An Under-the-Radar Hedge Fund Reaps Big IPO Rewards

Bihua Chen’s Cormorant Asset Management is scoring big gains from development stage biopharma companies.

Bihua Chen, CEO of Cormorant Asset Management. (Alex Flynn/Bloomberg)

Bihua Chen, CEO of Cormorant Asset Management.

(Alex Flynn/Bloomberg)

One of the largest but least-well-known of the few woman-owned hedge fund firms is the latest life sciences specialist to see big rewards from the red-hot IPO market.

Cormorant Asset Management, headed by Bihua Chen, owns nearly 1.5 million shares of BioAtla, which surged more than 72 percent on its first day of trading on Wednesday, to close at $31.02.

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