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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
-5.03%
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
$1.81B
AUM Growth
+$296M
Cap. Flow
+$503M
Cap. Flow %
27.85%
Top 10 Hldgs %
39.2%
Holding
208
New
25
Increased
78
Reduced
31
Closed
6

Top Buys

Rank Stock Value
1
DVAX
Dynavax Technologies
DVAX
+$51.6M
2
LKFT
Lakefront Biotherapeutics American Depositary Shares
LKFT
+$45.5M
3
SYRE icon
Spyre Therapeutics
SYRE
+$42.7M
4
PLRX icon
Pliant Therapeutics
PLRX
+$36.4M
5
KNSA icon
Kiniksa Pharmaceuticals
KNSA
+$30.7M

Top Sells

Rank Stock Value
1
ITCI
Intra-Cellular Therapies Inc.
ITCI
+$9.97M
2
OMIC
Singular Genomics Systems, Inc. Common Stock
OMIC
+$7.23M
3
GRAL
GRAIL Inc
GRAL
+$5.83M
4
ALMS
Alumis Inc
ALMS
+$4.72M
5
SEER icon
Seer Inc
SEER
+$1.96M

Sector Composition

Rank Sector Weight
1 Healthcare 94.79%
2 Technology 1.25%
3 Communication Services 1.23%
4 Consumer Discretionary 0.99%
5 Financials 0.57%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TARS icon
1
Tarsus Pharmaceuticals
TARS
$2.62B
$126M 6.98%
2,454,797
+200,000
+9% +$9.89M
LKFT
2
Lakefront Biotherapeutics American Depositary Shares
LKFT
$1.84B
$99.5M 5.51%
3,961,797
+1,800,597
+83% +$45.5M
AUPH icon
3
Aurinia Pharmaceuticals
AUPH
$1.96B
$80.6M 4.46%
10,029,500
+1,600,000
+19% +$13M
DVAX
4
DELISTED
Dynavax Technologies
DVAX
$74.6M 4.13%
5,750,000
+3,900,000
+211% +$51.6M
EOLS icon
5
Evolus
EOLS
$407M
$60.1M 3.33%
4,997,399
– –
KALV
6
DELISTED
KalVista Pharmaceuticals
KALV
$57M 3.16%
4,941,798
+47,951
+1% +$489K
IMCR icon
7
Immunocore
IMCR
$1.72B
$56.8M 3.14%
1,915,708
+360,108
+23% +$10.8M
MIRM icon
8
Mirum Pharmaceuticals
MIRM
$6.96B
$55.7M 3.08%
1,237,107
– –
PTCT icon
9
PTC Therapeutics
PTCT
$6.29B
$51M 2.82%
1,000,000
+300,000
+43% +$15M
KNSA icon
10
Kiniksa Pharmaceuticals
KNSA
$4.89B
$47.1M 2.6%
2,118,579
+1,489,970
+237% +$30.7M
VRDN icon
11
Viridian Therapeutics
VRDN
$2.18B
$37.6M 2.08%
2,792,925
+300,000
+12% +$5.11M
SYRE icon
12
Spyre Therapeutics
SYRE
$8.69B
$33.1M 1.83%
+2,050,000
New +$42.7M
ITCI
13
DELISTED
Intra-Cellular Therapies Inc.
ITCI
$29M 1.61%
220,000
-80,000
-27% -$9.97M
ANAB icon
14
AnaptysBio
ANAB
$1.59B
$28.7M 1.59%
1,545,153
+214,274
+16% +$3.57M
REPL icon
15
Replimune Group
REPL
$724M
$28.3M 1.56%
2,900,000
+200,000
+7% +$2.48M
LEGN icon
16
Legend Biotech
LEGN
$3.73B
$28.2M 1.56%
830,000
+380,000
+84% +$13.6M
ACAD icon
17
Acadia Pharmaceuticals
ACAD
$4.35B
$24.9M 1.38%
1,500,000
– –
BNTX icon
18
BioNTech
BNTX
$23B
$24.6M 1.36%
270,000
– –
SLRN
19
DELISTED
ACELYRIN
SLRN
$24.3M 1.34%
+9,818,115
New +$23.3M
JAZZ icon
20
Jazz Pharmaceuticals
JAZZ
$16B
$23.6M 1.31%
190,000
+50,000
+36% +$6.52M
ANIP icon
21
ANI Pharmaceuticals
ANIP
$1.78B
$21.3M 1.18%
317,500
– –
RLAY icon
22
Relay Therapeutics
RLAY
$4.06B
$21.1M 1.17%
8,068,058
– –
CMPX icon
23
Compass Therapeutics
CMPX
$375M
$21M 1.16%
11,052,632
+5,152,632
+87% +$13.7M
ADMA icon
24
ADMA Biologics
ADMA
$1.97B
$20.8M 1.15%
1,050,000
+500,000
+91% +$8.65M
LENZ
25
LENZ Therapeutics
LENZ
$179M
$19.7M 1.09%
766,940
– –
1
2 3 4 5

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Tang Capital Management's Q1 2025 Portfolio in Review

As of Q1 2025, Tang Capital Management held 208 positions worth $1.81B, up 20% from $1.51B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Tang Capital Management deployed $503M of net new capital in Q1 2025, opening 25 new positions and adding to 78 existing holdings. Its largest new stake was Spyre Therapeutics: 2,050,000 shares worth $33.1M.

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

On the sell side, the largest reduction was Intra-Cellular Therapies Inc., an estimated $9.97M trimmed.

  • Tang Capital Management's largest Q1 2025 buy was Spyre Therapeutics: 2,050,000 shares worth $33.1M.
  • Tang Capital Management added most to Dynavax Technologies in Q1 2025, an estimated $51.6M increase.
  • Tang Capital Management's biggest Q1 2025 reduction was Intra-Cellular Therapies Inc., cutting an estimated $9.97M.
  • Tang Capital Management fully exited Singular Genomics Systems, Inc. Common Stock in Q1 2025, selling an estimated $7.23M.
  • Tang Capital Management's ten largest holdings make up 39% of its $1.81B portfolio in Q1 2025.
  • Tang Capital Management opened 25 new positions and closed 6 in Q1 2025.
  • Tang Capital Management's portfolio value rose 20% quarter-over-quarter to $1.81B.

Based on Tang Capital Management's 13F filing for Q1 2025, filed 15 May 2025.