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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
-0.55%
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
$1.51B
AUM Growth
+$111M
Cap. Flow
+$272M
Cap. Flow %
17.99%
Top 10 Hldgs %
37.54%
Holding
194
New
40
Increased
63
Reduced
17
Closed
11

Top Buys

Rank Stock Value
1
LKFT
Lakefront Biotherapeutics American Depositary Shares
LKFT
+$40.7M
2
RLAY icon
Relay Therapeutics
RLAY
+$24.5M
3
BIOA
BioAge Labs
BIOA
+$22.7M
4
LEGN icon
Legend Biotech
LEGN
+$18.6M
5
REPL icon
Replimune Group
REPL
+$18.2M

Top Sells

Rank Stock Value
1
ITOS
iTeos Therapeutics
ITOS
+$18.8M
2
RVNC
Revance Therapeutics, Inc.
RVNC
+$13M
3
IMNM icon
Immunome
IMNM
+$10.5M
4
ANIP icon
ANI Pharmaceuticals
ANIP
+$7.61M
5
CNTA
Centessa Pharmaceuticals
CNTA
+$6.4M

Sector Composition

Rank Sector Weight
1 Healthcare 94.65%
2 Technology 1.65%
3 Communication Services 1.35%
4 Consumer Discretionary 0.56%
5 Financials 0.53%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EWTX icon
51
Edgewise Therapeutics
EWTX
$4.73B
$8.01M 0.53%
+300,000
New +$9.55M
ACET icon
52
Adicet Bio
ACET
$74.7M
$7.84M 0.52%
509,124
-4,436
-0.9% -$83.7K
EPIX
53
DELISTED
ESSA Pharma
EPIX
$7.7M 0.51%
+4,300,000
New +$13.7M
BIOA
54
BioAge Labs
BIOA
$538M
$7.63M 0.51%
+1,318,361
New +$22.7M
ABCL icon
55
AbCellera Biologics
ABCL
$2.12B
$7.57M 0.5%
2,582,816
+282,816
+12% +$788K
CTMX icon
56
CytomX Therapeutics
CTMX
$754M
$7.53M 0.5%
7,311,760
-500,000
-6% -$538K
OMIC
57
DELISTED
Singular Genomics Systems, Inc. Common Stock
OMIC
$7.23M 0.48%
372,000
– –
IBRX icon
58
ImmunityBio
IBRX
$8.1B
$7.2M 0.48%
+2,814,192
New +$11.7M
INSM icon
59
Insmed
INSM
$28.6B
$6.9M 0.46%
100,000
– –
ONC
60
BeOne Medicines Ltd
ONC
$39.4B
$6.83M 0.45%
37,000
– –
VTYX
61
DELISTED
Ventyx Biosciences
VTYX
$6.79M 0.45%
3,100,000
– –
DERM icon
62
Journey Medical
DERM
$177M
$6.75M 0.45%
+1,725,569
New +$9.43M
BCRX icon
63
BioCryst Pharmaceuticals
BCRX
$2.4B
$6.02M 0.4%
800,000
– –
DNTH icon
64
Dianthus Therapeutics
DNTH
$6.09B
$5.77M 0.38%
264,692
– –
NKTX icon
65
Nkarta
NKTX
$172M
$5.71M 0.38%
2,293,719
+1,643,719
+253% +$5.07M
ALXO icon
66
ALX Oncology
ALXO
$290M
$5.51M 0.36%
3,296,883
-907,852
-22% -$1.4M
BIIB icon
67
Biogen
BIIB
$30.7B
$5.35M 0.35%
35,000
– –
IONS icon
68
Ionis Pharmaceuticals
IONS
$9.4B
$5.24M 0.35%
150,000
– –
BHVN icon
69
Biohaven
BHVN
$2.21B
$5.23M 0.35%
140,000
– –
SEER icon
70
Seer Inc
SEER
$120M
$5.07M 0.34%
2,194,423
-105,577
-5% -$231K
CHRS icon
71
Coherus Oncology
CHRS
$196M
$5.04M 0.33%
3,650,000
+1,300,000
+55% +$1.46M
KZR
72
DELISTED
Kezar Life Sciences
KZR
$4.84M 0.32%
720,000
+355,970
+98% +$2.65M
NVAX icon
73
Novavax
NVAX
$1.31B
$4.82M 0.32%
600,000
-400,000
-40% -$3.86M
ALMS
74
Alumis Inc
ALMS
$3.52B
$4.72M 0.31%
600,000
+173,406
+41% +$1.74M
CYTK icon
75
Cytokinetics
CYTK
$10.4B
$4.7M 0.31%
100,000
– –
1 2
3
4 5

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Tang Capital Management's Q4 2024 Portfolio in Review

As of Q4 2024, Tang Capital Management held 194 positions worth $1.51B, up 8% from $1.4B the previous quarter. Its ten largest holdings account for 38% of the portfolio.

Tang Capital Management deployed $272M of net new capital in Q4 2024, opening 40 new positions and adding to 63 existing holdings. Its largest new stake was BioAge Labs: 1,318,361 shares worth $7.63M.

By sector, the portfolio is most concentrated in Healthcare at 95% of assets, down from 96% a quarter earlier, followed by Technology and Communication Services.

On the sell side, the largest reduction was iTeos Therapeutics, an estimated $18.8M trimmed.

  • Tang Capital Management's largest Q4 2024 buy was BioAge Labs: 1,318,361 shares worth $7.63M.
  • Tang Capital Management added most to Lakefront Biotherapeutics American Depositary Shares in Q4 2024, an estimated $40.7M increase.
  • Tang Capital Management's biggest Q4 2024 reduction was iTeos Therapeutics, cutting an estimated $18.8M.
  • Tang Capital Management fully exited Revance Therapeutics, Inc. in Q4 2024, selling an estimated $13M.
  • Tang Capital Management's ten largest holdings make up 38% of its $1.51B portfolio in Q4 2024.
  • Tang Capital Management opened 40 new positions and closed 11 in Q4 2024.
  • Tang Capital Management's portfolio value rose 8% quarter-over-quarter to $1.51B.

Based on Tang Capital Management's 13F filing for Q4 2024, filed 14 Feb 2025.