TANG CAPITAL MANAGEMENT LLC
Regulatory profile
From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.
Portfolio style
Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.
Closest benchmark: the Russell 2000 as of 2026-06-30, active share 98.4%; sector active share 85.7% against the combined 13F book's sector weights.
Over time 26 measured quarters
How the bands are measured
Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.
Clone Performance
Build a hypothetical price-return history from this filer's public 13F holdings.
View clone backtestPortfolio Concentration
40 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026Portfolio Trend
Sector Breakdown
As of Jun 30, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Healthcare | 94.9% | $2,077,762,231 |
| Unclassified | 4.2% | $91,852,710 |
| Technology | 0.9% | $20,724,578 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| CMPX | Compass Therapeutics, Inc. | +1,199,973 | 17,990,782 | $39,399,812 | |
| CMPS | COMPASS Pathways plc | +997,800 | 5,000,000 | $70,750,000 | |
| AUPH | Aurinia Pharmaceuticals Inc. | +814,606 | 13,044,106 | $221,358,478 | |
| CAPR | Capricor Therapeutics, Inc. | +700,000 | 4,099,900 | $98,725,592 | |
| TARS | Tarsus Pharmaceuticals, Inc. | +379,642 | 1,568,266 | $98,706,662 | |
| CELC | Celcuity Inc. | +264,594 | 1,314,594 | $137,532,824 | |
| NUVB | Nuvation Bio Inc. | +150,000 | 3,299,557 | $18,741,483 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| STOK | Stoke Therapeutics, Inc. | −200,000 | 300,000 | $9,816,000 | |
| INSM | INSMED Inc | −160,000 | 100,000 | $10,662,000 | |
| MRNA | Moderna, Inc. | −50,000 | 50,000 | $3,501,500 | |
| SPY | Spdr S&P 500 ETF Trust | −45,000 | 123,000 | $91,852,710 | |
| PLRX | Pliant Therapeutics, Inc. | −1,871 | 6,141,261 | $7,001,037 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarterSold Out
Positions the filer fully exited| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| JANX | Janux Therapeutics, Inc. | 500,000 | $6,950,000 | |
| BIIB | Biogen Inc. | 35,000 | $6,416,550 | |
| URGN | UroGen Pharma Ltd. | 350,000 | $6,293,000 | |
| ARVN | Arvinas, Inc. | 538,658 | $5,709,774 | |
| AGIO | Agios Pharmaceuticals, Inc. | 100,000 | $3,383,000 | |
| ERAS | Erasca, Inc. | 200,000 | $3,236,000 | |
| CHRS | Coherus Oncology, Inc. | 1,886,748 | $3,188,604 | |
| NKTX | Nkarta, Inc. | 1,480,823 | $3,124,536 | |
| EOLS | Evolus, Inc. | 483,021 | $1,985,216 | |
| ABEO | Abeona Therapeutics Inc. | 400,000 | $1,792,000 | |
| FATE | Fate Therapeutics Inc | 1,167,773 | $1,401,327 | |
| NMRA | Neumora Therapeutics, Inc. | 439,878 | $857,762 | |
| LXRX | Lexicon Pharmaceuticals, Inc. | 399,700 | $623,532 | |
| — | 664,314 | $0 | ||
| — | 4,573,530 | $0 | ||
| No positions match the current search. | ||||
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| AUPH |
Aurinia Pharmaceuticals Inc.
Healthcare
|
Added | 13,044,106 | $221,358,478 | 10.11% | |
| SYRE |
Spyre Therapeutics, Inc.
Healthcare
|
Held | 1,892,200 | $167,989,516 | 7.67% | |
| MIRM |
Mirum Pharmaceuticals, Inc.
Healthcare
|
Held | 1,236,027 | $144,701,680 | 6.61% | |
| KNSA |
Kiniksa Pharmaceuticals International, plc
Healthcare
|
Held | 2,259,889 | $144,519,901 | 6.60% | |
| CELC |
Celcuity Inc.
Healthcare
|
Added | 1,314,594 | $137,532,824 | 6.28% | |
| CORT |
Corcept Therapeutics Inc
Healthcare
|
Held | 1,500,000 | $130,425,000 | 5.95% | |
| PTCT |
Ptc Therapeutics, Inc.
Healthcare
|
Held | 1,500,000 | $122,355,000 | 5.59% | |
| LKFT |
Lakefront Biotherapeutics NV
Healthcare
|
Held | 3,785,991 | $113,504,010 | 5.18% | |
| CAPR |
Capricor Therapeutics, Inc.
Healthcare
|
Added | 4,099,900 | $98,725,592 | 4.51% | |
| TARS |
Tarsus Pharmaceuticals, Inc.
Healthcare
|
Added | 1,568,266 | $98,706,662 | 4.51% | |
| SPY |
Spdr S&P 500 ETF Trust
|
Reduced | 123,000 | $91,852,710 | 4.19% | |
| ANAB |
Anaptysbio, Inc
Healthcare
|
Held | 1,330,879 | $89,834,332 | 4.10% | |
| IMCR |
Immunocore Holdings plc
Healthcare
|
Held | 2,649,368 | $84,117,434 | 3.84% | |
| CMPS |
COMPASS Pathways plc
Healthcare
|
Added | 5,000,000 | $70,750,000 | 3.23% | |
| ANIP |
Ani Pharmaceuticals Inc
Healthcare
|
Held | 707,500 | $58,566,850 | 2.67% | |
| BNTX |
BioNTech SE
Healthcare
|
Held | 470,000 | $43,733,500 | 2.00% | |
| CMPX |
Compass Therapeutics, Inc.
Healthcare
|
Added | 17,990,782 | $39,399,812 | 1.80% | |
| PGEN |
Precigen, Inc.
Healthcare
|
Held | 6,417,500 | $36,579,750 | 1.67% | |
| VRDN |
Viridian Therapeutics, Inc.\DE
Healthcare
|
Held | 1,792,626 | $32,930,539 | 1.50% | |
| NVCT |
Nuvectis Pharma, Inc.
Healthcare
|
NEW | 1,550,000 | $28,504,500 | 1.30% | |
| DNTH |
Dianthus Therapeutics, Inc.
Healthcare
|
Held | 264,692 | $25,802,176 | 1.18% | |
| FULC |
Fulcrum Therapeutics, Inc.
Healthcare
|
NEW | 6,521,412 | $23,868,367 | 1.09% | |
| AVIR |
Atea Pharmaceuticals, Inc.
Healthcare
|
Held | 4,814,700 | $22,388,355 | 1.02% | |
| CBIO |
Crescent Biopharma, Inc.
Healthcare
|
Held | 1,160,000 | $20,880,000 | 0.95% | |
| NNDM |
Nano Dimension Ltd.
Technology
|
NEW | 14,292,813 | $20,724,578 | 0.95% | |
| VKTX |
Viking Therapeutics, Inc.
Healthcare
|
Held | 500,000 | $19,505,000 | 0.89% | |
| NUVB |
Nuvation Bio Inc.
Healthcare
|
Added | 3,299,557 | $18,741,483 | 0.86% | |
| IDYA |
IDEAYA Biosciences, Inc.
Healthcare
|
Held | 450,000 | $16,771,500 | 0.77% | |
| DERM |
Journey Medical Corp
Healthcare
|
Held | 1,610,000 | $11,398,800 | 0.52% | |
| INSM |
INSMED Inc
Healthcare
|
Reduced | 100,000 | $10,662,000 | 0.49% | |
| STOK |
Stoke Therapeutics, Inc.
Healthcare
|
Reduced | 300,000 | $9,816,000 | 0.45% | |
| PLRX |
Pliant Therapeutics, Inc.
Healthcare
|
Reduced | 6,141,261 | $7,001,037 | 0.32% | |
| BOLD |
Boundless Bio, Inc.
Healthcare
|
NEW | 2,559,875 | $6,399,687 | 0.29% | |
| PMVP |
PMV Pharmaceuticals, Inc.
Healthcare
|
Held | 4,245,085 | $5,688,413 | 0.26% | |
| MRNA |
Moderna, Inc.
Healthcare
|
Reduced | 50,000 | $3,501,500 | 0.16% | |
| WVE |
Wave Life Sciences, Inc.
Healthcare
|
Held | 600,000 | $3,486,000 | 0.16% | |
| HRTX |
Heron Therapeutics, Inc.
Healthcare
|
Held | 6,250,000 | $2,687,500 | 0.12% | |
| LENZ |
LENZ Therapeutics, Inc.
Healthcare
|
Held | 451,114 | $2,562,327 | 0.12% | |
| ALT |
Altimmune, Inc.
Healthcare
|
Held | 666,022 | $2,024,706 | 0.09% | |
| RCKT |
Rocket Pharmaceuticals, Inc.
Healthcare
|
Held | 100,000 | $342,000 | 0.02% |
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.