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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
+11.67%
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
$688M
AUM Growth
-$127M
Cap. Flow
-$114M
Cap. Flow %
-16.56%
Top 10 Hldgs %
47.84%
Holding
112
New
17
Increased
24
Reduced
32
Closed
23

Top Buys

Rank Stock Value
1
THRD
Third Harmonic Bio
THRD
+$28.4M
2
AXSM icon
Axsome Therapeutics
AXSM
+$14.9M
3
MIRM icon
Mirum Pharmaceuticals
MIRM
+$13.2M
4
MRNA icon
Moderna
MRNA
+$13.1M
5
NKTX icon
Nkarta
NKTX
+$12.2M

Top Sells

Rank Stock Value
1
BHVN
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
+$42.3M
2
RCKT icon
Rocket Pharmaceuticals
RCKT
+$20.2M
3
ITCI
Intra-Cellular Therapies Inc.
ITCI
+$20M
4
BIO icon
Bio-Rad Laboratories Class A
BIO
+$17.4M
5
ALBO
Albireo Pharma Inc
ALBO
+$14.5M

Sector Composition

Rank Sector Weight
1 Healthcare 98.38%
2 Consumer Discretionary 0.64%
3 Communication Services 0%
4 Consumer Staples 0%
5 Financials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ZYME icon
51
Zymeworks
ZYME
$1.67B
$3.14M 0.46%
+400,000
New +$2.81M
RCUS icon
52
Arcus Biosciences
RCUS
$3.64B
$3.06M 0.44%
147,920
-52,080
-26% -$1.43M
LEGN icon
53
Legend Biotech
LEGN
$4.01B
$3M 0.44%
60,000
-20,000
-25% -$969K
TCRR
54
DELISTED
TCR2 Therapeutics Inc. Common Stock
TCRR
$2.74M 0.4%
2,738,947
-1,002,659
-27% -$1.35M
MRTX
55
DELISTED
Mirati Therapeutics, Inc. Common Stock
MRTX
$2.72M 0.4%
60,000
+40,000
+200% +$2.59M
ALGS icon
56
Aligos Therapeutics
ALGS
$34.9M
$2.68M 0.39%
112,656
+45,689
+68% +$1.15M
MLTX icon
57
MoonLake Immunotherapeutics
MLTX
$1.55B
$2.58M 0.37%
245,714
-13,340
-5% -$119K
TSVT
58
DELISTED
2seventy bio
TSVT
$2.34M 0.34%
250,000
-50,000
-17% -$705K
BHVN icon
59
Biohaven
BHVN
$2.21B
$1.94M 0.28%
+140,000
New +$1.98M
ASLN
60
DELISTED
ASLAN Pharmaceuticals Limited American Depositary Shares
ASLN
$1.93M 0.28%
134,123
-7,250
-5% -$140K
MTCR
61
DELISTED
Metacrine, Inc. Common Stock
MTCR
$1.9M 0.28%
4,250,000
+2,531,780
+147% +$1.05M
ALDX icon
62
Aldeyra Therapeutics
ALDX
$93.5M
$1.9M 0.28%
272,293
-427,707
-61% -$2.45M
CTIC
63
DELISTED
CTI BioPharma Corp. (DE) Common Stock
CTIC
$1.8M 0.26%
300,000
– –
TNXP icon
64
Tonix Pharmaceuticals
TNXP
$192M
$1.75M 0.25%
+225
New +$1.94M
BPMC
65
DELISTED
Blueprint Medicines
BPMC
$1.75M 0.25%
40,000
– –
LONA
66
LeonaBio Inc
LONA
$72.1M
$1.54M 0.22%
+48,523
New +$1.53M
ARVN icon
67
Arvinas
ARVN
$572M
$1.03M 0.15%
30,000
+10,000
+50% +$421K
CLDX icon
68
Celldex Therapeutics
CLDX
$3.28B
$945K 0.14%
21,192
-139,027
-87% -$4.96M
CHRS icon
69
Coherus Oncology
CHRS
$196M
$918K 0.13%
115,900
-634,100
-85% -$4.88M
SIOX
70
DELISTED
Sio Gene Therapies Inc. Common Stock
SIOX
$870K 0.13%
+2,000,000
New +$649K
AUPH icon
71
Aurinia Pharmaceuticals
AUPH
$2.11B
$864K 0.13%
200,000
– –
TCRX icon
72
TScan Therapeutics
TCRX
$52M
$798K 0.12%
514,655
-43,260
-8% -$106K
OLMA icon
73
Olema Pharmaceuticals
OLMA
$1.05B
$781K 0.11%
318,926
– –
ORTX
74
DELISTED
Orchard Therapeutics plc American Depositary Shares
ORTX
$742K 0.11%
200,000
– –
BOLT icon
75
Bolt Biotherapeutics
BOLT
$7.78M
$520K 0.08%
20,000
+10,000
+100% +$274K
1 2
3
4 5

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NIM
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RMCM
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FC
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SC
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BC
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FFH
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Tang Capital Management's Q4 2022 Portfolio in Review

As of Q4 2022, Tang Capital Management held 112 positions worth $688M, down 16% from $815M the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Tang Capital Management withdrew a net $114M in Q4 2022, closing 23 positions and reducing 32 holdings. Its most notable exit was Biohaven Pharmaceutical Holding Company Ltd., an estimated $42.3M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 98% of assets, up from 96% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Tang Capital Management opened a new position in Third Harmonic Bio worth $7.31M.

  • Tang Capital Management's largest Q4 2022 buy was Third Harmonic Bio: 1,700,000 shares worth $7.31M.
  • Tang Capital Management added most to Axsome Therapeutics in Q4 2022, an estimated $14.9M increase.
  • Tang Capital Management's biggest Q4 2022 reduction was Intra-Cellular Therapies Inc., cutting an estimated $20M.
  • Tang Capital Management fully exited Biohaven Pharmaceutical Holding Company Ltd. in Q4 2022, selling an estimated $42.3M.
  • Tang Capital Management's ten largest holdings make up 48% of its $688M portfolio in Q4 2022.
  • Tang Capital Management opened 17 new positions and closed 23 in Q4 2022.
  • Tang Capital Management's portfolio value fell 16% quarter-over-quarter to $688M.

Based on Tang Capital Management's 13F filing for Q4 2022, filed 14 Feb 2023.