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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
+5.72%
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
$1.97B
AUM Growth
-$55.4M
Cap. Flow
-$90.8M
Cap. Flow %
-4.61%
Top 10 Hldgs %
57.9%
Holding
79
New
4
Increased
9
Reduced
14
Closed
28

Top Buys

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$93.8M
2
CORT icon
Corcept Therapeutics
CORT
+$50.2M
3
CAPR icon
Capricor Therapeutics
CAPR
+$45.3M
4
INSM icon
Insmed
INSM
+$30.7M
5
CMPS
Compass Pathways
CMPS
+$26.9M

Top Sells

Rank Stock Value
1
RNAM
Avidity Biosciences
RNAM
+$64.9M
2
VRTX icon
Vertex Pharmaceuticals
VRTX
+$36.3M
3
MRNA icon
Moderna
MRNA
+$27.7M
4
TVTX icon
Travere Therapeutics
TVTX
+$26.7M
5
VTYX
Ventyx Biosciences
VTYX
+$25.4M

Sector Composition

Rank Sector Weight
1 Healthcare 94.45%
2 Communication Services 0%
3 Real Estate 0%
4 Technology 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RCKT icon
51
Rocket Pharmaceuticals
RCKT
$375M
$358K 0.02%
100,000
– –
ACAD icon
52
Acadia Pharmaceuticals
ACAD
$4.3B
– –
-300,000
Closed -$8.01M
ACET icon
53
Adicet Bio
ACET
$73.8M
– –
-6,158
Closed -$51.9K
ARE icon
54
Alexandria Real Estate Equities
ARE
$8.72B
– –
-40,000
Closed -$1.96M
BCRX icon
55
BioCryst Pharmaceuticals
BCRX
$2.32B
– –
-800,000
Closed -$6.24M
BHVN icon
56
Biohaven
BHVN
$2.24B
– –
-140,000
Closed -$1.58M
BMY icon
57
Bristol-Myers Squibb
BMY
$123B
– –
-200,000
Closed -$10.8M
DVAX
58
DELISTED
Dynavax Technologies
DVAX
– –
-556,359
Closed -$8.56M
GSK icon
59
GSK
GSK
$100B
– –
-300,000
Closed -$14.7M
HRMY icon
60
Harmony Biosciences
HRMY
$1.94B
– –
-290,292
Closed -$10.9M
IBRX icon
61
ImmunityBio
IBRX
$7.86B
– –
-2,333,333
Closed -$4.62M
META icon
62
Meta Platforms (Facebook)
META
$1.64T
– –
-23,331
Closed -$15.4M
NUVL
63
DELISTED
Nuvalent
NUVL
– –
-21,880
Closed -$2.2M
NVDA icon
64
NVIDIA
NVDA
$4.92T
– –
-127,788
Closed -$23.8M
PCVX icon
65
Vaxcyte
PCVX
$8.01B
– –
-275,000
Closed -$12.7M
REGN icon
66
Regeneron Pharmaceuticals
REGN
$70.5B
– –
-8,000
Closed -$6.17M
RNAM
67
DELISTED
Avidity Biosciences
RNAM
– –
-900,000
Closed -$64.9M
RVMD icon
68
Revolution Medicines
RVMD
$38.4B
– –
-15,640
Closed -$1.25M
FLNA
69
Filana Therapeutics
FLNA
$49.3M
– –
-7,073
Closed -$14K
SRPT icon
70
Sarepta Therapeutics
SRPT
$1.78B
– –
-349,220
Closed -$7.52M
STRO icon
71
Sutro Biopharma
STRO
$374M
– –
-139,617
Closed -$1.62M
TBPH icon
72
Theravance Biopharma
TBPH
$871M
– –
-351,252
Closed -$6.57M
TCRX icon
73
TScan Therapeutics
TCRX
$60.4M
– –
-46,131
Closed -$46.1K
TDOC icon
74
Teladoc Health
TDOC
$1.74B
– –
-1,400,000
Closed -$9.8M
TVTX icon
75
Travere Therapeutics
TVTX
$5.16B
– –
-700,000
Closed -$26.7M
1 2
3
4

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HA
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SGAM
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CCA
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FWTB
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NIM
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RMCM
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FC
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SC
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Tang Capital Management's Q1 2026 Portfolio in Review

As of Q1 2026, Tang Capital Management held 79 positions worth $1.97B, down 2.7% from $2.02B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

Tang Capital Management withdrew a net $90.8M in Q1 2026, closing 28 positions and reducing 14 holdings. Its most notable exit was Avidity Biosciences, an estimated $64.9M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 94% of assets, down from 97% a quarter earlier, followed by Communication Services and Real Estate.

Against the trend, Tang Capital Management opened a new position in Compass Pathways worth $22.1M.

  • Tang Capital Management's largest Q1 2026 buy was Compass Pathways: 4,002,200 shares worth $22.1M.
  • Tang Capital Management added most to State Street SPDR S&P 500 ETF Trust in Q1 2026, an estimated $93.8M increase.
  • Tang Capital Management's biggest Q1 2026 reduction was Moderna, cutting an estimated $27.7M.
  • Tang Capital Management fully exited Avidity Biosciences in Q1 2026, selling an estimated $64.9M.
  • Tang Capital Management's ten largest holdings make up 58% of its $1.97B portfolio in Q1 2026.
  • Tang Capital Management opened 4 new positions and closed 28 in Q1 2026.
  • Tang Capital Management's portfolio value fell 2.7% quarter-over-quarter to $1.97B.

Based on Tang Capital Management's 13F filing for Q1 2026, filed 15 May 2026.