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Cormorant Asset Management, LP

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13F filer, CIK 1583977, BOSTON, MA

Cormorant Asset Management, LP reported $1,329,946,765 across 44 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-15. Its ten largest share positions make up 65.22% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001583977-25-000005

Period
2025-03-31
Reported value
$1.33B
Holdings
44
Top 10 weight
65.22%
New
6
Sold out
10

Largest buys vs the previous quarter

SecurityShares changeApprox. value
GHRSadded+1,416,439$15.6M
EWTXadded+695,458$15.3M
SPRYadded+1,100,000$13.8M
BBIOadded+400,000$13.8M
MTSRnew+400,000$10.9M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
RNAMreduced-650,000-$19.2M
ACLXreduced-250,000-$16.4M
AVBPexited-585,462-$15.6M
CRNXreduced-400,000-$13.4M
RYTMreduced-250,000-$13.2M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001583977-25-000005, largest first. % of portfolio is the value over $1,320,779,265, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
MLTXMOONLAKE IMMUNOTHERAPEUTICSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,494,151 shares; 2024Q4: 8,494,151 shares; 2025Q1: 8,494,151 shares 8,494,151$332M25.13%0Timeline
EWTXEDGEWISE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,406,534 shares; 2024Q4: 3,406,534 shares; 2025Q1: 4,101,992 shares 4,101,992$90.2M6.83%+695,458Timeline
BBIOBRIDGEBIO PHARMA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,858,351 shares; 2024Q4: 1,600,000 shares; 2025Q1: 2,000,000 shares 2,000,000$69.1M5.23%+400,000Timeline
ACLXARCELLX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,250,000 shares; 2024Q4: 1,300,000 shares; 2025Q1: 1,050,000 shares 1,050,000$68.9M5.22%-250,000Timeline
PRAXPRAXIS PRECISION MEDICINES IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 870,000 shares; 2024Q4: 1,693,219 shares; 2025Q1: 1,745,000 shares 1,745,000$66.1M5%+51,781Timeline
NAMSNEWAMSTERDAM PHARMA COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,470,000 shares; 2024Q4: 3,250,000 shares; 2025Q1: 2,825,000 shares 2,825,000$57.8M4.38%-425,000Timeline
JANXJANUX THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,050,000 shares; 2024Q4: 2,100,000 shares; 2025Q1: 2,000,000 shares 2,000,000$54M4.09%-100,000Timeline
EYPTEYEPOINT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,325,000 shares; 2024Q4: 8,325,000 shares; 2025Q1: 8,325,000 shares 8,325,000$45.1M3.42%0Timeline
INSMINSMED INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,000 shares; 2024Q4: 650,000 shares; 2025Q1: 525,000 shares 525,000$40.1M3.03%-125,000Timeline
DRUGBRIGHT MINDS BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,059,331 shares; 2025Q1: 1,059,331 shares 1,059,331$38.2M2.89%0Timeline
HELIX ACQUISITION CORP IIHELIX ACQUISITION CORP IIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,909,000 shares; 2024Q4: 2,909,000 shares; 2025Q1: 2,909,000 shares 2,909,000$32.9M2.49%0
CNTACENTESSA PHARMACEUTICALS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,561,600 shares; 2024Q4: 2,561,600 shares; 2025Q1: 2,261,600 shares 2,261,600$32.5M2.46%-300,000Timeline
MERUS N VMERUS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 740,000 shares; 2024Q4: 740,000 shares; 2025Q1: 740,000 shares 740,000$31.1M2.36%0
RAPPRAPPORT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,940,921 shares; 2024Q4: 2,940,921 shares; 2025Q1: 2,940,921 shares 2,940,921$29.5M2.23%0Timeline
AXSMAXSOME THERAPEUTICS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,000 shares; 2024Q4: 325,000 shares; 2025Q1: 250,000 shares 250,000$29.2M2.21%-75,000Timeline
PHVSPHARVARIS N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,466,460 shares; 2024Q4: 1,466,460 shares; 2025Q1: 1,466,460 shares 1,466,460$23M1.74%0Timeline
GHRSGH RESEARCH PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 593,043 shares; 2024Q4: 593,043 shares; 2025Q1: 2,009,482 shares 2,009,482$22.2M1.68%+1,416,439Timeline
ARQTARCUTIS BIOTHERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,325,000 shares; 2024Q4: 1,825,000 shares; 2025Q1: 1,350,000 shares 1,350,000$21.1M1.6%-475,000Timeline
TARSTARSUS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500,000 shares; 2024Q4: 500,000 shares; 2025Q1: 400,000 shares 400,000$20.5M1.56%-100,000Timeline
SPRYARS PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 500,000 shares; 2025Q1: 1,600,000 shares 1,600,000$20.1M1.52%+1,100,000Timeline
CRNXCRINETICS PHARMACEUTICALS INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,100,000 shares; 2024Q4: 1,000,000 shares; 2025Q1: 600,000 shares 600,000$20.1M1.52%-400,000Timeline
CGONCG ONCOLOGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 975,000 shares; 2024Q4: 775,000 shares; 2025Q1: 775,000 shares 775,000$19M1.44%0Timeline
CARGO THERAPEUTICS INC COMCARGO THERAPEUTICS INC COMQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,182,563 shares; 2024Q4: 1,182,563 shares; 2025Q1: 3,381,277 shares 3,381,277$13.8M1.04%+2,198,714
ABVXABIVAX SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,130,000 shares; 2024Q4: 2,130,000 shares; 2025Q1: 2,130,000 shares 2,130,000$13.3M1.01%0Timeline
ALMSALUMIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,147,396 shares; 2024Q4: 2,147,396 shares; 2025Q1: 2,147,396 shares 2,147,396$13.2M1%0Timeline
CRBPCORBUS PHARMACEUTICALS HLDGSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,375,000 shares; 2024Q4: 2,375,000 shares; 2025Q1: 2,375,000 shares 2,375,000$12.6M0.95%0Timeline
RNAMAVIDITY BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,050,000 shares; 2024Q4: 1,050,000 shares; 2025Q1: 400,000 shares 400,000$11.8M0.89%-650,000Timeline
MTSRMETSERA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 400,000 shares 400,000$10.9M0.82%newTimeline
ENGNENGENE HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,000 shares; 2024Q4: 2,323,595 shares; 2025Q1: 2,323,595 shares 2,323,595$10.4M0.79%0Timeline
BIOABIOAGE LABS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,629,529 shares; 2024Q4: 2,629,529 shares; 2025Q1: 2,629,529 shares 2,629,529$9.89M0.75%0Timeline
RYTMRHYTHM PHARMACEUTICALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 400,000 shares; 2024Q4: 400,000 shares; 2025Q1: 150,000 shares 150,000$7.95M0.6%-250,000Timeline
OKURONKURE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,837,739 shares; 2025Q1: 1,837,739 shares 1,837,739$7.9M0.6%0Timeline
BMEABIOMEA FUSION INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,570,872 shares; 2024Q4: 3,570,872 shares; 2025Q1: 3,570,872 shares 3,570,872$7.61M0.58%0Timeline
KRROKORRO BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 265,826 shares; 2024Q4: not reported; 2025Q1: 380,303 shares 380,303$6.62M0.5%newTimeline
PCVXVAXCYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,000 shares; 2024Q4: 425,000 shares; 2025Q1: 175,000 shares 175,000$6.61M0.5%-250,000Timeline
AARDAARDVARK THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 800,189 shares 800,189$6.01M0.45%newTimeline
MBXMBX BIOSCIENCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 700,000 shares; 2024Q4: 700,000 shares; 2025Q1: 700,000 shares 700,000$5.17M0.39%0Timeline
ELVNENLIVEN THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 250,000 shares; 2025Q1: 250,000 shares 250,000$4.92M0.37%0Timeline
PLRXPLIANT THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 3,000,000 shares 3,000,000$4.05M0.31%newTimeline
KALAKALA BIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 603,027 shares; 2025Q1: 603,027 shares 603,027$3.46M0.26%0Timeline
STOKSTOKE THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 427,163 shares; 2024Q4: 254,161 shares; 2025Q1: 254,161 shares 254,161$1.69M0.13%0Timeline
BHVNBIOHAVEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 401,963 shares; 2024Q4: 55,539 shares; 2025Q1: 10,000 shares 10,000$240K0.02%-45,539Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
NAMSNEWAMSTERDAM PHARMA COMPANY COMMON STOCKcall250,000$5.12Mnew
JANXJANUX THERAPEUTICS INC COMcall150,000$4.05Mnew

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
AVBPARRIVENT BIOPHARMA INC585,462$15.6Mshares
SEPNSEPTERNA INC560,000$12.8Mshares
IBRXIMMUNITYBIO INC3,000,000$7.68Mshares
VYNEVYNE THERAPEUTICS INC1,394,336$4.67Mshares
Y-mAbs Therapeutics IncY-mAbs Therapeutics Inc425,000$3.33Mshares
URGNUROGEN PHARMA LTD300,000$3.19Mshares
OMEROMEROS CORP300,000$2.96Mshares
VERVE THERAPEUTICS INCVERVE THERAPEUTICS INC350,000$1.97Mshares
ARTVARTIVA BIOTHERAPEUTICS INC103,633$1.04Mshares
RAPT THERAPEUTICS INCRAPT THERAPEUTICS INC200,000$316Kshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001583977-25-000005 base2025-05-15acceptance time not in the bulk data set