Cormorant Asset Management, LP

Q4 2025 13F-HR Holdings

Location
Boston, MA
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
35
Total value ($000)
$2,162,580
Net value change ($000)
+713,321 (49.2%)
New positions
3
Sold out positions
7
Turnover %
14.4%
Sector allocation + QoQ delta (equities-only)

Holdings aggregated across other managers listed in the original SEC filing. View detailed breakdown

Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
PRAX 227,003 428.3%
OLMA 68,750 NEW
MLTX 43,107 301.5%
EYPT 32,454 27.4%
ALMS 26,915 314.1%
ASND 21,324 NEW
ENGN 20,250 127.6%
BBIO 19,072 26.2%
DRUG 18,411 28.7%
BBOT 16,806 8.1%
Top Reduces (Value $000, Stocks/ETFs)
ACLX -63,628 -100.0%
NAMS -26,777 -43.3%
CGON -25,175 -100.0%
KRRO -22,269 -100.0%
Metsera, Inc. -20,932 -100.0%
INSM -14,063 -22.7%
CNTA -13,543 -29.0%
RNAM -13,071 -100.0%
JANX -11,804 -56.8%
CRBP -10,956 -36.5%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 398,588 (18.4% of total reported value)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type