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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
-0.55%
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
$1.51B
AUM Growth
+$111M
Cap. Flow
+$272M
Cap. Flow %
17.99%
Top 10 Hldgs %
37.54%
Holding
194
New
40
Increased
63
Reduced
17
Closed
11

Top Buys

Rank Stock Value
1
LKFT
Lakefront Biotherapeutics American Depositary Shares
LKFT
+$40.7M
2
RLAY icon
Relay Therapeutics
RLAY
+$24.5M
3
BIOA
BioAge Labs
BIOA
+$22.7M
4
LEGN icon
Legend Biotech
LEGN
+$18.6M
5
REPL icon
Replimune Group
REPL
+$18.2M

Top Sells

Rank Stock Value
1
ITOS
iTeos Therapeutics
ITOS
+$18.8M
2
RVNC
Revance Therapeutics, Inc.
RVNC
+$13M
3
IMNM icon
Immunome
IMNM
+$10.5M
4
ANIP icon
ANI Pharmaceuticals
ANIP
+$7.61M
5
CNTA
Centessa Pharmaceuticals
CNTA
+$6.4M

Sector Composition

Rank Sector Weight
1 Healthcare 94.65%
2 Technology 1.65%
3 Communication Services 1.35%
4 Consumer Discretionary 0.56%
5 Financials 0.53%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LONA
176
LeonaBio Inc
LONA
$72.1M
$352K 0.02%
60,000
– –
OTLK icon
177
Outlook Therapeutics
OTLK
$191M
$345K 0.02%
182,502
-1,377,058
-88% -$5.67M
RVPH
178
DELISTED
REVIVA PHARMA HLDGS INC
RVPH
$308K 0.02%
+8,500
New +$237K
KLRS
179
Kalaris Therapeutics
KLRS
$96.8M
$232K 0.02%
+24,011
New +$363K
AFMD
180
DELISTED
Affimed
AFMD
$176K 0.01%
148,315
– –
IVVD icon
181
Invivyd
IVVD
$218M
$146K 0.01%
330,172
– –
RLMD icon
182
Relmada Therapeutics
RLMD
$527M
$104K 0.01%
200,825
+150,000
+295% +$366K
IMRX icon
183
Immuneering
IMRX
$292M
$26.6K ﹤0.01%
+12,073
New +$25K
ARVN icon
184
Arvinas
ARVN
$572M
– –
-180,000
Closed -$4.43M
CNTA
185
DELISTED
Centessa Pharmaceuticals
CNTA
– –
-400,000
Closed -$6.4M
GPCR icon
186
Structure Therapeutics
GPCR
$3.78B
– –
-144,500
Closed -$6.34M
IMNM icon
187
Immunome
IMNM
$2.83B
– –
-720,000
Closed -$10.5M
LVTX
188
DELISTED
LAVA Therapeutics
LVTX
– –
-53,101
Closed -$88.1K
MCRB icon
189
Seres Therapeutics
MCRB
$48.9M
– –
-10,000
Closed -$189K
PCRX icon
190
Pacira BioSciences
PCRX
$997M
– –
-61,226
Closed -$921K
PGEN icon
191
Precigen
PGEN
$2.59B
– –
-500,000
Closed -$474K
TYRA icon
192
Tyra Biosciences
TYRA
$1.58B
– –
-150,000
Closed -$3.53M
RVNC
193
DELISTED
Revance Therapeutics, Inc.
RVNC
– –
-2,500,000
Closed -$13M
EGRX
194
DELISTED
Eagle Pharmaceuticals, Inc.
EGRX
– –
-118,857
Closed -$443K
4 5 6 7
8

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Tang Capital Management's Q4 2024 Portfolio in Review

As of Q4 2024, Tang Capital Management held 194 positions worth $1.51B, up 8% from $1.4B the previous quarter. Its ten largest holdings account for 38% of the portfolio.

Tang Capital Management deployed $272M of net new capital in Q4 2024, opening 40 new positions and adding to 63 existing holdings. Its largest new stake was BioAge Labs: 1,318,361 shares worth $7.63M.

By sector, the portfolio is most concentrated in Healthcare at 95% of assets, down from 96% a quarter earlier, followed by Technology and Communication Services.

On the sell side, the largest reduction was iTeos Therapeutics, an estimated $18.8M trimmed.

  • Tang Capital Management's largest Q4 2024 buy was BioAge Labs: 1,318,361 shares worth $7.63M.
  • Tang Capital Management added most to Lakefront Biotherapeutics American Depositary Shares in Q4 2024, an estimated $40.7M increase.
  • Tang Capital Management's biggest Q4 2024 reduction was iTeos Therapeutics, cutting an estimated $18.8M.
  • Tang Capital Management fully exited Revance Therapeutics, Inc. in Q4 2024, selling an estimated $13M.
  • Tang Capital Management's ten largest holdings make up 38% of its $1.51B portfolio in Q4 2024.
  • Tang Capital Management opened 40 new positions and closed 11 in Q4 2024.
  • Tang Capital Management's portfolio value rose 8% quarter-over-quarter to $1.51B.

Based on Tang Capital Management's 13F filing for Q4 2024, filed 14 Feb 2025.