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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
+47.97%
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
$1.08B
AUM Growth
+$374M
Cap. Flow
+$212M
Cap. Flow %
19.62%
Top 10 Hldgs %
41.77%
Holding
136
New
30
Increased
24
Reduced
21
Closed
13

Top Buys

Rank Stock Value
1
MRTX
Mirati Therapeutics, Inc. Common Stock
MRTX
+$77.5M
2
LIAN
LianBio American Depositary Shares
LIAN
+$26M
3
OKUR
OnKure Therapeutics
OKUR
+$20.8M
4
PTCT icon
PTC Therapeutics
PTCT
+$20.6M
5
VTYX
Ventyx Biosciences
VTYX
+$19M

Top Sells

Rank Stock Value
1
EQRX
EQRx, Inc. Common Stock
EQRX
+$22.4M
2
THRD
Third Harmonic Bio
THRD
+$11.5M
3
NVCR icon
NovoCure
NVCR
+$7.95M
4
BLUE
bluebird bio
BLUE
+$7.87M
5
BCRX icon
BioCryst Pharmaceuticals
BCRX
+$5.79M

Sector Composition

Rank Sector Weight
1 Healthcare 95.77%
2 Financials 3.5%
3 Real Estate 0.65%
4 Technology 0.08%
5 Consumer Discretionary 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MRTX
1
DELISTED
Mirati Therapeutics, Inc. Common Stock
MRTX
$91.5M 8.46%
1,558,059
+1,378,059
+766% +$77.5M
IMGN
2
DELISTED
Immunogen Inc
IMGN
$65.2M 6.02%
2,199,137
+699,137
+47% +$13.9M
TARS icon
3
Tarsus Pharmaceuticals
TARS
$2.56B
$44.6M 4.13%
2,204,797
+64,211
+3% +$1.07M
KALV
4
DELISTED
KalVista Pharmaceuticals
KALV
$42.1M 3.89%
3,440,345
– –
LIAN
5
DELISTED
LianBio American Depositary Shares
LIAN
$41.9M 3.87%
9,366,783
+7,566,783
+420% +$26M
ANAB icon
6
AnaptysBio
ANAB
$1.6B
$41.8M 3.86%
1,950,609
– –
MIRM icon
7
Mirum Pharmaceuticals
MIRM
$6.89B
$33.6M 3.1%
1,137,107
– –
EOLS icon
8
Evolus
EOLS
$394M
$32.6M 3.01%
3,097,399
– –
ALT icon
9
Altimmune
ALT
$539M
$30.9M 2.86%
2,750,000
– –
IMCR icon
10
Immunocore
IMCR
$1.78B
$27.7M 2.56%
405,600
– –
AXSM icon
11
Axsome Therapeutics
AXSM
$12.4B
$25.5M 2.35%
320,000
– –
PTCT icon
12
PTC Therapeutics
PTCT
$6.37B
$24.8M 2.29%
+900,000
New +$20.6M
GRCL
13
DELISTED
Gracell Biotechnologies Inc. American Depositary Shares
GRCL
$22M 2.03%
2,191,417
+2,032,330
+1,277% +$9.22M
RVMD icon
14
Revolution Medicines
RVMD
$40.2B
$19.5M 1.8%
+679,630
New +$16.3M
PCVX icon
15
Vaxcyte
PCVX
$7.89B
$18.8M 1.74%
300,000
– –
LLY icon
16
Eli Lilly
LLY
$1.07T
$17.5M 1.62%
30,000
– –
FLG
17
Flagstar Bank National Association
FLG
$5.77B
$16.4M 1.52%
535,533
– –
ITCI
18
DELISTED
Intra-Cellular Therapies Inc.
ITCI
$15.8M 1.46%
220,000
-80,000
-27% -$4.6M
ONC
19
BeOne Medicines Ltd
ONC
$33.8B
$15.3M 1.42%
85,000
– –
AVDL
20
DELISTED
Avadel Pharmaceuticals
AVDL
$15.2M 1.41%
1,079,528
+79,528
+8% +$934K
VRDN icon
21
Viridian Therapeutics
VRDN
$2.13B
$15.1M 1.39%
692,925
+23,800
+4% +$376K
CRSP icon
22
CRISPR Therapeutics
CRSP
$4.58B
$13.5M 1.24%
+215,000
New +$11.9M
THRX
23
DELISTED
Theseus Pharmaceuticals, Inc. Common Stock
THRX
$13.2M 1.22%
+3,255,026
New +$9.93M
AVIR icon
24
Atea Pharmaceuticals
AVIR
$379M
$12.4M 1.15%
4,076,741
+476,741
+13% +$1.44M
AZN icon
25
AstraZeneca
AZN
$263B
$11.4M 1.06%
85,000
– –
1
2 3 4 5

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Tang Capital Management's Q4 2023 Portfolio in Review

As of Q4 2023, Tang Capital Management held 136 positions worth $1.08B, up 53% from $709M the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Tang Capital Management deployed $212M of net new capital in Q4 2023, opening 30 new positions and adding to 24 existing holdings. Its largest new stake was OnKure Therapeutics: 333,000 shares worth $5.33M.

By sector, the portfolio is most concentrated in Healthcare at 96% of assets, up from 94% a quarter earlier, followed by Financials and Real Estate.

On the sell side, the largest reduction was bluebird bio, an estimated $7.87M trimmed.

  • Tang Capital Management's largest Q4 2023 buy was OnKure Therapeutics: 333,000 shares worth $5.33M.
  • Tang Capital Management added most to Mirati Therapeutics, Inc. Common Stock in Q4 2023, an estimated $77.5M increase.
  • Tang Capital Management's biggest Q4 2023 reduction was bluebird bio, cutting an estimated $7.87M.
  • Tang Capital Management fully exited EQRx, Inc. Common Stock in Q4 2023, selling an estimated $22.4M.
  • Tang Capital Management's ten largest holdings make up 42% of its $1.08B portfolio in Q4 2023.
  • Tang Capital Management opened 30 new positions and closed 13 in Q4 2023.
  • Tang Capital Management's portfolio value rose 53% quarter-over-quarter to $1.08B.

Based on Tang Capital Management's 13F filing for Q4 2023, filed 14 Feb 2024.