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TCM
Tang Capital Management Portfolio holdings
AUM
$2.2B
Turnover
33.93%
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
(+12%)
Cap. Flow
-$15.2M
Cap. Flow % of AUM
Cap. Flow %
-0.69%
Top 10 Holdings %
Top 10 Hldgs %
62.67%
Holding
56
New
4
Increased
7
Reduced
5
Closed
15
Avg Time Held
2
years
Top 10 Avg Time Held
1
year
Top 20 Avg Time Held
1.3
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Fulcrum Therapeutics
FULC
|
+$39.7M |
| 2 |
Celcuity
CELC
|
+$30.5M |
| 3 |
Tarsus Pharmaceuticals
TARS
|
+$24.3M |
| 4 |
Nano Dimension
NNDM
|
+$23.3M |
| 5 |
Capricor Therapeutics
CAPR
|
+$21.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
KalVista Pharmaceuticals
KALV
|
+$92.1M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$32.6M |
| 3 |
Insmed
INSM
|
+$19.4M |
| 4 |
Janux Therapeutics
JANX
|
+$6.95M |
| 5 |
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 | Held Since | |
|---|---|---|---|---|---|---|---|
1
Aurinia Pharmaceuticals
AUPH
$2.21B
| $221M | 10.05% |
13,044,106
+814,606
| +7% | +$13M |
2023 Q2
12 quarters
|
|
2
Spyre Therapeutics
SYRE
$7.63B
| $168M | 7.63% |
1,892,200
| – | – |
2025 Q1
5 quarters
|
|
3
Mirum Pharmaceuticals
MIRM
$5.25B
| $145M | 6.57% |
1,236,027
| – | – |
2022 Q2
16 quarters
|
|
4
Kiniksa Pharmaceuticals
KNSA
$6.14B
| $145M | 6.56% |
2,259,889
| – | – |
2022 Q1
17 quarters
|
|
|
5
Celcuity
CELC
$2.83B
| $138M | 6.25% |
1,314,594
+264,594
| +25% | +$30.5M |
2025 Q3
3 quarters
|
|
6
Corcept Therapeutics
CORT
$12B
| $130M | 5.92% |
1,500,000
| – | – |
2025 Q4
2 quarters
|
|
7
PTC Therapeutics
PTCT
$5.01B
| $122M | 5.56% |
1,500,000
| – | – |
2023 Q4
10 quarters
|
|
8
Lakefront Biotherapeutics American Depositary Shares
LKFT
$1.94B
| $114M | 5.16% |
3,785,991
| – | – |
2024 Q2
8 quarters
|
|
|
9
Capricor Therapeutics
CAPR
$383M
| $98.7M | 4.48% |
4,099,900
+700,000
| +21% | +$21.2M |
2025 Q4
2 quarters
|
|
|
10
Tarsus Pharmaceuticals
TARS
$3.23B
| $98.7M | 4.48% |
1,568,266
+379,642
| +32% | +$24.3M |
2022 Q1
17 quarters
|
|
|
11
State Street SPDR S&P 500 ETF Trust
SPY
$818B
| $91.9M | 4.17% |
123,000
-45,000
| -27% | -$32.6M |
2025 Q4
2 quarters
|
|
12
AnaptysBio
ANAB
$1.44B
| $89.8M | 4.08% |
1,330,879
| – | – |
2019 Q4
26 quarters
|
|
13
Immunocore
IMCR
$1.5B
| $84.1M | 3.82% |
2,649,368
| – | – |
2022 Q1
17 quarters
|
|
14
Compass Pathways
CMPS
$1.51B
| $70.8M | 3.21% |
5,000,000
+997,800
| +25% | +$10.1M |
2026 Q1
1 quarter
|
|
15
ANI Pharmaceuticals
ANIP
$1.68B
| $58.6M | 2.66% |
707,500
| – | – |
2024 Q1
9 quarters
|
|
16
BioNTech
BNTX
$22.2B
| $43.7M | 1.99% |
470,000
| – | – |
2024 Q3
7 quarters
|
|
17
Compass Therapeutics
CMPX
$155M
| $39.4M | 1.79% |
17,990,782
+1,199,973
| +7% | +$3.54M |
2024 Q3
7 quarters
|
|
18
Precigen
PGEN
$2.28B
| $36.6M | 1.66% |
6,417,500
| – | – |
2025 Q3
3 quarters
|
|
19
Viridian Therapeutics
VRDN
$2.18B
| $32.9M | 1.5% |
1,792,626
| – | – |
2022 Q2
16 quarters
|
|
20
Nuvectis Pharma
NVCT
$619M
| $28.5M | 1.29% |
+1,550,000
| New | +$17.4M |
2026 Q2
0 quarters
|
|
21
Dianthus Therapeutics
DNTH
$4.05B
| $25.8M | 1.17% |
264,692
| – | – |
2023 Q1
13 quarters
|
|
|
22
Fulcrum Therapeutics
FULC
$280M
| $23.9M | 1.08% |
+6,521,412
| New | +$39.7M |
2026 Q2
0 quarters
|
|
23
Atea Pharmaceuticals
AVIR
$345M
| $22.4M | 1.02% |
4,814,700
| – | – |
2023 Q1
13 quarters
|
|
24
Crescent Biopharma
CBIO
$447M
| $20.9M | 0.95% |
1,160,000
| – | – |
2025 Q2
4 quarters
|
|
|
25
Nano Dimension
NNDM
$598M
| $20.7M | 0.94% |
+14,292,813
| New | +$23.3M |
2026 Q2
0 quarters
|
|
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IHL
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.