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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
+40.09%
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
$2.02B
AUM Growth
-$573M
Cap. Flow
-$1.02B
Cap. Flow %
-50.15%
Top 10 Hldgs %
52.91%
Holding
201
New
7
Increased
12
Reduced
40
Closed
126

Top Buys

Rank Stock Value
1
RNAM
Avidity Biosciences
RNAM
+$58.1M
2
CAPR icon
Capricor Therapeutics
CAPR
+$22.2M
3
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$20.3M
4
BNTX icon
BioNTech
BNTX
+$20.1M
5
ANIP icon
ANI Pharmaceuticals
ANIP
+$14.2M

Top Sells

Rank Stock Value
1
TARS icon
Tarsus Pharmaceuticals
TARS
+$94.5M
2
MRUS
Merus
MRUS
+$56.5M
3
RLAY icon
Relay Therapeutics
RLAY
+$42.1M
4
VERA icon
Vera Therapeutics
VERA
+$39.2M
5
NKE icon
Nike
NKE
+$36.2M

Sector Composition

Rank Sector Weight
1 Healthcare 96.95%
2 Technology 1.18%
3 Communication Services 0.76%
4 Real Estate 0.1%
5 Financials 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AUPH icon
1
Aurinia Pharmaceuticals
AUPH
$1.97B
$181M 8.93%
11,329,500
– –
LKFT
2
Lakefront Biotherapeutics American Depositary Shares
LKFT
$1.82B
$128M 6.33%
3,921,219
-229,975
-6% -$7.43M
PTCT icon
3
PTC Therapeutics
PTCT
$6.37B
$114M 5.63%
1,500,000
– –
CELC icon
4
Celcuity
CELC
$4.03B
$105M 5.17%
1,050,000
-100,000
-9% -$8.22M
MIRM icon
5
Mirum Pharmaceuticals
MIRM
$6.89B
$97.6M 4.82%
1,236,027
– –
TARS icon
6
Tarsus Pharmaceuticals
TARS
$2.56B
$97.3M 4.81%
1,188,624
-1,266,173
-52% -$94.5M
KNSA icon
7
Kiniksa Pharmaceuticals
KNSA
$4.83B
$93.2M 4.6%
2,259,889
-68,720
-3% -$2.76M
IMCR icon
8
Immunocore
IMCR
$1.78B
$91.2M 4.51%
2,628,538
+322,930
+14% +$11.4M
CMPX icon
9
Compass Therapeutics
CMPX
$373M
$90.2M 4.45%
16,790,809
-21,154
-0.1% -$97.7K
KALV
10
DELISTED
KalVista Pharmaceuticals
KALV
$73.9M 3.65%
4,573,530
-468,268
-9% -$6.2M
RNAM
11
DELISTED
Avidity Biosciences
RNAM
$64.9M 3.21%
+900,000
New +$58.1M
ANAB icon
12
AnaptysBio
ANAB
$1.6B
$64.6M 3.19%
1,332,087
-1,552
-0.1% -$60.5K
SYRE icon
13
Spyre Therapeutics
SYRE
$8.87B
$62M 3.06%
1,892,200
-1,307,800
-41% -$34.2M
VRDN icon
14
Viridian Therapeutics
VRDN
$2.13B
$55.8M 2.76%
1,792,626
-1,050,299
-37% -$28.8M
CAPR icon
15
Capricor Therapeutics
CAPR
$1.14B
$49.1M 2.42%
+1,700,000
New +$22.2M
BNTX icon
16
BioNTech
BNTX
$22.6B
$44.7M 2.21%
470,000
+200,000
+74% +$20.1M
ANIP icon
17
ANI Pharmaceuticals
ANIP
$1.77B
$38M 1.88%
481,437
+163,937
+52% +$14.2M
VRTX icon
18
Vertex Pharmaceuticals
VRTX
$121B
$36.3M 1.79%
80,000
– –
NUVB icon
19
Nuvation Bio
NUVB
$2.24B
$34.6M 1.71%
3,857,457
-342,543
-8% -$2.12M
TVTX icon
20
Travere Therapeutics
TVTX
$5.33B
$26.7M 1.32%
700,000
– –
VTYX
21
DELISTED
Ventyx Biosciences
VTYX
$25.4M 1.26%
2,814,000
-286,000
-9% -$2.14M
NVDA icon
22
NVIDIA
NVDA
$5.01T
$23.8M 1.18%
127,788
-2,721
-2% -$506K
PGEN icon
23
Precigen
PGEN
$1.93B
$23.5M 1.16%
5,617,500
-6,782,500
-55% -$26.2M
SPY icon
24
State Street SPDR S&P 500 ETF Trust
SPY
$781B
$20.5M 1.01%
+30,000
New +$20.3M
MRNA icon
25
Moderna
MRNA
$21.5B
$20.4M 1.01%
692,820
+387,520
+127% +$10.5M
1
2 3 4 5

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Tang Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Tang Capital Management held 201 positions worth $2.02B, down 22% from $2.6B the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Tang Capital Management withdrew a net $1.02B in Q4 2025, closing 126 positions and reducing 40 holdings. Its most notable exit was Merus, an estimated $56.5M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 97% of assets, up from 95% a quarter earlier, followed by Technology and Communication Services.

Against the trend, Tang Capital Management opened a new position in Avidity Biosciences worth $64.9M.

  • Tang Capital Management's largest Q4 2025 buy was Avidity Biosciences: 900,000 shares worth $64.9M.
  • Tang Capital Management added most to BioNTech in Q4 2025, an estimated $20.1M increase.
  • Tang Capital Management's biggest Q4 2025 reduction was Tarsus Pharmaceuticals, cutting an estimated $94.5M.
  • Tang Capital Management fully exited Merus in Q4 2025, selling an estimated $56.5M.
  • Tang Capital Management's ten largest holdings make up 53% of its $2.02B portfolio in Q4 2025.
  • Tang Capital Management opened 7 new positions and closed 126 in Q4 2025.
  • Tang Capital Management's portfolio value fell 22% quarter-over-quarter to $2.02B.

Based on Tang Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.