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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
+10.56%
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
$1.98B
AUM Growth
+$171M
Cap. Flow
+$109M
Cap. Flow %
5.49%
Top 10 Hldgs %
35.03%
Holding
220
New
18
Increased
34
Reduced
52
Closed
20

Top Buys

Rank Stock Value
1
VERA icon
Vera Therapeutics
VERA
+$27M
2
MRUS
Merus
MRUS
+$23.5M
3
MTD icon
Mettler-Toledo International
MTD
+$21.8M
4
BA icon
Boeing
BA
+$18.8M
5
SRPT icon
Sarepta Therapeutics
SRPT
+$17.9M

Top Sells

Rank Stock Value
1
DVAX
Dynavax Technologies
DVAX
+$40M
2
ITCI
Intra-Cellular Therapies Inc.
ITCI
+$29M
3
SLRN
ACELYRIN
SLRN
+$24.3M
4
ONC
BeOne Medicines Ltd
ONC
+$10.1M
5
CRSP icon
CRISPR Therapeutics
CRSP
+$9.07M

Sector Composition

Rank Sector Weight
1 Healthcare 94.16%
2 Technology 1.37%
3 Industrials 1.32%
4 Communication Services 1.26%
5 Consumer Discretionary 0.8%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IONS icon
76
Ionis Pharmaceuticals
IONS
$9.4B
$5.93M 0.3%
150,000
– –
STOK icon
77
Stoke Therapeutics
STOK
$2.11B
$5.67M 0.29%
500,000
– –
EWTX icon
78
Edgewise Therapeutics
EWTX
$4.73B
$5.65M 0.29%
431,300
+131,300
+44% +$1.89M
SMMT icon
79
Summit Therapeutics
SMMT
$11.1B
$5.32M 0.27%
+250,000
New +$5.7M
REGN icon
80
Regeneron Pharmaceuticals
REGN
$80.8B
$5.25M 0.27%
10,000
– –
BDTX icon
81
Black Diamond Therapeutics
BDTX
$112M
$5.13M 0.26%
2,070,209
– –
THRD
82
DELISTED
Third Harmonic Bio
THRD
$5.05M 0.26%
929,727
– –
ACET icon
83
Adicet Bio
ACET
$74.7M
$5.02M 0.25%
513,976
– –
DNTH icon
84
Dianthus Therapeutics
DNTH
$6.09B
$4.93M 0.25%
264,692
– –
BHC icon
85
Bausch Health
BHC
$2.34B
$4.91M 0.25%
+736,827
New +$3.79M
JANX icon
86
Janux Therapeutics
JANX
$967M
$4.62M 0.23%
200,000
+50,000
+33% +$1.32M
VRTX icon
87
Vertex Pharmaceuticals
VRTX
$126B
$4.45M 0.23%
+10,000
New +$4.61M
HRTX icon
88
Heron Therapeutics
HRTX
$92.9M
$4.42M 0.22%
2,135,459
-100,000
-4% -$204K
BIIB icon
89
Biogen
BIIB
$30.7B
$4.4M 0.22%
35,000
– –
SLNO
90
DELISTED
Soleno Therapeutics
SLNO
$4.19M 0.21%
50,000
– –
GMAB icon
91
Genmab
GMAB
$19.5B
$4.13M 0.21%
200,000
– –
LNTH icon
92
Lantheus
LNTH
$6.59B
$4.09M 0.21%
50,000
– –
DFTX
93
Definium Therapeutics
DFTX
$6.12B
$3.9M 0.2%
600,200
+200,000
+50% +$1.32M
NUVL
94
DELISTED
Nuvalent
NUVL
$3.81M 0.19%
50,000
– –
NVAX icon
95
Novavax
NVAX
$1.31B
$3.78M 0.19%
600,000
– –
CHRS icon
96
Coherus Oncology
CHRS
$196M
$3.73M 0.19%
5,097,362
– –
RVMD icon
97
Revolution Medicines
RVMD
$44B
$3.68M 0.19%
100,000
– –
CMPS
98
Compass Pathways
CMPS
$1.83B
$3.64M 0.18%
1,300,000
-100,000
-7% -$376K
TGTX icon
99
TG Therapeutics
TGTX
$7.62B
$3.6M 0.18%
100,000
– –
TECX
100
Tectonic Therapeutic
TECX
$606M
$3.56M 0.18%
179,166
– –
2 3
4
5 6

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FFH
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Tang Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Tang Capital Management held 220 positions worth $1.98B, up 9.4% from $1.81B the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Tang Capital Management deployed $109M of net new capital in Q2 2025, opening 18 new positions and adding to 34 existing holdings. Its largest new stake was Mettler-Toledo International: 19,500 shares worth $22.9M.

By sector, the portfolio is most concentrated in Healthcare at 94% of assets, down from 95% a quarter earlier, followed by Technology and Industrials.

On the sell side, the largest reduction was Dynavax Technologies, an estimated $40M trimmed.

  • Tang Capital Management's largest Q2 2025 buy was Mettler-Toledo International: 19,500 shares worth $22.9M.
  • Tang Capital Management added most to Vera Therapeutics in Q2 2025, an estimated $27M increase.
  • Tang Capital Management's biggest Q2 2025 reduction was Dynavax Technologies, cutting an estimated $40M.
  • Tang Capital Management fully exited Intra-Cellular Therapies Inc. in Q2 2025, selling an estimated $29M.
  • Tang Capital Management's ten largest holdings make up 35% of its $1.98B portfolio in Q2 2025.
  • Tang Capital Management opened 18 new positions and closed 20 in Q2 2025.
  • Tang Capital Management's portfolio value rose 9.4% quarter-over-quarter to $1.98B.

Based on Tang Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.