Cormorant Asset Management Portfolio
13F Holdings & Position Changes — Last filed Aug 14, 2026
13F Holdings & Position Changes — Last filed Aug 14, 2026
Healthcare-focused crossover fund that invests from late-stage private through public markets. Known for concentrated, high-conviction positions in clinical and commercial-stage biotech companies with strong scientific differentiation.
Cormorant Asset Management is a $4B biotech-focused hedge fund managed by Bihua Chen. As of their latest 13F filing (Q2 2026), the fund holds 48 positions worth $1.9B. This quarter they initiated 10 new positions and exited 71. Their largest holding is PRAX ($214.3M).
Cormorant initiated 10 new positions and increased 6 this quarter. Portfolio shrank -1.3% to $1.9B. 197 upcoming catalysts across holdings.
Portfolio Value (13F)
$1.9B
Holdings
48
Top 10 Concentration
63.1%
QoQ Change
-1.3%
Turnover
10.9%
Portfolio Value Trend
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| # | Ticker | Company | Change | Value | % of Portfolio | SI % Float ? | Trend |
|---|---|---|---|---|---|---|---|
| 1 | PRAX | Praxis Precision Medicines, Inc. | Decreased↓5Q | $214.3M | 11.41% | 13.3% | |
| 2 | BBIO | BridgeBio Pharma Inc. | Decreased↓3Q | $177.2M | 9.43% | 13.3% | |
| 3 | PBLS | Parabilis Medicines, Inc. | New | $126.3M | 6.73% | 4.3% | — |
| 4 | RAPP | Rapport Therapeutics, Inc. | Decreased↓3Q | $110.7M | 5.90% | 7.4% | |
| 5 | ERAS | Erasca Inc. | Increased↑2Q | $109.9M | 5.85% | 12.3% | |
| 6 | EWTX | Edgewise Therapeutics, Inc. | Decreased↓4Q | $102.0M | 5.43% | 12.6% | |
| 7 | EYPT | EyePoint, Inc. | Decreased↓2Q | $100.1M | 5.33% | 22.5% | |
| 8 | ALMS | Alumis Inc. | Decreased | $92.5M | 4.92% | 15.4% | |
| 9 | AAVXF | Abivax S.A. | Decreased↓4Q | $90.0M | 4.79% | — | |
| 10 | DRUG | Bright Minds Biosciences Inc. | Decreased | $63.2M | 3.36% | 11.9% |
Share changes reflect active decisions. Value changes include price moves.
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Cormorant Asset Management held 48 biotech stocks in their 13F portfolio this quarter. Their top positions include PRAX, BBIO, PBLS, RAPP, ERAS. The full holdings table is available on BiotechEdge with position sizes, quarter-over-quarter changes, and AI analysis.
Cormorant Asset Management's tracked biotech portfolio is worth $1.9B across 48 positions, with total assets under management of approximately $4B. Portfolio values are based on 13F filings with the SEC.
Cormorant Asset Management initiated 10 new positions this quarter, including PBLS, CLYM, DFTX, KLRA, IBIO and 5 more. They also increased 6 existing positions.
Cormorant Asset Management fully exited 71 positions this quarter, including RLYB, GHRS, NKTX, RXDX, URGN and 66 more. They also trimmed 28 existing positions.
Healthcare-focused crossover fund that invests from late-stage private through public markets. Known for concentrated, high-conviction positions in clinical and commercial-stage biotech companies with strong scientific differentiation.
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