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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
SWTX
101
DELISTED
SpringWorks Therapeutics
SWTX
$3.49M 0.18%
74,265
– –
BEAM icon
102
Beam Therapeutics
BEAM
$2.84B
$3.49M 0.18%
205,000
+155,000
+310% +$2.7M
ATYR
103
aTyr Pharma
ATYR
$50.1M
$3.4M 0.17%
671,134
– –
CYTK icon
104
Cytokinetics
CYTK
$10.4B
$3.3M 0.17%
100,000
– –
KZR
105
DELISTED
Kezar Life Sciences
KZR
$3.3M 0.17%
720,000
– –
IOVA icon
106
Iovance Biotherapeutics
IOVA
$2.87B
$3.1M 0.16%
1,800,000
– –
TBPH icon
107
Theravance Biopharma
TBPH
$877M
$2.92M 0.15%
264,308
+1,412
+0.5% +$13.7K
ARE icon
108
Alexandria Real Estate Equities
ARE
$8.56B
$2.91M 0.15%
40,000
– –
SEER icon
109
Seer Inc
SEER
$120M
$2.88M 0.15%
1,344,423
+50,000
+4% +$100K
MTSR
110
DELISTED
Metsera Inc
MTSR
$2.85M 0.14%
+100,000
New +$2.48M
PYXS icon
111
Pyxis Oncology
PYXS
$236M
$2.75M 0.14%
2,500,000
+1,400,000
+127% +$1.58M
DTIL icon
112
Precision BioSciences
DTIL
$207M
$2.75M 0.14%
653,649
-19,683
-3% -$97.1K
MLYS icon
113
Mineralys Therapeutics
MLYS
$2.41B
$2.71M 0.14%
200,000
– –
CGON icon
114
CG Oncology
CGON
$6.66B
$2.27M 0.12%
+87,500
New +$2.11M
FATE icon
115
Fate Therapeutics
FATE
$326M
$2.09M 0.11%
1,867,773
– –
RCKT icon
116
Rocket Pharmaceuticals
RCKT
$394M
$2.08M 0.11%
850,000
– –
TSHA icon
117
Taysha Gene Therapies
TSHA
$1.89B
$2.08M 0.11%
+900,000
New +$1.96M
BHVN icon
118
Biohaven
BHVN
$2.21B
$1.98M 0.1%
140,000
– –
CDNA icon
119
CareDx
CDNA
$2.42B
$1.95M 0.1%
100,000
– –
ERAS icon
120
Erasca
ERAS
$6.39B
$1.91M 0.1%
1,502,915
+312,903
+26% +$419K
SNDX icon
121
Syndax Pharmaceuticals
SNDX
$1.82B
$1.87M 0.09%
200,000
– –
JPM icon
122
JPMorgan Chase
JPM
$950B
$1.83M 0.09%
6,312
-2,542
-29% -$649K
STRO icon
123
Sutro Biopharma
STRO
$421M
$1.83M 0.09%
256,159
+236,159
+1,181% +$1.93M
ZNTL icon
124
Zentalis Pharmaceuticals
ZNTL
$302M
$1.8M 0.09%
1,550,000
+50,000
+3% +$65.9K
DIS icon
125
Walt Disney
DIS
$181B
$1.8M 0.09%
14,493
-4,133
-22% -$429K
3 4
5
6 7

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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.