Cormorant Asset Management, LP

CIK 0001583977 · Q2 2026

13F Equity AUM

$2.0B

-2.0% QoQ

Positions

-46 QoQ

AUM Rank

#2,361

Top 19%

Skill Alpha (FF)

+7.1%/yr^ns

No Clear Edge

Rank #439 · Top 5%

vs S&P -9.1%/yr (unadj.)

Quarters Tracked

~12 years

Portfolio Concentration

Top 5: 35.7%Top 10: 59.2%Top 20: 82.9%

PRAX11.0%

BBOT7.0%

PARABILIS MEDICINES INC6.5%

RAPP5.7%

ERAS5.6%

EWTX5.2%

EYPT5.1%

ALMS4.7%

ABVX4.6%

DNTH3.8%

Others (40)40.8%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Healthcare88.6%

Unclassified11.4%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 50Median: 1.08%Avg: 2.00%

0–0.5%

17(4.0%)

0.5–1%

7(5.5%)

1–3%

13(21.9%)

3–5%

6(22.5%)

5%+

7(46.1%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 50vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New13Increased4Decreased28Exited9

New Positions

PARABILIS MEDICINES …6.5%

+4.6M

CLYM1.4%

+2.1M

SYRE1.0%

+225K

DFTX1.0%

+400K

ASCENDIS PHARMA A/S0.7%

+50K

KAILERA THERAPEUTICS…0.6%

+550K

ELVN0.4%

+150K

IBIO0.3%

+3.6M

RESEARCH ALLIANCE CO…0.2%

+370K

ALT0.2%

+1.3M

Increased

ANL2.3%

+1.1M(+37%)

BHVN2.0%

+850K(+48%)

SNSE0.4%

+722K(+236%)

ERAS5.6%

+200K(+3%)

Decreased

OLMA1.4%

-2,250,000(-51%)

MLTX3.2%

-1,275,000(-28%)

EYPT5.1%

-1,265,000(-15%)

EWTX5.2%

-750,000(-23%)

ALMS4.7%

-663,645(-17%)

MBX1.6%

-570,000(-51%)

DMRA1.3%

-525,000(-34%)

BIOA3.0%

-500,000(-17%)

CABA0.8%

-500,000(-9%)

NEWAMSTERDAM PHARMA …0.9%

-450,000(-47%)

Exited

-1,050,000

-750,000

-95,000

-300,000

-1,450,000

-50,000

-400,000

-400,000

-529,550

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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