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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
+20.4%
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
$815M
AUM Growth
+$156M
(+24%)
Cap. Flow
+$82.1M
Cap. Flow
% of AUM
10.06%
Top 10 Holdings %
Top 10 Hldgs %
43.07%
Holding
100
New
33
Increased
19
Reduced
13
Closed
5
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alnylam Pharmaceuticals
ALNY
|
+$19.1M |
| 2 |
ONC
BeOne Medicines Ltd
ONC
|
+$18M |
| 3 |
TWTR
Twitter, Inc.
TWTR
|
+$12.2M |
| 4 |
Heron Therapeutics
HRTX
|
+$12.2M |
| 5 |
Insmed
INSM
|
+$12M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Veru
VERU
|
+$50.9M |
| 2 |
LJPC
La Jolla Pharmaceutical Company
LJPC
|
+$30.6M |
| 3 |
Altimmune
ALT
|
+$14.8M |
| 4 |
ISPO
Inspirato
ISPO
|
+$9.41M |
| 5 |
BioAtla
BCAB
|
+$9.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 95.9% |
| 2 | Communication Services | 1.61% |
| 3 | Consumer Discretionary | 0.82% |
| 4 | Consumer Staples | 0.38% |
| 5 | Financials | 0.13% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
AnaptysBio
ANAB
$1.6B
| $67.1M | 8.22% |
2,628,678
| – | – |
|
|
BHVN
2
DELISTED
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
| $42.3M | 5.19% |
280,000
| – | – |
|
|
BLUE
3
DELISTED
bluebird bio
BLUE
| $40.1M | 4.92% |
316,776
+21,242
| +7% | +$2.4M |
|
4
Tarsus Pharmaceuticals
TARS
$2.56B
| $35.8M | 4.39% |
2,089,856
+5,486
| +0.3% | +$87.1K |
|
|
5
Altimmune
ALT
$539M
| $33.2M | 4.07% |
2,600,450
-1,000,000
| -28% | -$14.8M |
|
|
ITCI
6
DELISTED
Intra-Cellular Therapies Inc.
ITCI
| $29.8M | 3.65% |
640,000
-60,000
| -9% | -$3.13M |
|
|
7
Heron Therapeutics
HRTX
$86.3M
| $28.9M | 3.54% |
6,840,000
+3,120,000
| +84% | +$12.2M |
|
8
Bio-Rad Laboratories Class A
BIO
$8.42B
| $26.7M | 3.27% |
64,000
+5,000
| +8% | +$2.49M |
|
|
KALV
9
DELISTED
KalVista Pharmaceuticals
KALV
| $26.1M | 3.2% |
1,800,000
| – | – |
|
|
ALBO
10
DELISTED
Albireo Pharma Inc
ALBO
| $21.3M | 2.61% |
1,099,516
+399,516
| +57% | +$8.26M |
|
11
Rocket Pharmaceuticals
RCKT
$348M
| $20.2M | 2.48% |
1,265,900
| – | – |
|
|
12
Alnylam Pharmaceuticals
ALNY
$36.3B
| $20M | 2.45% |
+100,000
| New | +$19.1M |
|
13
Immunocore
IMCR
$1.78B
| $19M | 2.33% |
405,600
+20,000
| +5% | +$953K |
|
14
Viridian Therapeutics
VRDN
$2.13B
| $18.1M | 2.22% |
882,925
+482,925
| +121% | +$8.68M |
|
|
ITOS
15
DELISTED
iTeos Therapeutics
ITOS
| $17.9M | 2.19% |
937,500
| – | – |
|
|
16
BioAtla
BCAB
$5.59M
| $15.1M | 1.86% |
39,341
-28,119
| -42% | -$9.2M |
|
17
BioCryst Pharmaceuticals
BCRX
$2.37B
| $15.1M | 1.85% |
1,200,000
| – | – |
|
18
Relmada Therapeutics
RLMD
$544M
| $14.8M | 1.82% |
400,000
| – | – |
|
|
ONC
19
BeOne Medicines Ltd
ONC
$33.8B
| $14.2M | 1.74% |
+105,000
| New | +$18M |
|
20
Harmony Biosciences
HRMY
$2.04B
| $13.7M | 1.68% |
310,000
+10,000
| +3% | +$488K |
|
|
TWTR
21
DELISTED
Twitter, Inc.
TWTR
| $13.2M | 1.61% |
+300,000
| New | +$12.2M |
|
|
22
Veru
VERU
$36.1M
| $12.7M | 1.55% |
110,000
-353,034
| -76% | -$50.9M |
|
|
23
Insmed
INSM
$23.2B
| $10.8M | 1.32% |
+500,000
| New | +$12M |
|
|
LKFT
24
Lakefront Biotherapeutics American Depositary Shares
LKFT
$1.82B
| $9.59M | 1.18% |
224,950
-25,050
| -10% | -$1.28M |
|
25
Mirum Pharmaceuticals
MIRM
$6.89B
| $9.46M | 1.16% |
450,000
+350,000
| +350% | +$8.43M |
|
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Tang Capital Management's Q3 2022 Portfolio in Review
As of Q3 2022, Tang Capital Management held 100 positions worth $815M, up 24% from $659M the previous quarter. Its ten largest holdings account for 43% of the portfolio.
Tang Capital Management deployed $82.1M of net new capital in Q3 2022, opening 33 new positions and adding to 19 existing holdings. Its largest new stake was Alnylam Pharmaceuticals: 100,000 shares worth $20M.
By sector, the portfolio is most concentrated in Healthcare at 96% of assets, down from 96% a quarter earlier, followed by Communication Services and Consumer Discretionary.
On the sell side, the largest reduction was Veru, an estimated $50.9M trimmed.
- Tang Capital Management's largest Q3 2022 buy was Alnylam Pharmaceuticals: 100,000 shares worth $20M.
- Tang Capital Management added most to Heron Therapeutics in Q3 2022, an estimated $12.2M increase.
- Tang Capital Management's biggest Q3 2022 reduction was Veru, cutting an estimated $50.9M.
- Tang Capital Management fully exited La Jolla Pharmaceutical Company in Q3 2022, selling an estimated $30.6M.
- Tang Capital Management's ten largest holdings make up 43% of its $815M portfolio in Q3 2022.
- Tang Capital Management opened 33 new positions and closed 5 in Q3 2022.
- Tang Capital Management's portfolio value rose 24% quarter-over-quarter to $815M.
Based on Tang Capital Management's 13F filing for Q3 2022, filed 14 Nov 2022.