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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
+11.67%
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
$688M
AUM Growth
-$127M
Cap. Flow
-$114M
Cap. Flow %
-16.56%
Top 10 Hldgs %
47.84%
Holding
112
New
17
Increased
24
Reduced
32
Closed
23

Top Buys

Rank Stock Value
1
THRD
Third Harmonic Bio
THRD
+$28.4M
2
AXSM icon
Axsome Therapeutics
AXSM
+$14.9M
3
MIRM icon
Mirum Pharmaceuticals
MIRM
+$13.2M
4
MRNA icon
Moderna
MRNA
+$13.1M
5
NKTX icon
Nkarta
NKTX
+$12.2M

Top Sells

Rank Stock Value
1
BHVN
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
+$42.3M
2
RCKT icon
Rocket Pharmaceuticals
RCKT
+$20.2M
3
ITCI
Intra-Cellular Therapies Inc.
ITCI
+$20M
4
BIO icon
Bio-Rad Laboratories Class A
BIO
+$17.4M
5
ALBO
Albireo Pharma Inc
ALBO
+$14.5M

Sector Composition

Rank Sector Weight
1 Healthcare 98.38%
2 Consumer Discretionary 0.64%
3 Communication Services 0%
4 Consumer Staples 0%
5 Financials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IONS icon
26
Ionis Pharmaceuticals
IONS
$9.4B
$7.55M 1.1%
200,000
– –
LLY icon
27
Eli Lilly
LLY
$1.06T
$7.32M 1.06%
+20,000
New +$7.09M
THRD
28
DELISTED
Third Harmonic Bio
THRD
$7.31M 1.06%
+1,700,000
New +$28.4M
CNCE
29
DELISTED
Concert Pharmaceuticals, Inc.
CNCE
$6.72M 0.98%
1,150,000
+146,983
+15% +$773K
IMGN
30
DELISTED
Immunogen Inc
IMGN
$6.32M 0.92%
1,274,853
-225,147
-15% -$1.22M
EOLS icon
31
Evolus
EOLS
$501M
$6.08M 0.88%
809,488
+772,974
+2,117% +$5.99M
CTMX icon
32
CytomX Therapeutics
CTMX
$754M
$5.62M 0.82%
3,510,445
+10,445
+0.3% +$15.5K
ACET icon
33
Adicet Bio
ACET
$74.7M
$5.36M 0.78%
+37,500
New +$9.36M
GNFT
34
DELISTED
Genfit
GNFT
$5.26M 0.76%
1,197,522
– –
LKFT
35
Lakefront Biotherapeutics American Depositary Shares
LKFT
$1.77B
$5.1M 0.74%
114,950
-110,000
-49% -$4.63M
CYTK icon
36
Cytokinetics
CYTK
$10.4B
$5.04M 0.73%
+110,000
New +$4.73M
PYXS icon
37
Pyxis Oncology
PYXS
$236M
$4.65M 0.68%
3,470,700
+2,059,131
+146% +$3.09M
BNTX icon
38
BioNTech
BNTX
$23.5B
$4.51M 0.65%
30,000
– –
ASND icon
39
Ascendis Pharma A/S
ASND
$16.8B
$4.41M 0.64%
36,090
-30,000
-45% -$3.48M
BABA icon
40
Alibaba
BABA
$308B
$4.4M 0.64%
50,000
– –
ITOS
41
DELISTED
iTeos Therapeutics
ITOS
$4.23M 0.61%
216,700
-720,800
-77% -$14.1M
OBIO icon
42
Orchestra BioMed
OBIO
$254M
$3.92M 0.57%
392,500
– –
ALLK
43
DELISTED
Allakos
ALLK
$3.77M 0.55%
447,967
-875,426
-66% -$6.08M
BEAM icon
44
Beam Therapeutics
BEAM
$2.84B
$3.72M 0.54%
95,000
+45,000
+90% +$2.02M
AMLX icon
45
Amylyx Pharmaceuticals
AMLX
$2.54B
$3.69M 0.54%
+100,000
New +$3.55M
LENZ
46
LENZ Therapeutics
LENZ
$168M
$3.65M 0.53%
157,143
– –
SPRY icon
47
ARS Pharmaceuticals
SPRY
$612M
$3.49M 0.51%
409,463
– –
EGRX
48
DELISTED
Eagle Pharmaceuticals, Inc.
EGRX
$3.47M 0.5%
118,857
– –
INSM icon
49
Insmed
INSM
$28.6B
$3.32M 0.48%
166,203
-333,797
-67% -$6.45M
DVAX
50
DELISTED
Dynavax Technologies
DVAX
$3.19M 0.46%
300,000
+200,000
+200% +$2.32M
1
2
3 4 5

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Tang Capital Management's Q4 2022 Portfolio in Review

As of Q4 2022, Tang Capital Management held 112 positions worth $688M, down 16% from $815M the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Tang Capital Management withdrew a net $114M in Q4 2022, closing 23 positions and reducing 32 holdings. Its most notable exit was Biohaven Pharmaceutical Holding Company Ltd., an estimated $42.3M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 98% of assets, up from 96% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Tang Capital Management opened a new position in Third Harmonic Bio worth $7.31M.

  • Tang Capital Management's largest Q4 2022 buy was Third Harmonic Bio: 1,700,000 shares worth $7.31M.
  • Tang Capital Management added most to Axsome Therapeutics in Q4 2022, an estimated $14.9M increase.
  • Tang Capital Management's biggest Q4 2022 reduction was Intra-Cellular Therapies Inc., cutting an estimated $20M.
  • Tang Capital Management fully exited Biohaven Pharmaceutical Holding Company Ltd. in Q4 2022, selling an estimated $42.3M.
  • Tang Capital Management's ten largest holdings make up 48% of its $688M portfolio in Q4 2022.
  • Tang Capital Management opened 17 new positions and closed 23 in Q4 2022.
  • Tang Capital Management's portfolio value fell 16% quarter-over-quarter to $688M.

Based on Tang Capital Management's 13F filing for Q4 2022, filed 14 Feb 2023.