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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
+40.09%
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
$2.02B
AUM Growth
-$573M
Cap. Flow
-$1.02B
Cap. Flow %
-50.15%
Top 10 Hldgs %
52.91%
Holding
201
New
7
Increased
12
Reduced
40
Closed
126

Top Buys

Rank Stock Value
1
RNAM
Avidity Biosciences
RNAM
+$58.1M
2
CAPR icon
Capricor Therapeutics
CAPR
+$22.2M
3
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$20.3M
4
BNTX icon
BioNTech
BNTX
+$20.1M
5
ANIP icon
ANI Pharmaceuticals
ANIP
+$14.2M

Top Sells

Rank Stock Value
1
TARS icon
Tarsus Pharmaceuticals
TARS
+$94.5M
2
MRUS
Merus
MRUS
+$56.5M
3
RLAY icon
Relay Therapeutics
RLAY
+$42.1M
4
VERA icon
Vera Therapeutics
VERA
+$39.2M
5
NKE icon
Nike
NKE
+$36.2M

Sector Composition

Rank Sector Weight
1 Healthcare 96.95%
2 Technology 1.18%
3 Communication Services 0.76%
4 Real Estate 0.1%
5 Financials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VKTX icon
26
Viking Therapeutics
VKTX
$4B
$17.6M 0.87%
500,000
-370,000
-43% -$13.1M
AVIR icon
27
Atea Pharmaceuticals
AVIR
$420M
$17.2M 0.85%
4,814,700
-11,500
-0.2% -$36.5K
STOK icon
28
Stoke Therapeutics
STOK
$2.11B
$15.9M 0.78%
500,000
– –
IDYA icon
29
IDEAYA Biosciences
IDYA
$3.56B
$15.6M 0.77%
450,000
+50,000
+13% +$1.59M
META icon
30
Meta Platforms (Facebook)
META
$1.51T
$15.4M 0.76%
23,331
-2,677
-10% -$1.79M
GSK icon
31
GSK
GSK
$106B
$14.7M 0.73%
300,000
-100,000
-25% -$4.66M
DERM icon
32
Journey Medical
DERM
$177M
$14.3M 0.71%
1,854,596
– –
LENZ
33
LENZ Therapeutics
LENZ
$168M
$13.8M 0.68%
865,169
-32,447
-4% -$946K
PCVX icon
34
Vaxcyte
PCVX
$8.64B
$12.7M 0.63%
275,000
-25,000
-8% -$1.12M
DNTH icon
35
Dianthus Therapeutics
DNTH
$6.09B
$10.9M 0.54%
264,692
– –
HRMY icon
36
Harmony Biosciences
HRMY
$2.24B
$10.9M 0.54%
290,292
+9,092
+3% +$299K
BMY icon
37
Bristol-Myers Squibb
BMY
$132B
$10.8M 0.53%
+200,000
New +$9.62M
INSM icon
38
Insmed
INSM
$28.6B
$10.4M 0.52%
60,000
-140,000
-70% -$25.5M
CBIO
39
Crescent Biopharma
CBIO
$626M
$10.3M 0.51%
872,398
+192,574
+28% +$2.45M
WVE icon
40
Wave Life Sciences
WVE
$1.2B
$10.2M 0.5%
+600,000
New +$6.1M
TDOC icon
41
Teladoc Health
TDOC
$1.3B
$9.8M 0.48%
1,400,000
– –
DVAX
42
DELISTED
Dynavax Technologies
DVAX
$8.56M 0.42%
556,359
-1,393,141
-71% -$15.3M
EOLS icon
43
Evolus
EOLS
$501M
$8.28M 0.41%
1,245,692
-4,242,607
-77% -$28.7M
VSTM icon
44
Verastem
VSTM
$610M
$8.26M 0.41%
1,069,810
+280,000
+35% +$2.5M
URGN icon
45
UroGen Pharma
URGN
$2.29B
$8.2M 0.4%
350,000
-650,000
-65% -$14.1M
HRTX icon
46
Heron Therapeutics
HRTX
$92.9M
$8.13M 0.4%
6,250,000
+2,800,000
+81% +$3.46M
ACAD icon
47
Acadia Pharmaceuticals
ACAD
$5.03B
$8.01M 0.4%
300,000
-1,200,000
-80% -$28.7M
ALT icon
48
Altimmune
ALT
$599M
$7.69M 0.38%
2,131,307
– –
SRPT icon
49
Sarepta Therapeutics
SRPT
$1.77B
$7.52M 0.37%
349,220
-250,780
-42% -$5.29M
PLRX icon
50
Pliant Therapeutics
PLRX
$65M
$7.49M 0.37%
6,143,132
+139,686
+2% +$210K
1
2
3 4 5

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Tang Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Tang Capital Management held 201 positions worth $2.02B, down 22% from $2.6B the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Tang Capital Management withdrew a net $1.02B in Q4 2025, closing 126 positions and reducing 40 holdings. Its most notable exit was Merus, an estimated $56.5M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 97% of assets, up from 95% a quarter earlier, followed by Technology and Communication Services.

Against the trend, Tang Capital Management opened a new position in Avidity Biosciences worth $64.9M.

  • Tang Capital Management's largest Q4 2025 buy was Avidity Biosciences: 900,000 shares worth $64.9M.
  • Tang Capital Management added most to BioNTech in Q4 2025, an estimated $20.1M increase.
  • Tang Capital Management's biggest Q4 2025 reduction was Tarsus Pharmaceuticals, cutting an estimated $94.5M.
  • Tang Capital Management fully exited Merus in Q4 2025, selling an estimated $56.5M.
  • Tang Capital Management's ten largest holdings make up 53% of its $2.02B portfolio in Q4 2025.
  • Tang Capital Management opened 7 new positions and closed 126 in Q4 2025.
  • Tang Capital Management's portfolio value fell 22% quarter-over-quarter to $2.02B.

Based on Tang Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.