed
INSM
|
+$28.3M |
| 5 |
CG Oncology
CGON
|
+$25.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 81.57% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ORKA
26
Oruka Therapeutics
ORKA
$5.96B
| $16.2M | 0.75% |
533,340
| – | – |
|
27
Arcutis Biotherapeutics
ARQT
$3.18B
| $14.5M | 0.67% |
500,000
-275,000
| -35% | -$7.04M |
|
28
Crinetics Pharmaceuticals
CRNX
$8.92B
| $14M | 0.65% |
300,000
-100,000
| -25% | -$4.45M |
|
29
Axsome Therapeutics
AXSM
$10.9B
| $13.7M | 0.63% |
75,000
-25,000
| -25% | -$3.49M |
|
30
Cabaletta Bio
CABA
$455M
| $9.64M | 0.45% |
4,400,000
-600,000
| -12% | -$1.49M |
|
31
Janux Therapeutics
JANX
$967M
| $8.97M | 0.41% |
650,000
-200,000
| -24% | -$4.7M |
|
32
Cogent Biosciences
COGT
$7.24B
| $7.99M | 0.37% |
+225,000
| New | +$6.33M |
|
33
Vaxcyte
PCVX
$8.64B
| $5.77M | 0.27% |
125,000
-50,000
| -29% | -$2.24M |
|
34
Amylyx Pharmaceuticals
AMLX
$2.54B
| $4.83M | 0.22% |
400,000
-100,000
| -20% | -$1.36M |
|
35
Biohaven
BHVN
$2.21B
| $113K | 0.01% |
10,000
| – | – |
|
|
ACLX
36
DELISTED
Arcellx
ACLX
| – | – |
-775,000
| Closed | -$63.6M |
|
37
Biomea Fusion
BMEA
$91.3M
| – | – |
-3,570,872
| Closed | -$7.21M |
|
|
38
CG Oncology
CGON
$6.66B
| – | – |
-625,000
| Closed | -$25.2M |
|
39
Enliven Therapeutics
ELVN
$4.43B
| – | – |
-200,000
| Closed | -$4.09M |
|
40
Korro Bio
KRRO
$195M
| – | – |
-465,000
| Closed | -$22.3M |
|
|
RNAM
41
DELISTED
Avidity Biosciences
RNAM
| – | – |
-300,000
| Closed | -$13.1M |
|
|
MTSR
42
DELISTED
Metsera Inc
MTSR
| – | – |
-400,000
| Closed | -$20.9M |
|
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Cormorant Asset Management's Q4 2025 Portfolio in Review
As of Q4 2025, Cormorant Asset Management held 42 positions worth $2.16B, up 49% from $1.45B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
Cormorant Asset Management deployed $121M of net new capital in Q4 2025, opening 6 new positions and adding to 3 existing holdings. Its largest new stake was Olema Pharmaceuticals: 2,750,000 shares worth $68.8M.
By sector, the portfolio is most concentrated in Healthcare at 82% of assets, down from 100% a quarter earlier.
On the sell side, the largest reduction was Abivax, an estimated $65.5M trimmed.
- Cormorant Asset Management's largest Q4 2025 buy was Olema Pharmaceuticals: 2,750,000 shares worth $68.8M.
- Cormorant Asset Management added most to MoonLake Immunotherapeutics in Q4 2025, an estimated $27.9M increase.
- Cormorant Asset Management's biggest Q4 2025 reduction was Abivax, cutting an estimated $65.5M.
- Cormorant Asset Management fully exited Arcellx in Q4 2025, selling an estimated $63.6M.
- Cormorant Asset Management's ten largest holdings make up 69% of its $2.16B portfolio in Q4 2025.
- Cormorant Asset Management opened 6 new positions and closed 7 in Q4 2025.
- Cormorant Asset Management's portfolio value rose 49% quarter-over-quarter to $2.16B.
Based on Cormorant Asset Management's 13F filing for Q4 2025, filed 17 Feb 2026.