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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
-5.03%
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
$1.81B
AUM Growth
+$296M
Cap. Flow
+$503M
Cap. Flow %
27.85%
Top 10 Hldgs %
39.2%
Holding
208
New
25
Increased
78
Reduced
31
Closed
6

Top Buys

Rank Stock Value
1
DVAX
Dynavax Technologies
DVAX
+$51.6M
2
LKFT
Lakefront Biotherapeutics American Depositary Shares
LKFT
+$45.5M
3
SYRE icon
Spyre Therapeutics
SYRE
+$42.7M
4
PLRX icon
Pliant Therapeutics
PLRX
+$36.4M
5
KNSA icon
Kiniksa Pharmaceuticals
KNSA
+$30.7M

Top Sells

Rank Stock Value
1
ITCI
Intra-Cellular Therapies Inc.
ITCI
+$9.97M
2
OMIC
Singular Genomics Systems, Inc. Common Stock
OMIC
+$7.23M
3
GRAL
GRAIL Inc
GRAL
+$5.83M
4
ALMS
Alumis Inc
ALMS
+$4.72M
5
SEER icon
Seer Inc
SEER
+$1.96M

Sector Composition

Rank Sector Weight
1 Healthcare 94.79%
2 Technology 1.25%
3 Communication Services 1.23%
4 Consumer Discretionary 0.99%
5 Financials 0.57%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AZN icon
26
AstraZeneca
AZN
$250B
$18.4M 1.02%
125,000
+50,000
+67% +$7.23M
LQDA icon
27
Liquidia Corp
LQDA
$8.02B
$17.7M 0.98%
1,200,000
+100,000
+9% +$1.46M
NBIX icon
28
Neurocrine Biosciences
NBIX
$16.6B
$16.6M 0.92%
150,000
– –
AVDL
29
DELISTED
Avadel Pharmaceuticals
AVDL
$16.4M 0.91%
2,097,500
+600,000
+40% +$5.02M
ITOS
30
DELISTED
iTeos Therapeutics
ITOS
$16.1M 0.89%
2,689,200
+2,467,484
+1,113% +$18.1M
META icon
31
Meta Platforms (Facebook)
META
$1.51T
$15.9M 0.88%
27,575
+975
+4% +$629K
GSK icon
32
GSK
GSK
$106B
$15.5M 0.86%
400,000
– –
NVDA icon
33
NVIDIA
NVDA
$5.42T
$15.5M 0.85%
142,569
– –
SNY icon
34
Sanofi
SNY
$104B
$15M 0.83%
270,000
– –
AVIR icon
35
Atea Pharmaceuticals
AVIR
$420M
$14.4M 0.79%
4,800,000
+11,088
+0.2% +$34.6K
ALT icon
36
Altimmune
ALT
$599M
$13.8M 0.76%
2,750,000
– –
ZYME icon
37
Zymeworks
ZYME
$1.67B
$13.1M 0.72%
1,100,000
– –
NKTX icon
38
Nkarta
NKTX
$172M
$13M 0.72%
7,055,576
+4,761,857
+208% +$9.76M
CRGX
39
DELISTED
CARGO Therapeutics
CRGX
$12.5M 0.69%
3,059,630
+2,419,630
+378% +$16.2M
HELP
40
Cybin Inc
HELP
$720M
$11.6M 0.64%
1,830,097
+500,000
+38% +$4.33M
PCVX icon
41
Vaxcyte
PCVX
$8.64B
$11.3M 0.63%
300,000
– –
KROS icon
42
Keros Therapeutics
KROS
$221M
$11.2M 0.62%
+1,100,000
New +$12.8M
TDOC icon
43
Teladoc Health
TDOC
$1.3B
$11.1M 0.62%
1,400,000
– –
DERM icon
44
Journey Medical
DERM
$177M
$10.9M 0.61%
1,854,596
+129,027
+7% +$634K
VNDA icon
45
Vanda Pharmaceuticals
VNDA
$302M
$10.8M 0.6%
2,353,307
– –
ONC
46
BeOne Medicines Ltd
ONC
$39.4B
$10.1M 0.56%
37,000
– –
ARVN icon
47
Arvinas
ARVN
$572M
$9.78M 0.54%
+1,393,800
New +$21.8M
HRMY icon
48
Harmony Biosciences
HRMY
$2.24B
$9.33M 0.52%
281,200
– –
BABA icon
49
Alibaba
BABA
$308B
$9.26M 0.51%
+70,000
New +$8.07M
CRSP icon
50
CRISPR Therapeutics
CRSP
$5.17B
$9.07M 0.5%
266,500
– –
1
2
3 4 5

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Tang Capital Management's Q1 2025 Portfolio in Review

As of Q1 2025, Tang Capital Management held 208 positions worth $1.81B, up 20% from $1.51B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Tang Capital Management deployed $503M of net new capital in Q1 2025, opening 25 new positions and adding to 78 existing holdings. Its largest new stake was Spyre Therapeutics: 2,050,000 shares worth $33.1M.

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

On the sell side, the largest reduction was Intra-Cellular Therapies Inc., an estimated $9.97M trimmed.

  • Tang Capital Management's largest Q1 2025 buy was Spyre Therapeutics: 2,050,000 shares worth $33.1M.
  • Tang Capital Management added most to Dynavax Technologies in Q1 2025, an estimated $51.6M increase.
  • Tang Capital Management's biggest Q1 2025 reduction was Intra-Cellular Therapies Inc., cutting an estimated $9.97M.
  • Tang Capital Management fully exited Singular Genomics Systems, Inc. Common Stock in Q1 2025, selling an estimated $7.23M.
  • Tang Capital Management's ten largest holdings make up 39% of its $1.81B portfolio in Q1 2025.
  • Tang Capital Management opened 25 new positions and closed 6 in Q1 2025.
  • Tang Capital Management's portfolio value rose 20% quarter-over-quarter to $1.81B.

Based on Tang Capital Management's 13F filing for Q1 2025, filed 15 May 2025.