TANG CAPITAL MANAGEMENT LLC

CIK 1232621 · View on SEC EDGAR ↗

Portfolio value
$2.2B
#1,419 of 9,443 by 13F value · top 15.0%
Positions
41
As of
June 30, 2026

Portfolio value QoQ: +11.8% 13F does not disclose cash

Top 10 holdings weight
62.67%
Top 25 holdings weight
94.00%
Positions above 1%
23
Effective number of positions
19.8

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 9.15% Est. buys $190,820,674 · sells $202,667,156

Median holding: 4.0 quarters Tracked Q4 2024–Q2 2026 · 16.2% still held

New positions
5
Increased
7
Decreased
5
Closed
15
On this page

Performance vs S&P 500

Tracked Q4 2024–Q2 2026
+67.6%
S&P 500 total return (same window)
+28.1%
Excess return
+39.5%

Annualized: +41.2% · S&P 500: +18.0%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 96.0% · Options excluded: 0.0%

Sector breakdown

Healthcare
94.4%
Industrials
0.9%
Other/Unmapped
4.7%

Full portfolio 41 positions

Type Streak 8Q trend
AUPH Aurinia Pharmaceuticals Inc - Common Shares $221,358,479 10.05% 13,044,106 $40,117,289 Up ×2
SYRE Spyre Therapeutics, Inc. - Common Stock $167,989,516 7.63% 1,892,200 $72,546,948
MIRM Mirum Pharmaceuticals, Inc. - common stock $144,701,681 6.57% 1,236,027 $30,517,507
KNSA Kiniksa Pharmaceuticals International, plc - Class A Ordinary Shares $144,519,902 6.56% 2,259,889 $35,706,247
CELC Celcuity Inc. - Common Stock $137,532,824 6.25% 1,314,594 $17,685,824 Up ×1
CORT Corcept Therapeutics Incorporated - Common Stock $130,425,000 5.92% 1,500,000 $69,960,000
PTCT PTC Therapeutics, Inc. - Common Stock $122,355,000 5.56% 1,500,000 $20,160,000
GLPG Galapagos NV - American Depositary Shares $113,504,010 5.16% 3,785,991 $-75,720
CAPR Capricor Therapeutics, Inc. - Common Stock $98,725,592 4.48% 4,099,900 $-4,631,368 Up ×2
TARS Tarsus Pharmaceuticals, Inc. - Common Stock $98,706,662 4.48% 1,568,266 $15,324,688 Up ×1
SPY SPY $91,852,710 4.17% 123,000 $-17,404,410 Down ×1
ANAB AnaptysBio, Inc. - Common Stock $89,834,333 4.08% 1,330,879 $16,023,784
IMCR Immunocore Holdings plc - American Depositary Shares $84,117,434 3.82% 2,649,368 $4,238,989
CMPS COMPASS Pathways Plc - American Depository Shares $70,750,000 3.21% 5,000,000 $48,617,834 Up ×1
ANIP ANI Pharmaceuticals, Inc. - Common Stock $58,566,850 2.66% 707,500 $4,160,100
BNTX BioNTech SE - American Depositary Shares $43,733,500 1.99% 470,000 $1,959,900
CMPX Compass Therapeutics, Inc. - Common Stock $39,399,813 1.79% 17,990,782 $-49,423,567 Up ×1
PGEN Precigen, Inc. - Common Stock $36,579,750 1.66% 6,417,500 $11,744,025
VRDN Viridian Therapeutics, Inc. - Common Stock $32,930,540 1.50% 1,792,626 $-2,133,225
NVCT Nuvectis Pharma, Inc. - Common Stock $28,504,500 1.29% 1,550,000 Up ×1
DNTH Dianthus Therapeutics, Inc. - Common Stock $25,802,176 1.17% 264,692 $3,589,223
FULC Fulcrum Therapeutics, Inc. - Common Stock $23,868,368 1.08% 6,521,412 Up ×1
AVIR Atea Pharmaceuticals, Inc. - common stock $22,388,355 1.02% 4,814,700 $-3,514,731
CBIO Crescent Biopharma, Inc. - Common Stock $20,880,000 0.95% 1,160,000 $-429,200
NNDM Nano Dimension Ltd. - American Depositary Shares $20,724,579 0.94% 14,292,813 Up ×1
VKTX Viking Therapeutics, Inc. - Common Stock $19,505,000 0.89% 500,000 $3,235,000
NUVB Nuvation Bio Inc. Class A Common Stock $18,741,484 0.85% 3,299,557 $5,229,884 Up ×1
IDYA IDEAYA Biosciences, Inc. - Common Stock $16,771,500 0.76% 450,000 $1,777,500
Unknown issuer (CUSIP: 38341PAA0) $11,468,373 0.52% 17,841,000 Up ×1
DERM Journey Medical Corporation - Common Stock $11,398,800 0.52% 1,610,000 $3,847,900
INSM Insmed Incorporated - Common Stock $10,662,000 0.48% 100,000 $-31,853,200 Down ×1
STOK Stoke Therapeutics, Inc. - Common Stock $9,816,000 0.45% 300,000 $-6,464,000 Down ×1
PLRX Pliant Therapeutics, Inc. - Common Stock $7,001,038 0.32% 6,141,261 $-739,308 Down ×1
BOLD Boundless Bio, Inc. - Common Stock $6,399,688 0.29% 2,559,875 Up ×1
PMVP PMV Pharmaceuticals, Inc. - Common Stock $5,688,414 0.26% 4,245,085 $424,509
MRNA Moderna, Inc. - Common Stock $3,501,500 0.16% 50,000 $-1,578,500 Down ×2
WVE Wave Life Sciences Ltd. - Ordinary Shares $3,486,000 0.16% 600,000 $-864,000
HRTX Heron Therapeutics, Inc. - Common Stock $2,667,500 0.12% 6,250,000 $-2,333,125
LENZ LENZ Therapeutics, Inc. - Common Stock $2,562,328 0.12% 451,114 $-1,565,368
ALT Altimmune, Inc. - Common Stock $2,024,707 0.09% 666,022 $-26,641
RCKT Rocket Pharmaceuticals, Inc. - Common Stock $342,000 0.02% 100,000 $-16,000

Biggest new bets

New positions opened this quarter, largest first.

Security Value Shares % of portfolio
NVCT $28,504,500 1,550,000 1.29%
FULC $23,868,368 6,521,412 1.08%
NNDM $20,724,579 14,292,813 0.94%
Unknown issuer (CUSIP: 38341PAA0) $11,468,373 17,841,000 0.52%
BOLD $6,399,688 2,559,875 0.29%

Top movers (QoQ)

Security Action Shares Δ Value Δ
SYRE Price move only +0 +$72.5M
CORT Price move only +0 +$70.0M
CMPX Bought more +1.2M -$49.4M
CMPS Bought more +998K +$48.6M
AUPH Bought more +815K +$40.1M
KNSA Price move only +0 +$35.7M
INSM Trimmed -160K -$31.9M
MIRM Price move only +0 +$30.5M
PTCT Price move only +0 +$20.2M
CELC Bought more +265K +$17.7M

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarter Shares before Value before Price since exit
KALV June 30, 2026 4,573,530 $92,065,159 No longer tracked
RNA March 31, 2026 900,000 $64,917,000 -1.8%
MRUS Dec. 31, 2025 600,000 $56,490,000 No longer tracked
RLAY Dec. 31, 2025 8,068,058 $42,115,263 137.1%
VERA Dec. 31, 2025 1,350,000 $39,231,000 -37.5%
ITOS Sept. 30, 2025 3,826,692 $38,152,119 No longer tracked
VRTX March 31, 2026 80,000 $36,268,800 22.5%
NKE Dec. 31, 2025 519,399 $36,217,710 -36.3%
IONS Dec. 31, 2025 550,000 $35,981,000 -24.3%
CTMX Dec. 31, 2025 11,065,662 $35,299,462 -20.7%
AVDL Dec. 31, 2025 2,097,500 $32,028,825 No longer tracked
ITCI June 30, 2025 220,000 $29,022,400 No longer tracked
LEGN Dec. 31, 2025 830,000 $27,066,300 0.1%
TVTX March 31, 2026 700,000 $26,747,000 118.7%
LQDA Dec. 31, 2025 1,143,759 $26,009,080 103.0%
VTYX March 31, 2026 2,814,000 $25,410,420 No longer tracked
JAZZ Dec. 31, 2025 190,000 $25,042,000 47.3%
SLRN June 30, 2025 9,818,115 $24,250,744 No longer tracked
NVDA March 31, 2026 127,788 $23,832,462 24.4%
KROS Dec. 31, 2025 1,418,984 $22,448,327 -46.3%
NBIX Dec. 31, 2025 150,000 $21,057,000 8.6%
JANX Dec. 31, 2025 700,000 $17,108,000 27.4%
META March 31, 2026 23,331 $15,400,560 -4.1%
ADMA Dec. 31, 2025 1,050,000 $15,393,000 -46.2%
GSK March 31, 2026 300,000 $14,712,000 -6.3%
REPL Dec. 31, 2025 3,400,000 $14,246,000 50.5%
DSGN Dec. 31, 2025 1,780,975 $13,410,742 63.4%
ABCL Dec. 31, 2025 2,600,000 $13,078,000 233.3%
PCVX March 31, 2026 275,000 $12,688,500 7.2%
CMPS Dec. 31, 2025 2,200,000 $12,606,000 100.1%
CRGX Sept. 30, 2025 3,059,630 $12,605,676 No longer tracked
BABA Dec. 31, 2025 70,000 $12,511,100 -16.7%
VNDA Dec. 31, 2025 2,353,307 $11,743,002 -39.4%
AZN Dec. 31, 2025 150,000 $11,508,000 80.0%
ELAN Sept. 30, 2025 800,100 $11,425,428 19.4%
SMMT Dec. 31, 2025 550,000 $11,363,000 -25.1%
HRMY March 31, 2026 290,292 $10,862,727 37.5%
BMY March 31, 2026 200,000 $10,788,000 8.9%
HELP Dec. 31, 2025 1,830,097 $10,779,271 53.8%
WGS Dec. 31, 2025 100,000 $10,774,000 -37.4%
IDXX Dec. 31, 2025 16,000 $10,222,240 -19.2%
ONC June 30, 2025 37,000 $10,070,290 55.4%
TDOC March 31, 2026 1,400,000 $9,800,000 17.8%
HLVX Sept. 30, 2025 4,920,000 $9,790,800 No longer tracked
BIOA Dec. 31, 2025 1,600,000 $9,408,000 -26.2%
CRSP June 30, 2025 266,500 $9,068,995 22.4%
DVAX March 31, 2026 556,359 $8,556,801 No longer tracked
BHC Dec. 31, 2025 1,300,000 $8,385,000 -2.4%
VSTM March 31, 2026 1,069,810 $8,258,933 31.1%
ACAD March 31, 2026 300,000 $8,013,000 30.5%
APGE Dec. 31, 2025 200,000 $7,946,000 78.6%
BDTX Dec. 31, 2025 2,070,209 $7,846,092 -7.2%
LLY Dec. 31, 2025 10,000 $7,630,000 16.3%
MLYS Dec. 31, 2025 200,000 $7,584,000 -28.4%
PHAT June 30, 2025 1,200,000 $7,524,000 -9.2%
SRPT March 31, 2026 349,220 $7,515,214 -10.1%
EPIX Sept. 30, 2025 4,300,000 $7,310,000 No longer tracked
OMIC March 31, 2025 372,000 $7,227,960 No longer tracked
MNMD Dec. 31, 2025 600,200 $7,076,358 No longer tracked
EWTX Dec. 31, 2025 431,300 $6,995,686 76.9%
JANX June 30, 2026 500,000 $6,950,000 14.5%
BLCO Dec. 31, 2025 444,467 $6,698,118 0.8%
CGEM Dec. 31, 2025 1,121,138 $6,648,348 110.2%
TBPH March 31, 2026 351,252 $6,571,925 4.5%
CRSP Dec. 31, 2025 100,000 $6,481,000 13.6%
BIIB June 30, 2026 35,000 $6,416,550 -0.2%
URGN June 30, 2026 350,000 $6,293,000 25.7%
BCRX March 31, 2026 800,000 $6,240,000 3.1%
BEAM Dec. 31, 2025 255,000 $6,188,850 5.3%
REGN March 31, 2026 8,000 $6,174,960 8.4%
GMAB Dec. 31, 2025 200,000 $6,134,000 8.9%
ARVN June 30, 2026 538,658 $5,709,775 9.9%
PYXS Dec. 31, 2025 2,500,000 $5,550,000 174.3%
CYTK Dec. 31, 2025 100,000 $5,496,000 21.9%
THRD Sept. 30, 2025 929,727 $5,048,418 No longer tracked
KZR June 30, 2026 664,314 $4,929,210 No longer tracked
CNTA Dec. 31, 2025 200,000 $4,850,000 No longer tracked
SNY Dec. 31, 2025 100,000 $4,720,000 -5.8%
ALMS March 31, 2025 600,000 $4,716,000 269.2%
ALMS Dec. 31, 2025 1,167,009 $4,656,366 132.2%
IBRX March 31, 2026 2,333,333 $4,619,999 3.0%
NVAX Sept. 30, 2025 600,000 $3,780,000 2.0%
TGTX Dec. 31, 2025 100,000 $3,612,500 85.1%
DTIL Dec. 31, 2025 653,649 $3,608,142 112.7%
CGON Dec. 31, 2025 87,500 $3,524,500 88.5%
SWTX Sept. 30, 2025 74,265 $3,489,712 No longer tracked
AGIO June 30, 2026 100,000 $3,383,000 -8.9%
SLNO Dec. 31, 2025 50,000 $3,380,000 No longer tracked
VIR June 30, 2025 500,000 $3,240,000 86.7%
ERAS June 30, 2026 200,000 $3,236,000 -3.8%
CHRS June 30, 2026 1,886,748 $3,188,604 -3.6%
FENC Dec. 31, 2025 334,593 $3,131,790 49.1%
NKTX June 30, 2026 1,480,823 $3,124,537 -10.3%
SNDX Dec. 31, 2025 200,000 $3,077,000 -5.7%
TSHA Dec. 31, 2025 900,000 $2,943,000 12.2%
SEER Dec. 31, 2025 1,344,423 $2,917,398 11.2%
MTSR Sept. 30, 2025 100,000 $2,845,000 No longer tracked
TECX Dec. 31, 2025 179,166 $2,811,114 80.8%
LNTH Dec. 31, 2025 50,000 $2,564,500 50.7%
VOR Dec. 31, 2025 50,000 $2,436,000 78.0%
KLRS Dec. 31, 2025 418,241 $2,417,433 -51.4%
MTD Dec. 31, 2025 1,969 $2,417,164 -0.2%
ZNTL Dec. 31, 2025 1,550,000 $2,340,500 187.4%
INTC Dec. 31, 2025 66,216 $2,221,531 149.1%
NUVL March 31, 2026 21,880 $2,200,909 No longer tracked
GOSS Dec. 31, 2025 800,000 $2,104,000 -95.0%
OPRX Dec. 31, 2025 100,000 $2,050,000 -34.8%
CLYM Dec. 31, 2025 1,000,000 $2,010,000 329.0%
CCCC Dec. 31, 2025 900,000 $1,998,000 110.5%
JPM Dec. 31, 2025 6,312 $1,990,965 10.3%
EOLS June 30, 2026 483,021 $1,985,216 19.6%
ALLK June 30, 2025 8,693,687 $1,978,683 No longer tracked
ARE March 31, 2026 40,000 $1,957,600 12.7%
BLUE June 30, 2025 400,000 $1,952,000 No longer tracked
MSFT Dec. 31, 2025 3,546 $1,836,597 -0.3%
ABEO June 30, 2026 400,000 $1,792,000 -1.1%
WMT Dec. 31, 2025 17,242 $1,776,971 -7.4%
JNJ Dec. 31, 2025 9,472 $1,756,213 29.1%
V Dec. 31, 2025 4,869 $1,662,282 4.9%
DIS Dec. 31, 2025 14,493 $1,659,439 -5.8%
KOD Dec. 31, 2025 100,000 $1,637,000 43.5%
BRKB Dec. 31, 2025 3,250 $1,633,995 No longer tracked
CGTX Dec. 31, 2025 1,200,000 $1,620,000 -26.4%
STRO March 31, 2026 139,617 $1,615,369 -12.6%
CRBP Dec. 31, 2025 127,520 $1,613,128 23.1%
VZ Dec. 31, 2025 36,266 $1,593,887 21.4%
BHVN March 31, 2026 140,000 $1,580,600 68.5%
ENTA Dec. 31, 2025 126,655 $1,516,060 -16.3%
KO Dec. 31, 2025 22,712 $1,506,280 29.7%
HD Dec. 31, 2025 3,646 $1,477,275 -2.5%
CDNA Dec. 31, 2025 100,000 $1,454,000 145.9%
XOM Dec. 31, 2025 12,651 $1,426,374 38.3%
FATE June 30, 2026 1,167,773 $1,401,328 -7.6%
PG Dec. 31, 2025 8,952 $1,375,490 0.0%
TXN Dec. 31, 2025 7,415 $1,362,378 52.8%
AMLX Dec. 31, 2025 100,000 $1,359,000 236.3%
PFE Dec. 31, 2025 53,039 $1,351,446 12.7%
ALXO Sept. 30, 2025 3,158,265 $1,310,996 10.9%
VTRS Dec. 31, 2025 128,359 $1,270,749 29.0%
RVMD March 31, 2026 15,640 $1,245,726 118.4%
ELEV June 30, 2025 4,760,000 $1,233,316 No longer tracked
IOVA Dec. 31, 2025 543,760 $1,179,959 229.1%
PYPL Dec. 31, 2025 17,323 $1,161,701 6.6%
KRON June 30, 2025 1,345,413 $1,109,966 No longer tracked
PBYI Dec. 31, 2025 200,000 $1,062,000 55.2%
ALGS Sept. 30, 2025 141,131 $1,017,555 -32.4%
AAT Dec. 31, 2025 50,000 $1,016,000 20.4%
BCAB Dec. 31, 2025 1,374,076 $945,227 454.6%
TPST Sept. 30, 2025 138,962 $944,942 -89.7%
UNH Dec. 31, 2025 2,721 $939,510 17.3%
ZYME March 31, 2026 34,631 $911,834 8.0%
GE Dec. 31, 2025 2,994 $900,800 13.2%
KURA Dec. 31, 2025 100,000 $885,000 13.5%
MRNS March 31, 2025 1,641,945 $878,605 No longer tracked
NMRA June 30, 2026 439,878 $857,762 -8.5%
GEV Dec. 31, 2025 1,378 $847,405 48.5%
FTRE Dec. 31, 2025 100,000 $842,000 4.1%
NFLX Dec. 31, 2025 683 $819,329 -15.1%
ULTA Dec. 31, 2025 1,384 $756,499 -14.3%
APLT Sept. 30, 2025 2,428,169 $755,403 No longer tracked
CAPR June 30, 2025 79,100 $750,659 -30.3%
ATXS Dec. 31, 2025 100,000 $728,000 No longer tracked
BA Dec. 31, 2025 3,225 $696,076 -1.2%
AXP Dec. 31, 2025 1,931 $641,268 -9.4%
LXRX June 30, 2026 399,700 $623,532 -5.2%
UAL Dec. 31, 2025 6,296 $607,596 1.1%
PASG Dec. 31, 2025 75,000 $602,250 -60.2%
ALL Dec. 31, 2025 2,700 $579,611 23.2%
HPE Dec. 31, 2025 23,563 $578,700 123.0%
AMZN Dec. 31, 2025 2,583 $567,132 11.7%
TMUS Dec. 31, 2025 2,285 $546,893 -9.9%
LAB Dec. 31, 2025 407,755 $530,082 -50.8%
LXRX June 30, 2025 1,150,268 $530,043 139.5%
MCD Dec. 31, 2025 1,710 $519,521 -12.1%
F Dec. 31, 2025 43,381 $518,833 9.4%
EDIT March 31, 2025 400,000 $508,000 170.3%
SEE Dec. 31, 2025 14,274 $504,584 No longer tracked
OTLK June 30, 2025 400,000 $488,000 -56.5%
RVPH June 30, 2025 510,329 $486,752 No longer tracked
SHW Dec. 31, 2025 1,398 $484,207 7.4%
ATYR Dec. 31, 2025 671,134 $484,156 -33.6%
OABI Dec. 31, 2025 300,000 $480,000 132.4%
CVX Dec. 31, 2025 3,023 $469,431 35.5%
PAYX Dec. 31, 2025 3,542 $448,972 8.8%
IPSC Dec. 31, 2025 900,000 $448,200 107.0%
ATRA June 30, 2025 75,196 $446,664 20.1%
IVVD Dec. 31, 2025 400,000 $440,000 -64.4%
HRL Dec. 31, 2025 16,181 $400,323 1.1%
FDX Dec. 31, 2025 1,693 $399,339 14.0%
CLX Dec. 31, 2025 3,052 $376,254 4.6%
MGNX Dec. 31, 2025 218,856 $367,678 159.3%
BOLT Dec. 31, 2025 66,879 $355,796 -39.3%
GHRS Dec. 31, 2025 24,030 $343,629 127.7%
WHR Dec. 31, 2025 4,335 $340,722 -42.7%
OKUR Dec. 31, 2025 116,395 $320,086 36.9%
GRAL June 30, 2025 11,300 $288,602 49.8%
LONA Dec. 31, 2025 59,998 $248,392 4.1%
QNCX June 30, 2025 184,383 $245,229 1846.1%
ALVR March 31, 2025 552,264 $231,951 No longer tracked
NXTC June 30, 2025 404,144 $194,110 18.4%
ATHA Sept. 30, 2025 600,000 $181,200 No longer tracked
AVTE June 30, 2025 69,754 $175,083 No longer tracked
MCRB Sept. 30, 2025 13,921 $154,662 -76.2%
AFMDQ June 30, 2025 148,315 $107,261 No longer tracked
RLMD March 31, 2025 200,825 $104,429 1637.0%
MGX Dec. 31, 2025 28,008 $66,379 -24.1%
ACET March 31, 2026 6,158 $51,850 39.1%
TCRX March 31, 2026 46,131 $46,131 -22.8%
ACTU Sept. 30, 2025 5,243 $32,035 -81.8%
PACB Dec. 31, 2025 25,000 $32,000 -33.4%
GALT Sept. 30, 2025 12,913 $27,246 -12.0%
IMRX March 31, 2025 12,073 $26,561 252.6%
SAVA March 31, 2026 7,073 $14,005 No longer tracked