TANG CAPITAL MANAGEMENT LLC

CIK

1232621

Location

SAN DIEGO, CA

Portfolio Value

Mid $2,448,260,995

Diversification

Diversified

Filing Date

Global Rank

#1,044 / 7,976 ▲ 168

Top Industry

Biotechnology 80.8%

3Y Alpha vs SPY

-0.6%

Period ended 9 months ago

Filed Nov 14, 2025 · 7mo

23 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+73.8%

SPY

+76.3%

Annualised alpha

-0.6%

Max drawdown

−31.5%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

183 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025

Top Position

6.0%

−0.3 pts

Top 5

24.4%

+0.7 pts

Top 10

38.9%

+0.4 pts

HHI

226

Diversified+5

Portfolio Trend

23 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Healthcare	94.7%	$2,317,781,279	142
Consumer Cyclical	2.2%	$53,413,768	9
Technology	1.3%	$30,798,612	6
Communication Services	0.9%	$22,981,962	5
Financial Services	0.3%	$7,669,713	6
Consumer Defensive	0.2%	$5,435,321	5
Real Estate	0.2%	$4,349,600	2
Industrials	0.1%	$3,450,828	5
Energy	0.1%	$1,895,841	2
Basic Materials	0.0%	$484,071	1

Last Quarter's Activity

Export CSV

Sep 30, 2025 vs Jun 30, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
CMPX	Compass Therapeutics, Inc.	+3,315,755	16,811,963	$58,841,870
HRTX	Heron Therapeutics, Inc. /De/	+1,314,541	3,450,000	$4,347,000
AUPH	Aurinia Pharmaceuticals Inc.	+1,300,000	11,329,500	$125,190,975
CMPS	COMPASS Pathways plc	+900,000	2,200,000	$12,606,000
CBIO	Crescent Biopharma, Inc.	+629,672	679,824	$8,083,107
BHC	Bausch Health Companies Inc.	+563,173	1,300,000	$8,385,000
VSTM	Verastem, Inc.	+519,810	789,810	$6,974,022
JANX	Janux Therapeutics, Inc.	+500,000	700,000	$17,108,000
NKE	NIKE, Inc.	+500,000	519,399	$36,217,692
VKTX	Viking Therapeutics, Inc.	+500,000	870,000	$22,863,600
EOLS	Evolus, Inc.	+490,900	5,488,299	$33,698,155
IONS	Ionis Pharmaceuticals Inc	+400,000	550,000	$35,981,000
PTCT	Ptc Therapeutics, Inc.	+400,000	1,500,000	$92,055,000
FENC	Fennec Pharmaceuticals Inc.	+314,066	334,593	$3,131,790
SMMT	Summit Therapeutics Inc.	+300,000	550,000	$11,363,000
NUVB	Nuvation Bio Inc.	+300,000	4,200,000	$15,540,000
IMCR	Immunocore Holdings plc	+200,000	2,305,608	$83,762,738
REPL	Replimune Group, Inc.	+200,000	3,400,000	$14,246,000
SRPT	Sarepta Therapeutics, Inc.	+179,700	600,000	$11,562,000
LKFT	Lakefront Biotherapeutics NV	+161,083	4,151,194	$143,797,360
CNTA	Centessa Pharmaceuticals plc	+150,000	200,000	$4,850,000
KALV	KalVista Pharmaceuticals, Inc.	+100,000	5,041,798	$61,409,099
VRTX	Vertex Pharmaceuticals Inc / Ma	+70,000	80,000	$31,331,200
KLRS	Kalaris Therapeutics, Inc.	+57,382	418,241	$2,417,432
BEAM	Beam Therapeutics Inc.	+50,000	255,000	$6,188,850
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
IOVA	Iovance Biotherapeutics, Inc.	−1,256,240	543,760	$1,179,959
ALMS	Alumis Inc.	−829,788	1,167,009	$4,656,365
ALT	Altimmune, Inc.	−618,693	2,131,307	$8,035,027
FLNA	Filana Therapeutics, Inc.	−232,747	7,073	$20,582
MGX	Metagenomi Therapeutics, Inc.	−171,992	28,008	$66,378
BLCO	Bausch & Lomb Corp	−105,533	444,467	$6,698,117
BA	Boeing Co	−102,437	3,225	$696,051
SNY	Sanofi	−100,000	100,000	$4,720,000
AVIR	Atea Pharmaceuticals, Inc.	−63,000	4,826,200	$13,995,980
OKUR	OnKure Therapeutics, Inc.	−52,850	116,395	$320,086
F	Ford Motor Co	−31,999	43,381	$518,836
MTD	Mettler Toledo International Inc/	−17,531	1,969	$2,417,164
HPE	Hewlett Packard Enterprise Co	−16,439	23,563	$578,707
HRL	Hormel Foods Corp /De/	−11,913	16,181	$400,317
SEE	SEALED AIR CORP/DE	−10,126	14,274	$504,585
UAL	United Airlines Holdings, Inc.	−3,769	6,296	$607,564
WHR	Whirlpool Corp /De/	−3,218	4,335	$340,731
PAYX	Paychex Inc	−2,506	3,542	$448,983
CVX	Chevron Corp	−2,216	3,023	$469,441
CLX	Clorox Co /De/	−2,102	3,052	$376,311
GE	General Electric Co	−1,992	2,994	$900,655
ALL	Allstate Corp	−1,788	2,700	$579,555
AMZN	Amazon Com Inc	−1,731	2,583	$567,149
TMUS	T-Mobile US, Inc.	−1,511	2,285	$546,983
AXP	American Express Co	−1,237	1,931	$641,400
No positions match the current search.

New Positions

Positions the filer opened this quarter

12 positions

Ticker	Company	Shares	Value
CELC	Celcuity Inc.	1,150,000	$56,810,000
PGEN	Precigen, Inc.	12,400,000	$40,796,000
IDYA	IDEAYA Biosciences, Inc.	400,000	$10,884,000
PMVP	PMV Pharmaceuticals, Inc.	4,785,201	$6,699,281
CRSP	CRISPR Therapeutics AG	100,000	$6,481,000
VOR	Vor Biopharma Inc.	50,000	$2,436,000
GOSS	Gossamer Bio, Inc.	800,000	$2,104,000
CGTX	Cognition Therapeutics Inc	1,200,000	$1,620,000
PASG	Passage BIO, Inc.	75,000	$602,250
GHRS	GH Research PLC	24,030	$343,629
LONA	LeonaBio, Inc.	59,998	$248,391
PACB	Pacific Biosciences Of California, Inc.	25,000	$32,000
No positions match the current search.

Sold Out

Positions the filer fully exited

8 positions

Ticker	Company	Shares	Value
ELAN	Elanco Animal Health Inc	800,100	$11,425,428
NVAX	Novavax Inc	600,000	$3,780,000
ALXO	Alx Oncology Holdings Inc	3,158,265	$1,310,679
ALGS	Aligos Therapeutics, Inc.	141,131	$1,017,554
TPST	Tempest Therapeutics, Inc.	138,962	$944,941
MCRB	Seres Therapeutics, Inc.	13,921	$154,662
ACTU	Actuate Therapeutics, Inc.	5,243	$32,034
GALT	Galectin Therapeutics Inc	12,913	$27,246
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

183 positions · $2,448,260,995 total · as of Sep 30, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology

Showing 1–50 of 183 positions by value · page 1 of 4

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
TARS	Tarsus Pharmaceuticals, Inc. Healthcare	Held	2,454,797	0	$145,888,585	+46.7%	5.96%
LKFT	Lakefront Biotherapeutics NV Healthcare	Added	4,151,194	+161,083	$143,797,360	+28.8%	5.87%
AUPH	Aurinia Pharmaceuticals Inc. Healthcare	Added	11,329,500	+1,300,000	$125,190,975	+47.4%	5.11%
PTCT	Ptc Therapeutics, Inc. Healthcare	Added	1,500,000	+400,000	$92,055,000	+71.3%	3.76%
MIRM	Mirum Pharmaceuticals, Inc. Healthcare	Held	1,236,027	0	$90,613,139	+44.1%	3.70%
KNSA	Kiniksa Pharmaceuticals International, plc Healthcare	Held	2,328,609	0	$90,419,887	+40.3%	3.69%
IMCR	Immunocore Holdings plc Healthcare	Added	2,305,608	+200,000	$83,762,738	+26.8%	3.42%
KALV	KalVista Pharmaceuticals, Inc. Healthcare	Added	5,041,798	+100,000	$61,409,099	+9.9%	2.51%
VRDN	Viridian Therapeutics, Inc.DE Healthcare	Held	2,842,925	0	$61,350,321	+54.4%	2.51%
CMPX	Compass Therapeutics, Inc. Healthcare	Added	16,811,963	+3,315,755	$58,841,870	+67.7%	2.40%
CELC	Celcuity Inc. Healthcare	NEW	1,150,000	NEW	$56,810,000	NEW	2.32%
SYRE	Spyre Therapeutics, Inc. Healthcare	Held	3,200,000	0	$53,632,000	+12.0%	2.19%
RLAY	Relay Therapeutics, Inc. Healthcare	Held	8,068,058	0	$42,115,262	+50.9%	1.72%
LENZ	LENZ Therapeutics, Inc. Healthcare	Held	897,616	0	$41,810,953	+58.9%	1.71%
ANAB	Anaptysbio, Inc Healthcare	Added	1,333,639	+2,760	$40,836,026	+38.2%	1.67%
PGEN	Precigen, Inc. Healthcare	NEW	12,400,000	NEW	$40,796,000	NEW	1.67%
VERA	Vera Therapeutics, Inc. Healthcare	Held	1,350,000	0	$39,231,000	+23.3%	1.60%
NKE	NIKE, Inc. Consumer Cyclical	Added	519,399	+500,000	$36,217,692	+2528.1%	1.48%
IONS	Ionis Pharmaceuticals Inc Healthcare	Added	550,000	+400,000	$35,981,000	+507.1%	1.47%
CTMX	CytomX Therapeutics, Inc. Healthcare	Held	11,065,662	0	$35,299,461	+40.5%	1.44%
EOLS	Evolus, Inc. Healthcare	Added	5,488,299	+490,900	$33,698,155	−26.8%	1.38%
ACAD	Acadia Pharmaceuticals Inc Healthcare	Held	1,500,000	0	$32,010,000	−1.1%	1.31%
VRTX	Vertex Pharmaceuticals Inc / Ma Healthcare	Added	80,000	+70,000	$31,331,200	+603.8%	1.28%
ANIP	Ani Pharmaceuticals Inc Healthcare	Held	317,500	0	$29,083,000	+40.4%	1.19%
INSM	INSMED Inc Healthcare	Held	200,000	0	$28,802,000	+43.1%	1.18%
LEGN	Legend Biotech Corp Healthcare	Held	830,000	0	$27,066,300	−8.1%	1.11%
BNTX	BioNTech SE Healthcare	Held	270,000	0	$26,627,400	−7.4%	1.09%
LQDA	Liquidia Corp Healthcare	Held	1,143,759	0	$26,009,079	+82.5%	1.06%
JAZZ	Jazz Pharmaceuticals plc Healthcare	Held	190,000	0	$25,042,000	+24.2%	1.02%
NVDA	Nvidia Corp Technology	Held	130,509	0	$24,350,369	+18.1%	0.99%
VKTX	Viking Therapeutics, Inc. Healthcare	Added	870,000	+500,000	$22,863,600	+133.2%	0.93%
KROS	Keros Therapeutics, Inc. Healthcare	Held	1,418,984	0	$22,448,326	+18.5%	0.92%
NBIX	Neurocrine Biosciences Inc Healthcare	Held	150,000	0	$21,057,000	+11.7%	0.86%
URGN	UroGen Pharma Ltd. Healthcare	Held	1,000,000	0	$19,950,000	+45.6%	0.81%
META	Meta Platforms, Inc. Communication Services	Held	26,008	0	$19,099,755	−0.5%	0.78%
ZYME	Zymeworks Inc. Healthcare	Held	1,100,000	0	$18,788,000	+36.1%	0.77%
GSK	GSK plc Healthcare	Held	400,000	0	$17,264,000	+12.4%	0.71%
JANX	Janux Therapeutics, Inc. Healthcare	Added	700,000	+500,000	$17,108,000	+270.3%	0.70%
TVTX	Travere Therapeutics, Inc. Healthcare	Held	700,000	0	$16,730,000	+61.5%	0.68%
NUVB	Nuvation Bio Inc. Healthcare	Added	4,200,000	+300,000	$15,540,000	+104.3%	0.63%
ADMA	Adma Biologics, Inc. Healthcare	Held	1,050,000	0	$15,393,000	−19.5%	0.63%
NKTX	Nkarta, Inc. Healthcare	Held	7,055,576	0	$14,605,042	+24.7%	0.60%
REPL	Replimune Group, Inc. Healthcare	Added	3,400,000	+200,000	$14,246,000	−52.1%	0.58%
AVIR	Atea Pharmaceuticals, Inc. Healthcare	Reduced	4,826,200	-63,000	$13,995,980	−20.5%	0.57%
DSGN	Design Therapeutics, Inc. Healthcare	Held	1,780,975	0	$13,410,741	+123.4%	0.55%
DERM	Journey Medical Corp Healthcare	Held	1,854,596	0	$13,204,723	−0.8%	0.54%
ABCL	AbCellera Biologics Inc. Healthcare	Held	2,600,000	0	$13,078,000	+46.6%	0.53%
CMPS	COMPASS Pathways plc Healthcare	Added	2,200,000	+900,000	$12,606,000	+246.3%	0.51%
BABA	Alibaba Group Holding Ltd Consumer Cyclical	Held	70,000	0	$12,511,100	+57.6%	0.51%
ARVN	Arvinas, Inc. Healthcare	Held	1,393,800	0	$11,875,176	+15.8%	0.49%