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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
+3.47%
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
$659M
AUM Growth
+$159M
Cap. Flow
+$247M
Cap. Flow %
37.54%
Top 10 Hldgs %
55.02%
Holding
72
New
19
Increased
18
Reduced
1
Closed
5

Top Buys

Rank Stock Value
1
VERU icon
Veru
VERU
+$53.7M
2
BHVN
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
+$35.8M
3
TARS icon
Tarsus Pharmaceuticals
TARS
+$26.8M
4
BLUE
bluebird bio
BLUE
+$16.9M
5
ISPO
Inspirato
ISPO
+$13.3M

Top Sells

Rank Stock Value
1
SRRA
Sierra Oncology, Inc. Common Stock
SRRA
+$9.62M
2
BRCC.WS
BRC Inc. Redeemable Warrants, each whole warrant exercisable for one share of Class A common stock a
BRCC.WS
+$3.6M
3
SKYH.WS icon
Sky Harbour Group Warrants
SKYH.WS
+$694K
4
ISPOW
Inspirato Inc Warrant
ISPOW
+$213K

Sector Composition

Rank Sector Weight
1 Healthcare 96.12%
2 Consumer Discretionary 3.54%
3 Financials 0.22%
4 Miscellaneous 0.12%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CTMX icon
51
CytomX Therapeutics
CTMX
$617M
$1.93M 0.29%
+1,054,673
New +$2.02M
ALGS icon
52
Aligos Therapeutics
ALGS
$31M
$1.87M 0.28%
+61,908
New +$2.1M
MLTX icon
53
MoonLake Immunotherapeutics
MLTX
$1.03B
$1.68M 0.25%
+319,043
New +$2.01M
NKTR icon
54
Nektar Therapeutics
NKTR
$2.27B
$1.63M 0.25%
28,669
– –
CYPH
55
Cypherpunk Technologies Inc
CYPH
$274M
$1.44M 0.22%
125,000
– –
VINC
56
DELISTED
Vincerx Pharma, Inc. Common Stock
VINC
$1.36M 0.21%
51,532
– –
RVPH
57
DELISTED
REVIVA PHARMA HLDGS INC
RVPH
$1.32M 0.2%
60,000
– –
OLMA icon
58
Olema Pharmaceuticals
OLMA
$842M
$1.3M 0.2%
+318,926
New +$1.01M
CCXI
59
DELISTED
ChemoCentryx, Inc.
CCXI
$1.24M 0.19%
+50,000
New +$1.1M
EQ icon
60
Equillium
EQ
$123M
$1.22M 0.19%
600,000
– –
ORTX
61
DELISTED
Orchard Therapeutics plc American Depositary Shares
ORTX
$1.17M 0.18%
+200,000
New +$1.13M
ALEC icon
62
Alector
ALEC
$222M
$1.02M 0.15%
100,000
– –
ISPOW
63
DELISTED
Inspirato Inc Warrant
ISPOW
$761K 0.12%
1,170,000
-230,000
-16% -$213K
QTTB icon
64
Q32 Bio
QTTB
$330M
$423K 0.06%
11,939
– –
PRDS
65
DELISTED
Pardes Biosciences, Inc. Common Stock
PRDS
$417K 0.06%
+135,963
New +$830K
ROIV icon
66
Roivant Sciences
ROIV
$28.8B
$413K 0.06%
+101,404
New +$403K
BOLT icon
67
Bolt Biotherapeutics
BOLT
$6.99M
$408K 0.06%
+10,000
New +$388K
NKTR icon
68
CALL
Nektar Therapeutics
NKTR
$2.27B
– –
-35,973
Closed -$2.91M
NKTR icon
69
PUT
Nektar Therapeutics
NKTR
$2.27B
– –
-35,973
Closed -$2.91M
SKYH.WS icon
70
Sky Harbour Group Warrants
SKYH.WS
$5.68M
– –
-459,611
Closed -$694K
SRRA
71
DELISTED
Sierra Oncology, Inc. Common Stock
SRRA
– –
-300,000
Closed -$9.62M
BRCC.WS
72
DELISTED
BRC Inc. Redeemable Warrants, each whole warrant exercisable for one share of Class A common stock a
BRCC.WS
– –
-805,900
Closed -$3.6M
1 2
3

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Tang Capital Management's Q2 2022 Portfolio in Review

As of Q2 2022, Tang Capital Management held 72 positions worth $659M, up 32% from $500M the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Tang Capital Management deployed $247M of net new capital in Q2 2022, opening 19 new positions and adding to 18 existing holdings. Its largest new stake was Veru: 463,034 shares worth $52.3M.

By sector, the portfolio is most concentrated in Healthcare at 96% of assets, up from 95% a quarter earlier, followed by Consumer Discretionary and Financials.

On the sell side, the largest reduction was Inspirato Inc Warrant, an estimated $213K trimmed.

  • Tang Capital Management's largest Q2 2022 buy was Veru: 463,034 shares worth $52.3M.
  • Tang Capital Management added most to Tarsus Pharmaceuticals in Q2 2022, an estimated $26.8M increase.
  • Tang Capital Management's biggest Q2 2022 reduction was Inspirato Inc Warrant, cutting an estimated $213K.
  • Tang Capital Management fully exited Sierra Oncology, Inc. Common Stock in Q2 2022, selling an estimated $9.62M.
  • Tang Capital Management's ten largest holdings make up 55% of its $659M portfolio in Q2 2022.
  • Tang Capital Management opened 19 new positions and closed 5 in Q2 2022.
  • Tang Capital Management's portfolio value rose 32% quarter-over-quarter to $659M.

Based on Tang Capital Management's 13F filing for Q2 2022, filed 15 Aug 2022.