Cormorant Asset Management TARS Position
Active9-Fund ConvergenceCormorant Asset Management trimmed their position in Tarsus Pharmaceuticals Inc. (TARS) in Q4 2025, holding $20.5M worth of shares across 250,000 shares.
The position was first reported in Q1 2023 and has been tracked across 12 quarterly 13F filings.
TARS is a convergence signal: 9 specialist biotech funds hold this stock, suggesting high institutional conviction.
There is an upcoming Phase 2 readout for lotilaner in 261 days (Dec 31, 2026), making the timing of Cormorant's position particularly relevant.
Short interest stands at 12.2% of float with 7.3 days to cover, indicating significant bearish positioning against Cormorant's long thesis.
About Tarsus Pharmaceuticals Inc.
Tarsus Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, focuses on the development and commercialization of novel therapeutic candidates for ophthalmic conditions. Its lead product candidate is TP-03, a novel therapeutic that is in Phase III for the treatment of blepharitis caused by the infestation of Demodex mites, as well as to treat meibomian gland disease. The company is also developing TP-04 for the treatment of rosacea; and TP-05 for Lyme prophylaxis and community malaria reduction. In addition, the company develops lotilaner to address diseases across therapeutic categories in human medicine, including eye care, dermatology, and other diseases. Tarsus Pharmaceuticals, Inc. was incorporated in 2016 and is headquartered in Irvine, California.
Full company profile →Short Interest
12.2%
7.3 days to cover
Cormorant Asset Management TARS Position History
| Quarter | Action | Shares | Change | Value |
|---|---|---|---|---|
| Q4 2025 | Decreased | 250,000 | -50,000 | $20.5M |
| Q3 2025 | Held | 300,000 | — | $17.8M |
| Q2 2025 | Decreased | 300,000 | -100,000 | $12.2M |
| Q1 2025 | Decreased | 400,000 | -100,000 | $20.5M |
| Q4 2024 | Held | 500,000 | — | $27.7M |
| Q3 2024 | Held | 500,000 | — | $16.4M |
| Q2 2024 | Decreased | 500,000 | -1,639,102 | $13.6M |
| Q1 2024 | Decreased | 2,139,102 | -82,320 | $77.8M |
| Q4 2023 | Decreased | 2,221,422 | -400,000 | $45.0M |
| Q3 2023 | Increased | 2,621,422 | +1,200,000 | $46.6M |
| Q2 2023 | Held | 1,421,422 | — | $25.7M |
| Q1 2023 | New | 1,421,422 | +1,421,422 | $17.9M |
Frequently Asked Questions
Does Cormorant Asset Management own TARS?
Yes. As of Q4 2025, Cormorant Asset Management holds 250,000 shares of Tarsus Pharmaceuticals Inc. (TARS) valued at $20.5M. This data comes from their SEC 13F filing.
How many hedge funds own TARS?
9 specialist biotech hedge funds currently hold TARS, including RTW Investments, Deep Track Capital, Tang Capital Management and 5 more. When 3 or more specialist funds hold the same stock, BiotechEdge flags it as a convergence signal.
When did Cormorant Asset Management first buy TARS?
Cormorant Asset Management's position in TARS was first reported in Q1 2023. 13F filings are reported with a 45-day delay, so the actual purchase may have occurred earlier in the quarter.
Is Cormorant Asset Management's TARS position increasing or decreasing?
Cormorant Asset Management trimmed their TARS position in the most recent quarter, reducing by 50,000 shares.
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