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TANG CAPITAL MANAGEMENT LLC

Q2 2025 · Filed 2025-08-14
Market Value
$1.8B
+9.6%
Holdings
200
+14
New Purchases
19
Added To
31
Closed
15
Reduced
49
Top 10 Concentration
36.3%
Turnover
17.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
VERA 1.73% 0.21% +1.51% $32M
MRUS 1.71% 0.25% +1.46% $32M
MTD 1.24% 0.00% +1.24% $23M
BA 1.20% 0.06% +1.14% $22M
ITOS 2.07% 0.95% +1.12% $38M
CTMX 1.36% 0.25% +1.11% $25M
URGN 0.74% 0.00% +0.74% $14M
CMPX 1.90% 1.25% +0.66% $35M
INSM 1.09% 0.45% +0.64% $20M
SYRE 2.60% 1.97% +0.63% $48M
TVTX 0.56% 0.00% +0.56% $10M
WGS 0.50% 0.00% +0.50% $9M
LLY 0.42% 0.00% +0.42% $8M
SRPT 0.39% 0.00% +0.39% $7M
KROS 1.03% 0.67% +0.36% $19M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
DVAX 1.05% 4.43% -3.38% $19M
TARS 5.40% 7.50% -2.10% $99M
ITCI 0.00% 1.73% -1.73% $0
SLRN 0.00% 1.44% -1.44% $0
EOLS 2.50% 3.57% -1.08% $46M
ONC 0.00% 0.60% -0.60% $0
CRSP 0.00% 0.54% -0.54% $0
PHAT 0.00% 0.45% -0.45% $0
SNY 0.52% 0.89% -0.37% $10M
KALV 3.03% 3.39% -0.36% $56M
JAZZ 1.09% 1.40% -0.31% $20M
LQDA 0.77% 1.05% -0.28% $14M
ALT 0.58% 0.82% -0.24% $11M
RCKT 0.11% 0.34% -0.22% $2M
ADMA 1.04% 1.24% -0.20% $19M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 26 $85M 4.6%
Large Cap 35 $235M 12.7%
Mid Cap 35 $559M 30.4%
Small Cap 59 $780M 42.3%
Micro Cap 45 $183M 10.0%

Portfolio Analytics

Avg Market Cap
$125.8B
Median Market Cap
$1.9B
Avg P/E
27.3
Median P/E
21.4
Avg Dividend Yield
0.05%
Avg Beta
0.96
# Stocks
200
# ETFs / Funds
0

Top Holdings (200 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 LKFT 6.06% 3,990,111 $112M $27.99 $12M +28,314 +0.7%
2 TARS 5.40% 2,454,797 $99M $40.51 -$27M
3 AUPH 4.61% 10,029,500 $85M $8.47 $4M
4 IMCR 3.58% 2,105,608 $66M $31.38 $9M +189,900 +9.9%
5 MIRM 3.41% 1,236,027 $63M $50.89 $7M -1,080 -0.1%
6 KALV 3.03% 4,941,798 $56M $11.30 -$1M
7 PTCT 2.91% 1,100,000 $54M $48.84 $3M +100,000 +10.0%
8 SYRE 2.60% 3,200,000 $48M $14.97 $15M +1,150,000 +56.1%
9 EOLS 2.50% 4,997,399 $46M $9.21 -$14M
10 VRDN 2.16% 2,842,925 $40M $13.98 $2M +50,000 +1.8%
11 ITOS 2.07% 3,826,692 $38M $9.97 $22M +1,137,492 +42.3%
12 CMPX 1.90% 13,496,208 $35M $2.60 $14M +2,443,576 +22.1%
13 ACAD 1.76% 1,500,000 $32M $21.57 $7M
14 VERA 1.73% 1,350,000 $32M $23.56 $28M +1,200,000 +800.0%
15 MRUS 1.71% 600,000 $32M $52.60 $27M +500,000 +500.0%
16 REPL 1.61% 3,200,000 $30M $9.29 $1M +300,000 +10.3%
17 ANAB 1.60% 1,330,879 $30M $22.20 $821K -214,274 -13.9%
18 LEGN 1.60% 830,000 $29M $35.49 $1M
19 BNTX 1.56% 270,000 $29M $106.47 $4M
20 RLAY 1.51% 8,068,058 $28M $3.46 $7M
21 LENZ 1.43% 897,616 $26M $29.31 $7M +130,676 +17.0%
22 CTMX 1.36% 11,065,662 $25M $2.27 $21M +4,347,837 +64.7%
23 MTD 1.24% 19,500 $23M $1,174.72 +19,500 NEW
24 BA 1.20% 105,662 $22M $209.53 $21M +99,594 +1641.3%
25 ANIP 1.12% 317,500 $21M $65.25 -$540K
26 NVDA 1.12% 130,509 $21M $157.99 $5M -12,060 -8.5%
27 JAZZ 1.09% 190,000 $20M $106.12 -$3M
28 INSM 1.09% 200,000 $20M $100.64 $12M +100,000 +100.0%
29 DVAX 1.05% 1,949,500 $19M $9.92 -$55M -3,800,500 -66.1%
30 META 1.04% 26,008 $19M $738.10 $3M -1,567 -5.7%
31 ADMA 1.04% 1,050,000 $19M $18.21 -$2M
32 KROS 1.03% 1,418,984 $19M $13.35 $8M +318,984 +29.0%
33 NBIX 1.02% 150,000 $19M $125.69 $2M
34 AVIR 0.95% 4,889,200 $18M $3.60 $3M +89,200 +1.9%
35 GSK 0.83% 400,000 $15M $38.40 -$136K
36 CYBN 0.83% 1,830,097 $15M $8.39 $4M
37 LQDA 0.77% 1,143,759 $14M $12.46 -$3M -56,241 -4.7%
38 URGN 0.74% 1,000,000 $14M $13.70 +1,000,000 NEW
39 DERM 0.72% 1,854,596 $13M $7.18 $2M
40 CRGX 0.68% 3,059,630 $13M $4.12 $153K
41 TDOC 0.66% 1,400,000 $12M $8.71 $1M
42 NKTX 0.64% 7,055,576 $12M $1.66 -$1M
43 ELAN 0.62% 800,100 $11M $14.28 $3M
44 VNDA 0.60% 2,353,307 $11M $4.72 $306K
45 ALT 0.58% 2,750,000 $11M $3.87 -$3M
46 TVTX 0.56% 700,000 $10M $14.80 +700,000 NEW
47 ARVN 0.56% 1,393,800 $10M $7.36 $474K
48 VKTX 0.53% 370,000 $10M $26.50 $3M +100,000 +37.0%
49 HLVX 0.53% 4,920,000 $10M $1.99 $3M
50 PCVX 0.53% 300,000 $10M $32.51 -$2M
51 SNY 0.52% 200,000 $10M $48.31 -$5M -70,000 -25.9%
52 WGS 0.50% 100,000 $9M $92.31 +100,000 NEW
53 ABCL 0.48% 2,600,000 $9M $3.43 $3M
54 HRMY 0.48% 281,200 $9M $31.60 -$447K
55 IDXX 0.47% 16,000 $9M $536.34 $6M +11,000 +220.0%
56 CGEM 0.46% 1,121,138 $8M $7.53 -$45K
57 MRNA 0.46% 305,300 $8M $27.59 -$232K
58 BABA 0.43% 70,000 $8M $113.41 -$1M
59 LLY 0.42% 10,000 $8M $779.53 +10,000 NEW
60 NUVB 0.41% 3,900,000 $8M $1.95 $741K
61 EPIX 0.40% 4,300,000 $7M $1.70 $516K
62 SRPT 0.39% 420,300 $7M $17.10 +420,300 NEW
63 BCRX 0.39% 800,000 $7M $8.96 $1M
64 BLCO 0.39% 550,000 $7M $13.01 -$820K
65 PLRX 0.38% 6,000,000 $7M $1.16 -$1M
66 VTYX 0.36% 3,100,000 $7M $2.14 $3M
67 BIOA 0.36% 1,600,000 $7M $4.13 $592K
68 IBRX 0.33% 2,333,333 $6M $2.64 -$863K
69 DSGN 0.33% 1,780,975 $6M $3.37 -$487K +100,000 +6.0%
70 ALMS 0.33% 1,996,797 $6M $3.00 +1,996,797 NEW
71 IONS 0.32% 150,000 $6M $39.51 $1M
72 STOK 0.31% 500,000 $6M $11.35 $2M
73 EWTX 0.31% 431,300 $6M $13.11 -$946K +131,300 +43.8%
74 SMMT 0.29% 250,000 $5M $21.28 +250,000 NEW
75 REGN 0.28% 10,000 $5M $525.00 -$1M
76 BDTX 0.28% 2,070,209 $5M $2.48 $2M
77 THRD 0.27% 929,727 $5M $5.43 $2M
78 ACET 0.27% 8,223,612 $5M $0.61 -$1M
79 DNTH 0.27% 264,692 $5M $18.63 $130K
80 BHC 0.27% 736,827 $5M $6.66 +736,827 NEW
81 JANX 0.25% 200,000 $5M $23.10 $570K +50,000 +33.3%
82 VRTX 0.24% 10,000 $4M $445.20 +10,000 NEW
83 HRTX 0.24% 2,135,459 $4M $2.07 -$498K -100,000 -4.5%
84 BIIB 0.24% 35,000 $4M $125.59 -$394K
85 GMAB 0.22% 200,000 $4M $20.66 $216K
86 LNTH 0.22% 50,000 $4M $81.86 -$787K
87 NUVL 0.21% 50,000 $4M $76.30 $269K
88 NVAX 0.21% 600,000 $4M $6.30 -$66K
89 CHRS 0.20% 5,097,362 $4M $0.73 -$386K
90 RVMD 0.20% 100,000 $4M $36.79 $143K
91 CMPS 0.20% 1,300,000 $4M $2.80 -$364K -100,000 -7.1%
92 TGTX 0.20% 100,000 $4M $35.99 -$344K
93 TECX 0.19% 179,166 $4M $19.87 $387K
94 SWTX 0.19% 74,265 $3M $46.99 $212K
95 BEAM 0.19% 205,000 $3M $17.01 $3M +155,000 +310.0%
96 ATYR 0.18% 671,134 $3M $5.07 $1M
97 CYTK 0.18% 100,000 $3M $33.04 -$715K
98 IOVA 0.17% 1,800,000 $3M $1.72 -$3M
99 TBPH 0.16% 264,308 $3M $11.03 $568K +1,412 +0.5%
100 ARE 0.16% 40,000 $3M $72.63 -$795K

New Positions

SymbolValue% Port
MTD $23M 1.24%
URGN $14M 0.74%
TVTX $10M 0.56%
WGS $9M 0.50%
LLY $8M 0.42%
SRPT $7M 0.39%
ALMS $6M 0.33%
SMMT $5M 0.29%
BHC $5M 0.27%
VRTX $4M 0.24%
MTSR $3M 0.15%
CGON $2M 0.12%
TSHA $2M 0.11%
BOLT $963K 0.05%
TPST $945K 0.05%

Sold Out Positions

SymbolValue% Port
GRAL —%
CAPR —%
LXRX —%
PHAT —%
ONC —%
VIR —%
CRSP —%
0HIY.L —%
KRON —%
SLRN —%
CRTX —%
ALLK —%
AVTE —%
ITCI —%
ELEV —%
View SEC EDGAR Filings for TANG CAPITAL MANAGEMENT LLC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms