Cormorant Asset Management Portfolio
13F Holdings & Position Changes — Last filed May 15, 2026
13F Holdings & Position Changes — Last filed May 15, 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 (Q1 2026), the fund holds 44 positions worth $1.9B. This quarter they initiated 11 new positions and exited 65. Their largest holding is PRAX ($285.3M).
Cormorant initiated 11 new positions and increased 11 this quarter. Portfolio grew +7.9% to $1.9B. 189 upcoming catalysts across holdings.
Portfolio Value (13F)
$1.9B
Holdings
44
Top 10 Concentration
64.9%
QoQ Change
+7.9%
Turnover
9.1%
Portfolio Value Trend
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| # | Ticker | Company | Change | Value | % of Portfolio | SI % Float ? | Trend |
|---|---|---|---|---|---|---|---|
| 1 | PRAX | Praxis Precision Medicines, Inc. | Decreased↓4Q | $285.3M | 14.99% | 12.8% | |
| 2 | BBIO | BridgeBio Pharma Inc. | Decreased↓2Q | $223.1M | 11.72% | 14.5% | |
| 3 | EYPT | EyePoint, Inc. | $106.5M | 5.60% | 19.0% | ||
| 4 | EWTX | Edgewise Therapeutics, Inc. | Decreased↓3Q | $102.7M | 5.39% | 13.1% | |
| 5 | ERAS | Erasca Inc. | Increased | $93.8M | 4.93% | 12.3% | |
| 6 | RAPP | Rapport Therapeutics, Inc. | Decreased↓2Q | $92.5M | 4.86% | 7.5% | |
| 7 | ALMS | Alumis Inc. | Increased↑2Q | $87.0M | 4.57% | 15.4% | |
| 8 | AAVXF | Abivax S.A. | Decreased↓3Q | $84.6M | 4.44% | — | |
| 9 | MLTX | MoonLake Immunotherapeutics | Increased↑2Q | $83.5M | 4.39% | 12.8% | |
| 10 | DRUG | Bright Minds Biosciences Inc. | $77.3M | 4.06% | 10.8% |
Share changes reflect active decisions. Value changes include price moves.
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Cormorant Asset Management held 44 biotech stocks in their 13F portfolio this quarter. Their top positions include PRAX, BBIO, EYPT, EWTX, 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 44 positions, with total assets under management of approximately $4B. Portfolio values are based on 13F filings with the SEC.
Cormorant Asset Management initiated 11 new positions this quarter, including DMRA, AGMB, MAZE, ROIV, ANL and 6 more. They also increased 11 existing positions.
Cormorant Asset Management fully exited 65 positions this quarter, including AVBP, ARTV, YMAB, CMMB, JANX and 60 more. They also trimmed 17 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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