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Cormorant Asset Management Portfolio holdings

AUM $1.95B
1-Year Est. Return 773.9%
This Fund
S&P 500
This Quarter Est. Return
+14.84%
1 Year Est. Return
+773.9%
3 Year Est. Return
+3,976.92%
5 Year Est. Return
+17,750.67%
10 Year Est. Return
+592,782.78%
AUM
$1.34B
AUM Growth
+$12.5M
Cap. Flow
-$75.3M
Cap. Flow %
-5.61%
Top 10 Hldgs %
67.96%
Holding
47
New
3
Increased
4
Reduced
16
Closed
5

Top Buys

Rank Stock Value
1
VRNA
Verona Pharma
VRNA
+$25.9M
2
MRUS
Merus
MRUS
+$17.9M
3
CABA icon
Cabaletta Bio
CABA
+$7.8M
4
EWTX icon
Edgewise Therapeutics
EWTX
+$2.16M
5
YARW
Yarrow Bioscience
YARW
+$1.78M

Top Sells

Rank Stock Value
1
AXSM icon
Axsome Therapeutics
AXSM
+$15.9M
2
ACLX
Arcellx
ACLX
+$15.6M
3
BBIO icon
BridgeBio Pharma
BBIO
+$14.5M
4
JANX icon
Janux Therapeutics
JANX
+$13.2M
5
NAMS icon
NewAmsterdam Pharma
NAMS
+$11.9M

Sector Composition

Rank Sector Weight
1 Healthcare 100%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MLTX icon
1
MoonLake Immunotherapeutics
MLTX
$1.03B
$401M 29.86%
8,494,151
– –
EYPT icon
2
EyePoint Inc
EYPT
$298M
$78.3M 5.84%
8,325,000
– –
BBIO icon
3
BridgeBio Pharma
BBIO
$13.4B
$69.1M 5.15%
1,600,000
-400,000
-20% -$14.5M
PRAX icon
4
Praxis Precision Medicines
PRAX
$8.76B
$68.3M 5.09%
1,625,000
-120,000
-7% -$4.57M
MRUS
5
DELISTED
Merus
MRUS
$58.9M 4.39%
1,120,000
+380,000
+51% +$17.9M
EWTX icon
6
Edgewise Therapeutics
EWTX
$4.82B
$55.7M 4.15%
4,251,992
+150,000
+4% +$2.16M
INSM icon
7
Insmed
INSM
$26.8B
$54.3M 4.05%
540,000
+15,000
+3% +$1.15M
ACLX
8
DELISTED
Arcellx
ACLX
$52.7M 3.92%
800,000
-250,000
-24% -$15.6M
NAMS icon
9
NewAmsterdam Pharma
NAMS
$2.56B
$39.4M 2.93%
2,175,000
-650,000
-23% -$11.9M
JANX icon
10
Janux Therapeutics
JANX
$995M
$34.6M 2.58%
1,500,000
-500,000
-25% -$13.2M
RAPP
11
Rapport Therapeutics
RAPP
$2.01B
$33.4M 2.49%
2,940,921
– –
VRNA
12
DELISTED
Verona Pharma
VRNA
$33.1M 2.47%
+350,000
New +$25.9M
BBOT
13
BridgeBio Oncology
BBOT
$392M
$30.9M 2.3%
2,909,000
– –
DRUG
14
Bright Minds Biosciences
DRUG
$575M
$27.7M 2.06%
1,059,331
– –
CNTA
15
DELISTED
Centessa Pharmaceuticals
CNTA
$27.4M 2.04%
2,086,600
-175,000
-8% -$2.22M
PHVS icon
16
Pharvaris
PHVS
$2.65B
$25.6M 1.91%
1,454,660
-11,800
-0.8% -$190K
GHRS icon
17
GH Research
GHRS
$1.89B
$24.5M 1.82%
2,009,482
– –
SPRY icon
18
ARS Pharmaceuticals
SPRY
$424M
$19.2M 1.43%
1,100,000
-500,000
-31% -$7.21M
CRBP icon
19
Corbus Pharmaceuticals
CRBP
$138M
$16.4M 1.22%
2,375,000
– –
ABVX
20
Abivax
ABVX
$9.23B
$16.3M 1.21%
2,130,000
– –
CGON icon
21
CG Oncology
CGON
$6.53B
$16.3M 1.21%
625,000
-150,000
-19% -$3.61M
ARQT icon
22
Arcutis Biotherapeutics
ARQT
$3.15B
$14M 1.04%
1,000,000
-350,000
-26% -$4.91M
CRGX
23
DELISTED
CARGO Therapeutics
CRGX
$13.9M 1.04%
3,381,277
– –
TARS icon
24
Tarsus Pharmaceuticals
TARS
$3.71B
$12.2M 0.91%
300,000
-100,000
-25% -$4.5M
CRNX
25
DELISTED
Crinetics Pharmaceuticals
CRNX
$11.5M 0.86%
400,000
-200,000
-33% -$6.18M
1
2

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Cormorant Asset Management's Q2 2025 Portfolio in Review

As of Q2 2025, Cormorant Asset Management held 47 positions worth $1.34B, up 0.94% from $1.33B the previous quarter. Its ten largest holdings account for 68% of the portfolio.

Cormorant Asset Management withdrew a net $75.3M in Q2 2025, closing 5 positions and reducing 16 holdings. Its most notable exit was Rhythm Pharmaceuticals, an estimated $7.95M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 100% of assets, up from 99% a quarter earlier.

Against the trend, Cormorant Asset Management opened a new position in Verona Pharma worth $33.1M.

  • Cormorant Asset Management's largest Q2 2025 buy was Verona Pharma: 350,000 shares worth $33.1M.
  • Cormorant Asset Management added most to Merus in Q2 2025, an estimated $17.9M increase.
  • Cormorant Asset Management's biggest Q2 2025 reduction was Axsome Therapeutics, cutting an estimated $15.9M.
  • Cormorant Asset Management fully exited Rhythm Pharmaceuticals in Q2 2025, selling an estimated $7.95M.
  • Cormorant Asset Management's ten largest holdings make up 68% of its $1.34B portfolio in Q2 2025.
  • Cormorant Asset Management opened 3 new positions and closed 5 in Q2 2025.
  • Cormorant Asset Management's portfolio value rose 0.94% quarter-over-quarter to $1.34B.

Based on Cormorant Asset Management's 13F filing for Q2 2025, filed 14 Aug 2025.