TANG CAPITAL MANAGEMENT LLC
Filing Date
Global Rank
#1,217
/ 8,578
▲ 19
Top Industry
Biotechnology
89.2%
3Y Alpha vs SPY
-1.5%
Period ended 3 months ago
Filed May 15, 2026 · 31d
25 quarters · since Mar 2020
Clone Performance
Jun 2023–Jun 2026 · vs SPYHypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.
Cloned portfolio
+71.2%
SPY
+77.5%
Annualised alpha
-1.5%
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
50 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%
+2.2 pts
HHI
459
Diversified+58
Portfolio Trend
25 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Healthcare | 94.4% | $1,858,847,762 |
| Unclassified | 5.6% | $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
13 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 | |
| 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 | $73,810,549 | |
| 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. | ||||
0 positions ·
$0 total
· Real Estate only
· as of Mar 31, 2026
No positions to show.