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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
BIIB icon
76
Biogen
BIIB
$30.7B
$4.79M 0.27%
35,000
– –
IONS icon
77
Ionis Pharmaceuticals
IONS
$9.4B
$4.53M 0.25%
150,000
– –
CTMX icon
78
CytomX Therapeutics
CTMX
$754M
$4.27M 0.24%
6,717,825
-593,935
-8% -$461K
MRUS
79
DELISTED
Merus
MRUS
$4.21M 0.23%
100,000
– –
CHRS icon
80
Coherus Oncology
CHRS
$196M
$4.11M 0.23%
5,097,362
+1,447,362
+40% +$1.67M
JANX icon
81
Janux Therapeutics
JANX
$967M
$4.05M 0.22%
150,000
+100,000
+200% +$3.77M
CYTK icon
82
Cytokinetics
CYTK
$10.4B
$4.02M 0.22%
100,000
– –
CMPS
83
Compass Pathways
CMPS
$1.83B
$4M 0.22%
1,400,000
+400,000
+40% +$1.54M
TGTX icon
84
TG Therapeutics
TGTX
$7.62B
$3.94M 0.22%
100,000
– –
GMAB icon
85
Genmab
GMAB
$19.5B
$3.92M 0.22%
200,000
+100,000
+100% +$2.1M
NVAX icon
86
Novavax
NVAX
$1.31B
$3.85M 0.21%
600,000
– –
ARE icon
87
Alexandria Real Estate Equities
ARE
$8.56B
$3.7M 0.2%
40,000
– –
VERA icon
88
Vera Therapeutics
VERA
$2.36B
$3.6M 0.2%
+150,000
New +$4.82M
SLNO
89
DELISTED
Soleno Therapeutics
SLNO
$3.57M 0.2%
50,000
– –
VTYX
90
DELISTED
Ventyx Biosciences
VTYX
$3.56M 0.2%
3,100,000
– –
NUVL
91
DELISTED
Nuvalent
NUVL
$3.55M 0.2%
50,000
– –
RVMD icon
92
Revolution Medicines
RVMD
$44B
$3.54M 0.2%
100,000
– –
KZR
93
DELISTED
Kezar Life Sciences
KZR
$3.51M 0.19%
720,000
– –
BHVN icon
94
Biohaven
BHVN
$2.21B
$3.37M 0.19%
140,000
– –
STOK icon
95
Stoke Therapeutics
STOK
$2.11B
$3.33M 0.18%
500,000
+200,000
+67% +$1.86M
SWTX
96
DELISTED
SpringWorks Therapeutics
SWTX
$3.28M 0.18%
74,265
– –
VIR icon
97
Vir Biotechnology
VIR
$1.49B
$3.24M 0.18%
+500,000
New +$4.45M
THRD
98
DELISTED
Third Harmonic Bio
THRD
$3.23M 0.18%
929,727
+779,727
+520% +$3.78M
DTIL icon
99
Precision BioSciences
DTIL
$207M
$3.21M 0.18%
673,332
– –
BDTX icon
100
Black Diamond Therapeutics
BDTX
$112M
$3.21M 0.18%
2,070,209
– –
2 3
4
5 6

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NIM
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RMCM
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FC
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SC
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CAM
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BC
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FFH
Fairfax Financial Holdings Toronto, Ontario, Canada $1.94B AUM 27.76% 1-Year Est. Return

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.