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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
+10.56%
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
$1.98B
AUM Growth
+$171M
Cap. Flow
+$109M
Cap. Flow %
5.49%
Top 10 Hldgs %
35.03%
Holding
220
New
18
Increased
34
Reduced
52
Closed
20

Top Buys

Rank Stock Value
1
VERA icon
Vera Therapeutics
VERA
+$27M
2
MRUS
Merus
MRUS
+$23.5M
3
MTD icon
Mettler-Toledo International
MTD
+$21.8M
4
BA icon
Boeing
BA
+$18.8M
5
SRPT icon
Sarepta Therapeutics
SRPT
+$17.9M

Top Sells

Rank Stock Value
1
DVAX
Dynavax Technologies
DVAX
+$40M
2
ITCI
Intra-Cellular Therapies Inc.
ITCI
+$29M
3
SLRN
ACELYRIN
SLRN
+$24.3M
4
ONC
BeOne Medicines Ltd
ONC
+$10.1M
5
CRSP icon
CRISPR Therapeutics
CRSP
+$9.07M

Sector Composition

Rank Sector Weight
1 Healthcare 94.16%
2 Technology 1.37%
3 Industrials 1.32%
4 Communication Services 1.26%
5 Consumer Discretionary 0.8%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ANIP icon
26
ANI Pharmaceuticals
ANIP
$1.72B
$20.7M 1.05%
317,500
– –
NVDA icon
27
NVIDIA
NVDA
$5.39T
$20.6M 1.04%
130,509
-12,060
-8% -$1.52M
JAZZ icon
28
Jazz Pharmaceuticals
JAZZ
$16.7B
$20.2M 1.02%
190,000
– –
INSM icon
29
Insmed
INSM
$28.2B
$20.1M 1.02%
200,000
+100,000
+100% +$7.65M
DVAX
30
DELISTED
Dynavax Technologies
DVAX
$19.3M 0.98%
1,949,500
-3,800,500
-66% -$40M
META icon
31
Meta Platforms (Facebook)
META
$1.5T
$19.2M 0.97%
26,008
-1,567
-6% -$968K
ADMA icon
32
ADMA Biologics
ADMA
$2.27B
$19.1M 0.97%
1,050,000
– –
KROS icon
33
Keros Therapeutics
KROS
$214M
$18.9M 0.96%
1,418,984
+318,984
+29% +$4.31M
NBIX icon
34
Neurocrine Biosciences
NBIX
$16.6B
$18.9M 0.95%
150,000
– –
AVDL
35
DELISTED
Avadel Pharmaceuticals
AVDL
$18.6M 0.94%
2,097,500
– –
AVIR icon
36
Atea Pharmaceuticals
AVIR
$408M
$17.6M 0.89%
4,889,200
+89,200
+2% +$266K
GSK icon
37
GSK
GSK
$106B
$15.4M 0.78%
400,000
– –
HELP
38
Cybin Inc
HELP
$698M
$15.4M 0.78%
1,830,097
– –
LQDA icon
39
Liquidia Corp
LQDA
$8.04B
$14.3M 0.72%
1,143,759
-56,241
-5% -$833K
ZYME icon
40
Zymeworks
ZYME
$1.75B
$13.8M 0.7%
1,100,000
– –
URGN icon
41
UroGen Pharma
URGN
$2.26B
$13.7M 0.69%
+1,000,000
New +$9.6M
DERM icon
42
Journey Medical
DERM
$184M
$13.3M 0.67%
1,854,596
– –
CRGX
43
DELISTED
CARGO Therapeutics
CRGX
$12.6M 0.64%
3,059,630
– –
TDOC icon
44
Teladoc Health
TDOC
$1.29B
$12.2M 0.62%
1,400,000
– –
NKTX icon
45
Nkarta
NKTX
$170M
$11.7M 0.59%
7,055,576
– –
ELAN icon
46
Elanco Animal Health
ELAN
$11.9B
$11.4M 0.58%
800,100
– –
VNDA icon
47
Vanda Pharmaceuticals
VNDA
$305M
$11.1M 0.56%
2,353,307
– –
ALT icon
48
Altimmune
ALT
$583M
$10.6M 0.54%
2,750,000
– –
AZN icon
49
AstraZeneca
AZN
$250B
$10.5M 0.53%
75,000
-50,000
-40% -$7.01M
TVTX icon
50
Travere Therapeutics
TVTX
$5.89B
$10.4M 0.52%
+700,000
New +$11.6M
1
2
3 4 5

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Tang Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Tang Capital Management held 220 positions worth $1.98B, up 9.4% from $1.81B the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Tang Capital Management deployed $109M of net new capital in Q2 2025, opening 18 new positions and adding to 34 existing holdings. Its largest new stake was Mettler-Toledo International: 19,500 shares worth $22.9M.

By sector, the portfolio is most concentrated in Healthcare at 94% of assets, down from 95% a quarter earlier, followed by Technology and Industrials.

On the sell side, the largest reduction was Dynavax Technologies, an estimated $40M trimmed.

  • Tang Capital Management's largest Q2 2025 buy was Mettler-Toledo International: 19,500 shares worth $22.9M.
  • Tang Capital Management added most to Vera Therapeutics in Q2 2025, an estimated $27M increase.
  • Tang Capital Management's biggest Q2 2025 reduction was Dynavax Technologies, cutting an estimated $40M.
  • Tang Capital Management fully exited Intra-Cellular Therapies Inc. in Q2 2025, selling an estimated $29M.
  • Tang Capital Management's ten largest holdings make up 35% of its $1.98B portfolio in Q2 2025.
  • Tang Capital Management opened 18 new positions and closed 20 in Q2 2025.
  • Tang Capital Management's portfolio value rose 9.4% quarter-over-quarter to $1.98B.

Based on Tang Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.