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TANG CAPITAL MANAGEMENT LLC

Q1 2026 · Filed 2026-05-15
Market Value
$1.8B
-4.1%
Holdings
72
-117
New Purchases
4
Added To
8
Closed
24
Reduced
14
Top 10 Concentration
61.1%
Turnover
38.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
SPY 5.96% 1.07% +4.89% $109M
CAPR 5.64% 2.57% +3.07% $103M
CORT 3.30% 0.29% +3.01% $60M
SYRE 5.20% 3.24% +1.96% $95M
INSM 2.32% 0.55% +1.77% $43M
CMPS 1.21% 0.00% +1.21% $22M
KALV 5.02% 3.86% +1.16% $92M
MIRM 6.23% 5.11% +1.12% $114M
CELC 6.54% 5.48% +1.06% $120M
ANIP 2.97% 1.99% +0.98% $54M
ANAB 4.02% 3.38% +0.65% $74M
DNTH 1.21% 0.57% +0.64% $22M
AVIR 1.41% 0.90% +0.51% $26M
AUPH 9.88% 9.45% +0.43% $181M
JANX 0.38% 0.00% +0.38% $7M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
RNAM 0.00% 3.39% -3.39% $0
VRTX 0.00% 1.90% -1.90% $0
TVTX 0.00% 1.40% -1.40% $0
VTYX 0.00% 1.33% -1.33% $0
NVDA 0.00% 1.25% -1.25% $0
NUVB 0.74% 1.81% -1.07% $14M
VRDN 1.91% 2.92% -1.01% $35M
META 0.00% 0.81% -0.81% $0
MRNA 0.28% 1.07% -0.79% $5M
GSK 0.00% 0.77% -0.77% $0
PCVX 0.00% 0.66% -0.66% $0
HRMY 0.00% 0.57% -0.57% $0
BMY 0.00% 0.56% -0.56% $0
TARS 4.55% 5.09% -0.54% $83M
TDOC 0.00% 0.51% -0.51% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 3 $109M 6.0%
Large Cap 10 $96M 5.2%
Mid Cap 17 $706M 38.5%
Small Cap 29 $793M 43.2%
Micro Cap 13 $130M 7.1%

Portfolio Analytics

Avg Market Cap
$113.8B
Median Market Cap
$1.8B
Avg P/E
24.3
Median P/E
16.7
Avg Dividend Yield
0.00%
Avg Beta
0.91
# Stocks
71
# ETFs / Funds
1

Top Holdings (72 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 AUPH 9.88% 12,229,500 $181M $14.82 $536K +900,000 +7.9%
2 CELC 6.54% 1,050,000 $120M $114.14 $15M
3 MIRM 6.23% 1,236,027 $114M $92.38 $17M
4 LKFT 6.19% 3,785,991 $114M $30.00 -$15M -135,228 -3.5%
5 SPY 5.96% 168,000 $109M $650.34 $89M +138,000 +460.0%
6 CAPR 5.64% 3,399,900 $103M $30.40 $54M +1,699,900 +100.0%
7 PTCT 5.57% 1,500,000 $102M $68.13 -$12M
8 SYRE 5.20% 1,892,200 $95M $50.44 $33M
9 KALV 5.02% 4,573,530 $92M $20.13 $18M
10 CMPX 4.84% 16,790,809 $89M $5.29 -$1M
11 TARS 4.55% 1,188,624 $83M $70.15 -$14M
12 IMCR 4.36% 2,649,368 $80M $30.15 -$11M +20,830 +0.8%
13 ANAB 4.02% 1,330,879 $74M $55.46 $9M -1,208 -0.1%
14 CORT 3.30% 1,500,000 $60M $40.31 $55M +1,343,236 +856.9%
15 ANIP 2.97% 707,500 $54M $76.90 $16M +226,063 +47.0%
16 INSM 2.32% 260,000 $43M $163.52 $32M +200,000 +333.3%
17 BNTX 2.28% 470,000 $42M $88.88 -$3M
18 VRDN 1.91% 1,792,626 $35M $19.56 -$21M
19 AVIR 1.41% 4,814,700 $26M $5.38 $9M
20 PGEN 1.35% 6,417,500 $25M $3.87 $1M +800,000 +14.2%
21 DNTH 1.21% 264,692 $22M $83.92 $11M
22 CMPS 1.21% 4,002,200 $22M $5.53 +4,002,200 NEW
23 STOK 0.89% 500,000 $16M $32.56 $410K
24 VKTX 0.89% 500,000 $16M $32.54 -$1M
25 IDYA 0.82% 450,000 $15M $33.32 -$562K
26 NUVB 0.74% 3,149,557 $14M $4.29 -$21M -707,900 -18.4%
27 PLRX 0.42% 6,143,132 $8M $1.26 $246K
28 DERM 0.41% 1,610,000 $8M $4.69 -$7M -244,596 -13.2%
29 JANX 0.38% 500,000 $7M $13.90 +500,000 NEW
30 BIIB 0.35% 35,000 $6M $183.33 $257K
31 URGN 0.34% 350,000 $6M $17.98 -$2M
32 ARVN 0.31% 538,658 $6M $10.60 -$1M -31,040 -5.5%
33 PMVP 0.29% 4,245,085 $5M $1.24 -$911K -694,915 -14.1%
34 MRNA 0.28% 100,000 $5M $50.80 -$15M -592,820 -85.6%
35 HRTX 0.27% 6,250,000 $5M $0.80 -$3M
36 WVE 0.24% 600,000 $4M $7.25 -$6M
37 LENZ 0.23% 451,114 $4M $9.15 -$10M -414,055 -47.9%
38 AGIO 0.18% 100,000 $3M $33.83 +100,000 NEW
39 ERAS 0.18% 200,000 $3M $16.18 -$112K -700,000 -77.8%
40 CHRS 0.17% 1,886,748 $3M $1.69 -$680K -837,761 -30.8%
41 NKTX 0.17% 1,480,823 $3M $2.11 $385K
42 ALT 0.11% 666,022 $2M $3.08 -$6M -1,465,285 -68.8%
43 EOLS 0.11% 483,021 $2M $4.11 -$6M -762,671 -61.2%
44 0H7R.L 0.10% 400,000 $2M $4.48 -$3M -600,000 -60.0%
45 FATE 0.08% 1,167,773 $1M $1.20 $254K
46 NMRA 0.05% 439,878 $858K $1.95 -$874K -527,357 -54.5%
47 LXRX 0.03% 399,700 $624K $1.56 +399,700 NEW
48 RCKT 0.02% 100,000 $358K $3.58 $7K
49 GSK —% -$15M -300,000 -100.0% SOLD
50 TVTX —% -$27M -700,000 -100.0% SOLD
51 NUVL —% -$2M -21,880 -100.0% SOLD
52 HRMY —% -$11M -290,292 -100.0% SOLD
53 VRTX —% -$36M -80,000 -100.0% SOLD
54 BMY —% -$11M -200,000 -100.0% SOLD
55 NVDA —% -$24M -127,788 -100.0% SOLD
56 0LOV.L —% -$8M -1,069,810 -100.0% SOLD
57 META —% -$15M -23,331 -100.0% SOLD
58 ACAD —% -$8M -300,000 -100.0% SOLD
59 BCRX —% -$6M -800,000 -100.0% SOLD
60 PCVX —% -$13M -275,000 -100.0% SOLD
61 ARE —% -$2M -40,000 -100.0% SOLD
62 IBRX —% -$5M -2,333,333 -100.0% SOLD
63 SAVA —% -$14K -7,073 -100.0% SOLD
64 RNAM —% -$65M -900,000 -100.0% SOLD
65 RVMD —% -$1M -15,640 -100.0% SOLD
66 TBPH —% -$7M -351,252 -100.0% SOLD
67 REGN —% -$6M -8,000 -100.0% SOLD
68 TDOC —% -$10M -1,400,000 -100.0% SOLD
69 TCRX —% -$46K -46,131 -100.0% SOLD
70 VTYX —% -$25M -2,814,000 -100.0% SOLD
71 SRPT —% -$8M -349,220 -100.0% SOLD
72 DVAX —% -$9M -556,359 -100.0% SOLD

New Positions

SymbolValue% Port
CMPS $22M 1.21%
JANX $7M 0.38%
AGIO $3M 0.18%
LXRX $624K 0.03%

Sold Out Positions

SymbolValue% Port
BMY —%
ARE —%
GSK —%
TDOC —%
IBRX —%
BCRX —%
ACAD —%
HRMY —%
META —%
PCVX —%
REGN —%
NUVL —%
RVMD —%
TVTX —%
TBPH —%
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