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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
+10.56%
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
$1.98B
AUM Growth
+$171M
Cap. Flow
+$109M
Cap. Flow %
5.49%
Top 10 Hldgs %
35.03%
Holding
220
New
18
Increased
34
Reduced
52
Closed
20

Top Buys

Rank Stock Value
1
VERA icon
Vera Therapeutics
VERA
+$27M
2
MRUS
Merus
MRUS
+$23.5M
3
MTD icon
Mettler-Toledo International
MTD
+$21.8M
4
BA icon
Boeing
BA
+$18.8M
5
SRPT icon
Sarepta Therapeutics
SRPT
+$17.9M

Top Sells

Rank Stock Value
1
DVAX
Dynavax Technologies
DVAX
+$40M
2
ITCI
Intra-Cellular Therapies Inc.
ITCI
+$29M
3
SLRN
ACELYRIN
SLRN
+$24.3M
4
ONC
BeOne Medicines Ltd
ONC
+$10.1M
5
CRSP icon
CRISPR Therapeutics
CRSP
+$9.07M

Sector Composition

Rank Sector Weight
1 Healthcare 94.16%
2 Technology 1.37%
3 Industrials 1.32%
4 Communication Services 1.26%
5 Consumer Discretionary 0.8%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LKFT
1
Lakefront Biotherapeutics American Depositary Shares
LKFT
$1.82B
$112M 5.65%
3,990,111
+28,314
+0.7% +$759K
TARS icon
2
Tarsus Pharmaceuticals
TARS
$2.56B
$99.4M 5.03%
2,454,797
– –
AUPH icon
3
Aurinia Pharmaceuticals
AUPH
$1.97B
$84.9M 4.29%
10,029,500
– –
IMCR icon
4
Immunocore
IMCR
$1.78B
$66.1M 3.34%
2,105,608
+189,900
+10% +$5.9M
KNSA icon
5
Kiniksa Pharmaceuticals
KNSA
$4.83B
$64.4M 3.26%
2,328,609
+210,030
+10% +$5.35M
MIRM icon
6
Mirum Pharmaceuticals
MIRM
$6.89B
$62.9M 3.18%
1,236,027
-1,080
-0.1% -$48.1K
KALV
7
DELISTED
KalVista Pharmaceuticals
KALV
$55.9M 2.82%
4,941,798
– –
PTCT icon
8
PTC Therapeutics
PTCT
$6.37B
$53.7M 2.72%
1,100,000
+100,000
+10% +$4.75M
SYRE icon
9
Spyre Therapeutics
SYRE
$8.87B
$47.9M 2.42%
3,200,000
+1,150,000
+56% +$17M
EOLS icon
10
Evolus
EOLS
$394M
$46M 2.33%
4,997,399
– –
VRDN icon
11
Viridian Therapeutics
VRDN
$2.13B
$39.7M 2.01%
2,842,925
+50,000
+2% +$679K
ITOS
12
DELISTED
iTeos Therapeutics
ITOS
$38.2M 1.93%
3,826,692
+1,137,492
+42% +$9.16M
CMPX icon
13
Compass Therapeutics
CMPX
$373M
$35.1M 1.77%
13,496,208
+2,443,576
+22% +$5.04M
ACAD icon
14
Acadia Pharmaceuticals
ACAD
$4.25B
$32.4M 1.64%
1,500,000
– –
VERA icon
15
Vera Therapeutics
VERA
$2.54B
$31.8M 1.61%
1,350,000
+1,200,000
+800% +$27M
MRUS
16
DELISTED
Merus
MRUS
$31.6M 1.6%
600,000
+500,000
+500% +$23.5M
REPL icon
17
Replimune Group
REPL
$814M
$29.7M 1.5%
3,200,000
+300,000
+10% +$2.62M
ANAB icon
18
AnaptysBio
ANAB
$1.6B
$29.5M 1.49%
1,330,879
-214,274
-14% -$4.49M
LEGN icon
19
Legend Biotech
LEGN
$4.3B
$29.5M 1.49%
830,000
– –
BNTX icon
20
BioNTech
BNTX
$22.6B
$28.7M 1.45%
270,000
– –
RLAY icon
21
Relay Therapeutics
RLAY
$4.02B
$27.9M 1.41%
8,068,058
– –
LENZ
22
LENZ Therapeutics
LENZ
$172M
$26.3M 1.33%
897,616
+130,676
+17% +$3.55M
CTMX icon
23
CytomX Therapeutics
CTMX
$705M
$25.1M 1.27%
11,065,662
+4,347,837
+65% +$7.01M
MTD icon
24
Mettler-Toledo International
MTD
$26.8B
$22.9M 1.16%
+19,500
New +$21.8M
BA icon
25
Boeing
BA
$165B
$22.1M 1.12%
105,662
+99,594
+1,641% +$18.8M
1
2 3 4 5

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Tang Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Tang Capital Management held 220 positions worth $1.98B, up 9.4% from $1.81B the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Tang Capital Management deployed $109M of net new capital in Q2 2025, opening 18 new positions and adding to 34 existing holdings. Its largest new stake was Mettler-Toledo International: 19,500 shares worth $22.9M.

By sector, the portfolio is most concentrated in Healthcare at 94% of assets, down from 95% a quarter earlier, followed by Technology and Industrials.

On the sell side, the largest reduction was Dynavax Technologies, an estimated $40M trimmed.

  • Tang Capital Management's largest Q2 2025 buy was Mettler-Toledo International: 19,500 shares worth $22.9M.
  • Tang Capital Management added most to Vera Therapeutics in Q2 2025, an estimated $27M increase.
  • Tang Capital Management's biggest Q2 2025 reduction was Dynavax Technologies, cutting an estimated $40M.
  • Tang Capital Management fully exited Intra-Cellular Therapies Inc. in Q2 2025, selling an estimated $29M.
  • Tang Capital Management's ten largest holdings make up 35% of its $1.98B portfolio in Q2 2025.
  • Tang Capital Management opened 18 new positions and closed 20 in Q2 2025.
  • Tang Capital Management's portfolio value rose 9.4% quarter-over-quarter to $1.98B.

Based on Tang Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.