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TCM

Tang Capital Management Portfolio holdings

AUM $1.97B
1-Year Est. Return 125.1%
This Fund
S&P 500
This Quarter Est. Return
+5.72%
1 Year Est. Return
+125.1%
3 Year Est. Return
+474.48%
5 Year Est. Return
+595.08%
10 Year Est. Return
+2,831.44%
AUM
$1.97B
AUM Growth
-$55.4M
Cap. Flow
-$90.8M
Cap. Flow %
-4.61%
Top 10 Hldgs %
57.9%
Holding
79
New
4
Increased
9
Reduced
14
Closed
28

Top Buys

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$93.8M
2
CORT icon
Corcept Therapeutics
CORT
+$50.2M
3
CAPR icon
Capricor Therapeutics
CAPR
+$45.3M
4
INSM icon
Insmed
INSM
+$30.7M
5
CMPS
Compass Pathways
CMPS
+$26.9M

Top Sells

Rank Stock Value
1
RNAM
Avidity Biosciences
RNAM
+$64.9M
2
VRTX icon
Vertex Pharmaceuticals
VRTX
+$36.3M
3
MRNA icon
Moderna
MRNA
+$27.7M
4
TVTX icon
Travere Therapeutics
TVTX
+$26.7M
5
VTYX
Ventyx Biosciences
VTYX
+$25.4M

Sector Composition

Rank Sector Weight
1 Healthcare 94.45%
2 Communication Services 0%
3 Real Estate 0%
4 Technology 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VKTX icon
26
Viking Therapeutics
VKTX
$4.22B
$16.3M 0.83%
500,000
– –
IDYA icon
27
IDEAYA Biosciences
IDYA
$3.41B
$15M 0.76%
450,000
– –
NUVB icon
28
Nuvation Bio
NUVB
$2.18B
$13.5M 0.69%
3,149,557
-707,900
-18% -$3.94M
PLRX icon
29
Pliant Therapeutics
PLRX
$66.3M
$7.74M 0.39%
6,143,132
– –
DERM icon
30
Journey Medical
DERM
$195M
$7.55M 0.38%
1,610,000
-244,596
-13% -$1.9M
JANX icon
31
Janux Therapeutics
JANX
$979M
$6.95M 0.35%
+500,000
New +$6.86M
BIIB icon
32
Biogen
BIIB
$29.5B
$6.42M 0.33%
35,000
– –
URGN icon
33
UroGen Pharma
URGN
$2B
$6.29M 0.32%
350,000
– –
ARVN icon
34
Arvinas
ARVN
$517M
$5.71M 0.29%
538,658
-31,040
-5% -$384K
PMVP icon
35
PMV Pharmaceuticals
PMVP
$68.3M
$5.26M 0.27%
4,245,085
-694,915
-14% -$884K
MRNA icon
36
Moderna
MRNA
$23.6B
$5.08M 0.26%
100,000
-592,820
-86% -$27.7M
HRTX icon
37
Heron Therapeutics
HRTX
$90.9M
$5M 0.25%
6,250,000
– –
KZR
38
DELISTED
Kezar Life Sciences
KZR
$4.93M 0.25%
664,314
– –
WVE icon
39
Wave Life Sciences
WVE
$1.1B
$4.35M 0.22%
600,000
– –
LENZ
40
LENZ Therapeutics
LENZ
$156M
$4.13M 0.21%
451,114
-414,055
-48% -$5.82M
AGIO icon
41
Agios Pharmaceuticals
AGIO
$2.38B
$3.38M 0.17%
+100,000
New +$2.84M
ERAS icon
42
Erasca
ERAS
$6.53B
$3.24M 0.16%
200,000
-700,000
-78% -$8.27M
CHRS icon
43
Coherus Oncology
CHRS
$219M
$3.19M 0.16%
1,886,748
-837,761
-31% -$1.49M
NKTX icon
44
Nkarta
NKTX
$184M
$3.12M 0.16%
1,480,823
– –
ALT icon
45
Altimmune
ALT
$546M
$2.05M 0.1%
666,022
-1,465,285
-69% -$6.22M
EOLS icon
46
Evolus
EOLS
$365M
$1.99M 0.1%
483,021
-762,671
-61% -$3.7M
ABEO icon
47
Abeona Therapeutics
ABEO
$369M
$1.79M 0.09%
400,000
-600,000
-60% -$3M
FATE icon
48
Fate Therapeutics
FATE
$325M
$1.4M 0.07%
1,167,773
– –
NMRA icon
49
Neumora Therapeutics
NMRA
$302M
$858K 0.04%
439,878
-527,357
-55% -$1.37M
LXRX icon
50
Lexicon Pharmaceuticals
LXRX
$1.03B
$624K 0.03%
+399,700
New +$581K
1
2
3 4

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NIM
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Tang Capital Management's Q1 2026 Portfolio in Review

As of Q1 2026, Tang Capital Management held 79 positions worth $1.97B, down 2.7% from $2.02B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

Tang Capital Management withdrew a net $90.8M in Q1 2026, closing 28 positions and reducing 14 holdings. Its most notable exit was Avidity Biosciences, an estimated $64.9M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 94% of assets, down from 97% a quarter earlier, followed by Communication Services and Real Estate.

Against the trend, Tang Capital Management opened a new position in Compass Pathways worth $22.1M.

  • Tang Capital Management's largest Q1 2026 buy was Compass Pathways: 4,002,200 shares worth $22.1M.
  • Tang Capital Management added most to State Street SPDR S&P 500 ETF Trust in Q1 2026, an estimated $93.8M increase.
  • Tang Capital Management's biggest Q1 2026 reduction was Moderna, cutting an estimated $27.7M.
  • Tang Capital Management fully exited Avidity Biosciences in Q1 2026, selling an estimated $64.9M.
  • Tang Capital Management's ten largest holdings make up 58% of its $1.97B portfolio in Q1 2026.
  • Tang Capital Management opened 4 new positions and closed 28 in Q1 2026.
  • Tang Capital Management's portfolio value fell 2.7% quarter-over-quarter to $1.97B.

Based on Tang Capital Management's 13F filing for Q1 2026, filed 15 May 2026.