Cormorant Asset Management Portfolio
13F Holdings & Position Changes — Last filed Feb 17, 2026
13F Holdings & Position Changes — Last filed Feb 17, 2026
Cormorant Asset Management is a $5B biotech-focused hedge fund managed by Bihua Chen, PhD. As of their latest 13F filing (Q4 2025), the fund holds 31 positions worth $1.8B. This quarter they initiated 31 new positions. Their largest holding is BBIO ($315.6M).
Cormorant initiated 31 new positions this quarter. 63 upcoming catalysts across holdings.
Showing first tracked quarter (Dec 31, 2025) — historical comparison will be available after the next 13F filing cycle.
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Cormorant Asset Management holds 31 biotech stocks in their 13F portfolio. Their top positions include BBIO, PRAX, AAVXF, EYPT, RAPP. 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 $1.8B across 31 positions, with total assets under management of approximately $5B. Portfolio values are based on 13F filings with the SEC.
Cormorant Asset Management initiated 31 new positions this quarter, including BBIO, PRAX, AAVXF, EYPT, RAPP and 26 more. They also increased 0 existing positions.
Cormorant Asset Management did not fully exit any positions this quarter.
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 |
| AAVXF |
| New |
| 1,350,000 |
| $182.1M |
| 4 | EYPT | New | 8,265,000 | $151.0M |
| 5 | RAPP | New | 3,027,521 | $91.9M |
| 6 | DRUG | New | 1,059,331 | $82.7M |
| 7 | EWTX | New | 3,285,000 | $81.5M |
| 8 | OLMA | New | 2,750,000 | $68.8M |
| 9 | MLTX | New | 4,355,433 | $57.4M |
| 10 | INSM | New | 275,000 | $47.9M |
| 11 | ENGNW | New | 4,000,000 | $36.1M |
| 12 | ALMS | New | 3,635,596 | $35.5M |
| 13 | MBX | New | 1,120,000 | $35.3M |
| 14 | NAMSW | New | 1,000,000 | $35.1M |
| 15 | CNTA | New | 1,325,000 | $33.1M |
| 16 | PHVS | New | 1,083,000 | $30.1M |
| 17 | BIOA | New | 2,040,605 | $27.0M |
| 18 | ASND | New | 100,000 | $21.3M |
| 19 | TARS | New | 250,000 | $20.5M |
| 20 | CRBP | New | 2,344,971 | $19.1M |
| 21 | GHRS | New | 1,300,000 | $16.5M |
| 22 | ORKA | New | 533,340 | $16.2M |
| 23 | ARQT | New | 500,000 | $14.5M |
| 24 | CRNX | New | 300,000 | $14.0M |
| 25 | AXSM | New | 75,000 | $13.7M |
| 26 | CABA | New | 4,400,000 | $9.6M |
| 27 | JANX | New | 650,000 | $9.0M |
| 28 | COGT | New | 225,000 | $8.0M |
| 29 | PCVX | New | 125,000 | $5.8M |
| 30 | AMLX | New | 400,000 | $4.8M |
| 31 | BHVN | New | 10,000 | $113K |