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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
+46.64%
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
$960M
AUM Growth
-$122M
Cap. Flow
-$259M
Cap. Flow %
-26.95%
Top 10 Hldgs %
38.43%
Holding
146
New
23
Increased
19
Reduced
38
Closed
47

Top Buys

Rank Stock Value
1
INBX
Inhibrx, Inc. Common Stock
INBX
+$25.5M
2
IMNM icon
Immunome
IMNM
+$14.6M
3
ACET icon
Adicet Bio
ACET
+$14.3M
4
EOLS icon
Evolus
EOLS
+$13.6M
5
OTLK icon
Outlook Therapeutics
OTLK
+$13.1M

Top Sells

Rank Stock Value
1
MRTX
Mirati Therapeutics, Inc. Common Stock
MRTX
+$91.5M
2
IMGN
Immunogen Inc
IMGN
+$65.2M
3
LIAN
LianBio American Depositary Shares
LIAN
+$41.9M
4
AXSM icon
Axsome Therapeutics
AXSM
+$25.5M
5
GRCL
Gracell Biotechnologies Inc. American Depositary Shares
GRCL
+$22M

Sector Composition

Rank Sector Weight
1 Healthcare 98.03%
2 Technology 0.94%
3 Communication Services 0.51%
4 Real Estate 0.32%
5 Financials 0.2%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TARS icon
1
Tarsus Pharmaceuticals
TARS
$2.62B
$82M 8.53%
2,254,797
+50,000
+2% +$1.47M
EOLS icon
2
Evolus
EOLS
$407M
$58.1M 6.05%
4,147,399
+1,050,000
+34% +$13.6M
KALV
3
DELISTED
KalVista Pharmaceuticals
KALV
$48.9M 5.09%
4,125,345
+685,000
+20% +$9.13M
ANAB icon
4
AnaptysBio
ANAB
$1.59B
$30M 3.12%
1,330,879
-619,730
-32% -$14.7M
MIRM icon
5
Mirum Pharmaceuticals
MIRM
$6.96B
$29.8M 3.1%
1,187,107
+50,000
+4% +$1.37M
ALT icon
6
Altimmune
ALT
$576M
$28M 2.91%
2,750,000
– –
IMCR icon
7
Immunocore
IMCR
$1.72B
$26.4M 2.75%
405,600
– –
INBX
8
DELISTED
Inhibrx, Inc. Common Stock
INBX
$24.5M 2.55%
+700,000
New +$25.5M
LLY icon
9
Eli Lilly
LLY
$1.07T
$21M 2.19%
27,000
-3,000
-10% -$2.14M
PCVX icon
10
Vaxcyte
PCVX
$8.01B
$20.5M 2.13%
300,000
– –
PTCT icon
11
PTC Therapeutics
PTCT
$6.29B
$20.4M 2.12%
700,000
-200,000
-22% -$5.6M
OTLK icon
12
Outlook Therapeutics
OTLK
$198M
$19.3M 2.01%
+1,619,412
New +$13.1M
RCKT icon
13
Rocket Pharmaceuticals
RCKT
$355M
$17.8M 1.85%
660,000
+410,000
+164% +$11.6M
IMNM icon
14
Immunome
IMNM
$2.56B
$17.8M 1.85%
+720,000
New +$14.6M
AVDL
15
DELISTED
Avadel Pharmaceuticals
AVDL
$17.7M 1.84%
1,047,275
-32,253
-3% -$480K
VTYX
16
DELISTED
Ventyx Biosciences
VTYX
$17.1M 1.78%
3,100,000
+1,100,000
+55% +$5.03M
AVIR icon
17
Atea Pharmaceuticals
AVIR
$386M
$16.5M 1.71%
4,076,741
– –
ELEV
18
DELISTED
Elevation Oncology
ELEV
$15.7M 1.63%
3,060,000
-607,600
-17% -$1.97M
APLT
19
DELISTED
Applied Therapeutics
APLT
$15.2M 1.58%
+2,230,000
New +$10M
ACET icon
20
Adicet Bio
ACET
$75.3M
$15.1M 1.57%
400,463
+345,691
+631% +$14.3M
MOR
21
DELISTED
MorphoSys AG American Depositary Shares
MOR
$14.5M 1.51%
+800,705
New +$11.8M
CTMX icon
22
CytomX Therapeutics
CTMX
$708M
$14.1M 1.46%
6,450,000
-100,000
-2% -$185K
NUVB icon
23
Nuvation Bio
NUVB
$2.32B
$12.9M 1.35%
3,551,864
+51,864
+1% +$99.6K
GSK icon
24
GSK
GSK
$104B
$12.9M 1.34%
300,000
– –
LENZ
25
LENZ Therapeutics
LENZ
$179M
$12.2M 1.27%
547,616
+191,647
+54% +$3.98M
1
2 3 4 5

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Tang Capital Management's Q1 2024 Portfolio in Review

As of Q1 2024, Tang Capital Management held 146 positions worth $960M, down 11% from $1.08B the previous quarter. Its ten largest holdings account for 38% of the portfolio.

Tang Capital Management withdrew a net $259M in Q1 2024, closing 47 positions and reducing 38 holdings. Its most notable exit was Mirati Therapeutics, Inc. Common Stock, an estimated $91.5M 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 Technology and Communication Services.

Against the trend, Tang Capital Management opened a new position in Inhibrx, Inc. Common Stock worth $24.5M.

  • Tang Capital Management's largest Q1 2024 buy was Inhibrx, Inc. Common Stock: 700,000 shares worth $24.5M.
  • Tang Capital Management added most to Adicet Bio in Q1 2024, an estimated $14.3M increase.
  • Tang Capital Management's biggest Q1 2024 reduction was AnaptysBio, cutting an estimated $14.7M.
  • Tang Capital Management fully exited Mirati Therapeutics, Inc. Common Stock in Q1 2024, selling an estimated $91.5M.
  • Tang Capital Management's ten largest holdings make up 38% of its $960M portfolio in Q1 2024.
  • Tang Capital Management opened 23 new positions and closed 47 in Q1 2024.
  • Tang Capital Management's portfolio value fell 11% quarter-over-quarter to $960M.

Based on Tang Capital Management's 13F filing for Q1 2024, filed 15 May 2024.