CIK: 0001232621
Total reported value
$2.0B
Reporting period: 2026-03-31 · Number of holdings: 51
TANG CAPITAL MANAGEMENT LLC disclosed 51 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $2.0B and a quarterly turnover rate of 45.1%.
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Tang Capital Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.046 — mathematically equivalent to about 22 equally-sized positions, well below its 51 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 1.17), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 12% 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.
Add SPY
+460.0% $88.8M
Add CAPR
+100.0% $54.3M
Add CORT
+856.9% $55.0M
Add SYRE
0.0% $33.5M
Add INSM
+333.3% $32.1M
Add 4XC1
0.0% $18.2M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AUPH | Aurinia Pharmaceuticals INC | Stock-Other | 9.20% | — | +7.94% | |
| 2 | CELC | Celcuity INC | Stock-Other | 6.09% | +0.92% | — | |
| 3 | MIRM | Mirum Pharmaceuticals INC | Stock-Other | 5.80% | +0.98% | — | |
| 4 | LKFT | Lakefront Biotherapeutic-adr | Stock-Other | 5.77% | -0.56% | -3.45% | |
| 5 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 5.55% | +4.54% | +460.00% | |
| 6 | KNSA | Kiniksa Pharmaceuticals International, plc | Stock-Other | 5.53% | +0.93% | — | |
| 7 | CAPR | Capricor Therapeutics INC | Stock-Other | 5.25% | +2.83% | +99.99% | |
| 8 | PTCT | Ptc Therapeutics INC | Stock-Healthcare | 5.19% | -0.44% | — | |
| 9 | SYRE | Spyre Therapeutics INC | Stock-Other | 4.85% | +1.79% | — | |
| 10 | 4XC1 | Kalvista Pharmaceuticals INC | Stock-Other | 4.68% | +1.03% | — | |
| 11 | CMPX | Compass Therapeutics INC | Stock-Other | 4.51% | — | — | |
| 12 | TARS | Tarsus Pharmaceuticals INC | Stock-Other | 4.23% | -0.58% | — | |
| 13 | IMCR | Immunocore Holdings Plc-adr | Stock-Other | 4.06% | -0.45% | +0.79% | |
| 14 | ANAB | Anaptysbio INC | Stock-Other | 3.75% | +0.56% | -0.09% | |
| 15 | CORT | Corcept Therapeutics INC | Stock-Healthcare | 3.07% | +2.80% | +856.85% | |
| 16 | ANIP | Ani Pharmaceuticals INC | Stock-Other | 2.76% | +0.88% | +46.96% | |
| 17 | INSM | Insmed INC | Stock-Healthcare | 2.16% | +1.64% | +333.33% | |
| 18 | BNTX | Biontech Se-adr | Stock-Other | 2.12% | — | — | |
| 19 | VRDN | Viridian Therapeutics INC | Stock-Other | 1.78% | -0.98% | — | |
| 20 | AVIR | Atea Pharmaceuticals INC | Stock-Other | 1.32% | +0.47% | — | |
| 21 | PGEN | Precigen INC | Stock-Other | 1.26% | — | +14.24% | |
| 22 | DNTH | Dianthus Therapeutics INC | Stock-Other | 1.13% | +0.59% | — | |
| 23 | CMPS | Compass Pathways PLC | Stock-Other | 1.12% | +1.12% | NEW | |
| 24 | ✓ | Crescent Biopharma INC. | Stock-Other | 1.08% | +0.57% | +32.97% | |
| 25 | STOK | Stoke Therapeutics INC | Stock-Other | 0.83% | — | — | |
| 26 | VKTX | Viking Therapeutics INC | Stock-Healthcare | 0.83% | — | — | |
| 27 | IDYA | Ideaya Biosciences INC | Stock-Other | 0.76% | — | — | |
| 28 | NUVB | Nuvation Bio INC | Stock-Other | 0.69% | -1.02% | -18.35% | |
| 29 | PLRX | Pliant Therapeutics INC | Stock-Other | 0.39% | — | — | |
| 30 | DERM | Journey Medical CORP | Stock-Other | 0.38% | -0.33% | -13.19% | |
| 31 | JANX | Janux Therapeutics INC | Stock-Other | 0.35% | +0.35% | NEW | |
| 32 | BIIB | Biogen INC | Stock-Healthcare | 0.33% | — | — | |
| 33 | URGN | UroGen Pharma Ltd. | Stock-Other | 0.32% | — | — | |
| 34 | ARVN | Arvinas INC | Stock-Other | 0.29% | — | -5.45% | |
| 35 | PMVP | Pmv Pharmaceuticals INC | Stock-Other | 0.27% | — | -14.07% | |
| 36 | MRNA | Moderna INC | Stock-Healthcare | 0.26% | -0.75% | -85.57% | |
| 37 | HRTX | Heron Therapeutics INC | Stock-Other | 0.25% | -0.15% | — | |
| 38 | 2KZ0 | Kezar Life Sciences INC | Stock-Other | 0.25% | — | — | |
| 39 | WVE | Wave Life Sciences Ltd. | Stock-Other | 0.22% | -0.28% | — | |
| 40 | LENZ | Lenz Therapeutics INC | Stock-Other | 0.21% | -0.47% | -47.86% | |
| 41 | AGIO | Agios Pharmaceuticals INC | Stock-Other | 0.17% | +0.17% | NEW | |
| 42 | ERAS | Erasca INC | Stock-Other | 0.16% | — | -77.78% | |
| 43 | CHRS | Coherus Oncology INC | Stock-Other | 0.16% | — | -30.75% | |
| 44 | NKTX | Nkarta INC | Stock-Other | 0.16% | — | — | |
| 45 | ALT | Altimmune INC | Stock-Other | 0.10% | -0.28% | -68.75% | |
| 46 | EOLS | Evolus INC | Stock-Other | 0.10% | -0.31% | -61.22% | |
| 47 | ABEO | Abeona Therapeutics INC | Stock-Other | 0.09% | -0.17% | -60.00% | |
| 48 | FATE | Fate Therapeutics INC | Stock-Other | 0.07% | — | — | |
| 49 | NMRA | Neumora Therapeutics INC | Stock-Other | 0.04% | — | -54.52% | |
| 50 | LXRX | Lexicon Pharmaceuticals INC | Stock-Other | 0.03% | — | — |
Performance for Q3 2026
+6.7%
Performance Last 4 Quarters
+57.6%
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 51 | $2.0B | 45 | |
| 2025-12-31 | 75 | $2.0B | 69 | |
| 2025-09-30 | 194 | $2.6B | 63 | |
| 2025-06-30 | 200 | $2.0B | 0 | |
| 2025-03-31 | 202 | $1.8B | 100 | |
| 2024-12-31 | 183 | $1.5B | 0 | |
| 2024-09-30 | 154 | $1.4B | 0 | |
| 2024-06-30 | 128 | $981.9M | 0 | |
| 2024-03-31 | 99 | $960.4M | 0 | |
| 2023-12-31 | 123 | $1.1B | 0 | |
| 2023-09-30 | 106 | $708.7M | 0 | |
| 2023-06-30 | 99 | $679.3M | 0 | |
| 2023-03-31 | 103 | $671.1M | 0 | |
| 2022-12-31 | 89 | $688.3M | 0 | |
| 2022-09-30 | 95 | $815.4M | 0 | |
| 2022-06-30 | 67 | $659.0M | 0 | |
| 2022-03-31 | 53 | $499.9M | 0 | |
| 2021-12-31 | 29 | $497.2M | 0 | |
| 2021-09-30 | 20 | $481.7M | 0 | |
| 2021-06-30 | 16 | $502.4M | 45 | |
| 2021-03-31 | 11 | $355.4M | 66 | |
| 2020-12-31 | 11 | $655.0M | 78 | |
| 2020-09-30 | 20 | $552.7M | 64 | |
| 2020-06-30 | 21 | $1.0B | 47 | |
| 2020-03-31 | 25 | $712.2M | 46 | |
| 2019-12-31 | 17 | $837.0M | 46 | |
| 2019-09-30 | 12 | $584.5M | 28 | |
| 2019-06-30 | 10 | $740.0M | 47 | |
| 2019-03-31 | 9 | $542.7M | 28 | |
| 2018-12-31 | 10 | $435.9M | 36 | |
| 2018-09-30 | 6 | $612.5M | 29 | |
| 2018-06-30 | 5 | $789.0M | 15 | |
| 2018-03-31 | 5 | $680.4M | 39 | |
| 2017-12-31 | 5 | $631.2M | 71 | |
| 2017-09-30 | 6 | $327.5M | 16 | |
| 2017-06-30 | 6 | $281.7M | 9 | |
| 2017-03-31 | 6 | $276.7M | 56 | |
| 2016-12-31 | 8 | $187.5M | 25 | |
| 2016-09-30 | 8 | $241.1M | 24 | |
| 2016-06-30 | 13 | $224.4M | 29 | |
| 2016-03-31 | 16 | $219.6M | 34 | |
| 2015-12-31 | 6 | $252.0M | 19 | |
| 2015-09-30 | 8 | $271.2M | 44 | |
| 2015-06-30 | 8 | $329.6M | 68 | |
| 2015-03-31 | 10 | $188.0M | 47 | |
| 2014-12-31 | 11 | $182.4M | 68 | |
| 2014-09-30 | 15 | $193.0M | 37 | |
| 2014-06-30 | 15 | $215.9M | 24 | |
| 2014-03-31 | 16 | $206.2M | 69 | |
| 2013-12-31 | 14 | $143.0M | 50 | |
| 2013-09-30 | 17 | $201.9M | 47 | |
| 2013-06-30 | 22 | $253.8M | 0 |
Tang Capital Management LLC's most significant position changes for 2026-03-31: Sold out: Avidity Biosciences INC (RNAGBP); Sold out: Vertex Pharmaceuticals INC (VRTX); Sold out: Travere Therapeutics INC (TVTX); Sold out: Ventyx Biosciences INC (VTYXUSD); Sold out: Nvidia CORP (NVDA).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SPY | Ss Spdr S&p 500 ETF Trust-us | +4.5% | +460.00% | Add |
| 2 | CAPR | Capricor Therapeutics INC | +2.8% | +99.99% | Add |
| 3 | CORT | Corcept Therapeutics INC | +2.8% | +856.85% | Add |
| 4 | SYRE | Spyre Therapeutics INC | +1.8% | — | Unchanged |
| 5 | INSM | Insmed INC | +1.6% | +333.33% | Add |
| 6 | 4XC1 | Kalvista Pharmaceuticals INC | +1% | — | Unchanged |
| 7 | MIRM | Mirum Pharmaceuticals INC | +1% | — | Unchanged |
| 8 | KNSA | Kiniksa Pharmaceuticals International, plc | +0.9% | — | Unchanged |
| 9 | CELC | Celcuity INC | +0.9% | — | Unchanged |
| 10 | ANIP | Ani Pharmaceuticals INC | +0.9% | +46.96% | Add |
| 11 | DNTH | Dianthus Therapeutics INC | +0.6% | — | Unchanged |
| 12 | ✓ | Crescent Biopharma INC. | +0.6% | +32.97% | Add |
| 13 | ANAB | Anaptysbio INC | +0.6% | -0.09% | Trim |
| 14 | AVIR | Atea Pharmaceuticals INC | +0.5% | — | Unchanged |
| 15 | HRTX | Heron Therapeutics INC | -0.2% | — | Unchanged |
| 16 | ABEO | Abeona Therapeutics INC | -0.2% | -60.00% | Trim |
| 17 | WVE | Wave Life Sciences Ltd. | -0.3% | — | Unchanged |
| 18 | ALT | Altimmune INC | -0.3% | -68.75% | Trim |
| 19 | EOLS | Evolus INC | -0.3% | -61.22% | Trim |
| 20 | DERM | Journey Medical CORP | -0.3% | -13.19% | Trim |
| 21 | PTCT | Ptc Therapeutics INC | -0.4% | — | Unchanged |
| 22 | IMCR | Immunocore Holdings Plc-adr | -0.5% | +0.79% | Add |
| 23 | LENZ | Lenz Therapeutics INC | -0.5% | -47.86% | Trim |
| 24 | LKFT | Lakefront Biotherapeutic-adr | -0.6% | -3.45% | Trim |
| 25 | TARS | Tarsus Pharmaceuticals INC | -0.6% | — | Unchanged |
| 26 | MRNA | Moderna INC | -0.8% | -85.57% | Trim |
| 27 | VRDN | Viridian Therapeutics INC | -1% | — | Unchanged |
| 28 | NUVB | Nuvation Bio INC | -1% | -18.35% | Trim |
| 29 | RNAGBP | Avidity Biosciences INC | — | EXIT | Sold out |
| 30 | VRTX | Vertex Pharmaceuticals INC | — | EXIT | Sold out |
| 31 | TVTX | Travere Therapeutics INC | — | EXIT | Sold out |
| 32 | VTYXUSD | Ventyx Biosciences INC | — | EXIT | Sold out |
| 33 | NVDA | Nvidia CORP | — | EXIT | Sold out |
| 34 | CMPS | Compass Pathways PLC | — | NEW | New buy |
| 35 | META | Meta Platforms Inc-class A | — | EXIT | Sold out |
| 36 | GSK | Gsk Plc-spon Adr | — | EXIT | Sold out |
| 37 | PCVX | Vaxcyte INC | — | EXIT | Sold out |
| 38 | HRMY | Harmony Biosciences Holdings | — | EXIT | Sold out |
| 39 | BMY | Bristol-myers Squibb Co | — | EXIT | Sold out |
| 40 | TDOC | Teladoc Health INC | — | EXIT | Sold out |
| 41 | DVAX | Dynavax Technologies CORP | — | EXIT | Sold out |
| 42 | VSTM | Verastem INC | — | EXIT | Sold out |
| 43 | ACAD | Acadia Pharmaceuticals INC | — | EXIT | Sold out |
| 44 | SRPT | Sarepta Therapeutics INC | — | EXIT | Sold out |
| 45 | JANX | Janux Therapeutics INC | — | NEW | New buy |
| 46 | TBPH | Theravance Biopharma, Inc. | — | EXIT | Sold out |
| 47 | BCRX | Biocryst Pharmaceuticals INC | — | EXIT | Sold out |
| 48 | REGN | Regeneron Pharmaceuticals | — | EXIT | Sold out |
| 49 | IBRX | Immunitybio INC | — | EXIT | Sold out |
| 50 | AGIO | Agios Pharmaceuticals INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-15 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-01-27 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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