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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
VKTX icon
26
Viking Therapeutics
VKTX
$3.96B
$19.5M 0.89%
500,000
– –
NUVB icon
27
Nuvation Bio
NUVB
$2.38B
$18.7M 0.85%
3,299,557
+150,000
+5% +$733K
IDYA icon
28
IDEAYA Biosciences
IDYA
$3.86B
$16.8M 0.76%
450,000
– –
DERM icon
29
Journey Medical
DERM
$223M
$11.4M 0.52%
1,610,000
– –
INSM icon
30
Insmed
INSM
$27.7B
$10.7M 0.48%
100,000
-160,000
-62% -$19.4M
STOK icon
31
Stoke Therapeutics
STOK
$1.94B
$9.82M 0.45%
300,000
-200,000
-40% -$6.42M
PLRX icon
32
Pliant Therapeutics
PLRX
$70M
$7M 0.32%
6,141,261
-1,871
-0% -$2.28K
BOLD
33
Boundless Bio
BOLD
$65.3M
$6.4M 0.29%
+2,559,875
New +$3.94M
PMVP icon
34
PMV Pharmaceuticals
PMVP
$66.3M
$5.69M 0.26%
4,245,085
– –
MRNA icon
35
Moderna
MRNA
$59.4B
$3.5M 0.16%
50,000
-50,000
-50% -$2.59M
WVE icon
36
Wave Life Sciences
WVE
$926M
$3.49M 0.16%
600,000
– –
HRTX icon
37
Heron Therapeutics
HRTX
$62.7M
$2.67M 0.12%
6,250,000
– –
LENZ
38
LENZ Therapeutics
LENZ
$183M
$2.56M 0.12%
451,114
– –
ALT icon
39
Altimmune
ALT
$628M
$2.02M 0.09%
666,022
– –
RCKT icon
40
Rocket Pharmaceuticals
RCKT
$416M
$342K 0.02%
100,000
– –
ABEO icon
41
Abeona Therapeutics
ABEO
$339M
– –
-400,000
Closed -$1.79M
AGIO icon
42
Agios Pharmaceuticals
AGIO
$1.98B
– –
-100,000
Closed -$3.38M
ARVN icon
43
Arvinas
ARVN
$609M
– –
-538,658
Closed -$5.71M
BIIB icon
44
Biogen
BIIB
$33.2B
– –
-35,000
Closed -$6.42M
CHRS icon
45
Coherus Oncology
CHRS
$212M
– –
-1,886,748
Closed -$3.19M
EOLS icon
46
Evolus
EOLS
$598M
– –
-483,021
Closed -$1.99M
ERAS icon
47
Erasca
ERAS
$5.69B
– –
-200,000
Closed -$3.24M
FATE icon
48
Fate Therapeutics
FATE
$290M
– –
-1,167,773
Closed -$1.4M
JANX icon
49
Janux Therapeutics
JANX
$1.21B
– –
-500,000
Closed -$6.95M
KALV
50
DELISTED
KalVista Pharmaceuticals
KALV
– –
-4,573,530
Closed -$92.1M
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.