Institutional Manager · CIK 0001232621
TANG CAPITAL MANAGEMENT LLC
SAN DIEGO, CA · File #028-14822
Latest AUM
$2.02B
Positions
75
Top-10 Concentration
55.1%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| REDUCE | TARSUS PHARMACEUTICALS INC | TARS | -1,266,173 | -$103.7M | +$55.1M |
| NEW | AVIDITY BIOSCIENCES INC | 05370A108 | +900,000 | +$64.9M | $0 |
| EXITED | MERUS N V | N5749R100 | -600,000 | -$56.5M | $0 |
| NEW | CAPRICOR THERAPEUTICS INC | CAPR | +1,700,000 | +$49.1M | $0 |
| REDUCE | SPYRE THERAPEUTICS INC | SYRE | -1,307,800 | -$42.8M | +$51.2M |
| EXITED | RELAY THERAPEUTICS INC | 75943R102 | -8,068,058 | -$42.1M | $0 |
| EXITED | VERA THERAPEUTICS INC CL A | 92337R101 | -1,350,000 | -$39.2M | $0 |
| EXITED | NIKE INC | 654106103 | -519,399 | -$36.2M | $0 |
| EXITED | IONIS PHARMACEUTICALS INC | 462222100 | -550,000 | -$36.0M | $0 |
| EXITED | CYTOMX THERAPEUTICS INC | 23284F105 | -11,065,662 | -$35.3M | $0 |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202575 pos · $2.02B
- 13F HOLDINGS REPORTQ/E Sep 2025194 pos · $2.60B
- 13F HOLDINGS REPORTQ/E Jun 2025200 pos · $1.98B
- 13F HOLDINGS REPORTQ/E Mar 2025202 pos · $1.81B
- 13F HOLDINGS REPORTQ/E Dec 2024183 pos · $1.51B
- 13F HOLDINGS REPORTQ/E Sep 2024154 pos · $1.40B
- 13F HOLDINGS REPORTQ/E Jun 2024128 pos · $981.9M
- 13F HOLDINGS REPORTQ/E Mar 202499 pos · $960.4M
- 13F HOLDINGS REPORTQ/E Dec 2023106 pos · $708.7M
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | AURINIA PHARMACEUTICALS INC | AUPH | 11,329,500 | $180.7M | 9.30% |
| 2 | GALAPAGOS NV | GLPGF | 3,921,219 | $128.2M | 6.60% |
| 3 | PTC THERAPEUTICS INC | PTCT | 1,500,000 | $113.9M | 5.86% |
| 4 | CELCUITY INC | CELC | 1,050,000 | $104.7M | 5.39% |
| 5 | MIRUM PHARMACEUTICALS INC | MIRM | 1,236,027 | $97.6M | 5.02% |
| 6 | TARSUS PHARMACEUTICALS INC | TARS | 1,188,624 | $97.3M | 5.01% |
| 7 | KINIKSA PHARMACEUTICALS INTL | G52694109 | 2,259,889 | $93.2M | 4.80% |
| 8 | IMMUNOCORE HLDGS PLC | IMCR | 2,628,538 | $91.2M | 4.69% |
| 9 | COMPASS THERAPEUTICS INC | CMPX | 16,790,809 | $90.2M | 4.64% |
| 10 | KALVISTA PHARMACEUTICALS INC | KALV | 4,573,530 | $73.9M | 3.80% |
| 11 | AVIDITY BIOSCIENCES INC | 05370A108 | 900,000 | $64.9M | 3.34% |
| 12 | ANAPTYSBIO INC | ANABV | 1,332,087 | $64.6M | 3.32% |
| 13 | SPYRE THERAPEUTICS INC | SYRE | 1,892,200 | $62.0M | 3.19% |
| 14 | VIRIDIAN THERAPEUTICS INC | VRDN | 1,792,626 | $55.8M | 2.87% |
| 15 | CAPRICOR THERAPEUTICS INC | CAPR | 1,700,000 | $49.1M | 2.52% |
| 16 | BIONTECH SE | BNTX | 470,000 | $44.7M | 2.30% |
| 17 | ANI PHARMACEUTICALS INC | ANIP | 481,437 | $38.0M | 1.96% |
| 18 | VERTEX PHARMACEUTICALS INC | VRTX | 80,000 | $36.3M | 1.87% |
| 19 | NUVATION BIO INC | NUVB | 3,857,457 | $34.6M | 1.78% |
| 20 | TRAVERE THERAPEUTICS INC | TVTX | 700,000 | $26.7M | 1.38% |