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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
+37.48%
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
$2.6B
AUM Growth
+$619M
Cap. Flow
+$158M
Cap. Flow %
6.08%
Top 10 Hldgs %
36.7%
Holding
210
New
10
Increased
28
Reduced
33
Closed
16

Top Buys

Rank Stock Value
1
CELC icon
Celcuity
CELC
+$46M
2
NKE icon
Nike
NKE
+$37.3M
3
PGEN icon
Precigen
PGEN
+$35M
4
VRTX icon
Vertex Pharmaceuticals
VRTX
+$29.3M
5
PTCT icon
PTC Therapeutics
PTCT
+$20.8M

Top Sells

Rank Stock Value
1
ITOS
iTeos Therapeutics
ITOS
+$38.2M
2
BA icon
Boeing
BA
+$23.1M
3
MTD icon
Mettler-Toledo International
MTD
+$22M
4
CRGX
CARGO Therapeutics
CRGX
+$12.6M
5
ELAN icon
Elanco Animal Health
ELAN
+$11.4M

Sector Composition

Rank Sector Weight
1 Healthcare 94.95%
2 Consumer Discretionary 2.06%
3 Technology 1.19%
4 Communication Services 0.91%
5 Financials 0.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HRMY icon
76
Harmony Biosciences
HRMY
$2.24B
$7.75M 0.3%
281,200
– –
LLY icon
77
Eli Lilly
LLY
$1.06T
$7.63M 0.29%
10,000
– –
MLYS icon
78
Mineralys Therapeutics
MLYS
$2.41B
$7.58M 0.29%
200,000
– –
DFTX
79
Definium Therapeutics
DFTX
$6.12B
$7.08M 0.27%
600,200
– –
EWTX icon
80
Edgewise Therapeutics
EWTX
$4.73B
$7M 0.27%
431,300
– –
VSTM icon
81
Verastem
VSTM
$610M
$6.97M 0.27%
789,810
+519,810
+193% +$3.87M
PMVP icon
82
PMV Pharmaceuticals
PMVP
$63.5M
$6.7M 0.26%
+4,785,201
New +$6.62M
BLCO icon
83
Bausch + Lomb
BLCO
$5.99B
$6.7M 0.26%
444,467
-105,533
-19% -$1.52M
ACET icon
84
Adicet Bio
ACET
$74.7M
$6.66M 0.26%
513,976
– –
CGEM icon
85
Cullinan Oncology
CGEM
$1.14B
$6.65M 0.26%
1,121,138
– –
CRSP icon
86
CRISPR Therapeutics
CRSP
$5.17B
$6.48M 0.25%
+100,000
New +$5.74M
BEAM icon
87
Beam Therapeutics
BEAM
$2.84B
$6.19M 0.24%
255,000
+50,000
+24% +$995K
GMAB icon
88
Genmab
GMAB
$19.5B
$6.13M 0.24%
200,000
– –
BCRX icon
89
BioCryst Pharmaceuticals
BCRX
$2.4B
$6.07M 0.23%
800,000
– –
IBRX icon
90
ImmunityBio
IBRX
$8.1B
$5.74M 0.22%
2,333,333
– –
REGN icon
91
Regeneron Pharmaceuticals
REGN
$80.8B
$5.62M 0.22%
10,000
– –
PYXS icon
92
Pyxis Oncology
PYXS
$236M
$5.55M 0.21%
2,500,000
– –
CYTK icon
93
Cytokinetics
CYTK
$10.4B
$5.5M 0.21%
100,000
– –
BIIB icon
94
Biogen
BIIB
$30.7B
$4.9M 0.19%
35,000
– –
CNTA
95
DELISTED
Centessa Pharmaceuticals
CNTA
$4.85M 0.19%
200,000
+150,000
+300% +$2.67M
SNY icon
96
Sanofi
SNY
$104B
$4.72M 0.18%
100,000
-100,000
-50% -$4.83M
RVMD icon
97
Revolution Medicines
RVMD
$44B
$4.67M 0.18%
100,000
– –
ALMS
98
Alumis Inc
ALMS
$3.52B
$4.66M 0.18%
1,167,009
-829,788
-42% -$3.42M
HRTX icon
99
Heron Therapeutics
HRTX
$92.9M
$4.35M 0.17%
3,450,000
+1,314,541
+62% +$2.08M
NUVL
100
DELISTED
Nuvalent
NUVL
$4.32M 0.17%
50,000
– –
2 3
4
5 6

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Tang Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Tang Capital Management held 210 positions worth $2.6B, up 31% from $1.98B the previous quarter. Its ten largest holdings account for 37% of the portfolio.

Tang Capital Management deployed $158M of net new capital in Q3 2025, opening 10 new positions and adding to 28 existing holdings. Its largest new stake was Celcuity: 1,150,000 shares worth $56.8M.

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

On the sell side, the largest reduction was Boeing, an estimated $23.1M trimmed.

  • Tang Capital Management's largest Q3 2025 buy was Celcuity: 1,150,000 shares worth $56.8M.
  • Tang Capital Management added most to Nike in Q3 2025, an estimated $37.3M increase.
  • Tang Capital Management's biggest Q3 2025 reduction was Boeing, cutting an estimated $23.1M.
  • Tang Capital Management fully exited iTeos Therapeutics in Q3 2025, selling an estimated $38.2M.
  • Tang Capital Management's ten largest holdings make up 37% of its $2.6B portfolio in Q3 2025.
  • Tang Capital Management opened 10 new positions and closed 16 in Q3 2025.
  • Tang Capital Management's portfolio value rose 31% quarter-over-quarter to $2.6B.

Based on Tang Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.