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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
-5.03%
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
$1.81B
AUM Growth
+$296M
Cap. Flow
+$503M
Cap. Flow %
27.85%
Top 10 Hldgs %
39.2%
Holding
208
New
25
Increased
78
Reduced
31
Closed
6

Top Buys

Rank Stock Value
1
DVAX
Dynavax Technologies
DVAX
+$51.6M
2
LKFT
Lakefront Biotherapeutics American Depositary Shares
LKFT
+$45.5M
3
SYRE icon
Spyre Therapeutics
SYRE
+$42.7M
4
PLRX icon
Pliant Therapeutics
PLRX
+$36.4M
5
KNSA icon
Kiniksa Pharmaceuticals
KNSA
+$30.7M

Top Sells

Rank Stock Value
1
ITCI
Intra-Cellular Therapies Inc.
ITCI
+$9.97M
2
OMIC
Singular Genomics Systems, Inc. Common Stock
OMIC
+$7.23M
3
GRAL
GRAIL Inc
GRAL
+$5.83M
4
ALMS
Alumis Inc
ALMS
+$4.72M
5
SEER icon
Seer Inc
SEER
+$1.96M

Sector Composition

Rank Sector Weight
1 Healthcare 94.79%
2 Technology 1.25%
3 Communication Services 1.23%
4 Consumer Discretionary 0.99%
5 Financials 0.57%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MRNA icon
51
Moderna
MRNA
$23.6B
$8.66M 0.48%
305,300
+5,300
+2% +$188K
CGEM icon
52
Cullinan Oncology
CGEM
$1.14B
$8.49M 0.47%
1,121,138
+200,000
+22% +$1.92M
ELAN icon
53
Elanco Animal Health
ELAN
$11.1B
$8.4M 0.46%
800,100
+100
+0% +$1.13K
PLRX icon
54
Pliant Therapeutics
PLRX
$65M
$8.1M 0.45%
+6,000,000
New +$36.4M
BLCO icon
55
Bausch + Lomb
BLCO
$5.99B
$7.97M 0.44%
550,000
+100,000
+22% +$1.64M
INSM icon
56
Insmed
INSM
$28.6B
$7.63M 0.42%
100,000
– –
PHAT icon
57
Phathom Pharmaceuticals
PHAT
$692M
$7.52M 0.42%
1,200,000
+700,000
+140% +$4.25M
APGE icon
58
Apogee Therapeutics
APGE
$10.2B
$7.47M 0.41%
200,000
+100,000
+100% +$3.87M
HLVX
59
DELISTED
HilleVax
HLVX
$7.13M 0.39%
4,920,000
– –
IBRX icon
60
ImmunityBio
IBRX
$8.1B
$7.02M 0.39%
2,333,333
-480,859
-17% -$1.46M
NUVB icon
61
Nuvation Bio
NUVB
$2.32B
$6.86M 0.38%
3,900,000
– –
EPIX
62
DELISTED
ESSA Pharma
EPIX
$6.79M 0.38%
4,300,000
– –
EWTX icon
63
Edgewise Therapeutics
EWTX
$4.73B
$6.6M 0.37%
300,000
– –
VKTX icon
64
Viking Therapeutics
VKTX
$4B
$6.52M 0.36%
270,000
-50,000
-16% -$1.58M
DSGN icon
65
Design Therapeutics
DSGN
$876M
$6.49M 0.36%
1,680,975
+200,000
+14% +$954K
REGN icon
66
Regeneron Pharmaceuticals
REGN
$80.8B
$6.34M 0.35%
10,000
+8,000
+400% +$5.5M
ACET icon
67
Adicet Bio
ACET
$74.7M
$6.21M 0.34%
513,976
+4,852
+1% +$69.4K
BIOA
68
BioAge Labs
BIOA
$538M
$6.02M 0.33%
1,600,000
+281,639
+21% +$1.3M
BCRX icon
69
BioCryst Pharmaceuticals
BCRX
$2.4B
$6M 0.33%
800,000
– –
IOVA icon
70
Iovance Biotherapeutics
IOVA
$2.87B
$5.99M 0.33%
1,800,000
+1,300,000
+260% +$6.7M
ABCL icon
71
AbCellera Biologics
ABCL
$2.12B
$5.8M 0.32%
2,600,000
+17,184
+0.7% +$49.3K
RCKT icon
72
Rocket Pharmaceuticals
RCKT
$394M
$5.67M 0.31%
850,000
+100,000
+13% +$988K
HRTX icon
73
Heron Therapeutics
HRTX
$92.9M
$4.92M 0.27%
2,235,459
+95,188
+4% +$185K
LNTH icon
74
Lantheus
LNTH
$6.59B
$4.88M 0.27%
50,000
– –
DNTH icon
75
Dianthus Therapeutics
DNTH
$6.09B
$4.8M 0.27%
264,692
– –
1 2
3
4 5

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Tang Capital Management's Q1 2025 Portfolio in Review

As of Q1 2025, Tang Capital Management held 208 positions worth $1.81B, up 20% from $1.51B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Tang Capital Management deployed $503M of net new capital in Q1 2025, opening 25 new positions and adding to 78 existing holdings. Its largest new stake was Spyre Therapeutics: 2,050,000 shares worth $33.1M.

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

On the sell side, the largest reduction was Intra-Cellular Therapies Inc., an estimated $9.97M trimmed.

  • Tang Capital Management's largest Q1 2025 buy was Spyre Therapeutics: 2,050,000 shares worth $33.1M.
  • Tang Capital Management added most to Dynavax Technologies in Q1 2025, an estimated $51.6M increase.
  • Tang Capital Management's biggest Q1 2025 reduction was Intra-Cellular Therapies Inc., cutting an estimated $9.97M.
  • Tang Capital Management fully exited Singular Genomics Systems, Inc. Common Stock in Q1 2025, selling an estimated $7.23M.
  • Tang Capital Management's ten largest holdings make up 39% of its $1.81B portfolio in Q1 2025.
  • Tang Capital Management opened 25 new positions and closed 6 in Q1 2025.
  • Tang Capital Management's portfolio value rose 20% quarter-over-quarter to $1.81B.

Based on Tang Capital Management's 13F filing for Q1 2025, filed 15 May 2025.