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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
-0.55%
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
$1.51B
AUM Growth
+$111M
Cap. Flow
+$272M
Cap. Flow %
17.99%
Top 10 Hldgs %
37.54%
Holding
194
New
40
Increased
63
Reduced
17
Closed
11

Top Buys

Rank Stock Value
1
LKFT
Lakefront Biotherapeutics American Depositary Shares
LKFT
+$40.7M
2
RLAY icon
Relay Therapeutics
RLAY
+$24.5M
3
BIOA
BioAge Labs
BIOA
+$22.7M
4
LEGN icon
Legend Biotech
LEGN
+$18.6M
5
REPL icon
Replimune Group
REPL
+$18.2M

Top Sells

Rank Stock Value
1
ITOS
iTeos Therapeutics
ITOS
+$18.8M
2
RVNC
Revance Therapeutics, Inc.
RVNC
+$13M
3
IMNM icon
Immunome
IMNM
+$10.5M
4
ANIP icon
ANI Pharmaceuticals
ANIP
+$7.61M
5
CNTA
Centessa Pharmaceuticals
CNTA
+$6.4M

Sector Composition

Rank Sector Weight
1 Healthcare 94.65%
2 Technology 1.65%
3 Communication Services 1.35%
4 Consumer Discretionary 0.56%
5 Financials 0.53%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TARS icon
1
Tarsus Pharmaceuticals
TARS
$2.56B
$125M 8.26%
2,254,797
– –
AUPH icon
2
Aurinia Pharmaceuticals
AUPH
$1.97B
$75.7M 5.01%
8,429,500
+1,200,000
+17% +$9.79M
LKFT
3
Lakefront Biotherapeutics American Depositary Shares
LKFT
$1.82B
$59.4M 3.93%
2,161,200
+1,461,200
+209% +$40.7M
EOLS icon
4
Evolus
EOLS
$394M
$55.2M 3.65%
4,997,399
+150,000
+3% +$2.11M
MIRM icon
5
Mirum Pharmaceuticals
MIRM
$6.89B
$51.2M 3.38%
1,237,107
-50,000
-4% -$2.08M
VRDN icon
6
Viridian Therapeutics
VRDN
$2.13B
$47.8M 3.16%
2,492,925
+250,000
+11% +$5.44M
IMCR icon
7
Immunocore
IMCR
$1.78B
$45.9M 3.04%
1,555,600
+450,000
+41% +$14.2M
KALV
8
DELISTED
KalVista Pharmaceuticals
KALV
$41.5M 2.74%
4,893,847
+572,300
+13% +$5.93M
RLAY icon
9
Relay Therapeutics
RLAY
$4.02B
$33.2M 2.2%
8,068,058
+4,500,000
+126% +$24.5M
REPL icon
10
Replimune Group
REPL
$814M
$32.7M 2.16%
2,700,000
+1,500,000
+125% +$18.2M
PTCT icon
11
PTC Therapeutics
PTCT
$6.37B
$31.6M 2.09%
700,000
– –
BNTX icon
12
BioNTech
BNTX
$22.6B
$30.8M 2.04%
270,000
– –
ACAD icon
13
Acadia Pharmaceuticals
ACAD
$4.25B
$27.5M 1.82%
1,500,000
– –
ITCI
14
DELISTED
Intra-Cellular Therapies Inc.
ITCI
$25.1M 1.66%
300,000
– –
PCVX icon
15
Vaxcyte
PCVX
$7.89B
$24.6M 1.62%
300,000
– –
DVAX
16
DELISTED
Dynavax Technologies
DVAX
$23.6M 1.56%
1,850,000
-50,000
-3% -$605K
LENZ
17
LENZ Therapeutics
LENZ
$172M
$22.1M 1.47%
766,940
– –
NBIX icon
18
Neurocrine Biosciences
NBIX
$17.7B
$20.5M 1.35%
150,000
– –
ALT icon
19
Altimmune
ALT
$539M
$19.8M 1.31%
2,750,000
– –
NVDA icon
20
NVIDIA
NVDA
$5.01T
$19.1M 1.27%
142,569
-5,163
-3% -$712K
ANAB icon
21
AnaptysBio
ANAB
$1.6B
$17.6M 1.17%
1,330,879
– –
ANIP icon
22
ANI Pharmaceuticals
ANIP
$1.77B
$17.6M 1.16%
317,500
-132,500
-29% -$7.61M
JAZZ icon
23
Jazz Pharmaceuticals
JAZZ
$15.9B
$17.2M 1.14%
140,000
– –
ZYME icon
24
Zymeworks
ZYME
$1.68B
$16.1M 1.07%
1,100,000
– –
AVIR icon
25
Atea Pharmaceuticals
AVIR
$379M
$16M 1.06%
4,788,912
+181,852
+4% +$604K
1
2 3 4 5

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Tang Capital Management's Q4 2024 Portfolio in Review

As of Q4 2024, Tang Capital Management held 194 positions worth $1.51B, up 8% from $1.4B the previous quarter. Its ten largest holdings account for 38% of the portfolio.

Tang Capital Management deployed $272M of net new capital in Q4 2024, opening 40 new positions and adding to 63 existing holdings. Its largest new stake was BioAge Labs: 1,318,361 shares worth $7.63M.

By sector, the portfolio is most concentrated in Healthcare at 95% of assets, down from 96% a quarter earlier, followed by Technology and Communication Services.

On the sell side, the largest reduction was iTeos Therapeutics, an estimated $18.8M trimmed.

  • Tang Capital Management's largest Q4 2024 buy was BioAge Labs: 1,318,361 shares worth $7.63M.
  • Tang Capital Management added most to Lakefront Biotherapeutics American Depositary Shares in Q4 2024, an estimated $40.7M increase.
  • Tang Capital Management's biggest Q4 2024 reduction was iTeos Therapeutics, cutting an estimated $18.8M.
  • Tang Capital Management fully exited Revance Therapeutics, Inc. in Q4 2024, selling an estimated $13M.
  • Tang Capital Management's ten largest holdings make up 38% of its $1.51B portfolio in Q4 2024.
  • Tang Capital Management opened 40 new positions and closed 11 in Q4 2024.
  • Tang Capital Management's portfolio value rose 8% quarter-over-quarter to $1.51B.

Based on Tang Capital Management's 13F filing for Q4 2024, filed 14 Feb 2025.