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TCM

Tang Capital Management Portfolio holdings

AUM $2.2B
1-Year Est. Return 156.35%
This Fund
S&P 500
This Quarter Est. Return
+25.9%
1 Year Est. Return
+156.35%
3 Year Est. Return
+492.92%
5 Year Est. Return
+804.3%
10 Year Est. Return
+3,997.35%
AUM
$2.2B
AUM Growth
+$233M
Cap. Flow
-$15.2M
Cap. Flow %
-0.69%
Top 10 Hldgs %
62.67%
Holding
56
New
4
Increased
7
Reduced
5
Closed
15

Top Buys

Rank Stock Value
1
FULC icon
Fulcrum Therapeutics
FULC
+$39.7M
2
CELC icon
Celcuity
CELC
+$30.5M
3
TARS icon
Tarsus Pharmaceuticals
TARS
+$24.3M
4
NNDM
Nano Dimension
NNDM
+$23.3M
5
CAPR icon
Capricor Therapeutics
CAPR
+$21.2M

Top Sells

Rank Stock Value
1
KALV
KalVista Pharmaceuticals
KALV
+$92.1M
2
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$32.6M
3
INSM icon
Insmed
INSM
+$19.4M
4
JANX icon
Janux Therapeutics
JANX
+$6.95M
5
STOK icon
Stoke Therapeutics
STOK
+$6.42M

Sector Composition

Rank Sector Weight
1 Healthcare 94.37%
2 Miscellaneous 4.69%
3 Technology 0.94%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
KZR
51
DELISTED
Kezar Life Sciences
KZR
– –
-664,314
Closed -$4.93M
LXRX icon
52
Lexicon Pharmaceuticals
LXRX
$1.01B
– –
-399,700
Closed -$624K
NKTX icon
53
Nkarta
NKTX
$200M
– –
-1,480,823
Closed -$3.12M
NMRA icon
54
Neumora Therapeutics
NMRA
$254M
– –
-439,878
Closed -$858K
URGN icon
55
UroGen Pharma
URGN
$2.19B
– –
-350,000
Closed -$6.29M
1 2
3

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1SB
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BOI
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IHL
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AAA
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Tang Capital Management's Q2 2026 Portfolio in Review

As of Q2 2026, Tang Capital Management held 56 positions worth $2.2B, up 12% from $1.97B the previous quarter. Its ten largest holdings account for 63% of the portfolio.

Tang Capital Management's Q2 2026 filing shows 4 new, 7 increased, 5 reduced and 15 closed positions. Its largest new stake was Fulcrum Therapeutics: 6,521,412 shares worth $23.9M. The largest sale was KalVista Pharmaceuticals, an estimated $92.1M.

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

  • Tang Capital Management's largest Q2 2026 buy was Fulcrum Therapeutics: 6,521,412 shares worth $23.9M.
  • Tang Capital Management added most to Celcuity in Q2 2026, an estimated $30.5M increase.
  • Tang Capital Management's biggest Q2 2026 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $32.6M.
  • Tang Capital Management fully exited KalVista Pharmaceuticals in Q2 2026, selling an estimated $92.1M.
  • Tang Capital Management's ten largest holdings make up 63% of its $2.2B portfolio in Q2 2026.
  • Tang Capital Management opened 4 new positions and closed 15 in Q2 2026.
  • Tang Capital Management's portfolio value rose 12% quarter-over-quarter to $2.2B.

Based on Tang Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.