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Cormorant Asset Management, LP
Cormorant Asset Management, LP is a Boston-based hedge fund and investment adviser founded in 2013. It specializes in healthcare and biotechnology investments, managing assets for institutional clients and high-net-worth individuals. The firm typically operates with a lean, highly specialized team of around a dozen employees and is led by founder and managing member Bihua Chen.
Investment Strategy
Cormorant Asset Management focuses primarily on public and private healthcare and biotechnology investments. The firm utilizes deep fundamental research and sector expertise to identify innovative therapeutics, medical technologies, and healthcare companies with significant growth potential. Their approach is characterized by active portfolio management, long-term investment horizons, and engagement with management teams, targeting companies poised to disrupt traditional healthcare paradigms.
Latest 13F Filing Activity
Cormorant Asset Management, LP filed their most recent 13F report on Jun 30, 2025 disclosing 42 equity positions with a total 13F market value of $1B. The fund increased holdings in Moonlake Immunotherapeutics, Eyepoint Pharmaceuticals Inc., Verona Pharma PLC among other positions. Cormorant Asset Management, LP reduced exposure to Edgewise Therapeutics Inc., Janux Therapeutics Inc., Axsome Therapeutics Inc. among others.
Top Holdings
Equity Positions (42)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
M MLTX | MOONLAKE IMMUNOTHERAPEUTICS | 29.86% | $400.9M | 8,494,151 | $15.84 | $47.20 | +$69.1M |
E EYPT | EYEPOINT PHARMACEUTICALS INC | 5.84% | $78.3M | 8,325,000 | $14.58 | $9.41 | +$33.2M |
B BBIO | BRIDGEBIO PHARMA INC | 5.15% | $69.1M | 1,600,000 | $23.38 | $43.18 | -$52.0K |
P PRAX | PRAXIS PRECISION MEDICINES I | 5.09% | $68.3M | 1,625,000 | $59.64 | $42.05 | +$2.2M |
M MRUS | MERUS N V | 4.39% | $58.9M | 1,120,000 | $48.53 | $52.60 | +$27.8M |
Industry Allocation
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