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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
+40.09%
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
$2.02B
AUM Growth
-$573M
Cap. Flow
-$1.02B
Cap. Flow %
-50.15%
Top 10 Hldgs %
52.91%
Holding
201
New
7
Increased
12
Reduced
40
Closed
126

Top Buys

Rank Stock Value
1
RNAM
Avidity Biosciences
RNAM
+$58.1M
2
CAPR icon
Capricor Therapeutics
CAPR
+$22.2M
3
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$20.3M
4
BNTX icon
BioNTech
BNTX
+$20.1M
5
ANIP icon
ANI Pharmaceuticals
ANIP
+$14.2M

Top Sells

Rank Stock Value
1
TARS icon
Tarsus Pharmaceuticals
TARS
+$94.5M
2
MRUS
Merus
MRUS
+$56.5M
3
RLAY icon
Relay Therapeutics
RLAY
+$42.1M
4
VERA icon
Vera Therapeutics
VERA
+$39.2M
5
NKE icon
Nike
NKE
+$36.2M

Sector Composition

Rank Sector Weight
1 Healthcare 96.95%
2 Technology 1.18%
3 Communication Services 0.76%
4 Real Estate 0.1%
5 Financials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ARVN icon
51
Arvinas
ARVN
$572M
$6.76M 0.33%
569,698
-824,102
-59% -$9M
TBPH icon
52
Theravance Biopharma
TBPH
$877M
$6.57M 0.32%
351,252
+86,944
+33% +$1.44M
BCRX icon
53
BioCryst Pharmaceuticals
BCRX
$2.4B
$6.24M 0.31%
800,000
– –
PMVP icon
54
PMV Pharmaceuticals
PMVP
$63.5M
$6.17M 0.31%
4,940,000
+154,799
+3% +$207K
REGN icon
55
Regeneron Pharmaceuticals
REGN
$80.8B
$6.17M 0.31%
8,000
-2,000
-20% -$1.36M
BIIB icon
56
Biogen
BIIB
$30.7B
$6.16M 0.3%
35,000
– –
CORT icon
57
Corcept Therapeutics
CORT
$12B
$5.46M 0.27%
+156,764
New +$12.3M
ABEO icon
58
Abeona Therapeutics
ABEO
$413M
$5.27M 0.26%
+1,000,000
New +$5.03M
IBRX icon
59
ImmunityBio
IBRX
$8.1B
$4.62M 0.23%
2,333,333
– –
KZR
60
DELISTED
Kezar Life Sciences
KZR
$4.18M 0.21%
664,314
-55,686
-8% -$325K
CHRS icon
61
Coherus Oncology
CHRS
$196M
$3.87M 0.19%
2,724,509
-2,372,853
-47% -$3.46M
ERAS icon
62
Erasca
ERAS
$6.39B
$3.35M 0.17%
900,000
-602,915
-40% -$1.7M
NKTX icon
63
Nkarta
NKTX
$172M
$2.74M 0.14%
1,480,823
-5,574,753
-79% -$11.1M
NUVL
64
DELISTED
Nuvalent
NUVL
$2.2M 0.11%
21,880
-28,120
-56% -$2.77M
ARE icon
65
Alexandria Real Estate Equities
ARE
$8.56B
$1.96M 0.1%
40,000
– –
NMRA icon
66
Neumora Therapeutics
NMRA
$302M
$1.73M 0.09%
967,235
-432,765
-31% -$948K
STRO icon
67
Sutro Biopharma
STRO
$421M
$1.62M 0.08%
139,617
-143,255
-51% -$1.36M
BHVN icon
68
Biohaven
BHVN
$2.21B
$1.58M 0.08%
140,000
– –
RVMD icon
69
Revolution Medicines
RVMD
$44B
$1.25M 0.06%
15,640
-84,360
-84% -$5.53M
FATE icon
70
Fate Therapeutics
FATE
$326M
$1.15M 0.06%
1,167,773
-700,000
-37% -$841K
ZYME icon
71
Zymeworks
ZYME
$1.67B
$912K 0.05%
34,631
-1,065,369
-97% -$23.2M
RCKT icon
72
Rocket Pharmaceuticals
RCKT
$394M
$351K 0.02%
100,000
-750,000
-88% -$2.57M
ACET icon
73
Adicet Bio
ACET
$74.7M
$51.9K ﹤0.01%
6,158
-507,818
-99% -$5.61M
TCRX icon
74
TScan Therapeutics
TCRX
$52M
$46.1K ﹤0.01%
46,131
-553,869
-92% -$802K
FLNA
75
Filana Therapeutics
FLNA
$48.1M
$14K ﹤0.01%
7,073
– –
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 2025 Portfolio in Review

As of Q4 2025, Tang Capital Management held 201 positions worth $2.02B, down 22% from $2.6B the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Tang Capital Management withdrew a net $1.02B in Q4 2025, closing 126 positions and reducing 40 holdings. Its most notable exit was Merus, an estimated $56.5M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 97% of assets, up from 95% a quarter earlier, followed by Technology and Communication Services.

Against the trend, Tang Capital Management opened a new position in Avidity Biosciences worth $64.9M.

  • Tang Capital Management's largest Q4 2025 buy was Avidity Biosciences: 900,000 shares worth $64.9M.
  • Tang Capital Management added most to BioNTech in Q4 2025, an estimated $20.1M increase.
  • Tang Capital Management's biggest Q4 2025 reduction was Tarsus Pharmaceuticals, cutting an estimated $94.5M.
  • Tang Capital Management fully exited Merus in Q4 2025, selling an estimated $56.5M.
  • Tang Capital Management's ten largest holdings make up 53% of its $2.02B portfolio in Q4 2025.
  • Tang Capital Management opened 7 new positions and closed 126 in Q4 2025.
  • Tang Capital Management's portfolio value fell 22% quarter-over-quarter to $2.02B.

Based on Tang Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.