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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
(-16%)
Cap. Flow
-$114M
Cap. Flow
% of AUM
-16.56%
Top 10 Holdings %
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 |
Axsome Therapeutics
AXSM
|
+$14.9M |
| 3 |
Mirum Pharmaceuticals
MIRM
|
+$13.2M |
| 4 |
Moderna
MRNA
|
+$13.1M |
| 5 |
Nkarta
NKTX
|
+$12.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BHVN
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
|
+$42.3M |
| 2 |
Rocket Pharmaceuticals
RCKT
|
+$20.2M |
| 3 |
ITCI
Intra-Cellular Therapies Inc.
ITCI
|
+$20M |
| 4 |
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 | |
|---|---|---|---|---|---|---|
|
ELEV
76
DELISTED
Elevation Oncology
ELEV
| $456K | 0.07% |
+479,854
| New | +$487K |
|
77
Talphera
TLPH
$74.2M
| $441K | 0.06% |
195,000
+175,577
| +904% | +$494K |
|
78
CRISPR Therapeutics
CRSP
$5.17B
| $407K | 0.06% |
10,000
-40,000
| -80% | -$2.12M |
|
79
Nektar Therapeutics
NKTR
$2.58B
| $371K | 0.05% |
10,946
-17,723
| -62% | -$858K |
|
|
SURF
80
DELISTED
Surface Oncology, Inc. Common Stock
SURF
| $352K | 0.05% |
+429,647
| New | +$424K |
|
81
Relmada Therapeutics
RLMD
$527M
| $349K | 0.05% |
100,000
-300,000
| -75% | -$2.63M |
|
|
ATYR
82
aTyr Pharma
ATYR
$50.1M
| $270K | 0.04% |
123,430
-990,023
| -89% | -$2.33M |
|
83
Gossamer Bio
GOSS
$87M
| $217K | 0.03% |
100,000
-150,000
| -60% | -$1.23M |
|
|
MOLN
84
Molecular Partners
MOLN
$152M
| $144K | 0.02% |
22,000
+6,319
| +40% | +$41K |
|
|
VINC
85
DELISTED
Vincerx Pharma, Inc. Common Stock
VINC
| $104K | 0.02% |
5,088
-46,444
| -90% | -$875K |
|
|
RVPH
86
DELISTED
REVIVA PHARMA HLDGS INC
RVPH
| $103K | 0.01% |
+1,206
| New | +$92K |
|
|
LIAN
87
DELISTED
LianBio American Depositary Shares
LIAN
| $97.7K | 0.01% |
+59,600
| New | +$92.9K |
|
|
OKUR
88
OnKure Therapeutics
OKUR
$168M
| $71.3K | 0.01% |
+3,059
| New | +$81.1K |
|
|
PRDS
89
DELISTED
Pardes Biosciences, Inc. Common Stock
PRDS
| $57K | 0.01% |
33,748
-466,252
| -93% | -$591K |
|
90
ADMA Biologics
ADMA
$2.22B
| – | – |
-992,840
| Closed | -$2.41M |
|
91
Alector
ALEC
$199M
| – | – |
-100,000
| Closed | -$946K |
|
92
ANI Pharmaceuticals
ANIP
$1.78B
| – | – |
-100,000
| Closed | -$3.21M |
|
93
BridgeBio Pharma
BBIO
$16.5B
| – | – |
-585,424
| Closed | -$5.82M |
|
94
Clene
CLNN
$67.5M
| – | – |
-55,000
| Closed | -$3.08M |
|
|
DAWN
95
DELISTED
Day One Biopharmaceuticals
DAWN
| – | – |
-400,000
| Closed | -$8.01M |
|
96
Equillium
EQ
$133M
| – | – |
-600,000
| Closed | -$1.33M |
|
|
ESPR
97
DELISTED
Esperion Therapeutics
ESPR
| – | – |
-500,000
| Closed | -$3.35M |
|
98
Fortress Biotech
FBIO
$88.7M
| – | – |
-279,632
| Closed | -$3.61M |
|
|
ISPO
99
DELISTED
Inspirato
ISPO
| – | – |
-30,617
| Closed | -$1.45M |
|
|
ISPOW
100
DELISTED
Inspirato Inc Warrant
ISPOW
| – | – |
-365,000
| Closed | -$88K |
|
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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.