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TANG CAPITAL MANAGEMENT LLC

Q4 2025 · Filed 2026-02-17
Market Value
$1.9B
-20.6%
Holdings
189
-8
New Purchases
7
Added To
11
Closed
121
Reduced
35
Top 10 Concentration
54.5%
Turnover
67.7%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AUPH 9.45% 5.20% +4.25% $181M
RNAM 3.39% 0.00% +3.39% $65M
CELC 5.48% 2.36% +3.12% $105M
CAPR 2.57% 0.00% +2.57% $49M
CMPX 4.71% 2.44% +2.27% $90M
PTCT 5.96% 3.82% +2.14% $114M
ANAB 3.38% 1.70% +1.68% $65M
MIRM 5.11% 3.76% +1.34% $98M
KALV 3.86% 2.55% +1.31% $74M
IMCR 4.77% 3.48% +1.29% $91M
BNTX 2.34% 1.11% +1.23% $45M
NUVB 1.81% 0.65% +1.16% $35M
SPY 1.07% 0.00% +1.07% $20M
SYRE 3.24% 2.23% +1.02% $62M
VTYX 1.33% 0.40% +0.93% $25M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MRUS 0.00% 2.34% -2.34% $0
RLAY 0.00% 1.75% -1.75% $0
VERA 0.00% 1.63% -1.63% $0
NKE 0.00% 1.50% -1.50% $0
IONS 0.00% 1.49% -1.49% $0
CTMX 0.00% 1.47% -1.47% $0
LEGN 0.00% 1.12% -1.12% $0
LQDA 0.00% 1.08% -1.08% $0
JAZZ 0.00% 1.04% -1.04% $0
LENZ 0.72% 1.74% -1.01% $14M
TARS 5.09% 6.06% -0.97% $97M
EOLS 0.43% 1.40% -0.97% $8M
KROS 0.00% 0.93% -0.93% $0
ACAD 0.42% 1.33% -0.91% $8M
NBIX 0.00% 0.87% -0.87% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 27 $60M 3.1%
Large Cap 34 $216M 11.3%
Mid Cap 35 $649M 33.9%
Small Cap 58 $827M 43.2%
Micro Cap 35 $161M 8.4%

Portfolio Analytics

Avg Market Cap
$137.6B
Median Market Cap
$2.4B
Avg P/E
27.3
Median P/E
21.3
Avg Dividend Yield
0.01%
Avg Beta
0.96
# Stocks
188
# ETFs / Funds
1

Top Holdings (189 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 AUPH 9.45% 11,329,500 $181M $15.95 $56M
2 LKFT 6.70% 3,921,219 $128M $32.70 -$16M -229,975 -5.5%
3 PTCT 5.96% 1,500,000 $114M $75.96 $22M
4 CELC 5.48% 1,050,000 $105M $99.74 $48M -100,000 -8.7%
5 MIRM 5.11% 1,236,027 $98M $78.99 $7M
6 TARS 5.09% 1,188,624 $97M $81.88 -$49M -1,266,173 -51.6%
7 IMCR 4.77% 2,628,538 $91M $34.71 $7M +322,930 +14.0%
8 CMPX 4.71% 16,790,809 $90M $5.37 $31M -21,154 -0.1%
9 KALV 3.86% 4,573,530 $74M $16.15 $12M -468,268 -9.3%
10 RNAM 3.39% 900,000 $65M $72.13 +900,000 NEW
11 ANAB 3.38% 1,332,087 $65M $48.48 $24M -1,552 -0.1%
12 SYRE 3.24% 1,892,200 $62M $32.76 $8M -1,307,800 -40.9%
13 VRDN 2.92% 1,792,626 $56M $31.12 -$6M -1,050,299 -36.9%
14 CAPR 2.57% 1,700,000 $49M $28.86 +1,700,000 NEW
15 BNTX 2.34% 470,000 $45M $95.20 $18M +200,000 +74.1%
16 ANIP 1.99% 481,437 $38M $78.94 $9M +163,937 +51.6%
17 VRTX 1.90% 80,000 $36M $453.36 $5M
18 NUVB 1.81% 3,857,457 $35M $8.96 $19M -342,543 -8.2%
19 TVTX 1.40% 700,000 $27M $38.21 $10M
20 VTYX 1.33% 2,814,000 $25M $9.03 $16M -286,000 -9.2%
21 NVDA 1.25% 127,788 $24M $186.50 -$518K -2,721 -2.1%
22 PGEN 1.23% 5,617,500 $23M $4.18 -$17M -6,782,500 -54.7%
23 SPY 1.07% 30,000 $20M $681.92 +30,000 NEW
24 MRNA 1.07% 692,820 $20M $29.49 $13M +387,520 +126.9%
25 VKTX 0.92% 500,000 $18M $35.18 -$5M -370,000 -42.5%
26 AVIR 0.90% 4,814,700 $17M $3.57 $3M -11,500 -0.2%
27 STOK 0.83% 500,000 $16M $31.74 $4M
28 IDYA 0.81% 450,000 $16M $34.57 $5M +50,000 +12.5%
29 META 0.81% 23,331 $15M $660.09 -$4M -2,677 -10.3%
30 GSK 0.77% 300,000 $15M $49.04 -$3M -100,000 -25.0%
31 DERM 0.75% 1,854,596 $14M $7.71 $1M
32 LENZ 0.72% 865,169 $14M $16.00 -$28M -32,447 -3.6%
33 PCVX 0.66% 275,000 $13M $46.14 $2M -25,000 -8.3%
34 DNTH 0.57% 264,692 $11M $41.21 $492K
35 HRMY 0.57% 290,292 $11M $37.42 $3M +9,092 +3.2%
36 BMY 0.56% 200,000 $11M $53.94 +200,000 NEW
37 INSM 0.55% 60,000 $10M $174.04 -$18M -140,000 -70.0%
38 WVE 0.53% 600,000 $10M $17.00 +600,000 NEW
39 TDOC 0.51% 1,400,000 $10M $7.00 -$1M
40 DVAX 0.45% 556,359 $9M $15.38 -$11M -1,393,141 -71.5%
41 EOLS 0.43% 1,245,692 $8M $6.65 -$25M -4,242,607 -77.3%
42 0LOV.L 0.43% 1,069,810 $8M $7.72 $1M +280,000 +35.5%
43 URGN 0.43% 350,000 $8M $23.42 -$12M -650,000 -65.0%
44 HRTX 0.42% 6,250,000 $8M $1.30 $4M +2,800,000 +81.2%
45 ACAD 0.42% 300,000 $8M $26.71 -$24M -1,200,000 -80.0%
46 ALT 0.40% 2,131,307 $8M $3.61 -$341K
47 SRPT 0.39% 349,220 $8M $21.52 -$4M -250,780 -41.8%
48 PLRX 0.39% 6,143,132 $7M $1.22 -$1M +139,686 +2.3%
49 ARVN 0.35% 569,698 $7M $11.86 -$5M -824,102 -59.1%
50 TBPH 0.34% 351,252 $7M $18.71 $3M +86,944 +32.9%
51 BCRX 0.33% 800,000 $6M $7.80 $168K
52 PMVP 0.32% 4,940,000 $6M $1.25 -$524K +154,799 +3.2%
53 REGN 0.32% 8,000 $6M $771.87 $552K -2,000 -20.0%
54 BIIB 0.32% 35,000 $6M $175.99 $1M
55 CORT 0.29% 156,764 $5M $34.80 +156,764 NEW
56 0H7R.L 0.28% 1,000,000 $5M $5.27 +1,000,000 NEW
57 IBRX 0.24% 2,333,333 $5M $1.98 -$1M
58 CHRS 0.20% 2,724,509 $4M $1.42 -$4M -2,372,853 -46.5%
59 ERAS 0.18% 900,000 $3M $3.72 $72K -602,915 -40.1%
60 NKTX 0.14% 1,480,823 $3M $1.85 -$12M -5,574,753 -79.0%
61 NUVL 0.12% 21,880 $2M $100.59 -$2M -28,120 -56.2%
62 ARE 0.10% 40,000 $2M $48.94 -$1M
63 NMRA 0.09% 967,235 $2M $1.79 -$817K -432,765 -30.9%
64 RVMD 0.07% 15,640 $1M $79.65 -$3M -84,360 -84.4%
65 FATE 0.06% 1,167,773 $1M $0.98 -$1M -700,000 -37.5%
66 RCKT 0.02% 100,000 $351K $3.51 -$2M -750,000 -88.2%
67 TCRX —% 46,131 $46K $1.00 -$1M -553,869 -92.3%
68 SAVA —% 7,073 $14K $1.98 -$7K
69 MCD —% -$520K -1,710 -100.0% SOLD
70 ALL —% -$580K -2,700 -100.0% SOLD
71 HPE —% -$579K -23,563 -100.0% SOLD
72 BLCO —% -$7M -444,467 -100.0% SOLD
73 MLYS —% -$8M -200,000 -100.0% SOLD
74 ACET —% -$7M -8,223,612 -100.0% SOLD
75 BHC —% -$8M -1,300,000 -100.0% SOLD
76 AAT —% -$1M -50,000 -100.0% SOLD
77 FTRE —% -$842K -100,000 -100.0% SOLD
78 KO —% -$2M -22,712 -100.0% SOLD
79 ATYR —% -$484K -671,134 -100.0% SOLD
80 CTMX —% -$35M -11,065,662 -100.0% SOLD
81 VZ —% -$2M -36,266 -100.0% SOLD
82 INTC —% -$2M -66,216 -100.0% SOLD
83 PFE —% -$1M -53,039 -100.0% SOLD
84 KOD —% -$2M -100,000 -100.0% SOLD
85 CVX —% -$469K -3,023 -100.0% SOLD
86 FDX —% -$399K -1,693 -100.0% SOLD
87 GHRS —% -$344K -24,030 -100.0% SOLD
88 HD —% -$1M -3,646 -100.0% SOLD
89 GE —% -$901K -2,994 -100.0% SOLD
90 KLRS —% -$2M -418,241 -100.0% SOLD
91 AXP —% -$641K -1,931 -100.0% SOLD
92 NKE —% -$36M -519,399 -100.0% SOLD
93 JANX —% -$17M -700,000 -100.0% SOLD
94 XOM —% -$1M -12,651 -100.0% SOLD
95 DIS —% -$2M -14,493 -100.0% SOLD
96 SHW —% -$484K -1,398 -100.0% SOLD
97 JPM —% -$2M -6,312 -100.0% SOLD
98 AMLX —% -$1M -100,000 -100.0% SOLD
99 GEV —% -$847K -1,378 -100.0% SOLD
100 UNH —% -$940K -2,721 -100.0% SOLD

New Positions

SymbolValue% Port
RNAM $65M 3.39%
CAPR $49M 2.57%
SPY $20M 1.07%
BMY $11M 0.56%
WVE $10M 0.53%
CORT $5M 0.29%
0H7R.L $5M 0.28%

Sold Out Positions

SymbolValue% Port
DIS —%
CVX —%
FDX —%
ALL —%
HPE —%
XOM —%
GE —%
BLCO —%
HD —%
AXP —%
AAT —%
KO —%
VZ —%
NKE —%
PFE —%
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