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CAM

Cormorant Asset Management Portfolio holdings

AUM $1.95B
1-Year Est. Return 773.9%
This Fund
S&P 500
This Quarter Est. Return
+107.41%
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
$2.16B
AUM Growth
+$713M
Cap. Flow
-$270M
Cap. Flow %
-12.5%
Top 10 Hldgs %
69.44%
Holding
42
New
6
Increased
3
Reduced
22
Closed
7

Top Buys

Rank Stock Value
1
OLMA icon
Olema Pharmaceuticals
OLMA
+$48.9M
2
MLTX icon
MoonLake Immunotherapeutics
MLTX
+$27.9M
3
ASND icon
Ascendis Pharma A/S
ASND
+$20.7M
4
ENGN icon
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
NAMS icon
NewAmsterdam Pharma
NAMS
+$42.8M
4
INSM icon
Insmed
INSM
+$28.3M
5
CGON icon
CG Oncology
CGON
+$25.2M

Sector Composition

Rank Sector Weight
1 Healthcare 81.57%
2 Miscellaneous 18.43%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PRAX icon
1
Praxis Precision Medicines
PRAX
$9.63B
$280M 12.95%
950,000
-50,000
-5% -$9.31M
BBOT
2
BridgeBio Oncology
BBOT
$701M
$224M 10.35%
17,878,594
– –
ABVX
3
Abivax
ABVX
$9.89B
$182M 8.42%
1,350,000
-600,000
-31% -$65.5M
QQQ icon
4
PUT
Invesco QQQ Trust
QQQ
$489B
$154M 7.1%
+250,000
New +$153M
EYPT icon
5
EyePoint Inc
EYPT
$386M
$151M 6.98%
8,265,000
-60,000
-0.7% -$850K
IWM icon
6
PUT
iShares Russell 2000 ETF
IWM
$80.8B
$123M 5.69%
+500,000
New +$123M
XBI icon
7
PUT
State Street SPDR S&P Biotech ETF
XBI
$11.3B
$122M 5.64%
+1,000,000
New +$115M
RAPP
8
Rapport Therapeutics
RAPP
$2.34B
$91.9M 4.25%
3,027,521
-165,000
-5% -$4.57M
BBIO icon
9
BridgeBio Pharma
BBIO
$15B
$91.8M 4.24%
1,200,000
-200,000
-14% -$13.1M
DRUG
10
Bright Minds Biosciences
DRUG
$714M
$82.7M 3.82%
1,059,331
– –
EWTX icon
11
Edgewise Therapeutics
EWTX
$4.64B
$81.5M 3.77%
3,285,000
-725,000
-18% -$14.6M
OLMA icon
12
Olema Pharmaceuticals
OLMA
$899M
$68.8M 3.18%
+2,750,000
New +$48.9M
MLTX icon
13
MoonLake Immunotherapeutics
MLTX
$1.28B
$57.4M 2.65%
4,355,433
+2,361,260
+118% +$27.9M
INSM icon
14
Insmed
INSM
$25.9B
$47.9M 2.21%
275,000
-155,000
-36% -$28.3M
ENGN icon
15
enGene Therapeutics
ENGN
$122M
$36.1M 1.67%
4,000,000
+1,676,405
+72% +$13.4M
ALMS
16
Alumis Inc
ALMS
$2.9B
$35.5M 1.64%
3,635,596
+1,488,200
+69% +$10.4M
MBX
17
MBX Biosciences
MBX
$3.03B
$35.3M 1.63%
1,120,000
-105,000
-9% -$2.55M
NAMS icon
18
NewAmsterdam Pharma
NAMS
$3.1B
$35.1M 1.62%
1,000,000
-1,175,000
-54% -$42.8M
CNTA
19
DELISTED
Centessa Pharmaceuticals
CNTA
$33.1M 1.53%
1,325,000
-600,000
-31% -$15.2M
PHVS icon
20
Pharvaris
PHVS
$2.48B
$30.1M 1.39%
1,083,000
-280,200
-21% -$6.75M
BIOA
21
BioAge Labs
BIOA
$443M
$27M 1.25%
2,040,605
-100,000
-5% -$886K
ASND icon
22
Ascendis Pharma A/S
ASND
$16.3B
$21.3M 0.99%
+100,000
New +$20.7M
TARS icon
23
Tarsus Pharmaceuticals
TARS
$3.15B
$20.5M 0.95%
250,000
-50,000
-17% -$3.73M
CRBP icon
24
Corbus Pharmaceuticals
CRBP
$211M
$19.1M 0.88%
2,344,971
-30,029
-1% -$371K
GHRS icon
25
GH Research
GHRS
$1.92B
$16.5M 0.76%
1,300,000
-616,439
-32% -$8.4M
1
2

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FFS
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GIP
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SLF
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BFPW
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MSA
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MAM
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GF
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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 withdrew a net $270M in Q4 2025, closing 7 positions and reducing 22 holdings. Its most notable exit was Arcellx, an estimated $63.6M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 82% of assets, down from 100% a quarter earlier, followed by Miscellaneous.

Against the trend, Cormorant Asset Management opened a new position in Olema Pharmaceuticals worth $68.8M.

  • 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.