TANG CAPITAL MANAGEMENT LLC
CIK 0001232621
Annualised vol
11.171301%
Beta
0.158186
HHI
505.962401
Top-10 weight
62.668101%
VaR 95%
0.923458%
VaR 99%
2.514856%
Max drawdown
20.675928%
Matched value
88.701493%
Returns of reported holdings
Loading returns…
Position changes vs prior quarter
What the latest 13F shows bought and sold against the quarter before, by share count.
| Ticker | Change | Shares now | Shares before | Share change % | Value now ($) |
|---|---|---|---|---|---|
| AUPH | ADDED | 13,044,106 | 12,229,500 | 6.66% | 221,358,479 |
| SYRE | UNCHANGED | 1,892,200 | 1,892,200 | 0.0% | 167,989,516 |
| MIRM | UNCHANGED | 1,236,027 | 1,236,027 | 0.0% | 144,701,681 |
| KNSA | UNCHANGED | 2,259,889 | 2,259,889 | 0.0% | 144,519,902 |
| CELC | ADDED | 1,314,594 | 1,050,000 | 25.2% | 137,532,824 |
| CORT | UNCHANGED | 1,500,000 | 1,500,000 | 0.0% | 130,425,000 |
| PTCT | UNCHANGED | 1,500,000 | 1,500,000 | 0.0% | 122,355,000 |
| LKFT | NEW | 3,785,991 | - | - | 113,504,010 |
| CAPR | ADDED | 4,099,900 | 3,399,900 | 20.59% | 98,725,592 |
| TARS | ADDED | 1,568,266 | 1,188,624 | 31.94% | 98,706,662 |
| ANAB | UNCHANGED | 1,330,879 | 1,330,879 | 0.0% | 89,834,333 |
| CMPS | ADDED | 5,000,000 | 4,002,200 | 24.93% | 70,750,000 |
| ANIP | UNCHANGED | 707,500 | 707,500 | 0.0% | 58,566,850 |
| BNTX | UNCHANGED | 470,000 | 470,000 | 0.0% | 43,733,500 |
| CMPX | ADDED | 17,990,782 | 16,790,809 | 7.15% | 39,399,813 |
| PGEN | UNCHANGED | 6,417,500 | 6,417,500 | 0.0% | 36,579,750 |
| NVCT | NEW | 1,550,000 | - | - | 28,504,500 |
| FULC | NEW | 6,521,412 | - | - | 23,868,368 |
| AVIR | UNCHANGED | 4,814,700 | 4,814,700 | 0.0% | 22,388,355 |
| CBIO | UNCHANGED | 1,160,000 | 1,160,000 | 0.0% | 20,880,000 |
| NNDM | NEW | 14,292,813 | - | - | 20,724,579 |
| VKTX | UNCHANGED | 500,000 | 500,000 | 0.0% | 19,505,000 |
| NUVB | ADDED | 3,299,557 | 3,149,557 | 4.76% | 18,741,484 |
| IDYA | UNCHANGED | 450,000 | 450,000 | 0.0% | 16,771,500 |
| GOSS | NEW | 17,841,000 | - | - | 11,468,373 |
| INSM | REDUCED | 100,000 | 260,000 | -61.54% | 10,662,000 |
| STOK | REDUCED | 300,000 | 500,000 | -40.0% | 9,816,000 |
| PLRX | REDUCED | 6,141,261 | 6,143,132 | -0.03% | 7,001,038 |
| BOLD | NEW | 2,559,875 | - | - | 6,399,688 |
| PMVP | UNCHANGED | 4,245,085 | 4,245,085 | 0.0% | 5,688,414 |
| MRNA | REDUCED | 50,000 | 100,000 | -50.0% | 3,501,500 |
| WVE | UNCHANGED | 600,000 | 600,000 | 0.0% | 3,486,000 |
| LENZ | UNCHANGED | 451,114 | 451,114 | 0.0% | 2,562,328 |
| ALT | UNCHANGED | 666,022 | 666,022 | 0.0% | 2,024,707 |
| RCKT | UNCHANGED | 100,000 | 100,000 | 0.0% | 342,000 |
| CHRS | CLOSED OUT | 0 | 1,886,748 | -100.0% | 0 |
| NKTX | CLOSED OUT | 0 | 1,480,823 | -100.0% | 0 |
| FATE | CLOSED OUT | 0 | 1,167,773 | -100.0% | 0 |
| ARVN | CLOSED OUT | 0 | 538,658 | -100.0% | 0 |
| JANX | CLOSED OUT | 0 | 500,000 | -100.0% | 0 |
| EOLS | CLOSED OUT | 0 | 483,021 | -100.0% | 0 |
| NMRA | CLOSED OUT | 0 | 439,878 | -100.0% | 0 |
| ABEO | CLOSED OUT | 0 | 400,000 | -100.0% | 0 |
| LXRX | CLOSED OUT | 0 | 399,700 | -100.0% | 0 |
| URGN | CLOSED OUT | 0 | 350,000 | -100.0% | 0 |
| ERAS | CLOSED OUT | 0 | 200,000 | -100.0% | 0 |
| AGIO | CLOSED OUT | 0 | 100,000 | -100.0% | 0 |
| BIIB | CLOSED OUT | 0 | 35,000 | -100.0% | 0 |
Holdings (latest quarter)
| Ticker | Change | Issuer | Class | CUSIP | Value ($) | Weight % | Shares |
|---|---|---|---|---|---|---|---|
| AUPH | ADDED | AURINIA PHARMACEUTICALS INC | COM | 05156V102 | 221,358,479 | 10.05 | 1.3044106E7 |
| SYRE | UNCHANGED | SPYRE THERAPEUTICS INC | COM NEW | 00773J202 | 167,989,516 | 7.63 | 1892200.0 |
| MIRM | UNCHANGED | MIRUM PHARMACEUTICALS INC | COM | 604749101 | 144,701,681 | 6.57 | 1236027.0 |
| KNSA | UNCHANGED | KINIKSA PHARMACEUTICALS INTL | ORD SHS CL A | G52694109 | 144,519,902 | 6.56 | 2259889.0 |
| CELC | ADDED | CELCUITY INC | COM | 15102K100 | 137,532,824 | 6.25 | 1314594.0 |
| CORT | UNCHANGED | CORCEPT THERAPEUTICS INC | COM | 218352102 | 130,425,000 | 5.92 | 1500000.0 |
| PTCT | UNCHANGED | PTC THERAPEUTICS INC | COM | 69366J200 | 122,355,000 | 5.56 | 1500000.0 |
| LKFT | NEW | LAKEFRONT BIOTHERAPEUTICS NV | SPON ADR | 36315X101 | 113,504,010 | 5.16 | 3785991.0 |
| CAPR | ADDED | CAPRICOR THERAPEUTICS INC | COM NEW | 14070B309 | 98,725,592 | 4.48 | 4099900.0 |
| TARS | ADDED | TARSUS PHARMACEUTICALS INC | COM | 87650L103 | 98,706,662 | 4.48 | 1568266.0 |
| - | STATE STR SPDR S&P 500 ETF T | TR UNIT | 78462F103 | 91,852,710 | 4.17 | 123000.0 | |
| ANAB | UNCHANGED | ANAPTYSBIO INC | COM | 032724106 | 89,834,333 | 4.08 | 1330879.0 |
| - | IMMUNOCORE HLDGS PLC | ADS | 45258D105 | 84,117,434 | 3.82 | 2649368.0 | |
| CMPS | ADDED | COMPASS PATHWAYS PLC | SPONSORED ADS | 20451W101 | 70,750,000 | 3.21 | 5000000.0 |
| ANIP | UNCHANGED | ANI PHARMACEUTICALS INC | COM | 00182C103 | 58,566,850 | 2.66 | 707500.0 |
| BNTX | UNCHANGED | BIONTECH SE | SPONSORED ADS | 09075V102 | 43,733,500 | 1.99 | 470000.0 |
| CMPX | ADDED | COMPASS THERAPEUTICS INC | COM | 20454B104 | 39,399,813 | 1.79 | 1.7990782E7 |
| PGEN | UNCHANGED | PRECIGEN INC | COM | 74017N105 | 36,579,750 | 1.66 | 6417500.0 |
| - | VIRIDIAN THERAPEUTICS INC | COM | 92790C104 | 32,930,540 | 1.5 | 1792626.0 | |
| NVCT | NEW | NUVECTIS PHARMA INC | COM | 67080T108 | 28,504,500 | 1.29 | 1550000.0 |
| - | DIANTHUS THERAPEUTICS INC | COM | 252828108 | 25,802,176 | 1.17 | 264692.0 | |
| FULC | NEW | FULCRUM THERAPEUTICS INC | COM | 359616109 | 23,868,368 | 1.08 | 6521412.0 |
| AVIR | UNCHANGED | ATEA PHARMACEUTICALS INC | COM | 04683R106 | 22,388,355 | 1.02 | 4814700.0 |
| CBIO | UNCHANGED | CRESCENT BIOPHARMA INC. | COM | G2545C104 | 20,880,000 | 0.95 | 1160000.0 |
| NNDM | NEW | NANO DIMENSION LTD | SPONSORD ADS NEW | 63008G203 | 20,724,579 | 0.94 | 1.4292813E7 |
| VKTX | UNCHANGED | VIKING THERAPEUTICS INC | COM | 92686J106 | 19,505,000 | 0.89 | 500000.0 |
| NUVB | ADDED | NUVATION BIO INC | COM CL A | 67080N101 | 18,741,484 | 0.85 | 3299557.0 |
| IDYA | UNCHANGED | IDEAYA BIOSCIENCES INC | COM | 45166A102 | 16,771,500 | 0.76 | 450000.0 |
| GOSS | NEW | GOSSAMER BIO INC | NOTE 5.000% 6/0 | 38341PAA0 | 11,468,373 | 0.52 | 1.7841E7 |
| - | JOURNEY MED CORP | COM | 48115J109 | 11,398,800 | 0.52 | 1610000.0 | |
| INSM | REDUCED | INSMED INC | COM PAR $.01 | 457669307 | 10,662,000 | 0.48 | 100000.0 |
| STOK | REDUCED | STOKE THERAPEUTICS INC | COM | 86150R107 | 9,816,000 | 0.45 | 300000.0 |
| PLRX | REDUCED | PLIANT THERAPEUTICS INC | COM | 729139105 | 7,001,038 | 0.32 | 6141261.0 |
| BOLD | NEW | BOUNDLESS BIO INC | COM | 10170A100 | 6,399,688 | 0.29 | 2559875.0 |
| PMVP | UNCHANGED | PMV PHARMACEUTICALS INC | COM | 69353Y103 | 5,688,414 | 0.26 | 4245085.0 |
| MRNA | REDUCED | MODERNA INC | COM | 60770K107 | 3,501,500 | 0.16 | 50000.0 |
| WVE | UNCHANGED | WAVE LIFE SCIENCES LTD | SHS | Y95308105 | 3,486,000 | 0.16 | 600000.0 |
| - | HERON THERAPEUTICS INC | COM | 427746102 | 2,667,500 | 0.12 | 6250000.0 | |
| LENZ | UNCHANGED | LENZ THERAPEUTICS INC | COM | 52635N103 | 2,562,328 | 0.12 | 451114.0 |
| ALT | UNCHANGED | ALTIMMUNE INC | COM NEW | 02155H200 | 2,024,707 | 0.09 | 666022.0 |
| RCKT | UNCHANGED | ROCKET PHARMACEUTICALS INC | COM | 77313F106 | 342,000 | 0.02 | 100000.0 |
Quarterly portfolios
| Period | Filed | Value ($) | Positions | Vol % | Beta | Max DD % |
|---|---|---|---|---|---|---|
| 2026-06-30 | 2026-08-14 | 2,201,787,906 | 41 | 11.171301 | 0.158186 | 20.675928 |
| 2026-03-31 | 2026-05-15 | 1,968,963,283 | 51 | 10.005163 | 0.147139 | 17.158233 |
| 2025-12-31 | 2026-02-17 | 2,024,360,609 | 75 | 9.024258 | 0.14356 | 15.437132 |
| 2025-09-30 | 2025-11-14 | 2,597,852,511 | 194 | 8.83026 | 0.182516 | 17.338148 |
| 2025-03-31 | 2025-05-15 | 1,807,581,363 | 202 | 7.264773 | 0.142803 | 15.854639 |
| 2024-12-31 | 2025-02-14 | 1,511,333,226 | 183 | 7.975426 | 0.165688 | 17.020357 |