Cormorant Asset Management LP's Q1 2026 13F: 17 new positions, 3 exits
Form 13F-HR for the quarter ended Mar 31, 2026 · filed May 15, 2026 · 46 reported positions · accession 0001583977-26-000002
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| New | ERASCA INC (ERAS) | — | 4.7% | +4.7 pts | +5.8M sh | new |
| New | DIANTHUS THERAPEUTICS INC (DNTH) | — | 4.0% | +4.0 pts | +950K sh | new |
| Reduced | ABIVAX SA (ABVX) | 10.3% | 4.3% | −6.1 pts | −590K sh | −44% |
| Exited | ENGENE HOLDINGS INC (ENGN) | 2.0% | — | −2.0 pts | −4M sh | −100% |
| New | DAMORA THERAPEUTICS INC (GLTO) | — | 2.0% | +2.0 pts | +1.53M sh | new |
| New | TANGO THERAPEUTICS INC (TNGX) | — | 1.5% | +1.5 pts | +1.43M sh | new |
| Reduced | BRIDGEBIO PHARMA INC (BBIO) | 5.2% | 3.2% | −2.0 pts | −350K sh | −29% |
| New | AGOMAB THERAPEUTICS NV (AGMB) | — | 1.3% | +1.3 pts | +2.47M sh | new |
| New | MAZE THERAPEUTICS INC (MAZE) | — | 1.1% | +1.1 pts | +750K sh | new |
| Reduced | PRAXIS PRECISION MEDICINES I (PRAX) | 15.9% | 14.4% | −1.5 pts | −64,500 sh | −7% |
| New | ROIVANT SCIENCES LTD (ROIV) | — | 1.0% | +1.0 pts | +750K sh | new |
| New | ADLAI NORTYE LTD (ANL) | — | 1.0% | +1.0 pts | +2.9M sh | new |
| Exited | GH RESEARCH PLC (GHRS) | 0.9% | — | −0.9 pts | −1.3M sh | −100% |
| Increased | OLEMA PHARMACEUTICALS INC (OLMA) | 3.9% | 2.9% | −1.0 pts | +1.15M sh | +42% |
| New | TERNS PHARMACEUTICALS INC (TERN) | — | 0.8% | +0.8 pts | +300K sh | new |
| Increased | BIOAGE LABS INC (BIOA) | 1.5% | 2.5% | +1.0 pts | +850K sh | +42% |
| Increased | BIOHAVEN LTD (BHVN) | 0.0% | 0.8% | +0.7 pts | +1.75M sh | +17500% |
| Reduced | INSMED INC (INSM) | 2.7% | 1.6% | −1.1 pts | −85,000 sh | −31% |
| New | HELIX ACQUISITION CORP III (HLXC) | — | 0.7% | +0.7 pts | +1.3M sh | new |
| Reduced | CENTESSA PHARMACEUTICALS PLC (CNTA) | 1.9% | 2.1% | +0.2 pts | −275K sh | −21% |
| Exited | JANUX THERAPEUTICS INC (JANX) | 0.5% | — | −0.5 pts | −650K sh | −100% |
| New | SENSEI BIOTHERAPEUTICS INC (SNSE) | — | 0.5% | +0.5 pts | +306K sh | new |
| New | ZURA BIO LTD (ZURA) | — | 0.4% | +0.4 pts | +1.45M sh | new |
| New | STRUCTURE THERAPEUTICS INC (GPCR) | — | 0.4% | +0.4 pts | +175K sh | new |
| Increased | ALUMIS INC (ALMS) | 2.0% | 4.4% | +2.4 pts | +314K sh | +9% |
| New | MONTE ROSA THERAPEUTICS INC (GLUE) | — | 0.3% | +0.3 pts | +400K sh | new |
| New | ARROWHEAD PHARMACEUTICALS IN (ARWR) | — | 0.3% | +0.3 pts | +100K sh | new |
| Reduced | AXSOME THERAPEUTICS INC. (AXSM) | 0.8% | 0.4% | −0.4 pts | −25,000 sh | −33% |
| New | RALLYBIO CORP (RLYBZZZZ) | — | 0.2% | +0.2 pts | +400K sh | new |
| Increased | CABALETTA BIO INC (CABA) | 0.5% | 0.7% | +0.2 pts | +1.1M sh | +25% |
| Reduced | PHARVARIS N V (PHVS) | 1.7% | 1.4% | −0.3 pts | −83,000 sh | −8% |
| Increased | MOONLAKE IMMUNOTHERAPEUTICS (MLTX) | 3.3% | 4.2% | +1.0 pts | +125K sh | +3% |
| Reduced | RAPPORT THERAPEUTICS INC (RAPP) | 5.2% | 4.7% | −0.5 pts | −70,000 sh | −2% |
| Reduced | CRINETICS PHARMACEUTICALS IN (CRNX) | 0.8% | 0.5% | −0.3 pts | −50,000 sh | −17% |
| Reduced | TARSUS PHARMACEUTICALS INC (TARS) | 1.2% | 0.8% | −0.4 pts | −25,000 sh | −10% |
| Reduced | NEWAMSTERDAM PHARMA COMPANY (NAMS) | 2.0% | 1.5% | −0.5 pts | −50,000 sh | −5% |
| Reduced | VAXCYTE INC (PCVX) | 0.3% | 0.3% | 0.0 pts | −25,000 sh | −20% |
| New | CONTEXT THERAPEUTICS INC (CNTX) | — | 0.1% | +0.1 pts | +530K sh | new |
| Reduced | ARCUTIS BIOTHERAPEUTICS INC (ARQT) | 0.8% | 0.5% | −0.3 pts | −50,000 sh | −10% |
| Reduced | ASCENDIS PHARMA A/S (ASND) | 1.2% | 1.1% | −0.1 pts | −5,000 sh | −5% |
| Reduced | COGENT BIOSCIENCES INC (COGT) | 0.5% | 0.4% | −0.1 pts | −25,000 sh | −11% |
| Reduced | EDGEWISE THERAPEUTICS INC (EWTX) | 4.6% | 5.2% | +0.6 pts | −25,000 sh | −1% |
| Reduced | AMYLYX PHARMACEUTICALS INC (AMLX) | 0.3% | 0.2% | 0.0 pts | −50,000 sh | −13% |
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 59.3% of the equity book
Changes in the top 10 this quarter: ERAS entered · ALMS entered · DNTH entered · BBIO left · DRUG left · OLMA left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | PRAXIS PRECISION MEDICINES I (PRAX) | 15.9% | 14.4% | |
| 2 | BRIDGEBIO ONCOLOGY THERAPEUT (BBOT) | 12.7% | 8.1% | |
| 3 | EYEPOINT INC (EYPT) | 8.6% | 5.4% | |
| 4 | EDGEWISE THERAPEUTICS INC (EWTX) | 4.6% | 5.2% | |
| 5 | ERASCA INC (ERAS) | 0.0% | 4.7% | Entered the top 10 |
| 6 | RAPPORT THERAPEUTICS INC (RAPP) | 5.2% | 4.7% | |
| 7 | ALUMIS INC (ALMS) | 2.0% | 4.4% | Entered the top 10 |
| 8 | ABIVAX SA (ABVX) | 10.3% | 4.3% | |
| 9 | MOONLAKE IMMUNOTHERAPEUTICS (MLTX) | 3.3% | 4.2% | |
| 10 | DIANTHUS THERAPEUTICS INC (DNTH) | 0.0% | 4.0% | Entered the top 10 |
| — | BRIDGEBIO PHARMA INC (BBIO) | 5.2% | 3.2% | Left the top 10 |
| — | BRIGHT MINDS BIOSCIENCES INC (DRUG) | 4.7% | 3.9% | Left the top 10 |
| — | OLEMA PHARMACEUTICALS INC (OLMA) | 3.9% | 2.9% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).
Option positions (puts and calls)
Reported separately from the positions above. The value a 13F reports for an option is that of the underlying shares, not the option itself.
| Activity | Security | Type | Shares before | Shares now | Reported value |
|---|---|---|---|---|---|
| Exited | INVESCO QQQ TR (QQQ) | Put | 250K | 0 | $0 |
| Exited | ISHARES TR (IWM) | Put | 500K | 0 | $0 |
| Exited | SPDR SERIES TRUST (XBI) | Put | 1M | 0 | $0 |
| New | OLEMA PHARMACEUTICALS INC (OLMA) | Call | 0 | 500K | $7.46M |