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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
TBPH icon
101
Theravance Biopharma
TBPH
$877M
$3.86M 0.15%
264,308
– –
TGTX icon
102
TG Therapeutics
TGTX
$7.62B
$3.61M 0.14%
100,000
– –
DTIL icon
103
Precision BioSciences
DTIL
$207M
$3.61M 0.14%
653,649
– –
CGON icon
104
CG Oncology
CGON
$6.66B
$3.52M 0.14%
87,500
– –
SLNO
105
DELISTED
Soleno Therapeutics
SLNO
$3.38M 0.13%
50,000
– –
ARE icon
106
Alexandria Real Estate Equities
ARE
$8.56B
$3.33M 0.13%
40,000
– –
ERAS icon
107
Erasca
ERAS
$6.39B
$3.28M 0.13%
1,502,915
– –
FENC icon
108
Fennec Pharmaceuticals
FENC
$402M
$3.13M 0.12%
334,593
+314,066
+1,530% +$2.72M
SNDX icon
109
Syndax Pharmaceuticals
SNDX
$1.82B
$3.08M 0.12%
200,000
– –
TSHA icon
110
Taysha Gene Therapies
TSHA
$1.89B
$2.94M 0.11%
900,000
– –
SEER icon
111
Seer Inc
SEER
$120M
$2.92M 0.11%
1,344,423
– –
TECX
112
Tectonic Therapeutic
TECX
$606M
$2.81M 0.11%
179,166
– –
KZR
113
DELISTED
Kezar Life Sciences
KZR
$2.81M 0.11%
720,000
– –
RCKT icon
114
Rocket Pharmaceuticals
RCKT
$394M
$2.77M 0.11%
850,000
– –
LNTH icon
115
Lantheus
LNTH
$6.59B
$2.56M 0.1%
50,000
– –
NMRA icon
116
Neumora Therapeutics
NMRA
$302M
$2.55M 0.1%
1,400,000
– –
STRO icon
117
Sutro Biopharma
STRO
$421M
$2.46M 0.09%
282,872
+26,713
+10% +$227K
VOR icon
118
Vor Biopharma
VOR
$1.28B
$2.44M 0.09%
+50,000
New +$2.01M
KLRS
119
Kalaris Therapeutics
KLRS
$96.8M
$2.42M 0.09%
418,241
+57,382
+16% +$190K
MTD icon
120
Mettler-Toledo International
MTD
$28.6B
$2.42M 0.09%
1,969
-17,531
-90% -$22M
FATE icon
121
Fate Therapeutics
FATE
$326M
$2.35M 0.09%
1,867,773
– –
ZNTL icon
122
Zentalis Pharmaceuticals
ZNTL
$302M
$2.34M 0.09%
1,550,000
– –
INTC icon
123
Intel
INTC
$513B
$2.22M 0.09%
66,216
– –
GOSS icon
124
Gossamer Bio
GOSS
$87M
$2.1M 0.08%
+800,000
New +$1.76M
BHVN icon
125
Biohaven
BHVN
$2.21B
$2.1M 0.08%
140,000
– –
3 4
5
6 7

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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.