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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
+37.48%
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
$2.6B
AUM Growth
+$619M
Cap. Flow
+$158M
Cap. Flow %
6.08%
Top 10 Hldgs %
36.7%
Holding
210
New
10
Increased
28
Reduced
33
Closed
16

Top Buys

Rank Stock Value
1
CELC icon
Celcuity
CELC
+$46M
2
NKE icon
Nike
NKE
+$37.3M
3
PGEN icon
Precigen
PGEN
+$35M
4
VRTX icon
Vertex Pharmaceuticals
VRTX
+$29.3M
5
PTCT icon
PTC Therapeutics
PTCT
+$20.8M

Top Sells

Rank Stock Value
1
ITOS
iTeos Therapeutics
ITOS
+$38.2M
2
BA icon
Boeing
BA
+$23.1M
3
MTD icon
Mettler-Toledo International
MTD
+$22M
4
CRGX
CARGO Therapeutics
CRGX
+$12.6M
5
ELAN icon
Elanco Animal Health
ELAN
+$11.4M

Sector Composition

Rank Sector Weight
1 Healthcare 94.95%
2 Consumer Discretionary 2.06%
3 Technology 1.19%
4 Communication Services 0.91%
5 Financials 0.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TARS icon
1
Tarsus Pharmaceuticals
TARS
$2.56B
$146M 5.62%
2,454,797
– –
LKFT
2
Lakefront Biotherapeutics American Depositary Shares
LKFT
$1.82B
$144M 5.54%
4,151,194
+161,083
+4% +$5.15M
AUPH icon
3
Aurinia Pharmaceuticals
AUPH
$1.97B
$125M 4.82%
11,329,500
+1,300,000
+13% +$14.2M
PTCT icon
4
PTC Therapeutics
PTCT
$6.37B
$92.1M 3.54%
1,500,000
+400,000
+36% +$20.8M
MIRM icon
5
Mirum Pharmaceuticals
MIRM
$6.89B
$90.6M 3.49%
1,236,027
– –
KNSA icon
6
Kiniksa Pharmaceuticals
KNSA
$4.83B
$90.4M 3.48%
2,328,609
– –
IMCR icon
7
Immunocore
IMCR
$1.78B
$83.8M 3.22%
2,305,608
+200,000
+9% +$6.79M
KALV
8
DELISTED
KalVista Pharmaceuticals
KALV
$61.4M 2.36%
5,041,798
+100,000
+2% +$1.38M
VRDN icon
9
Viridian Therapeutics
VRDN
$2.13B
$61.4M 2.36%
2,842,925
– –
CMPX icon
10
Compass Therapeutics
CMPX
$373M
$58.8M 2.27%
16,811,963
+3,315,755
+25% +$10.5M
CELC icon
11
Celcuity
CELC
$4.03B
$56.8M 2.19%
+1,150,000
New +$46M
MRUS
12
DELISTED
Merus
MRUS
$56.5M 2.17%
600,000
– –
SYRE icon
13
Spyre Therapeutics
SYRE
$8.87B
$53.6M 2.06%
3,200,000
– –
RLAY icon
14
Relay Therapeutics
RLAY
$4.02B
$42.1M 1.62%
8,068,058
– –
LENZ
15
LENZ Therapeutics
LENZ
$172M
$41.8M 1.61%
897,616
– –
ANAB icon
16
AnaptysBio
ANAB
$1.6B
$40.8M 1.57%
1,333,639
+2,760
+0.2% +$63.3K
PGEN icon
17
Precigen
PGEN
$1.93B
$40.8M 1.57%
+12,400,000
New +$35M
VERA icon
18
Vera Therapeutics
VERA
$2.54B
$39.2M 1.51%
1,350,000
– –
NKE icon
19
Nike
NKE
$61.9B
$36.2M 1.39%
519,399
+500,000
+2,577% +$37.3M
IONS icon
20
Ionis Pharmaceuticals
IONS
$9.35B
$36M 1.39%
550,000
+400,000
+267% +$19.5M
CTMX icon
21
CytomX Therapeutics
CTMX
$705M
$35.3M 1.36%
11,065,662
– –
EOLS icon
22
Evolus
EOLS
$394M
$33.7M 1.3%
5,488,299
+490,900
+10% +$3.83M
AVDL
23
DELISTED
Avadel Pharmaceuticals
AVDL
$32M 1.23%
2,097,500
– –
ACAD icon
24
Acadia Pharmaceuticals
ACAD
$4.25B
$32M 1.23%
1,500,000
– –
VRTX icon
25
Vertex Pharmaceuticals
VRTX
$121B
$31.3M 1.21%
80,000
+70,000
+700% +$29.3M
1
2 3 4 5

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Tang Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Tang Capital Management held 210 positions worth $2.6B, up 31% from $1.98B the previous quarter. Its ten largest holdings account for 37% of the portfolio.

Tang Capital Management deployed $158M of net new capital in Q3 2025, opening 10 new positions and adding to 28 existing holdings. Its largest new stake was Celcuity: 1,150,000 shares worth $56.8M.

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

On the sell side, the largest reduction was Boeing, an estimated $23.1M trimmed.

  • Tang Capital Management's largest Q3 2025 buy was Celcuity: 1,150,000 shares worth $56.8M.
  • Tang Capital Management added most to Nike in Q3 2025, an estimated $37.3M increase.
  • Tang Capital Management's biggest Q3 2025 reduction was Boeing, cutting an estimated $23.1M.
  • Tang Capital Management fully exited iTeos Therapeutics in Q3 2025, selling an estimated $38.2M.
  • Tang Capital Management's ten largest holdings make up 37% of its $2.6B portfolio in Q3 2025.
  • Tang Capital Management opened 10 new positions and closed 16 in Q3 2025.
  • Tang Capital Management's portfolio value rose 31% quarter-over-quarter to $2.6B.

Based on Tang Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.