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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
AFMD
201
DELISTED
Affimed
AFMD
– –
-148,315
Closed -$107K
ALLK
202
DELISTED
Allakos
ALLK
– –
-8,693,687
Closed -$1.98M
ATRA icon
203
Atara Biotherapeutics
ATRA
$76.1M
– –
-75,196
Closed -$447K
JBIO
204
Jade Biosciences
JBIO
$1.34B
– –
-1,993
Closed -$175K
BLUE
205
DELISTED
bluebird bio
BLUE
– –
-400,000
Closed -$1.95M
CAPR icon
206
Capricor Therapeutics
CAPR
$237M
– –
-79,100
Closed -$751K
CRSP icon
207
CRISPR Therapeutics
CRSP
$5.17B
– –
-266,500
Closed -$9.07M
ELEV
208
DELISTED
Elevation Oncology
ELEV
– –
-4,760,000
Closed -$1.23M
KRON
209
DELISTED
Kronos Bio
KRON
– –
-1,345,413
Closed -$1.11M
LXRX icon
210
Lexicon Pharmaceuticals
LXRX
$1.1B
– –
-1,150,268
Closed -$530K
NXTC icon
211
NextCure
NXTC
$26.7M
– –
-33,679
Closed -$194K
OTLK icon
212
Outlook Therapeutics
OTLK
$191M
– –
-400,000
Closed -$488K
PHAT icon
213
Phathom Pharmaceuticals
PHAT
$692M
– –
-1,200,000
Closed -$7.52M
QNCX icon
214
Quince Therapeutics
QNCX
$29.5M
– –
-922
Closed -$245K
RVPH
215
DELISTED
REVIVA PHARMA HLDGS INC
RVPH
– –
-25,516
Closed -$487K
SLRN
216
DELISTED
ACELYRIN
SLRN
– –
-9,818,115
Closed -$24.3M
VIR icon
217
Vir Biotechnology
VIR
$1.49B
– –
-500,000
Closed -$3.24M
GRAL
218
GRAIL Inc
GRAL
$3.1B
– –
-11,300
Closed -$289K
ONC
219
BeOne Medicines Ltd
ONC
$39.4B
– –
-37,000
Closed -$10.1M
ITCI
220
DELISTED
Intra-Cellular Therapies Inc.
ITCI
– –
-220,000
Closed -$29M
5 6 7 8
9

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RMCM
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FC
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SC
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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.