TANG CAPITAL MANAGEMENT LLC

CIK

1232621

Location

SAN DIEGO, CA

Portfolio Value

Micro $5,435,321

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

5 positions · $5,435,321 total · Consumer Defensive only · as of Sep 30, 2025

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

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
WMT	Walmart Inc. Consumer Defensive	Held	17,242	0	$1,776,960	+5.4%	32.69%
KO	Coca Cola Co Consumer Defensive	Held	22,712	0	$1,506,259	−6.3%	27.71%
PG	PROCTER & GAMBLE Co Consumer Defensive	Held	8,952	0	$1,375,474	−3.6%	25.31%
HRL	Hormel Foods Corp /De/ Consumer Defensive	Reduced	16,181	-11,913	$400,317	−52.9%	7.37%
CLX	Clorox Co /De/ Consumer Defensive	Reduced	3,052	-2,102	$376,311	−39.2%	6.92%