TANG CAPITAL MANAGEMENT LLC

CIK

1232621

Location

SAN DIEGO, CA

Portfolio Value

Mid $1,943,501,321

Diversification

Diversified

Filing Date

Global Rank

#1,221 / 8,605 ▲ 36 · as of Mar 2026

Top Industry

Biotechnology 89.0%

3Y Alpha vs SPY

+3.9%

Period ended 3 months ago

Filed May 15, 2026 · 55d

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

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

Cloned portfolio

+57.6%

SPY

+76.5%

Annualised alpha

-4.5%

Max drawdown

−42.7%

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

50 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

9.3%

−0.2 pts

Top 5

32.8%

−0.0 pts

Top 10

58.7%

+2.4 pts

HHI

463

Diversified+59

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Healthcare	94.4%	$1,834,244,201	49
Unclassified	5.6%	$109,257,120	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

9 positions

Ticker	Company	Δ Shares	Shares	Value
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

13 positions

Ticker	Company	Δ Shares	Shares	Value
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
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	$49,206,988
No positions match the current search.

New Positions

Positions the filer opened this quarter

4 positions

Ticker	Company	Shares	Value
CMPS	COMPASS Pathways plc	4,002,200	$22,132,166
JANX	Janux Therapeutics, Inc.	500,000	$6,950,000
AGIO	Agios Pharmaceuticals, Inc.	100,000	$3,383,000
LXRX	Lexicon Pharmaceuticals, Inc.	399,700	$623,532
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
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.

Portfolio Positions

Compact Export CSV View 13F filing

50 positions · $1,943,501,321 total · as of Mar 31, 2026

All sectors Healthcare

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
AUPH	Aurinia Pharmaceuticals Inc. Healthcare	Added	12,229,500	+900,000	$181,241,190	+0.3%	9.33%
CELC	Celcuity Inc. Healthcare	Held	1,050,000	0	$119,847,000	+14.4%	6.17%
MIRM	Mirum Pharmaceuticals, Inc. Healthcare	Held	1,236,027	0	$114,184,174	+17.0%	5.88%
LKFT	Lakefront Biotherapeutics NV Healthcare	Reduced	3,785,991	-135,228	$113,579,730	−11.4%	5.84%
SPY	Spdr S&P 500 ETF Trust	Added	168,000	+138,000	$109,257,120	+434.1%	5.62%
KNSA	Kiniksa Pharmaceuticals International, plc Healthcare	Held	2,259,889	0	$108,813,655	+16.7%	5.60%
CAPR	Capricor Therapeutics, Inc. Healthcare	Added	3,399,900	+1,699,900	$103,356,960	+110.7%	5.32%
PTCT	Ptc Therapeutics, Inc. Healthcare	Held	1,500,000	0	$102,195,000	−10.3%	5.26%
SYRE	Spyre Therapeutics, Inc. Healthcare	Reduced	1,892,200	-1,892,200	$95,442,568	−23.0%	4.91%
KALV	KalVista Pharmaceuticals, Inc. Healthcare	Held	4,573,530	0	$92,065,158	+24.6%	4.74%
CMPX	Compass Therapeutics, Inc. Healthcare	Held	16,790,809	0	$88,823,379	−1.5%	4.57%
TARS	Tarsus Pharmaceuticals, Inc. Healthcare	Held	1,188,624	0	$83,381,973	−14.3%	4.29%
IMCR	Immunocore Holdings plc Healthcare	Added	2,649,368	+20,830	$79,878,445	−12.4%	4.11%
CORT	Corcept Therapeutics Inc Healthcare	Added	1,500,000	+1,343,236	$60,465,000	+1008.4%	3.11%
ANIP	Ani Pharmaceuticals Inc Healthcare	Added	707,500	+226,063	$54,406,750	+43.2%	2.80%
ANAB	Anaptysbio, Inc Healthcare	Reduced	1,330,879	-1,208	$49,206,988	+14.3%	2.53%
INSM	INSMED Inc Healthcare	Added	260,000	+200,000	$42,515,200	+307.1%	2.19%
BNTX	BioNTech SE Healthcare	Held	470,000	0	$41,773,600	−6.6%	2.15%
VRDN	Viridian Therapeutics, Inc.DE Healthcare	Held	1,792,626	0	$35,063,764	−37.1%	1.80%
AVIR	Atea Pharmaceuticals, Inc. Healthcare	Held	4,814,700	0	$25,903,086	+50.7%	1.33%
PGEN	Precigen, Inc. Healthcare	Added	6,417,500	+800,000	$24,835,725	+5.8%	1.28%
DNTH	Dianthus Therapeutics, Inc. /DE/ Healthcare	Held	264,692	0	$22,212,952	+103.6%	1.14%
CMPS	COMPASS Pathways plc Healthcare	NEW	4,002,200	NEW	$22,132,166	NEW	1.14%
CBIO	Crescent Biopharma, Inc. Healthcare	Added	1,160,000	+287,602	$21,309,200	+106.0%	1.10%
STOK	Stoke Therapeutics, Inc. Healthcare	Held	500,000	0	$16,280,000	+2.6%	0.84%
VKTX	Viking Therapeutics, Inc. Healthcare	Held	500,000	0	$16,270,000	−7.5%	0.84%
IDYA	IDEAYA Biosciences, Inc. Healthcare	Held	450,000	0	$14,994,000	−3.6%	0.77%
NUVB	Nuvation Bio Inc. Healthcare	Reduced	3,149,557	-707,900	$13,511,599	−60.9%	0.70%
PLRX	Pliant Therapeutics, Inc. Healthcare	Held	6,143,132	0	$7,740,346	+3.3%	0.40%
DERM	Journey Medical Corp Healthcare	Reduced	1,610,000	-244,596	$7,550,900	−47.2%	0.39%
JANX	Janux Therapeutics, Inc. Healthcare	NEW	500,000	NEW	$6,950,000	NEW	0.36%
BIIB	Biogen Inc. Healthcare	Held	35,000	0	$6,416,550	+4.2%	0.33%
URGN	UroGen Pharma Ltd. Healthcare	Held	350,000	0	$6,293,000	−23.2%	0.32%
ARVN	Arvinas, Inc. Healthcare	Reduced	538,658	-31,040	$5,709,774	−15.5%	0.29%
PMVP	PMV Pharmaceuticals, Inc. Healthcare	Reduced	4,245,085	-694,915	$5,263,905	−14.8%	0.27%
MRNA	Moderna, Inc. Healthcare	Reduced	100,000	-592,820	$5,080,000	−75.1%	0.26%
HRTX	Heron Therapeutics, Inc. /De/ Healthcare	Held	6,250,000	0	$5,000,000	−38.5%	0.26%
KZR	Kezar Life Sciences, Inc. Healthcare	Held	664,314	0	$4,929,209	+18.0%	0.25%
WVE	Wave Life Sciences Ltd. Healthcare	Held	600,000	0	$4,350,000	−57.4%	0.22%
LENZ	LENZ Therapeutics, Inc. Healthcare	Reduced	451,114	-414,055	$4,127,693	−70.2%	0.21%
AGIO	Agios Pharmaceuticals, Inc. Healthcare	NEW	100,000	NEW	$3,383,000	NEW	0.17%
ERAS	Erasca, Inc. Healthcare	Reduced	200,000	-700,000	$3,236,000	−3.3%	0.17%
CHRS	Coherus Oncology, Inc. Healthcare	Reduced	1,886,748	-837,761	$3,188,604	−17.6%	0.16%
NKTX	Nkarta, Inc. Healthcare	Held	1,480,823	0	$3,124,536	+14.1%	0.16%
ALT	Altimmune, Inc. Healthcare	Reduced	666,022	-1,465,285	$2,051,347	−73.3%	0.11%
EOLS	Evolus, Inc. Healthcare	Reduced	483,021	-762,671	$1,985,216	−76.0%	0.10%
ABEO	Abeona Therapeutics Inc. Healthcare	Reduced	400,000	-600,000	$1,792,000	−66.0%	0.09%
FATE	Fate Therapeutics Inc Healthcare	Held	1,167,773	0	$1,401,327	+22.4%	0.07%
LXRX	Lexicon Pharmaceuticals, Inc. Healthcare	NEW	399,700	NEW	$623,532	NEW	0.03%
RCKT	Rocket Pharmaceuticals, Inc. Healthcare	Held	100,000	0	$358,000	+2.0%	0.02%