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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
-0.55%
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
$1.51B
AUM Growth
+$111M
Cap. Flow
+$272M
Cap. Flow %
17.99%
Top 10 Hldgs %
37.54%
Holding
194
New
40
Increased
63
Reduced
17
Closed
11

Top Buys

Rank Stock Value
1
LKFT
Lakefront Biotherapeutics American Depositary Shares
LKFT
+$40.7M
2
RLAY icon
Relay Therapeutics
RLAY
+$24.5M
3
BIOA
BioAge Labs
BIOA
+$22.7M
4
LEGN icon
Legend Biotech
LEGN
+$18.6M
5
REPL icon
Replimune Group
REPL
+$18.2M

Top Sells

Rank Stock Value
1
ITOS
iTeos Therapeutics
ITOS
+$18.8M
2
RVNC
Revance Therapeutics, Inc.
RVNC
+$13M
3
IMNM icon
Immunome
IMNM
+$10.5M
4
ANIP icon
ANI Pharmaceuticals
ANIP
+$7.61M
5
CNTA
Centessa Pharmaceuticals
CNTA
+$6.4M

Sector Composition

Rank Sector Weight
1 Healthcare 94.65%
2 Technology 1.65%
3 Communication Services 1.35%
4 Consumer Discretionary 0.56%
5 Financials 0.53%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AVDL
26
DELISTED
Avadel Pharmaceuticals
AVDL
$15.7M 1.04%
1,497,500
+267,500
+22% +$3.25M
META icon
27
Meta Platforms (Facebook)
META
$1.51T
$15.6M 1.03%
26,600
+745
+3% +$437K
LEGN icon
28
Legend Biotech
LEGN
$4.01B
$14.6M 0.97%
+450,000
New +$18.6M
GSK icon
29
GSK
GSK
$106B
$13.5M 0.9%
400,000
-50,000
-11% -$1.8M
SNY icon
30
Sanofi
SNY
$104B
$13M 0.86%
270,000
+200,000
+286% +$10.2M
LQDA icon
31
Liquidia Corp
LQDA
$8.02B
$12.9M 0.86%
1,100,000
+300,000
+38% +$3.28M
VKTX icon
32
Viking Therapeutics
VKTX
$4B
$12.9M 0.85%
320,000
+200,000
+167% +$11.4M
TDOC icon
33
Teladoc Health
TDOC
$1.3B
$12.7M 0.84%
1,400,000
– –
MRNA icon
34
Moderna
MRNA
$23.6B
$12.5M 0.83%
+300,000
New +$14.3M
KNSA icon
35
Kiniksa Pharmaceuticals
KNSA
$5.93B
$12.4M 0.82%
628,609
– –
HELP
36
Cybin Inc
HELP
$720M
$11.7M 0.78%
1,330,097
+930,097
+233% +$9.45M
VNDA icon
37
Vanda Pharmaceuticals
VNDA
$302M
$11.3M 0.75%
2,353,307
– –
CGEM icon
38
Cullinan Oncology
CGEM
$1.14B
$11.2M 0.74%
921,138
– –
CRSP icon
39
CRISPR Therapeutics
CRSP
$5.17B
$10.5M 0.69%
266,500
– –
NUVB icon
40
Nuvation Bio
NUVB
$2.32B
$10.4M 0.69%
3,900,000
– –
HLVX
41
DELISTED
HilleVax
HLVX
$10.2M 0.67%
4,920,000
– –
AZN icon
42
AstraZeneca
AZN
$250B
$9.83M 0.65%
75,000
– –
ELAN icon
43
Elanco Animal Health
ELAN
$11.1B
$9.69M 0.64%
800,000
+200,000
+33% +$2.62M
HRMY icon
44
Harmony Biosciences
HRMY
$2.24B
$9.68M 0.64%
281,200
– –
ADMA icon
45
ADMA Biologics
ADMA
$2.22B
$9.43M 0.62%
+550,000
New +$10.3M
RCKT icon
46
Rocket Pharmaceuticals
RCKT
$394M
$9.43M 0.62%
750,000
– –
CRGX
47
DELISTED
CARGO Therapeutics
CRGX
$9.23M 0.61%
640,000
-60,749
-9% -$1.1M
DSGN icon
48
Design Therapeutics
DSGN
$876M
$9.14M 0.6%
1,480,975
– –
CMPX icon
49
Compass Therapeutics
CMPX
$387M
$8.55M 0.57%
5,900,000
+4,087,005
+225% +$6.79M
BLCO icon
50
Bausch + Lomb
BLCO
$5.99B
$8.13M 0.54%
450,000
+100,000
+29% +$1.95M
1
2
3 4 5

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Tang Capital Management's Q4 2024 Portfolio in Review

As of Q4 2024, Tang Capital Management held 194 positions worth $1.51B, up 8% from $1.4B the previous quarter. Its ten largest holdings account for 38% of the portfolio.

Tang Capital Management deployed $272M of net new capital in Q4 2024, opening 40 new positions and adding to 63 existing holdings. Its largest new stake was BioAge Labs: 1,318,361 shares worth $7.63M.

By sector, the portfolio is most concentrated in Healthcare at 95% of assets, down from 96% a quarter earlier, followed by Technology and Communication Services.

On the sell side, the largest reduction was iTeos Therapeutics, an estimated $18.8M trimmed.

  • Tang Capital Management's largest Q4 2024 buy was BioAge Labs: 1,318,361 shares worth $7.63M.
  • Tang Capital Management added most to Lakefront Biotherapeutics American Depositary Shares in Q4 2024, an estimated $40.7M increase.
  • Tang Capital Management's biggest Q4 2024 reduction was iTeos Therapeutics, cutting an estimated $18.8M.
  • Tang Capital Management fully exited Revance Therapeutics, Inc. in Q4 2024, selling an estimated $13M.
  • Tang Capital Management's ten largest holdings make up 38% of its $1.51B portfolio in Q4 2024.
  • Tang Capital Management opened 40 new positions and closed 11 in Q4 2024.
  • Tang Capital Management's portfolio value rose 8% quarter-over-quarter to $1.51B.

Based on Tang Capital Management's 13F filing for Q4 2024, filed 14 Feb 2025.