TC
Tang Capital Management LLC 13F Holdings & Position Changes (Q2 2026)
Tang Capital Management LLCCIK: 0001232621
Sector-focusedMomentum followerDiversified strategy
Total reported value
$2.2B
Reporting period: 2026-06-30 · Number of holdings: 41
TANG CAPITAL MANAGEMENT LLC disclosed 41 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $2.2B and a quarterly turnover rate of 36.6%.
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Personality snowflake
- Concentration
- 20.24
- Portfolio Stability
- 36.58
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 82
- Sizing Uniformity
- 89.51
Tang Capital Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.051 — mathematically equivalent to about 20 equally-sized positions, well below its 41 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.05), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 3.6 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 13% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govSold out 4XC1
Add CORT
0.0% $70.0M
Add SYRE
0.0% $72.5M
Trim CMPX
+7.1% -$49.4M
Add CMPS
+24.9% $48.6M
Trim INSM
-61.5% -$31.9M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AUPH | Aurinia Pharmaceuticals Inc | Stock-Other | 10.05% | +0.85% | +6.66% | |
| 2 | SYRE | Spyre Therapeutics Inc | Stock-Other | 7.63% | +2.78% | — | |
| 3 | MIRM | Mirum Pharmaceuticals Inc | Stock-Other | 6.57% | +0.77% | — | |
| 4 | KNSA | Kiniksa Pharmaceuticals International, plc | Stock-Other | 6.56% | +1.03% | — | |
| 5 | CELC | Celcuity Inc | Stock-Other | 6.25% | +0.16% | +25.20% | |
| 6 | CORT | Corcept Therapeutics Inc | Stock-Healthcare | 5.92% | +2.85% | — | |
| 7 | PTCT | Ptc Therapeutics Inc | Stock-Healthcare | 5.56% | +0.37% | — | |
| 8 | LKFT | Lakefront Biotherapeutic-adr | Stock-Other | 5.16% | -0.61% | — | |
| 9 | CAPR | Capricor Therapeutics Inc | Stock-Other | 4.48% | -0.77% | +20.59% | |
| 10 | TARS | Tarsus Pharmaceuticals Inc | Stock-Other | 4.48% | +0.25% | +31.94% | |
| 11 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 4.17% | -1.38% | -26.79% | |
| 12 | ANAB | Anaptysbio Inc | Stock-Other | 4.08% | +0.33% | — | |
| 13 | IMCR | Immunocore Holdings Plc-adr | Stock-Other | 3.82% | -0.24% | — | |
| 14 | CMPS | Compass Pathways PLC | Stock-Other | 3.21% | +2.09% | +24.93% | |
| 15 | ANIP | Ani Pharmaceuticals Inc | Stock-Other | 2.66% | -0.10% | — | |
| 16 | BNTX | Biontech Se-adr | Stock-Other | 1.99% | -0.13% | — | |
| 17 | CMPX | Compass Therapeutics Inc | Stock-Other | 1.79% | -2.72% | +7.15% | |
| 18 | PGEN | Precigen Inc | Stock-Other | 1.66% | +0.40% | — | |
| 19 | VRDN | Viridian Therapeutics Inc | Stock-Other | 1.50% | -0.28% | — | |
| 20 | NVCT | Nuvectis Pharma Inc | Stock-Other | 1.29% | +1.29% | NEW | |
| 21 | DNTH | Dianthus Therapeutics Inc | Stock-Other | 1.17% | +0.04% | — | |
| 22 | FULC | Fulcrum Therapeutics Inc | Stock-Other | 1.08% | +1.08% | NEW | |
| 23 | AVIR | Atea Pharmaceuticals Inc | Stock-Other | 1.02% | -0.30% | — | |
| 24 | ✓ | Crescent Biopharma Inc. | Stock-Other | 0.95% | -0.13% | — | |
| 25 | NNDM | Nano Dimension LTD - Adr | Stock-Other | 0.94% | +0.94% | NEW | |
| 26 | VKTX | Viking Therapeutics Inc | Stock-Healthcare | 0.89% | +0.06% | — | |
| 27 | NUVB | Nuvation Bio Inc | Stock-Other | 0.85% | +0.16% | +4.76% | |
| 28 | IDYA | Ideaya Biosciences Inc | Stock-Other | 0.76% | — | — | |
| 29 | GOSS 5 06-01-27Bond | Gossamer Bio Inc | Bond | 0.52% | +0.52% | NEW | |
| 30 | DERM | Journey Medical CORP | Stock-Other | 0.52% | +0.14% | — | |
| 31 | INSM | Insmed Inc | Stock-Healthcare | 0.48% | -1.68% | -61.54% | |
| 32 | STOK | Stoke Therapeutics Inc | Stock-Other | 0.45% | -0.38% | -40.00% | |
| 33 | PLRX | Pliant Therapeutics Inc | Stock-Other | 0.32% | -0.07% | -0.03% | |
| 34 | BOLD | Boundless Bio Inc | Stock-Other | 0.29% | +0.29% | NEW | |
| 35 | PMVP | Pmv Pharmaceuticals Inc | Stock-Other | 0.26% | -0.01% | — | |
| 36 | MRNA | Moderna Inc | Stock-Healthcare | 0.16% | -0.10% | -50.00% | |
| 37 | WVE | Wave Life Sciences Ltd. | Stock-Other | 0.16% | -0.06% | — | |
| 38 | HRTX | Heron Therapeutics Inc | Stock-Other | 0.12% | -0.13% | — | |
| 39 | LENZ | Lenz Therapeutics Inc | Stock-Other | 0.12% | -0.09% | — | |
| 40 | ALT | Altimmune Inc | Stock-Other | 0.09% | -0.01% | — | |
| 41 | RCKT | Rocket Pharmaceuticals Inc | Stock-Other | 0.02% | — | — |
Portfolio Performance
Performance for Q3 2026
+7.9%
Performance Last 4 Quarters
+45.4%
- Stdev
- +29.6%
- Beta
- +0.62
- Alpha
- +9.5%
- Max Drawdown
- -29.7%
- Annualized Perf
- +19.2%
- Batting Avg vs S&P
- +47.2%
- Sortino
- +1.33
- Stutzer
- +0.22
- Treynor
- +0.35
- Sterling
- +0.7
- Calmar
- +0.65
- Information Ratio
- +0.06
- Tracking Error
- +28.9%
- Stdev Down
- +16.4%
- Winning Months %
- +58.3%
- Losing Months %
- +41.7%
- Best 12 Months
- +67.7%
- Worst 12 Months
- -18.9%
- Efficiency Ratio
- +0.28
- Sharpe
- +0.74
- Stdev Sectors
- 0%
- Skewness
- +0.3
- Kurtosis
- -0.21
- Upside Potential
- +3.2
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 41 | $2.2B | 37 | ||
| 2026 Q1 | 51 | $2.0B | 45 | ||
| 2025 Q4 | 75 | $2.0B | 69 | ||
| 2025 Q3 | 194 | $2.6B | 63 | ||
| 2025 Q2 | 200 | $2.0B | 0 | ||
| 2025 Q1 | 202 | $1.8B | 100 | ||
| 2024 Q4 | 183 | $1.5B | 0 | ||
| 2024 Q3 | 154 | $1.4B | 0 | ||
| 2024 Q2 | 128 | $981.9M | 0 | ||
| 2024 Q1 | 99 | $960.4M | 0 | ||
| 2023 Q4 | 123 | $1.1B | 0 | ||
| 2023 Q3 | 106 | $708.7M | 0 | ||
| 2023 Q2 | 99 | $679.3M | 0 | ||
| 2023 Q1 | 103 | $671.1M | 0 | ||
| 2022 Q4 | 89 | $688.3M | 0 | ||
| 2022 Q3 | 95 | $815.4M | 0 | ||
| 2022 Q2 | 67 | $659.0M | 0 | ||
| 2022 Q1 | 53 | $499.9M | 0 | ||
| 2021 Q4 | 29 | $497.2M | 0 | ||
| 2021 Q3 | 20 | $481.7M | 0 | ||
| 2021 Q2 | 16 | $502.4M | 45 | ||
| 2021 Q1 | 11 | $355.4M | 66 | ||
| 2020 Q4 | 11 | $655.0M | 78 | ||
| 2020 Q3 | 20 | $552.7M | 64 | ||
| 2020 Q2 | 21 | $1.0B | 47 | ||
| 2020 Q1 | 25 | $712.2M | 46 | ||
| 2019 Q4 | 17 | $837.0M | 46 | ||
| 2019 Q3 | 12 | $584.5M | 28 | ||
| 2019 Q2 | 10 | $740.0M | 47 | ||
| 2019 Q1 | 9 | $542.7M | 28 | ||
| 2018 Q4 | 10 | $435.9M | 36 | ||
| 2018 Q3 | 6 | $612.5M | 29 | ||
| 2018 Q2 | 5 | $789.0M | 15 | ||
| 2018 Q1 | 5 | $680.4M | 39 | ||
| 2017 Q4 | 5 | $631.2M | 71 | ||
| 2017 Q3 | 6 | $327.5M | 16 | ||
| 2017 Q2 | 6 | $281.7M | 9 | ||
| 2017 Q1 | 6 | $276.7M | 56 | ||
| 2016 Q4 | 8 | $187.5M | 25 | ||
| 2016 Q3 | 8 | $241.1M | 24 | ||
| 2016 Q2 | 13 | $224.4M | 29 | ||
| 2016 Q1 | 16 | $219.6M | 34 | ||
| 2015 Q4 | 6 | $252.0M | 19 | ||
| 2015 Q3 | 8 | $271.2M | 44 | ||
| 2015 Q2 | 8 | $329.6M | 68 | ||
| 2015 Q1 | 10 | $188.0M | 47 | ||
| 2014 Q4 | 11 | $182.4M | 68 | ||
| 2014 Q3 | 15 | $193.0M | 37 | ||
| 2014 Q2 | 15 | $215.9M | 24 | ||
| 2014 Q1 | 16 | $206.2M | 69 | ||
| 2013 Q4 | 14 | $143.0M | 50 | 1PDLI 2.875 02-15-15 *27954353OPK 3 02-01-33 144A | |
| 2013 Q3 | 17 | $201.9M | 47 | 1PDLI 2.875 02-15-15 *2OPK 3 02-01-33 144A3795435 | |
| 2013 Q2 | 22 | $253.8M | 0 | 1PDLI 2.875 02-15-15 *2MNKD 3.75 12-15-133OPK 3 02-01-33 144A |
Holding changes this quarter
Tang Capital Management LLC's most significant position changes for 2026-06-30: Sold out: Kalvista Pharmaceuticals Inc (4XC1); New buy: Nuvectis Pharma Inc (NVCT); New buy: Fulcrum Therapeutics Inc (FULC); New buy: Nano Dimension LTD - Adr (NNDM); New buy: Gossamer Bio Inc (GOSS 5 06-01-27).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CORT | Corcept Therapeutics Inc | +2.9% | — | Unchanged |
| 2 | SYRE | Spyre Therapeutics Inc | +2.8% | — | Unchanged |
| 3 | CMPS | Compass Pathways PLC | +2.1% | +24.93% | Add |
| 4 | NVCT | Nuvectis Pharma Inc | +1.3% | NEW | New buy |
| 5 | FULC | Fulcrum Therapeutics Inc | +1.1% | NEW | New buy |
| 6 | KNSA | Kiniksa Pharmaceuticals International, plc | +1% | — | Unchanged |
| 7 | NNDM | Nano Dimension LTD - Adr | +0.9% | NEW | New buy |
| 8 | AUPH | Aurinia Pharmaceuticals Inc | +0.9% | +6.66% | Add |
| 9 | MIRM | Mirum Pharmaceuticals Inc | +0.8% | — | Unchanged |
| 10 | GOSS 5 06-01-27Bond | Gossamer Bio Inc | +0.5% | NEW | New buy |
| 11 | PGEN | Precigen Inc | +0.4% | — | Unchanged |
| 12 | PTCT | Ptc Therapeutics Inc | +0.4% | — | Unchanged |
| 13 | ANAB | Anaptysbio Inc | +0.3% | — | Unchanged |
| 14 | BOLD | Boundless Bio Inc | +0.3% | NEW | New buy |
| 15 | TARS | Tarsus Pharmaceuticals Inc | +0.3% | +31.94% | Add |
| 16 | CELC | Celcuity Inc | +0.2% | +25.20% | Add |
| 17 | NUVB | Nuvation Bio Inc | +0.2% | +4.76% | Add |
| 18 | DERM | Journey Medical CORP | +0.1% | — | Unchanged |
| 19 | VKTX | Viking Therapeutics Inc | +0.1% | — | Unchanged |
| 20 | DNTH | Dianthus Therapeutics Inc | 0% | — | Unchanged |
| 21 | IDYA | Ideaya Biosciences Inc | — | — | Unchanged |
| 22 | RCKT | Rocket Pharmaceuticals Inc | — | — | Unchanged |
| 23 | PMVP | Pmv Pharmaceuticals Inc | 0% | — | Unchanged |
| 24 | ALT | Altimmune Inc | 0% | — | Unchanged |
| 25 | LXRX | Lexicon Pharmaceuticals Inc | 0% | EXIT | Sold out |
| 26 | NMRA | Neumora Therapeutics Inc | 0% | EXIT | Sold out |
| 27 | WVE | Wave Life Sciences Ltd. | -0.1% | — | Unchanged |
| 28 | FATE | Fate Therapeutics Inc | -0.1% | EXIT | Sold out |
| 29 | PLRX | Pliant Therapeutics Inc | -0.1% | -0.03% | Trim |
| 30 | ABEO | Abeona Therapeutics Inc | -0.1% | EXIT | Sold out |
| 31 | LENZ | Lenz Therapeutics Inc | -0.1% | — | Unchanged |
| 32 | ANIP | Ani Pharmaceuticals Inc | -0.1% | — | Unchanged |
| 33 | EOLS | Evolus Inc | -0.1% | EXIT | Sold out |
| 34 | MRNA | Moderna Inc | -0.1% | -50.00% | Trim |
| 35 | HRTX | Heron Therapeutics Inc | -0.1% | — | Unchanged |
| 36 | BNTX | Biontech Se-adr | -0.1% | — | Unchanged |
| 37 | ✓ | Crescent Biopharma Inc. | -0.1% | — | Unchanged |
| 38 | ERAS | Erasca Inc | -0.2% | EXIT | Sold out |
| 39 | CHRS | Coherus Oncology Inc | -0.2% | EXIT | Sold out |
| 40 | NKTX | Nkarta Inc | -0.2% | EXIT | Sold out |
| 41 | AGIO | Agios Pharmaceuticals Inc | -0.2% | EXIT | Sold out |
| 42 | IMCR | Immunocore Holdings Plc-adr | -0.2% | — | Unchanged |
| 43 | 2KZ0 | Kezar Life Sciences Inc | -0.3% | EXIT | Sold out |
| 44 | VRDN | Viridian Therapeutics Inc | -0.3% | — | Unchanged |
| 45 | ARVN | Arvinas Inc | -0.3% | EXIT | Sold out |
| 46 | AVIR | Atea Pharmaceuticals Inc | -0.3% | — | Unchanged |
| 47 | URGN | UroGen Pharma Ltd. | -0.3% | EXIT | Sold out |
| 48 | BIIB | Biogen Inc | -0.3% | EXIT | Sold out |
| 49 | JANX | Janux Therapeutics Inc | -0.4% | EXIT | Sold out |
| 50 | STOK | Stoke Therapeutics Inc | -0.4% | -40.00% | Trim |
1–50 of 56
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Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Filing History
FAQ
What is Tang Capital Management LLC and what type of investor is it?
Tang Capital Management LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $2.2B, spread across 41 disclosed positions.
What are Tang Capital Management LLC's largest equity positions?
Based on the latest 13F filing, Tang Capital Management LLC's top holdings by market value are:
1. Aurinia Pharmaceuticals Inc (AUPH) — $221.4M (10.1%)
2. Spyre Therapeutics Inc (SYRE) — $168.0M (7.6%)
3. Mirum Pharmaceuticals Inc (MIRM) — $144.7M (6.6%)
4. Kiniksa Pharmaceuticals International, plc (KNSA) — $144.5M (6.6%)
5. Celcuity Inc (CELC) — $137.5M (6.3%)
What changes did Tang Capital Management LLC make in its most recent portfolio filing?
In the latest reported quarter, Tang Capital Management LLC made 32 notable position adjustments: 5 new positions were initiated, 7 existing holdings were added to, 5 positions were partially reduced, and 15 were completely exited. The largest of these moves: Sold out: Kalvista Pharmaceuticals Inc (4XC1); New buy: Nuvectis Pharma Inc (NVCT); New buy: Fulcrum Therapeutics Inc (FULC); New buy: Nano Dimension LTD - Adr (NNDM); New buy: Gossamer Bio Inc (GOSS 5 06-01-27)
What sectors does Tang Capital Management LLC focus on?
Tang Capital Management LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Health Care: 100.0%
Investment Profile
Tang Capital Management LLC returned an annualized 19.2% over the trailing 36 months — outperforming the S&P 500 by 9.5 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.62 (less volatile than the market) and a 47% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 100.0% of the portfolio concentrated in Health Care.
Its turnover score has risen from 0 to 37 over the past 4 quarters — a shift toward more active trading.
It has added to its CORT position over the past two quarters (+$125.0M, now $130.4M), while trimming CMPX over the same stretch (-$50.8M, still holding $39.4M).
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Developer Access
Access Tang Capital Management LLC's institutional profile programmatically:
REST API
curl https://alphasmo.com/api/v1/institutions/tang-capital-management-llcCLI
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