TANG CAPITAL MANAGEMENT LLC
Filing Date
Global Rank
#1,221
/ 8,622
▲ 34
· as of Mar 2026
Top Industry
Biotechnology
89.2%
3Y Alpha vs SPY
+1.4%
Period ended 4 months ago
Filed May 15, 2026 · 2mo
25 quarters · since Mar 2020
Clone Performance
Jul 2023–Jul 2026 · vs SPYHypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.
Cloned portfolio
+86.6%
SPY
+67.9%
Annualised alpha
+4.3%
Max drawdown
−31.2%
Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.
Portfolio Concentration
51 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top Position
9.2%
−0.2 pts
Top 5
32.4%
−0.1 pts
Top 10
57.9%
+2.3 pts
HHI
459
Diversified+58
Portfolio Trend
25 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Healthcare | 94.5% | $1,859,705,457 |
| Unclassified | 5.5% | $109,257,120 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
9 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| CAPR | Capricor Therapeutics, Inc. | +1,699,900 | 3,399,900 | $103,356,960 | |
| CORT | Corcept Therapeutics Inc | +1,343,236 | 1,500,000 | $60,465,000 | |
| AUPH | Aurinia Pharmaceuticals Inc. | +900,000 | 12,229,500 | $181,241,190 | |
| PGEN | Precigen, Inc. | +800,000 | 6,417,500 | $24,835,725 | |
| CBIO | Crescent Biopharma, Inc. | +287,602 | 1,160,000 | $21,309,200 | |
| ANIP | Ani Pharmaceuticals Inc | +226,063 | 707,500 | $54,406,750 | |
| INSM | INSMED Inc | +200,000 | 260,000 | $42,515,200 | |
| SPY | Spdr S&P 500 ETF Trust | +138,000 | 168,000 | $109,257,120 | |
| IMCR | Immunocore Holdings plc | +20,830 | 2,649,368 | $79,878,445 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
14 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| ALT | Altimmune, Inc. | −1,465,285 | 666,022 | $2,051,347 | |
| CHRS | Coherus Oncology, Inc. | −837,761 | 1,886,748 | $3,188,604 | |
| EOLS | Evolus, Inc. | −762,671 | 483,021 | $1,985,216 | |
| NUVB | Nuvation Bio Inc. | −707,900 | 3,149,557 | $13,511,599 | |
| ERAS | Erasca, Inc. | −700,000 | 200,000 | $3,236,000 | |
| PMVP | PMV Pharmaceuticals, Inc. | −694,915 | 4,245,085 | $5,263,905 | |
| ABEO | Abeona Therapeutics Inc. | −600,000 | 400,000 | $1,792,000 | |
| MRNA | Moderna, Inc. | −592,820 | 100,000 | $5,080,000 | |
| NMRA | Neumora Therapeutics, Inc. | −527,357 | 439,878 | $857,762 | |
| LENZ | LENZ Therapeutics, Inc. | −414,055 | 451,114 | $4,127,693 | |
| DERM | Journey Medical Corp | −244,596 | 1,610,000 | $7,550,900 | |
| LKFT | Lakefront Biotherapeutics NV | −135,228 | 3,785,991 | $113,579,730 | |
| ARVN | Arvinas, Inc. | −31,040 | 538,658 | $5,709,774 | |
| ANAB | Anaptysbio, Inc | −1,208 | 1,330,879 | $73,810,482 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
4 positions
Sold Out
Positions the filer fully exited
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| VRTX | Vertex Pharmaceuticals Inc / Ma | 80,000 | $36,268,800 | |
| TVTX | Travere Therapeutics, Inc. | 700,000 | $26,747,000 | |
| NVDA | Nvidia Corp | 127,788 | $23,832,462 | |
| META | Meta Platforms, Inc. | 23,331 | $15,400,559 | |
| GSK | GSK plc | 300,000 | $14,712,000 | |
| PCVX | Vaxcyte, Inc. | 275,000 | $12,688,500 | |
| HRMY | Harmony Biosciences Holdings, Inc. | 290,292 | $10,862,726 | |
| BMY | Bristol Myers Squibb Co | 200,000 | $10,788,000 | |
| TDOC | Teladoc Health, Inc. | 1,400,000 | $9,800,000 | |
| VSTM | Verastem, Inc. | 1,069,810 | $8,258,933 | |
| ACAD | Acadia Pharmaceuticals Inc | 300,000 | $8,013,000 | |
| SRPT | Sarepta Therapeutics, Inc. | 349,220 | $7,515,214 | |
| TBPH | Theravance Biopharma, Inc. | 351,252 | $6,571,924 | |
| BCRX | Biocryst Pharmaceuticals Inc | 800,000 | $6,240,000 | |
| REGN | Regeneron Pharmaceuticals, Inc. | 8,000 | $6,174,960 | |
| IBRX | ImmunityBio, Inc. | 2,333,333 | $4,619,999 | |
| NUVL | Nuvalent, Inc. | 21,880 | $2,200,909 | |
| ARE | Alexandria Real Estate Equities, Inc. | 40,000 | $1,957,600 | |
| STRO | Sutro Biopharma, Inc. | 139,617 | $1,615,368 | |
| BHVN | Biohaven Ltd. | 140,000 | $1,580,600 | |
| RVMD | Revolution Medicines, Inc. | 15,640 | $1,245,726 | |
| ZYME | Zymeworks Inc. | 34,631 | $911,834 | |
| ACET | Adicet Bio, Inc. | 6,158 | $51,850 | |
| TCRX | TScan Therapeutics, Inc. | 46,131 | $46,131 | |
| FLNA | Filana Therapeutics, Inc. | 7,073 | $14,004 | |
| No positions match the current search. | ||||
51 tracked positions ·
$1,968,962,577 total
· as of Mar 31, 2026
Showing 1–50
of 51 positions by value
· page 1 of 2
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| AUPH |
Aurinia Pharmaceuticals Inc.
Healthcare
|
Added | 12,229,500 | $181,241,190 | 9.20% | |
| CELC |
Celcuity Inc.
Healthcare
|
Held | 1,050,000 | $119,847,000 | 6.09% | |
| MIRM |
Mirum Pharmaceuticals, Inc.
Healthcare
|
Held | 1,236,027 | $114,184,174 | 5.80% | |
| LKFT |
Lakefront Biotherapeutics NV
Healthcare
|
Reduced | 3,785,991 | $113,579,730 | 5.77% | |
| SPY |
Spdr S&P 500 ETF Trust
|
Added | 168,000 | $109,257,120 | 5.55% | |
| KNSA |
Kiniksa Pharmaceuticals International, plc
Healthcare
|
Held | 2,259,889 | $108,813,655 | 5.53% | |
| CAPR |
Capricor Therapeutics, Inc.
Healthcare
|
Added | 3,399,900 | $103,356,960 | 5.25% | |
| PTCT |
Ptc Therapeutics, Inc.
Healthcare
|
Held | 1,500,000 | $102,195,000 | 5.19% | |
| SYRE |
Spyre Therapeutics, Inc.
Healthcare
|
Reduced | 1,892,200 | $95,442,568 | 4.85% | |
| KALV |
KalVista Pharmaceuticals, Inc.
Healthcare
|
Held | 4,573,530 | $92,065,158 | 4.68% | |
| CMPX |
Compass Therapeutics, Inc.
Healthcare
|
Held | 16,790,809 | $88,823,379 | 4.51% | |
| TARS |
Tarsus Pharmaceuticals, Inc.
Healthcare
|
Held | 1,188,624 | $83,381,973 | 4.23% | |
| IMCR |
Immunocore Holdings plc
Healthcare
|
Added | 2,649,368 | $79,878,445 | 4.06% | |
| ANAB |
Anaptysbio, Inc
Healthcare
|
Reduced | 1,330,879 | $73,810,482 | 3.75% | |
| CORT |
Corcept Therapeutics Inc
Healthcare
|
Added | 1,500,000 | $60,465,000 | 3.07% | |
| ANIP |
Ani Pharmaceuticals Inc
Healthcare
|
Added | 707,500 | $54,406,750 | 2.76% | |
| INSM |
INSMED Inc
Healthcare
|
Added | 260,000 | $42,515,200 | 2.16% | |
| BNTX |
BioNTech SE
Healthcare
|
Held | 470,000 | $41,773,600 | 2.12% | |
| VRDN |
Viridian Therapeutics, Inc.\DE
Healthcare
|
Held | 1,792,626 | $35,063,764 | 1.78% | |
| AVIR |
Atea Pharmaceuticals, Inc.
Healthcare
|
Held | 4,814,700 | $25,903,086 | 1.32% | |
| PGEN |
Precigen, Inc.
Healthcare
|
Added | 6,417,500 | $24,835,725 | 1.26% | |
| DNTH |
Dianthus Therapeutics, Inc. /DE/
Healthcare
|
Held | 264,692 | $22,212,952 | 1.13% | |
| CMPS |
COMPASS Pathways plc
Healthcare
|
NEW | 4,002,200 | $22,132,166 | 1.12% | |
| CBIO |
Crescent Biopharma, Inc.
Healthcare
|
Added | 1,160,000 | $21,309,200 | 1.08% | |
| STOK |
Stoke Therapeutics, Inc.
Healthcare
|
Held | 500,000 | $16,280,000 | 0.83% | |
| VKTX |
Viking Therapeutics, Inc.
Healthcare
|
Held | 500,000 | $16,270,000 | 0.83% | |
| IDYA |
IDEAYA Biosciences, Inc.
Healthcare
|
Held | 450,000 | $14,994,000 | 0.76% | |
| NUVB |
Nuvation Bio Inc.
Healthcare
|
Reduced | 3,149,557 | $13,511,599 | 0.69% | |
| PLRX |
Pliant Therapeutics, Inc.
Healthcare
|
Held | 6,143,132 | $7,740,346 | 0.39% | |
| DERM |
Journey Medical Corp
Healthcare
|
Reduced | 1,610,000 | $7,550,900 | 0.38% | |
| JANX |
Janux Therapeutics, Inc.
Healthcare
|
NEW | 500,000 | $6,950,000 | 0.35% | |
| BIIB |
Biogen Inc.
Healthcare
|
Held | 35,000 | $6,416,550 | 0.33% | |
| URGN |
UroGen Pharma Ltd.
Healthcare
|
Held | 350,000 | $6,293,000 | 0.32% | |
| ARVN |
Arvinas, Inc.
Healthcare
|
Reduced | 538,658 | $5,709,774 | 0.29% | |
| PMVP |
PMV Pharmaceuticals, Inc.
Healthcare
|
Reduced | 4,245,085 | $5,263,905 | 0.27% | |
| MRNA |
Moderna, Inc.
Healthcare
|
Reduced | 100,000 | $5,080,000 | 0.26% | |
| HRTX |
Heron Therapeutics, Inc. /De/
Healthcare
|
Held | 6,250,000 | $5,000,000 | 0.25% | |
| KZR |
Kezar Life Sciences, Inc.
Healthcare
|
Held | 664,314 | $4,929,209 | 0.25% | |
| WVE |
Wave Life Sciences Ltd.
Healthcare
|
Held | 600,000 | $4,350,000 | 0.22% | |
| LENZ |
LENZ Therapeutics, Inc.
Healthcare
|
Reduced | 451,114 | $4,127,693 | 0.21% | |
| AGIO |
Agios Pharmaceuticals, Inc.
Healthcare
|
NEW | 100,000 | $3,383,000 | 0.17% | |
| ERAS |
Erasca, Inc.
Healthcare
|
Reduced | 200,000 | $3,236,000 | 0.16% | |
| CHRS |
Coherus Oncology, Inc.
Healthcare
|
Reduced | 1,886,748 | $3,188,604 | 0.16% | |
| NKTX |
Nkarta, Inc.
Healthcare
|
Held | 1,480,823 | $3,124,536 | 0.16% | |
| ALT |
Altimmune, Inc.
Healthcare
|
Reduced | 666,022 | $2,051,347 | 0.10% | |
| EOLS |
Evolus, Inc.
Healthcare
|
Reduced | 483,021 | $1,985,216 | 0.10% | |
| ABEO |
Abeona Therapeutics Inc.
Healthcare
|
Reduced | 400,000 | $1,792,000 | 0.09% | |
| FATE |
Fate Therapeutics Inc
Healthcare
|
Held | 1,167,773 | $1,401,327 | 0.07% | |
| NMRA |
Neumora Therapeutics, Inc.
Healthcare
|
Reduced | 439,878 | $857,762 | 0.04% | |
| LXRX |
Lexicon Pharmaceuticals, Inc.
Healthcare
|
NEW | 399,700 | $623,532 | 0.03% |
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.