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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
-3.24%
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
$709M
AUM Growth
+$29.4M
Cap. Flow
+$90.1M
Cap. Flow %
12.71%
Top 10 Hldgs %
39.27%
Holding
116
New
17
Increased
23
Reduced
16
Closed
10

Top Buys

Rank Stock Value
1
EQRX
EQRx, Inc. Common Stock
EQRX
+$21.6M
2
NTLA icon
Intellia Therapeutics
NTLA
+$15.4M
3
AVDL
Avadel Pharmaceuticals
AVDL
+$13.4M
4
NVCR icon
NovoCure
NVCR
+$11.3M
5
QURE icon
uniQure
QURE
+$8.42M

Top Sells

Rank Stock Value
1
BLUE
bluebird bio
BLUE
+$10.9M
2
COF icon
Capital One
COF
+$8.75M
3
BCRX icon
BioCryst Pharmaceuticals
BCRX
+$4.67M
4
PYXS icon
Pyxis Oncology
PYXS
+$4.58M
5
PHAT icon
Phathom Pharmaceuticals
PHAT
+$3.58M

Sector Composition

Rank Sector Weight
1 Healthcare 94.04%
2 Financials 5.11%
3 Real Estate 0.78%
4 Consumer Discretionary 0.07%
5 Utilities 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TARS icon
1
Tarsus Pharmaceuticals
TARS
$2.56B
$38M 5.37%
2,140,586
+361,428
+20% +$6.4M
MIRM icon
2
Mirum Pharmaceuticals
MIRM
$6.89B
$35.9M 5.07%
1,137,107
– –
ANAB icon
3
AnaptysBio
ANAB
$1.6B
$35M 4.94%
1,950,609
– –
KALV
4
DELISTED
KalVista Pharmaceuticals
KALV
$33.1M 4.67%
3,440,345
+788,952
+30% +$8.06M
EOLS icon
5
Evolus
EOLS
$394M
$28.3M 3.99%
3,097,399
– –
IMGN
6
DELISTED
Immunogen Inc
IMGN
$23.8M 3.36%
1,500,000
+200,000
+15% +$3.33M
EQRX
7
DELISTED
EQRx, Inc. Common Stock
EQRX
$22.4M 3.16%
+10,086,110
New +$21.6M
AXSM icon
8
Axsome Therapeutics
AXSM
$12.4B
$22.4M 3.16%
320,000
– –
IMCR icon
9
Immunocore
IMCR
$1.78B
$21.1M 2.97%
405,600
– –
FLG
10
Flagstar Bank National Association
FLG
$5.77B
$18.2M 2.57%
535,533
– –
LLY icon
11
Eli Lilly
LLY
$1.07T
$16.1M 2.27%
30,000
– –
ITCI
12
DELISTED
Intra-Cellular Therapies Inc.
ITCI
$15.6M 2.21%
300,000
– –
PCVX icon
13
Vaxcyte
PCVX
$7.89B
$15.3M 2.16%
300,000
– –
ONC
14
BeOne Medicines Ltd
ONC
$33.8B
$15.3M 2.16%
85,000
– –
BLUE
15
DELISTED
bluebird bio
BLUE
$13M 1.84%
214,141
-155,000
-42% -$10.9M
BCRX icon
16
BioCryst Pharmaceuticals
BCRX
$2.37B
$12.7M 1.8%
1,800,000
-650,000
-27% -$4.67M
NTLA icon
17
Intellia Therapeutics
NTLA
$1.5B
$12.6M 1.77%
+397,600
New +$15.4M
AZN icon
18
AstraZeneca
AZN
$263B
$11.5M 1.62%
85,000
– –
THRD
19
DELISTED
Third Harmonic Bio
THRD
$11.5M 1.62%
1,800,000
– –
AVIR icon
20
Atea Pharmaceuticals
AVIR
$379M
$10.8M 1.52%
3,600,000
+573,545
+19% +$1.95M
KNSA icon
21
Kiniksa Pharmaceuticals
KNSA
$4.83B
$10.4M 1.47%
600,000
– –
AVDL
22
DELISTED
Avadel Pharmaceuticals
AVDL
$10.3M 1.45%
+1,000,000
New +$13.4M
VRDN icon
23
Viridian Therapeutics
VRDN
$2.13B
$10.3M 1.45%
669,125
-23,800
-3% -$454K
IONS icon
24
Ionis Pharmaceuticals
IONS
$9.35B
$9.07M 1.28%
200,000
– –
HRMY icon
25
Harmony Biosciences
HRMY
$2.04B
$8.89M 1.25%
271,200
– –
1
2 3 4 5

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Tang Capital Management's Q3 2023 Portfolio in Review

As of Q3 2023, Tang Capital Management held 116 positions worth $709M, up 4.3% from $679M the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Tang Capital Management deployed $90.1M of net new capital in Q3 2023, opening 17 new positions and adding to 23 existing holdings. Its largest new stake was EQRx, Inc. Common Stock: 10,086,110 shares worth $22.4M.

By sector, the portfolio is most concentrated in Healthcare at 94% of assets, up from 93% a quarter earlier, followed by Financials and Real Estate.

On the sell side, the largest reduction was bluebird bio, an estimated $10.9M trimmed.

  • Tang Capital Management's largest Q3 2023 buy was EQRx, Inc. Common Stock: 10,086,110 shares worth $22.4M.
  • Tang Capital Management added most to NovoCure in Q3 2023, an estimated $11.3M increase.
  • Tang Capital Management's biggest Q3 2023 reduction was bluebird bio, cutting an estimated $10.9M.
  • Tang Capital Management fully exited Capital One in Q3 2023, selling an estimated $8.75M.
  • Tang Capital Management's ten largest holdings make up 39% of its $709M portfolio in Q3 2023.
  • Tang Capital Management opened 17 new positions and closed 10 in Q3 2023.
  • Tang Capital Management's portfolio value rose 4.3% quarter-over-quarter to $709M.

Based on Tang Capital Management's 13F filing for Q3 2023, filed 14 Nov 2023.