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TANG CAPITAL MANAGEMENT LLC

Q3 2025 · Filed 2025-11-14
Market Value
$2.4B
+30.7%
Holdings
197
-3
New Purchases
12
Added To
27
Closed
15
Reduced
32
Top 10 Concentration
38.2%
Turnover
13.7%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
CELC 2.36% 0.00% +2.36% $57M
PGEN 1.69% 0.00% +1.69% $41M
NKE 1.50% 0.07% +1.43% $36M
IONS 1.49% 0.32% +1.17% $36M
VRTX 1.30% 0.24% +1.06% $31M
PTCT 3.82% 2.91% +0.91% $92M
TARS 6.06% 5.40% +0.66% $146M
MRUS 2.34% 1.71% +0.63% $56M
AUPH 5.20% 4.61% +0.59% $125M
CMPX 2.44% 1.90% +0.54% $59M
JANX 0.71% 0.25% +0.46% $17M
IDYA 0.45% 0.00% +0.45% $11M
VKTX 0.95% 0.53% +0.42% $23M
VRDN 2.55% 2.16% +0.39% $61M
MIRM 3.76% 3.41% +0.35% $91M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
ITOS 0.00% 2.07% -2.07% $0
BA 0.03% 1.20% -1.17% $696K
MTD 0.10% 1.24% -1.14% $2M
EOLS 1.40% 2.50% -1.10% $34M
REPL 0.59% 1.61% -1.02% $14M
CRGX 0.00% 0.68% -0.68% $0
ELAN 0.00% 0.62% -0.62% $0
HLVX 0.00% 0.53% -0.53% $0
KALV 2.55% 3.03% -0.48% $61M
LEGN 1.12% 1.60% -0.47% $27M
BNTX 1.11% 1.56% -0.45% $27M
ACAD 1.33% 1.76% -0.43% $32M
ADMA 0.64% 1.04% -0.40% $15M
EPIX 0.00% 0.40% -0.40% $0
CYBN 0.45% 0.83% -0.39% $11M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 26 $91M 3.8%
Large Cap 33 $292M 12.1%
Mid Cap 36 $851M 35.3%
Small Cap 58 $958M 39.8%
Micro Cap 44 $216M 9.0%

Portfolio Analytics

Avg Market Cap
$127.5B
Median Market Cap
$1.9B
Avg P/E
26.1
Median P/E
21.3
Avg Dividend Yield
0.05%
Avg Beta
0.98
# Stocks
197
# ETFs / Funds
0

Top Holdings (197 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 TARS 6.06% 2,454,797 $146M $59.43 $46M
2 LKFT 5.97% 4,151,194 $144M $34.64 $32M +161,083 +4.0%
3 AUPH 5.20% 11,329,500 $125M $11.05 $40M +1,300,000 +13.0%
4 PTCT 3.82% 1,500,000 $92M $61.37 $38M +400,000 +36.4%
5 MIRM 3.76% 1,236,027 $91M $73.31 $28M
6 IMCR 3.48% 2,305,608 $84M $36.33 $18M +200,000 +9.5%
7 KALV 2.55% 5,041,798 $61M $12.18 $6M +100,000 +2.0%
8 VRDN 2.55% 2,842,925 $61M $21.58 $22M
9 CMPX 2.44% 16,811,963 $59M $3.50 $24M +3,315,755 +24.6%
10 CELC 2.36% 1,150,000 $57M $49.40 +1,150,000 NEW
11 MRUS 2.34% 600,000 $56M $94.15 $25M
12 SYRE 2.23% 3,200,000 $54M $16.76 $6M
13 RLAY 1.75% 8,068,058 $42M $5.22 $14M
14 LENZ 1.74% 897,616 $42M $46.58 $16M
15 ANAB 1.70% 1,333,639 $41M $30.62 $11M +2,760 +0.2%
16 PGEN 1.69% 12,400,000 $41M $3.29 +12,400,000 NEW
17 VERA 1.63% 1,350,000 $39M $29.06 $7M
18 NKE 1.50% 519,399 $36M $69.73 $35M +500,000 +2577.4%
19 IONS 1.49% 550,000 $36M $65.42 $30M +400,000 +266.7%
20 CTMX 1.47% 11,065,662 $35M $3.19 $10M
21 EOLS 1.40% 5,488,299 $34M $6.14 -$12M +490,900 +9.8%
22 ACAD 1.33% 1,500,000 $32M $21.34 -$345K
23 VRTX 1.30% 80,000 $31M $391.64 $27M +70,000 +700.0%
24 ANIP 1.21% 317,500 $29M $91.60 $8M
25 INSM 1.20% 200,000 $29M $144.01 $9M
26 LEGN 1.12% 830,000 $27M $32.61 -$2M
27 BNTX 1.11% 270,000 $27M $98.62 -$2M
28 LQDA 1.08% 1,143,759 $26M $22.74 $12M
29 JAZZ 1.04% 190,000 $25M $131.80 $5M
30 NVDA 1.01% 130,509 $24M $186.58 $4M
31 VKTX 0.95% 870,000 $23M $26.28 $13M +500,000 +135.1%
32 KROS 0.93% 1,418,984 $22M $15.82 $4M
33 NBIX 0.87% 150,000 $21M $140.38 $2M
34 URGN 0.83% 1,000,000 $20M $19.95 $6M
35 DVAX 0.80% 1,949,500 $19M $9.93 $19K
36 META 0.79% 26,008 $19M $734.39 -$96K
37 GSK 0.72% 400,000 $17M $43.16 $2M
38 JANX 0.71% 700,000 $17M $24.44 $12M +500,000 +250.0%
39 TVTX 0.69% 700,000 $17M $23.90 $6M
40 NUVB 0.65% 4,200,000 $16M $3.70 $8M +300,000 +7.7%
41 ADMA 0.64% 1,050,000 $15M $14.66 -$4M
42 NKTX 0.61% 7,055,576 $15M $2.07 $3M
43 REPL 0.59% 3,400,000 $14M $4.19 -$15M +200,000 +6.2%
44 AVIR 0.58% 4,826,200 $14M $2.90 -$4M -63,000 -1.3%
45 DSGN 0.56% 1,780,975 $13M $7.53 $7M
46 DERM 0.55% 1,854,596 $13M $7.12 -$111K
47 ABCL 0.54% 2,600,000 $13M $5.03 $4M
48 CMPS 0.52% 2,200,000 $13M $5.73 $9M +900,000 +69.2%
49 BABA 0.52% 70,000 $13M $178.73 $5M
50 ARVN 0.49% 1,393,800 $12M $8.52 $2M
51 STOK 0.49% 500,000 $12M $23.50 $6M
52 VNDA 0.49% 2,353,307 $12M $4.99 $635K
53 SRPT 0.48% 600,000 $12M $19.27 $4M +179,700 +42.8%
54 SMMT 0.47% 550,000 $11M $20.66 $6M +300,000 +120.0%
55 IDYA 0.45% 400,000 $11M $27.21 +400,000 NEW
56 TDOC 0.45% 1,400,000 $11M $7.73 -$1M
57 PCVX 0.45% 300,000 $11M $36.02 $1M
58 CYBN 0.45% 1,830,097 $11M $5.89 -$5M
59 WGS 0.45% 100,000 $11M $107.74 $2M
60 DNTH 0.43% 264,692 $10M $39.35 $5M
61 IDXX 0.42% 16,000 $10M $638.89 $2M
62 VTYX 0.40% 3,100,000 $10M $3.11 $3M
63 BIOA 0.39% 1,600,000 $9M $5.88 $3M
64 PLRX 0.37% 6,003,446 $9M $1.48 $2M +3,446 +0.1%
65 BHC 0.35% 1,300,000 $8M $6.45 $3M +563,173 +76.4%
66 CHRS 0.35% 5,097,362 $8M $1.64 $5M
67 ALT 0.33% 2,131,307 $8M $3.77 -$3M -618,693 -22.5%
68 MRNA 0.33% 305,300 $8M $25.83 -$537K
69 BDTX 0.33% 2,070,209 $8M $3.79 $3M
70 HRMY 0.32% 281,200 $8M $27.56 -$1M
71 LLY 0.32% 10,000 $8M $763.00 -$165K
72 MLYS 0.31% 200,000 $8M $37.92 $5M
73 EWTX 0.29% 431,300 $7M $16.22 $1M
74 0LOV.L 0.29% 789,810 $7M $8.83 $6M +519,810 +192.5%
75 PMVP 0.28% 4,785,201 $7M $1.40 +4,785,201 NEW
76 BLCO 0.28% 444,467 $7M $15.07 -$457K -105,533 -19.2%
77 ACET 0.28% 8,223,612 $7M $0.81 $2M
78 CGEM 0.28% 1,121,138 $7M $5.93 -$2M
79 CRSP 0.27% 100,000 $6M $64.81 +100,000 NEW
80 BEAM 0.26% 255,000 $6M $24.27 $3M +50,000 +24.4%
81 GMAB 0.25% 200,000 $6M $30.67 $2M
82 BCRX 0.25% 800,000 $6M $7.59 -$1M
83 IBRX 0.24% 2,333,333 $6M $2.46 -$420K
84 REGN 0.23% 10,000 $6M $562.27 $373K
85 PYXS 0.23% 2,500,000 $6M $2.22 $3M
86 CYTK 0.23% 100,000 $5M $54.96 $2M
87 BIIB 0.20% 35,000 $5M $140.08 $507K
88 CNTA 0.20% 200,000 $5M $24.25 $4M +150,000 +300.0%
89 SNY 0.20% 100,000 $5M $47.20 -$5M -100,000 -50.0%
90 RVMD 0.19% 100,000 $5M $46.70 $991K
91 ALMS 0.19% 1,167,009 $5M $3.99 -$1M -829,788 -41.6%
92 HRTX 0.18% 3,450,000 $4M $1.26 -$73K +1,314,541 +61.6%
93 NUVL 0.18% 50,000 $4M $86.48 $509K
94 TBPH 0.16% 264,308 $4M $14.60 $944K
95 TGTX 0.15% 100,000 $4M $36.13 $14K
96 CGON 0.15% 87,500 $4M $40.28 $1M
97 ARE 0.14% 40,000 $3M $83.34 $428K
98 ERAS 0.14% 1,502,915 $3M $2.18 $1M
99 FENC 0.13% 334,593 $3M $9.36 $3M +314,066 +1530.0%
100 SNDX 0.13% 200,000 $3M $15.39 $1M

New Positions

SymbolValue% Port
CELC $57M 2.36%
PGEN $41M 1.69%
IDYA $11M 0.45%
PMVP $7M 0.28%
CRSP $6M 0.27%
VOR $2M 0.10%
GOSS $2M 0.09%
CGTX $2M 0.07%
PASG $602K 0.02%
GHRS $344K 0.01%
LONA $248K 0.01%
PACB $32K —%

Sold Out Positions

SymbolValue% Port
ELAN —%
ACTU —%
MCRB —%
GALT —%
ALXO —%
NVAX —%
TPST —%
CRGX —%
APLT —%
EPIX —%
MTSR —%
HLVX —%
ITOS —%
THRD —%
SWTX —%
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