Cormorant Asset Management Portfolio
13F Holdings & Position Changes — Last filed May 15, 2026
13F Holdings & Position Changes — Last filed May 15, 2026
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 42 positions worth $1.9B. This quarter they initiated 10 new positions and exited 66. Their largest holding is PRAX ($285.3M).
Cormorant initiated 10 new positions and increased 10 this quarter. Portfolio grew +6.7% to $1.9B. 201 upcoming catalysts across holdings.
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Cormorant Asset Management held 42 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 42 positions, with total assets under management of approximately $4B. Portfolio values are based on 13F filings with the SEC.
Cormorant Asset Management initiated 10 new positions this quarter, including DMRA, AGMB, MAZE, ROIV, ANL and 5 more. They also increased 10 existing positions.
Cormorant Asset Management fully exited 66 positions this quarter, including AVIR, DSGN, AUTL, IRON, NMRA and 61 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.
| 3 | EYPT | 8,265,000 | $106.5M |
| 4 | EWTX | Decreased | 3,260,000 | $102.7M |
| 5 | ERAS | Increased | 5,800,000 | $93.8M |
| 6 | RAPP | Decreased | 2,957,521 | $92.5M |
| 7 | ALMS | Increased | 3,949,241 | $87.0M |
| 8 | AAVXF | Decreased | 760,000 | $84.6M |
| 9 | MLTX | Increased | 4,480,433 | $83.5M |
| 10 | DRUG | 1,059,331 | $77.3M |
| 11 | OLMA | Increased | 3,900,000 | $58.1M |
| 12 | BIOA | Increased | 2,890,605 | $50.6M |
| 13 | CNTA | Decreased | 1,050,000 | $41.7M |
| 14 | DMRA | New | 1,525,000 | $39.5M |
| 15 | MBX | 1,120,000 | $33.4M |
| 16 | INSM | Decreased | 190,000 | $31.1M |
| 17 | NAMSW | Decreased | 950,000 | $30.4M |
| 18 | TNGX | Increased | 1,425,000 | $29.8M |
| 19 | PHVS | Decreased | 1,000,000 | $28.3M |
| 20 | ORKA | 533,340 | $26.2M |
| 21 | AGMB | New | 2,465,348 | $25.9M |
| 22 | MAZE | New | 750,000 | $22.4M |
| 23 | CRBP | 2,344,971 | $22.0M |
| 24 | ASND | Decreased | 95,000 | $21.7M |
| 25 | ROIV | New | 750,000 | $20.8M |
| 26 | ANL | New | 2,897,857 | $20.1M |
| 27 | TERN | New | 300,000 | $15.8M |
| 28 | TARS | Decreased | 225,000 | $15.8M |
| 29 | BHVN | Increased | 1,760,000 | $14.9M |
| 30 | CABA | Increased | 5,500,000 | $14.8M |
| 31 | ARQT | Decreased | 450,000 | $10.6M |
| 32 | SNSE | New | 306,222 | $9.7M |
| 33 | CRNX | Decreased | 250,000 | $9.1M |
| 34 | AXSM | Decreased | 50,000 | $8.5M |
| 35 | GPCR | Increased | 175,000 | $8.4M |
| 36 | COGT | Decreased | 200,000 | $7.7M |
| 37 | GLUE | Increased | 400,000 | $6.6M |
| 38 | ARWR | New | 100,000 | $6.3M |
| 39 | PCVX | Decreased | 100,000 | $5.8M |
| 40 | AMLX | Decreased | 350,000 | $4.9M |
| 41 | RLYB | New | 400,000 | $3.6M |
| 42 | CNTX | New | 529,550 | $1.4M |
| Q3 2025 |
| $1.4B |
| +14.5% |
| Q2 2025 | $1.2B | -0.9% |
| Q1 2025 | $1.3B | -28.7% |
| Q4 2024 | $1.8B | +1.8% |
| Q3 2024 | $1.7B | +10.1% |
| Q2 2024 | $1.6B | -17.6% |
| Q1 2024 | $1.9B | +18.1% |
| Q4 2023 | $1.6B | +14.2% |
| Q3 2023 | $1.4B | +11.6% |
| Q2 2023 | $1.3B | — |