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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
+3.47%
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
$659M
AUM Growth
+$159M
Cap. Flow
+$242M
Cap. Flow %
36.65%
Top 10 Hldgs %
55.02%
Holding
72
New
19
Increased
18
Reduced
1
Closed
5

Top Buys

Rank Stock Value
1
VERU icon
Veru
VERU
+$53.7M
2
BHVN
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
+$35.8M
3
TARS icon
Tarsus Pharmaceuticals
TARS
+$26.8M
4
BLUE
bluebird bio
BLUE
+$16.9M
5
ISPO
Inspirato
ISPO
+$13.3M

Top Sells

Rank Stock Value
1
SRRA
Sierra Oncology, Inc. Common Stock
SRRA
+$9.62M
2
BRCC.WS
BRC Inc. Redeemable Warrants, each whole warrant exercisable for one share of Class A common stock a
BRCC.WS
+$3.6M
3
SKYH.WS icon
Sky Harbour Group Warrants
SKYH.WS
+$694K
4
ISPOW
Inspirato Inc Warrant
ISPOW
+$213K

Sector Composition

Rank Sector Weight
1 Healthcare 95.94%
2 Consumer Discretionary 3.54%
3 Financials 0.22%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ANAB icon
1
AnaptysBio
ANAB
$1.6B
$53.4M 8.1%
2,628,678
– –
VERU icon
2
Veru
VERU
$36.1M
$52.3M 7.94%
+463,034
New +$53.7M
ALT icon
3
Altimmune
ALT
$539M
$42.1M 6.39%
3,600,450
+1,026,706
+40% +$6.33M
BHVN
4
DELISTED
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
$40.8M 6.19%
+280,000
New +$35.8M
ITCI
5
DELISTED
Intra-Cellular Therapies Inc.
ITCI
$40M 6.06%
700,000
– –
LJPC
6
DELISTED
La Jolla Pharmaceutical Company
LJPC
$30.6M 4.65%
9,607,934
– –
TARS icon
7
Tarsus Pharmaceuticals
TARS
$2.56B
$30.4M 4.62%
2,084,370
+1,784,370
+595% +$26.8M
BIO icon
8
Bio-Rad Laboratories Class A
BIO
$8.42B
$29.2M 4.43%
59,000
+19,000
+48% +$9.9M
BLUE
9
DELISTED
bluebird bio
BLUE
$24.5M 3.71%
295,534
+218,034
+281% +$16.9M
ITOS
10
DELISTED
iTeos Therapeutics
ITOS
$19.3M 2.93%
937,500
– –
KALV
11
DELISTED
KalVista Pharmaceuticals
KALV
$17.7M 2.69%
1,800,000
+1,151,731
+178% +$12.7M
RCKT icon
12
Rocket Pharmaceuticals
RCKT
$348M
$17.4M 2.64%
1,265,900
– –
HRMY icon
13
Harmony Biosciences
HRMY
$2.04B
$14.6M 2.22%
300,000
– –
ISPO
14
DELISTED
Inspirato
ISPO
$14.6M 2.22%
157,787
+115,019
+269% +$13.3M
IMCR icon
15
Immunocore
IMCR
$1.78B
$14.4M 2.18%
385,600
– –
LKFT
16
Lakefront Biotherapeutics American Depositary Shares
LKFT
$1.82B
$13.9M 2.12%
250,000
– –
ALBO
17
DELISTED
Albireo Pharma Inc
ALBO
$13.9M 2.11%
700,000
+232,298
+50% +$6.13M
BCRX icon
18
BioCryst Pharmaceuticals
BCRX
$2.37B
$12.7M 1.93%
+1,200,000
New +$12.4M
TCRR
19
DELISTED
TCR2 Therapeutics Inc. Common Stock
TCRR
$10.6M 1.6%
3,641,606
+641,606
+21% +$1.58M
HRTX icon
20
Heron Therapeutics
HRTX
$86.3M
$10.4M 1.57%
3,720,000
– –
BCAB icon
21
BioAtla
BCAB
$5.59M
$9.61M 1.46%
67,460
+45,460
+207% +$7.23M
CGEM icon
22
Cullinan Oncology
CGEM
$1.05B
$7.81M 1.19%
+609,231
New +$6.91M
RLMD icon
23
Relmada Therapeutics
RLMD
$544M
$7.6M 1.15%
+400,000
New +$8.72M
IONS icon
24
Ionis Pharmaceuticals
IONS
$9.35B
$7.4M 1.12%
200,000
– –
IMGN
25
DELISTED
Immunogen Inc
IMGN
$6.75M 1.02%
1,500,000
– –
1
2 3

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Tang Capital Management's Q2 2022 Portfolio in Review

As of Q2 2022, Tang Capital Management held 72 positions worth $659M, up 32% from $500M the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Tang Capital Management deployed $242M of net new capital in Q2 2022, opening 19 new positions and adding to 18 existing holdings. Its largest new stake was Veru: 463,034 shares worth $52.3M.

By sector, the portfolio is most concentrated in Healthcare at 96% of assets, up from 95% a quarter earlier, followed by Consumer Discretionary and Financials.

On the sell side, the largest reduction was Inspirato Inc Warrant, an estimated $213K trimmed.

  • Tang Capital Management's largest Q2 2022 buy was Veru: 463,034 shares worth $52.3M.
  • Tang Capital Management added most to Tarsus Pharmaceuticals in Q2 2022, an estimated $26.8M increase.
  • Tang Capital Management's biggest Q2 2022 reduction was Inspirato Inc Warrant, cutting an estimated $213K.
  • Tang Capital Management fully exited Sierra Oncology, Inc. Common Stock in Q2 2022, selling an estimated $9.62M.
  • Tang Capital Management's ten largest holdings make up 55% of its $659M portfolio in Q2 2022.
  • Tang Capital Management opened 19 new positions and closed 5 in Q2 2022.
  • Tang Capital Management's portfolio value rose 32% quarter-over-quarter to $659M.

Based on Tang Capital Management's 13F filing for Q2 2022, filed 15 Aug 2022.