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TCM

Tang Capital Management Portfolio holdings

AUM $2.2B
1-Year Est. Return 156.35%
This Fund
S&P 500
This Quarter Est. Return
+25.9%
1 Year Est. Return
+156.35%
3 Year Est. Return
+492.92%
5 Year Est. Return
+804.3%
10 Year Est. Return
+3,997.35%
AUM
$2.2B
AUM Growth
+$233M
Cap. Flow
-$15.2M
Cap. Flow %
-0.69%
Top 10 Hldgs %
62.67%
Holding
56
New
4
Increased
7
Reduced
5
Closed
15

Top Buys

Rank Stock Value
1
FULC icon
Fulcrum Therapeutics
FULC
+$39.7M
2
CELC icon
Celcuity
CELC
+$30.5M
3
TARS icon
Tarsus Pharmaceuticals
TARS
+$24.3M
4
NNDM
Nano Dimension
NNDM
+$23.3M
5
CAPR icon
Capricor Therapeutics
CAPR
+$21.2M

Top Sells

Rank Stock Value
1
KALV
KalVista Pharmaceuticals
KALV
+$92.1M
2
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$32.6M
3
INSM icon
Insmed
INSM
+$19.4M
4
JANX icon
Janux Therapeutics
JANX
+$6.95M
5
STOK icon
Stoke Therapeutics
STOK
+$6.42M

Sector Composition

Rank Sector Weight
1 Healthcare 94.37%
2 Miscellaneous 4.69%
3 Technology 0.94%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AUPH icon
1
Aurinia Pharmaceuticals
AUPH
$2.14B
$221M 10.05%
13,044,106
+814,606
+7% +$13M
SYRE icon
2
Spyre Therapeutics
SYRE
$7.69B
$168M 7.63%
1,892,200
– –
MIRM icon
3
Mirum Pharmaceuticals
MIRM
$6.14B
$145M 6.57%
1,236,027
– –
KNSA icon
4
Kiniksa Pharmaceuticals
KNSA
$6.28B
$145M 6.56%
2,259,889
– –
CELC icon
5
Celcuity
CELC
$4.72B
$138M 6.25%
1,314,594
+264,594
+25% +$30.5M
CORT icon
6
Corcept Therapeutics
CORT
$12.2B
$130M 5.92%
1,500,000
– –
PTCT icon
7
PTC Therapeutics
PTCT
$5.96B
$122M 5.56%
1,500,000
– –
LKFT
8
Lakefront Biotherapeutics American Depositary Shares
LKFT
$1.9B
$114M 5.16%
3,785,991
– –
CAPR icon
9
Capricor Therapeutics
CAPR
$540M
$98.7M 4.48%
4,099,900
+700,000
+21% +$21.2M
TARS icon
10
Tarsus Pharmaceuticals
TARS
$3.65B
$98.7M 4.48%
1,568,266
+379,642
+32% +$24.3M
SPY icon
11
State Street SPDR S&P 500 ETF Trust
SPY
$818B
$91.9M 4.17%
123,000
-45,000
-27% -$32.6M
ANAB icon
12
AnaptysBio
ANAB
$1.7B
$89.8M 4.08%
1,330,879
– –
IMCR icon
13
Immunocore
IMCR
$1.93B
$84.1M 3.82%
2,649,368
– –
CMPS
14
Compass Pathways
CMPS
$1.84B
$70.8M 3.21%
5,000,000
+997,800
+25% +$10.1M
ANIP icon
15
ANI Pharmaceuticals
ANIP
$1.65B
$58.6M 2.66%
707,500
– –
BNTX icon
16
BioNTech
BNTX
$25.8B
$43.7M 1.99%
470,000
– –
CMPX icon
17
Compass Therapeutics
CMPX
$427M
$39.4M 1.79%
17,990,782
+1,199,973
+7% +$3.54M
PGEN icon
18
Precigen
PGEN
$2.56B
$36.6M 1.66%
6,417,500
– –
VRDN icon
19
Viridian Therapeutics
VRDN
$2.6B
$32.9M 1.5%
1,792,626
– –
NVCT icon
20
Nuvectis Pharma
NVCT
$796M
$28.5M 1.29%
+1,550,000
New +$17.4M
DNTH icon
21
Dianthus Therapeutics
DNTH
$6.03B
$25.8M 1.17%
264,692
– –
FULC icon
22
Fulcrum Therapeutics
FULC
$293M
$23.9M 1.08%
+6,521,412
New +$39.7M
AVIR icon
23
Atea Pharmaceuticals
AVIR
$467M
$22.4M 1.02%
4,814,700
– –
CBIO
24
Crescent Biopharma
CBIO
$758M
$20.9M 0.95%
1,160,000
– –
NNDM
25
Nano Dimension
NNDM
$337M
$20.7M 0.94%
+14,292,813
New +$23.3M
1
2 3

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Tang Capital Management's Q2 2026 Portfolio in Review

As of Q2 2026, Tang Capital Management held 56 positions worth $2.2B, up 12% from $1.97B the previous quarter. Its ten largest holdings account for 63% of the portfolio.

Tang Capital Management's Q2 2026 filing shows 4 new, 7 increased, 5 reduced and 15 closed positions. Its largest new stake was Fulcrum Therapeutics: 6,521,412 shares worth $23.9M. The largest sale was KalVista Pharmaceuticals, an estimated $92.1M.

By sector, the portfolio is most concentrated in Healthcare at 94% of assets, down from 94% a quarter earlier, followed by Miscellaneous and Technology.

  • Tang Capital Management's largest Q2 2026 buy was Fulcrum Therapeutics: 6,521,412 shares worth $23.9M.
  • Tang Capital Management added most to Celcuity in Q2 2026, an estimated $30.5M increase.
  • Tang Capital Management's biggest Q2 2026 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $32.6M.
  • Tang Capital Management fully exited KalVista Pharmaceuticals in Q2 2026, selling an estimated $92.1M.
  • Tang Capital Management's ten largest holdings make up 63% of its $2.2B portfolio in Q2 2026.
  • Tang Capital Management opened 4 new positions and closed 15 in Q2 2026.
  • Tang Capital Management's portfolio value rose 12% quarter-over-quarter to $2.2B.

Based on Tang Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.