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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
+37.48%
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
$2.6B
AUM Growth
+$619M
Cap. Flow
+$158M
Cap. Flow %
6.08%
Top 10 Hldgs %
36.7%
Holding
210
New
10
Increased
28
Reduced
33
Closed
16

Top Buys

Rank Stock Value
1
CELC icon
Celcuity
CELC
+$46M
2
NKE icon
Nike
NKE
+$37.3M
3
PGEN icon
Precigen
PGEN
+$35M
4
VRTX icon
Vertex Pharmaceuticals
VRTX
+$29.3M
5
PTCT icon
PTC Therapeutics
PTCT
+$20.8M

Top Sells

Rank Stock Value
1
ITOS
iTeos Therapeutics
ITOS
+$38.2M
2
BA icon
Boeing
BA
+$23.1M
3
MTD icon
Mettler-Toledo International
MTD
+$22M
4
CRGX
CARGO Therapeutics
CRGX
+$12.6M
5
ELAN icon
Elanco Animal Health
ELAN
+$11.4M

Sector Composition

Rank Sector Weight
1 Healthcare 94.95%
2 Consumer Discretionary 2.06%
3 Technology 1.19%
4 Communication Services 0.91%
5 Financials 0.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ANIP icon
26
ANI Pharmaceuticals
ANIP
$1.78B
$29.1M 1.12%
317,500
– –
INSM icon
27
Insmed
INSM
$28.6B
$28.8M 1.11%
200,000
– –
LEGN icon
28
Legend Biotech
LEGN
$4.01B
$27.1M 1.04%
830,000
– –
BNTX icon
29
BioNTech
BNTX
$23.5B
$26.6M 1.03%
270,000
– –
LQDA icon
30
Liquidia Corp
LQDA
$8.02B
$26M 1%
1,143,759
– –
JAZZ icon
31
Jazz Pharmaceuticals
JAZZ
$16.7B
$25M 0.96%
190,000
– –
NVDA icon
32
NVIDIA
NVDA
$5.42T
$24.4M 0.94%
130,509
– –
VKTX icon
33
Viking Therapeutics
VKTX
$4B
$22.9M 0.88%
870,000
+500,000
+135% +$14.9M
KROS icon
34
Keros Therapeutics
KROS
$221M
$22.4M 0.86%
1,418,984
– –
NBIX icon
35
Neurocrine Biosciences
NBIX
$16.6B
$21.1M 0.81%
150,000
– –
URGN icon
36
UroGen Pharma
URGN
$2.29B
$19.9M 0.77%
1,000,000
– –
DVAX
37
DELISTED
Dynavax Technologies
DVAX
$19.4M 0.75%
1,949,500
– –
META icon
38
Meta Platforms (Facebook)
META
$1.51T
$19.1M 0.74%
26,008
– –
ZYME icon
39
Zymeworks
ZYME
$1.67B
$18.8M 0.72%
1,100,000
– –
GSK icon
40
GSK
GSK
$106B
$17.3M 0.66%
400,000
– –
JANX icon
41
Janux Therapeutics
JANX
$967M
$17.1M 0.66%
700,000
+500,000
+250% +$12.2M
TVTX icon
42
Travere Therapeutics
TVTX
$5.78B
$16.7M 0.64%
700,000
– –
NUVB icon
43
Nuvation Bio
NUVB
$2.32B
$15.5M 0.6%
4,200,000
+300,000
+8% +$818K
ADMA icon
44
ADMA Biologics
ADMA
$2.22B
$15.4M 0.59%
1,050,000
– –
NKTX icon
45
Nkarta
NKTX
$172M
$14.6M 0.56%
7,055,576
– –
REPL icon
46
Replimune Group
REPL
$1.01B
$14.2M 0.55%
3,400,000
+200,000
+6% +$1.28M
AVIR icon
47
Atea Pharmaceuticals
AVIR
$420M
$14M 0.54%
4,826,200
-63,000
-1% -$215K
DSGN icon
48
Design Therapeutics
DSGN
$876M
$13.4M 0.52%
1,780,975
– –
DERM icon
49
Journey Medical
DERM
$177M
$13.2M 0.51%
1,854,596
– –
ABCL icon
50
AbCellera Biologics
ABCL
$2.12B
$13.1M 0.5%
2,600,000
– –
1
2
3 4 5

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Tang Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Tang Capital Management held 210 positions worth $2.6B, up 31% from $1.98B the previous quarter. Its ten largest holdings account for 37% of the portfolio.

Tang Capital Management deployed $158M of net new capital in Q3 2025, opening 10 new positions and adding to 28 existing holdings. Its largest new stake was Celcuity: 1,150,000 shares worth $56.8M.

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

On the sell side, the largest reduction was Boeing, an estimated $23.1M trimmed.

  • Tang Capital Management's largest Q3 2025 buy was Celcuity: 1,150,000 shares worth $56.8M.
  • Tang Capital Management added most to Nike in Q3 2025, an estimated $37.3M increase.
  • Tang Capital Management's biggest Q3 2025 reduction was Boeing, cutting an estimated $23.1M.
  • Tang Capital Management fully exited iTeos Therapeutics in Q3 2025, selling an estimated $38.2M.
  • Tang Capital Management's ten largest holdings make up 37% of its $2.6B portfolio in Q3 2025.
  • Tang Capital Management opened 10 new positions and closed 16 in Q3 2025.
  • Tang Capital Management's portfolio value rose 31% quarter-over-quarter to $2.6B.

Based on Tang Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.