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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
+11.67%
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
$688M
AUM Growth
-$127M
(-16%)
Cap. Flow
-$114M
Cap. Flow
% of AUM
-16.56%
Top 10 Holdings %
Top 10 Hldgs %
47.84%
Holding
112
New
17
Increased
24
Reduced
32
Closed
23
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
THRD
Third Harmonic Bio
THRD
|
+$28.4M |
| 2 |
Axsome Therapeutics
AXSM
|
+$14.9M |
| 3 |
Mirum Pharmaceuticals
MIRM
|
+$13.2M |
| 4 |
Moderna
MRNA
|
+$13.1M |
| 5 |
Nkarta
NKTX
|
+$12.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BHVN
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
|
+$42.3M |
| 2 |
Rocket Pharmaceuticals
RCKT
|
+$20.2M |
| 3 |
ITCI
Intra-Cellular Therapies Inc.
ITCI
|
+$20M |
| 4 |
Bio-Rad Laboratories Class A
BIO
|
+$17.4M |
| 5 |
ALBO
Albireo Pharma Inc
ALBO
|
+$14.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 98.38% |
| 2 | Consumer Discretionary | 0.64% |
| 3 | Communication Services | 0% |
| 4 | Consumer Staples | 0% |
| 5 | Financials | 0% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
AnaptysBio
ANAB
$1.6B
| $81.5M | 11.84% |
2,628,678
| – | – |
|
2
Altimmune
ALT
$539M
| $44.4M | 6.45% |
2,700,450
+100,000
| +4% | +$1.12M |
|
|
BLUE
3
DELISTED
bluebird bio
BLUE
| $32.1M | 4.66% |
231,776
-85,000
| -27% | -$12M |
|
4
Tarsus Pharmaceuticals
TARS
$2.56B
| $29.3M | 4.26% |
2,001,585
-88,271
| -4% | -$1.46M |
|
5
BioAtla
BCAB
$5.59M
| $25.8M | 3.74% |
62,482
+23,141
| +59% | +$9.6M |
|
6
Alnylam Pharmaceuticals
ALNY
$36.3B
| $25M | 3.63% |
105,000
+5,000
| +5% | +$1.07M |
|
|
7
Axsome Therapeutics
AXSM
$12.4B
| $24.7M | 3.59% |
320,000
+250,000
| +357% | +$14.9M |
|
8
Immunocore
IMCR
$1.78B
| $23.1M | 3.36% |
405,600
| – | – |
|
|
9
Mirum Pharmaceuticals
MIRM
$6.89B
| $21.8M | 3.17% |
1,120,000
+670,000
| +149% | +$13.2M |
|
|
KALV
10
DELISTED
KalVista Pharmaceuticals
KALV
| $21.6M | 3.14% |
3,196,446
+1,396,446
| +78% | +$7.48M |
|
11
Viridian Therapeutics
VRDN
$2.13B
| $20.2M | 2.94% |
692,925
-190,000
| -22% | -$4.38M |
|
|
ONC
12
BeOne Medicines Ltd
ONC
$33.8B
| $18.7M | 2.72% |
85,000
-20,000
| -19% | -$3.67M |
|
13
BioCryst Pharmaceuticals
BCRX
$2.37B
| $16.6M | 2.42% |
1,450,000
+250,000
| +21% | +$3.12M |
|
14
Harmony Biosciences
HRMY
$2.04B
| $15.5M | 2.25% |
281,200
-28,800
| -9% | -$1.58M |
|
15
Vaxcyte
PCVX
$7.89B
| $14.4M | 2.09% |
+300,000
| New | +$11.8M |
|
|
16
Moderna
MRNA
$21.5B
| $14.4M | 2.09% |
+80,000
| New | +$13.1M |
|
|
ITCI
17
DELISTED
Intra-Cellular Therapies Inc.
ITCI
| $12.7M | 1.85% |
240,000
-400,000
| -63% | -$20M |
|
18
AstraZeneca
AZN
$263B
| $11.5M | 1.67% |
85,000
+10,000
| +13% | +$1.25M |
|
|
19
Nkarta
NKTX
$162M
| $11.2M | 1.63% |
1,870,000
+1,207,128
| +182% | +$12.2M |
|
20
Heron Therapeutics
HRTX
$86.3M
| $9.39M | 1.36% |
3,755,934
-3,084,066
| -45% | -$9.94M |
|
21
Enanta Pharmaceuticals
ENTA
$372M
| $9.3M | 1.35% |
200,000
+62,300
| +45% | +$2.84M |
|
22
Kiniksa Pharmaceuticals
KNSA
$4.83B
| $8.99M | 1.31% |
600,000
| – | – |
|
|
ALBO
23
DELISTED
Albireo Pharma Inc
ALBO
| $8.9M | 1.29% |
411,968
-687,548
| -63% | -$14.5M |
|
|
24
Bio-Rad Laboratories Class A
BIO
$8.42B
| $8.83M | 1.28% |
21,000
-43,000
| -67% | -$17.4M |
|
25
Cullinan Oncology
CGEM
$1.05B
| $8.54M | 1.24% |
809,231
+185,215
| +30% | +$2.25M |
|
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Tang Capital Management's Q4 2022 Portfolio in Review
As of Q4 2022, Tang Capital Management held 112 positions worth $688M, down 16% from $815M the previous quarter. Its ten largest holdings account for 48% of the portfolio.
Tang Capital Management withdrew a net $114M in Q4 2022, closing 23 positions and reducing 32 holdings. Its most notable exit was Biohaven Pharmaceutical Holding Company Ltd., an estimated $42.3M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 98% of assets, up from 96% a quarter earlier, followed by Consumer Discretionary and Communication Services.
Against the trend, Tang Capital Management opened a new position in Third Harmonic Bio worth $7.31M.
- Tang Capital Management's largest Q4 2022 buy was Third Harmonic Bio: 1,700,000 shares worth $7.31M.
- Tang Capital Management added most to Axsome Therapeutics in Q4 2022, an estimated $14.9M increase.
- Tang Capital Management's biggest Q4 2022 reduction was Intra-Cellular Therapies Inc., cutting an estimated $20M.
- Tang Capital Management fully exited Biohaven Pharmaceutical Holding Company Ltd. in Q4 2022, selling an estimated $42.3M.
- Tang Capital Management's ten largest holdings make up 48% of its $688M portfolio in Q4 2022.
- Tang Capital Management opened 17 new positions and closed 23 in Q4 2022.
- Tang Capital Management's portfolio value fell 16% quarter-over-quarter to $688M.
Based on Tang Capital Management's 13F filing for Q4 2022, filed 14 Feb 2023.