Cormorant Asset Management, LP Q4 2025 Filing
Filed February 17, 2026
Portfolio Value
$2.2T
Holdings
35
Report Date
Q4 2025
Filing Type
13F-HR
All Holdings (35 positions)
| # | Stock | Shares | Value | % Portfolio | Type |
|---|---|---|---|---|---|
| 1 | PRAXPRAXIS PRECISION MEDICINES I | 950,000 | $280.0B | 12.95% | |
| 2 | BBOTBRIDGEBIO ONCOLOGY THERAPEUT | 17,878,594 | $223.8B | 10.35% | |
| 3 | ABVXABIVAX SA | 1,350,000 | $182.1B | 8.42% | |
| 4 | NDQINVESCO QQQ TR | 250,000 | $153.6B | 7.10% | Put |
| 5 | EYPTEYEPOINT INC | 8,265,000 | $151.0B | 6.98% | |
| 6 | IWMISHARES TR | 500,000 | $123.1B | 5.69% | Put |
| 7 | XBISPDR SERIES TRUST | 1,000,000 | $121.9B | 5.64% | Put |
| 8 | RAPPRAPPORT THERAPEUTICS INC | 3,027,521 | $91.9B | 4.25% | |
| 9 | BBIOBRIDGEBIO PHARMA INC | 1,200,000 | $91.8B | 4.24% | |
| 10 | DRUGBRIGHT MINDS BIOSCIENCES INC | 1,059,331 | $82.7B | 3.82% | |
| 11 | EWTXEDGEWISE THERAPEUTICS INC | 3,285,000 | $81.5B | 3.77% | |
| 12 | OLMAOLEMA PHARMACEUTICALS INC | 2,750,000 | $68.8B | 3.18% | |
| 13 | MLTXMOONLAKE IMMUNOTHERAPEUTICS | 4,355,433 | $57.4B | 2.65% | |
| 14 | IM8NINSMED INC | 275,000 | $47.9B | 2.21% | |
| 15 | ENGNENGENE HOLDINGS INC | 4,000,000 | $36.1B | 1.67% | |
| 16 | ALMSALUMIS INC | 3,635,596 | $35.5B | 1.64% | |
| 17 | MBXMBX BIOSCIENCES INC | 1,120,000 | $35.3B | 1.63% | |
| 18 | NAMSNEWAMSTERDAM PHARMA COMPANY | 1,000,000 | $35.1B | 1.62% | |
| 19 | CNTACENTESSA PHARMACEUTICALS PLC | 1,325,000 | $33.1B | 1.53% | |
| 20 | PHVSPHARVARIS N V | 1,083,000 | $30.1B | 1.39% | |
| 21 | BIOABIOAGE LABS INC | 2,040,605 | $27.0B | 1.25% | |
| 22 | ASNDASCENDIS PHARMA A/S | 100,000 | $21.3B | 0.99% | |
| 23 | TARSTARSUS PHARMACEUTICALS INC | 250,000 | $20.5B | 0.95% | |
| 24 | CRBPCORBUS PHARMACEUTICALS HLDGS | 2,344,971 | $19.1B | 0.88% | |
| 25 | GHRSGH RESEARCH PLC | 1,300,000 | $16.5B | 0.76% | |
| 26 | ORKAORUKA THERAPEUTICS INC | 533,340 | $16.2B | 0.75% | |
| 27 | ARQTARCUTIS BIOTHERAPEUTICS INC | 500,000 | $14.5B | 0.67% | |
| 28 | CRNXCRINETICS PHARMACEUTICALS IN | 300,000 | $14.0B | 0.65% | |
| 29 | AXSMAXSOME THERAPEUTICS INC | 75,000 | $13.7B | 0.63% | |
| 30 | CABACABALETTA BIO INC | 4,400,000 | $9.6B | 0.45% | |
| 31 | JANXJANUX THERAPEUTICS INC | 650,000 | $9.0B | 0.41% | |
| 32 | COGTCOGENT BIOSCIENCES INC | 225,000 | $8.0B | 0.37% | |
| 33 | PCVXVAXCYTE INC | 125,000 | $5.8B | 0.27% | |
| 34 | AMLXAMYLYX PHARMACEUTICALS INC | 400,000 | $4.8B | 0.22% | |
| 35 | BHVNBIOHAVEN LTD | 10,000 | $112.0M | 0.01% |