13F HOLDINGS REPORT
TANG CAPITAL MANAGEMENT LLC
Quarter ended Q2 2025 · Filed August 14, 2025 · Accession 0001214659-25-012272
Total Value
$1.98B
Positions
200
Other Managers
1
Confidential Omitted
No
Holdings (200)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | GALAPAGOS NV | GLPGF | 3,990,111 | $111.7M | 5.65% |
| 2 | TARSUS PHARMACEUTICALS INC | TARS | 2,454,797 | $99.4M | 5.03% |
| 3 | AURINIA PHARMACEUTICALS INC | AUPH | 10,029,500 | $84.9M | 4.29% |
| 4 | IMMUNOCORE HLDGS PLC | IMCR | 2,105,608 | $66.1M | 3.34% |
| 5 | KINIKSA PHARMACEUTICALS INTL | G52694109 | 2,328,609 | $64.4M | 3.26% |
| 6 | MIRUM PHARMACEUTICALS INC | MIRM | 1,236,027 | $62.9M | 3.18% |
| 7 | KALVISTA PHARMACEUTICALS INC | KALV | 4,941,798 | $55.9M | 2.82% |
| 8 | PTC THERAPEUTICS INC | PTCT | 1,100,000 | $53.7M | 2.72% |
| 9 | SPYRE THERAPEUTICS INC | SYRE | 3,200,000 | $47.9M | 2.42% |
| 10 | EVOLUS INC | EOLS | 4,997,399 | $46.0M | 2.33% |
| 11 | VIRIDIAN THERAPEUTICS INC | VRDN | 2,842,925 | $39.7M | 2.01% |
| 12 | ITEOS THERAPEUTICS INC | 46565G104 | 3,826,692 | $38.2M | 1.93% |
| 13 | COMPASS THERAPEUTICS INC | CMPX | 13,496,208 | $35.1M | 1.77% |
| 14 | ACADIA PHARMACEUTICALS INC | ACAD | 1,500,000 | $32.4M | 1.64% |
| 15 | VERA THERAPEUTICS INC CL A | VERA | 1,350,000 | $31.8M | 1.61% |
| 16 | MERUS N V | N5749R100 | 600,000 | $31.6M | 1.60% |
| 17 | REPLIMUNE GROUP INC | REPL | 3,200,000 | $29.7M | 1.50% |
| 18 | ANAPTYSBIO INC | ANABV | 1,330,879 | $29.5M | 1.49% |
| 19 | LEGEND BIOTECH CORP | LEGN | 830,000 | $29.5M | 1.49% |
| 20 | BIONTECH SE | BNTX | 270,000 | $28.7M | 1.45% |
| 21 | RELAY THERAPEUTICS INC | RLAY | 8,068,058 | $27.9M | 1.41% |
| 22 | LENZ THERAPEUTICS INC | LENZ | 897,616 | $26.3M | 1.33% |
| 23 | CYTOMX THERAPEUTICS INC | CTMX | 11,065,662 | $25.1M | 1.27% |
| 24 | METTLER-TOLEDO INTERNATIONAL | MTD | 19,500 | $22.9M | 1.16% |
| 25 | BOEING CO | BA-PA | 105,662 | $22.1M | 1.12% |
| 26 | ANI PHARMACEUTICALS INC | ANIP | 317,500 | $20.7M | 1.05% |
| 27 | NVIDIA CORPORATION | NVDA | 130,509 | $20.6M | 1.04% |
| 28 | JAZZ PHARMACEUTICALS PLC | JAZZ | 190,000 | $20.2M | 1.02% |
| 29 | INSMED INC | INSM | 200,000 | $20.1M | 1.02% |
| 30 | DYNAVAX TECHNOLOGIES CORP | 268158201 | 1,949,500 | $19.3M | 0.98% |
| 31 | META PLATFORMS INC | META | 26,008 | $19.2M | 0.97% |
| 32 | ADMA BIOLOGICS INC | ADMA | 1,050,000 | $19.1M | 0.97% |
| 33 | KEROS THERAPEUTICS INC | KROS | 1,418,984 | $18.9M | 0.96% |
| 34 | NEUROCRINE BIOSCIENCES INC | NBIX | 150,000 | $18.9M | 0.95% |
| 35 | AVADEL PHARMACEUTICALS PLC | G29687103 | 2,097,500 | $18.6M | 0.94% |
| 36 | ATEA PHARMACEUTICALS INC | AVIR | 4,889,200 | $17.6M | 0.89% |
| 37 | GSK PLC | GLAXF | 400,000 | $15.4M | 0.78% |
| 38 | CYBIN INC | HELP | 1,830,097 | $15.4M | 0.78% |
| 39 | LIQUIDIA CORPORATION | LQDA | 1,143,759 | $14.3M | 0.72% |
| 40 | ZYMEWORKS INC | ZYME | 1,100,000 | $13.8M | 0.70% |
| 41 | UROGEN PHARMA LTD | URGN | 1,000,000 | $13.7M | 0.69% |
| 42 | JOURNEY MED CORP | DERM | 1,854,596 | $13.3M | 0.67% |
| 43 | CARGO THERAPEUTICS INC | 14179K101 | 3,059,630 | $12.6M | 0.64% |
| 44 | TELADOC HEALTH INC | TDOC | 1,400,000 | $12.2M | 0.62% |
| 45 | NKARTA INC | NKTX | 7,055,576 | $11.7M | 0.59% |
| 46 | ELANCO ANIMAL HEALTH INC | ELAN | 800,100 | $11.4M | 0.58% |
| 47 | VANDA PHARMACEUTICALS INC | VNDA | 2,353,307 | $11.1M | 0.56% |
| 48 | ALTIMMUNE INC | ALT | 2,750,000 | $10.6M | 0.54% |
| 49 | ASTRAZENECA PLC | AZN | 150,000 | $10.5M | 0.53% |
| 50 | TRAVERE THERAPEUTICS INC | TVTX | 700,000 | $10.4M | 0.52% |
| 51 | ARVINAS INC | ARVN | 1,393,800 | $10.3M | 0.52% |
| 52 | VIKING THERAPEUTICS INC | VKTX | 370,000 | $9.8M | 0.50% |
| 53 | HILLEVAX INC | 43157M102 | 4,920,000 | $9.8M | 0.49% |
| 54 | VAXCYTE INC | PCVX | 300,000 | $9.8M | 0.49% |
| 55 | SANOFI | SNYNF | 200,000 | $9.7M | 0.49% |
| 56 | GENEDX HOLDINGS CORP | WGSWW | 100,000 | $9.2M | 0.47% |
| 57 | ABCELLERA BIOLOGICS INC | ABCL | 2,600,000 | $8.9M | 0.45% |
| 58 | HARMONY BIOSCIENCES HLDGS IN | HRMY | 281,200 | $8.9M | 0.45% |
| 59 | APOGEE THERAPEUTICS INC | APGE | 200,000 | $8.7M | 0.44% |
| 60 | IDEXX LABS INC | 45168D104 | 16,000 | $8.6M | 0.43% |
| 61 | CULLINAN THERAPEUTICS INC | CGEM | 1,121,138 | $8.4M | 0.43% |
| 62 | MODERNA INC | MRNA | 305,300 | $8.4M | 0.43% |
| 63 | ALIBABA GROUP HOLDING LTD ADR | BBAAY | 70,000 | $7.9M | 0.40% |
| 64 | ELI LILLY & CO | LLY | 10,000 | $7.8M | 0.39% |
| 65 | NUVATION BIO INC | NUVB | 3,900,000 | $7.6M | 0.38% |
| 66 | ESSA PHARMA INC | 29668H708 | 4,300,000 | $7.3M | 0.37% |
| 67 | SAREPTA THERAPEUTICS INC | SRPT | 420,300 | $7.2M | 0.36% |
| 68 | BIOCRYST PHARMACEUTICALS INC | BCRX | 800,000 | $7.2M | 0.36% |
| 69 | BAUSCH PLUS LOMB CORP | 071705107 | 550,000 | $7.2M | 0.36% |
| 70 | PLIANT THERAPEUTICS INC | PLRX | 6,000,000 | $7.0M | 0.35% |
| 71 | VENTYX BIOSCIENCES INC | 92332V107 | 3,100,000 | $6.6M | 0.34% |
| 72 | BIOAGE LABS INC | BIOA | 1,600,000 | $6.6M | 0.33% |
| 73 | IMMUNITYBIO INC | IBRX | 2,333,333 | $6.2M | 0.31% |
| 74 | DESIGN THERAPEUTICS INC | DSGN | 1,780,975 | $6.0M | 0.30% |
| 75 | ALUMIS INC | ALMS | 1,996,797 | $6.0M | 0.30% |
| 76 | IONIS PHARMACEUTICALS INC | IONS | 150,000 | $5.9M | 0.30% |
| 77 | STOKE THERAPEUTICS INC | STOK | 500,000 | $5.7M | 0.29% |
| 78 | EDGEWISE THERAPEUTICS INC | EWTX | 431,300 | $5.7M | 0.29% |
| 79 | SUMMIT THERAPEUTICS INC | SMMT | 250,000 | $5.3M | 0.27% |
| 80 | REGENERON PHARMACEUTICALS | REGN | 10,000 | $5.3M | 0.27% |
| 81 | BLACK DIAMOND THERAPEUTICS I | BDTX | 2,070,209 | $5.1M | 0.26% |
| 82 | THIRD HARMONIC BIO INC | 88427A107 | 929,727 | $5.0M | 0.26% |
| 83 | ADICET BIO INC | ACET | 8,223,612 | $5.0M | 0.25% |
| 84 | DIANTHUS THERAPEUTICS INC | DNTH | 264,692 | $4.9M | 0.25% |
| 85 | BAUSCH HEALTH COS INC | 071734107 | 736,827 | $4.9M | 0.25% |
| 86 | JANUX THERAPEUTICS INC | JANX | 200,000 | $4.6M | 0.23% |
| 87 | VERTEX PHARMACEUTICALS INC | VRTX | 10,000 | $4.5M | 0.23% |
| 88 | HERON THERAPEUTICS INC | HRTX | 2,135,459 | $4.4M | 0.22% |
| 89 | BIOGEN INC | BIIB | 35,000 | $4.4M | 0.22% |
| 90 | SOLENO THERAPEUTICS INC | SLNO | 50,000 | $4.2M | 0.21% |
| 91 | GENMAB A/S | GNMSF | 200,000 | $4.1M | 0.21% |
| 92 | LANTHEUS HLDGS INC | LNTH | 50,000 | $4.1M | 0.21% |
| 93 | MIND MEDICINE MINDMED INC | 60255C885 | 600,200 | $3.9M | 0.20% |
| 94 | NUVALENT INC | NUVL | 50,000 | $3.8M | 0.19% |
| 95 | NOVAVAX INC | NVAX | 600,000 | $3.8M | 0.19% |
| 96 | COHERUS ONCOLOGY INC | CHRS | 5,097,362 | $3.7M | 0.19% |
| 97 | REVOLUTION MEDICINES INC | RVMDW | 100,000 | $3.7M | 0.19% |
| 98 | COMPASS PATHWAYS PLC | CMPS | 1,300,000 | $3.6M | 0.18% |
| 99 | TG THERAPEUTICS INC | TGTX | 100,000 | $3.6M | 0.18% |
| 100 | TECTONIC THERAPEUTIC INC | TECX | 179,166 | $3.6M | 0.18% |
| 101 | SPRINGWORKS THERAPEUTICS INC | 85205L107 | 74,265 | $3.5M | 0.18% |
| 102 | BEAM THERAPEUTICS INC | BEAM | 205,000 | $3.5M | 0.18% |
| 103 | ATYR PHARMA INC | ATYR | 671,134 | $3.4M | 0.17% |
| 104 | CYTOKINETICS INC | CYTK | 100,000 | $3.3M | 0.17% |
| 105 | KEZAR LIFE SCIENCES INC | KZR | 720,000 | $3.3M | 0.17% |
| 106 | IOVANCE BIOTHERAPEUTICS INC | IOVA | 1,800,000 | $3.1M | 0.16% |
| 107 | THERAVANCE BIOPHARMA INC | TBPH | 264,308 | $2.9M | 0.15% |
| 108 | ALEXANDRIA REAL ESTATE EQ IN | 015271109 | 40,000 | $2.9M | 0.15% |
| 109 | SEER INC | SEER | 1,344,423 | $2.9M | 0.15% |
| 110 | METSERA INC | 59267L107 | 100,000 | $2.8M | 0.14% |
| 111 | PYXIS ONCOLOGY INC | PYXS | 2,500,000 | $2.8M | 0.14% |
| 112 | PRECISION BIOSCIENCES INC | DTIL | 653,649 | $2.7M | 0.14% |
| 113 | MINERALYS THERAPEUTICS INC | MLYS | 200,000 | $2.7M | 0.14% |
| 114 | CG ONCOLOGY INC | CGON | 87,500 | $2.3M | 0.11% |
| 115 | FATE THERAPEUTICS INC | FATE | 1,867,773 | $2.1M | 0.11% |
| 116 | ROCKET PHARMACEUTICALS INC | RCKTW | 850,000 | $2.1M | 0.11% |
| 117 | TAYSHA GENE THERAPIES INC | TSHA | 900,000 | $2.1M | 0.11% |
| 118 | BIOHAVEN LTD | BHVN | 140,000 | $2.0M | 0.10% |
| 119 | CAREDX INC | CDNA | 100,000 | $2.0M | 0.10% |
| 120 | ERASCA INC | ERAS | 1,502,915 | $1.9M | 0.10% |
| 121 | SYNDAX PHARMACEUTICALS INC | SNDX | 200,000 | $1.9M | 0.09% |
| 122 | JPMORGAN CHASE & CO. | VYLD | 6,312 | $1.8M | 0.09% |
| 123 | SUTRO BIOPHARMA INC | STRO | 2,561,586 | $1.8M | 0.09% |
| 124 | ZENTALIS PHARMACEUTICALS INC | ZNTL | 1,550,000 | $1.8M | 0.09% |
| 125 | DISNEY WALT CO | 254687106 | 14,493 | $1.8M | 0.09% |
| 126 | MICROSOFT CORP | MSFT | 3,546 | $1.8M | 0.09% |
| 127 | VISA INC | V | 4,869 | $1.7M | 0.09% |
| 128 | WALMART INC | WMT | 17,242 | $1.7M | 0.09% |
| 129 | COCA COLA CO | KO | 22,712 | $1.6M | 0.08% |
| 130 | BERKSHIRE HATHAWAY INC DEL | BRK-A | 3,250 | $1.6M | 0.08% |
| 131 | VERIZON COMMUNICATIONS INC | VZ | 36,266 | $1.6M | 0.08% |
| 132 | TEXAS INSTRS INC | 882508104 | 7,415 | $1.5M | 0.08% |
| 133 | INTEL CORP | INTC | 66,216 | $1.5M | 0.07% |
| 134 | NETFLIX INC | NFLX | 1,089 | $1.5M | 0.07% |
| 135 | JOHNSON & JOHNSON | JNJ | 9,472 | $1.4M | 0.07% |
| 136 | PROCTER AND GAMBLE CO | 742718109 | 8,952 | $1.4M | 0.07% |
| 137 | NIKE INC | NKE | 19,399 | $1.4M | 0.07% |
| 138 | EXXON MOBIL CORP | XOM | 12,651 | $1.4M | 0.07% |
| 139 | OPTIMIZERX CORP | OPRX | 100,000 | $1.4M | 0.07% |
| 140 | HOME DEPOT INC | HD | 3,646 | $1.3M | 0.07% |
| 141 | ALX ONCOLOGY HLDGS INC | ALXO | 3,158,265 | $1.3M | 0.07% |
| 142 | PAYPAL HLDGS INC | PYPL | 17,323 | $1.3M | 0.07% |
| 143 | C4 THERAPEUTICS INC | CCCC | 900,000 | $1.3M | 0.07% |
| 144 | PFIZER INC | PFE | 53,039 | $1.3M | 0.06% |
| 145 | GE AEROSPACE | 369604301 | 4,986 | $1.3M | 0.06% |
| 146 | GE VERNOVA INC | GEV | 2,421 | $1.3M | 0.06% |
| 147 | CLIMB BIO INC | CLYM | 1,000,000 | $1.2M | 0.06% |
| 148 | VIATRIS INC | VTRS | 128,359 | $1.1M | 0.06% |
| 149 | ULTA BEAUTY INC | ULTA | 2,410 | $1.1M | 0.06% |
| 150 | VERASTEM INC | VSTM | 270,000 | $1.1M | 0.06% |
| 151 | NEUMORA THERAPEUTICS INC | NMRA | 1,400,000 | $1.0M | 0.05% |
| 152 | ALIGOS THERAPEUTICS INC | ALGS | 141,131 | $1.0M | 0.05% |
| 153 | AMERICAN EXPRESS CO | AXP | 3,168 | $1.0M | 0.05% |
| 154 | AMERICAN ASSETS TR INC | AAT | 50,000 | $987,500 | 0.05% |
| 155 | KALARIS THERAPEUTICS, INC | KLRS | 360,859 | $963,493 | 0.05% |
| 156 | BOLT BIOTHERAPEUTICS INC | BOLT | 166,879 | $962,892 | 0.05% |
| 157 | ENANTA PHARMACEUTICALS INC | ENTA | 126,655 | $957,512 | 0.05% |
| 158 | AMAZON COM INC | AMZN | 4,314 | $946,526 | 0.05% |
| 159 | TEMPEST THERAPEUTICS INC | TPST | 138,962 | $944,942 | 0.05% |
| 160 | T-MOBILE US INC | TMUSZ | 3,796 | $904,443 | 0.05% |
| 161 | ALLSTATE CORP | ALL-PJ | 4,488 | $903,451 | 0.05% |
| 162 | CORBUS PHARMACEUTICALS HLDGS | CRBP | 127,520 | $879,888 | 0.04% |
| 163 | PAYCHEX INC | PAYX | 6,048 | $879,718 | 0.04% |
| 164 | TSCAN THERAPEUTICS INC | TCRX | 600,000 | $870,000 | 0.04% |
| 165 | MCDONALDS CORP | MCD | 2,925 | $854,459 | 0.04% |
| 166 | HORMEL FOODS CORP | HRL | 28,094 | $849,852 | 0.04% |
| 167 | UNITEDHEALTH GROUP INC | UNH | 2,721 | $848,824 | 0.04% |
| 168 | HEWLETT PACKARD ENTERPRISE C | HPE-PC | 40,002 | $818,032 | 0.04% |
| 169 | FORD MTR CO | 345370860 | 75,380 | $817,869 | 0.04% |
| 170 | CRESCENT BIOPHARMA INC. | CBIO | 50,152 | $809,453 | 0.04% |
| 171 | SHERWIN WILLIAMS CO | SHW | 2,343 | $804,518 | 0.04% |
| 172 | UNITED AIRLS HLDGS INC | UNTCW | 10,065 | $801,471 | 0.04% |
| 173 | WHIRLPOOL CORP | WHR-PA | 7,553 | $766,006 | 0.04% |
| 174 | SEALED AIR CORP NEW | SE | 24,400 | $757,140 | 0.04% |
| 175 | APPLIED THERAPEUTICS INC | 03828A101 | 2,428,169 | $755,403 | 0.04% |
| 176 | CHEVRON CORP NEW | CVX | 5,239 | $750,195 | 0.04% |
| 177 | PUMA BIOTECHNOLOGY INC | PBYI | 200,000 | $686,000 | 0.03% |
| 178 | FEDEX CORP | FDX | 2,892 | $657,468 | 0.03% |
| 179 | CENTESSA PHARMACEUTICALS PLC | CNTA | 50,000 | $657,000 | 0.03% |
| 180 | AMYLYX PHARMACEUTICALS INC | AMLX | 100,000 | $641,000 | 0.03% |
| 181 | CLOROX CO DEL | CLX | 5,154 | $618,810 | 0.03% |
| 182 | PASSAGE BIO INC | PASG | 1,500,000 | $600,450 | 0.03% |
| 183 | KURA ONCOLOGY INC | KURA | 100,000 | $577,000 | 0.03% |
| 184 | BIOATLA INC | BCAB | 1,374,076 | $544,134 | 0.03% |
| 185 | ASTRIA THERAPEUTICS INC | 04635X102 | 100,000 | $536,000 | 0.03% |
| 186 | OMNIAB INC | OABIW | 300,000 | $522,000 | 0.03% |
| 187 | CENTURY THERAPEUTICS INC | IPSC | 900,000 | $502,830 | 0.03% |
| 188 | FORTREA HLDGS INC | FTRE | 100,000 | $494,000 | 0.02% |
| 189 | STANDARD BIOTOOLS INC | LAB | 407,755 | $489,306 | 0.02% |
| 190 | CASSAVA SCIENCES INC COMMON STOCK | 14817C107 | 239,820 | $434,074 | 0.02% |
| 191 | ONKURE THERAPEUTICS INC | OKUR | 169,245 | $404,496 | 0.02% |
| 192 | KODIAK SCIENCES INC | KOD | 100,000 | $373,000 | 0.02% |
| 193 | METAGENOMI INC | MGX | 200,000 | $296,000 | 0.01% |
| 194 | INVIVYD INC | IVVD | 400,000 | $286,000 | 0.01% |
| 195 | MACROGENICS INC | MGNX | 218,856 | $264,816 | 0.01% |
| 196 | ATHIRA PHARMA INC | 04746L104 | 600,000 | $181,200 | 0.01% |
| 197 | FENNEC PHARMACEUTICALS INC | FENC | 20,527 | $170,374 | 0.01% |
| 198 | SERES THERAPEUTICS INC | MCRB | 13,921 | $154,662 | 0.01% |
| 199 | ACTUATE THERAPEUTICS INC | ACTU | 5,243 | $32,035 | 0.00% |
| 200 | GALECTIN THERAPEUTICS INC | GALT | 12,913 | $27,246 | 0.00% |