Tang Capital Management
SAN DIEGO, CAfiles as TANG CAPITAL MANAGEMENT LLC
$2.2bn in 40 US stocks at the end of 30 June 2026. The top 10 are 63.0% of the money. It changed about 16.3% of the portfolio this quarter.
Value
$2.2bn
Stocks
40
Top 10 share
63.0%
Turnover
16.3%
What changed this quarter
New
Bought for the first time this quarter.
- Nuvectis PharmaNVCT1.3% of the fund
- Fulcrum TherapeuticsFULC1.1% of the fund
- Nano DimensionNNDM0.9% of the fund
- Boundless BioBOLD0.3% of the fund
Added
Bought more of a stock they already held.
- Aurinia PharmaceuticalsAUPH10.1% of the fund+7%
- CelcuityCELC6.3% of the fund+25%
- Capricor TherapeuticsCAPR4.5% of the fund+21%
- Tarsus PharmaceuticalsTARS4.5% of the fund+32%
- COMPASS PathwaysCMPS3.2% of the fund+25%
- Compass TherapeuticsCMPX1.8% of the fund+7%
- Nuvation BioNUVB0.9% of the fund+5%
Cut
Sold some of their stake.
- State STR Spdr S&P 500 ETF TSPY4.2% of the fund-27%
- InsmedINSM0.5% of the fund-62%
- Stoke TherapeuticsSTOK0.4% of the fund-40%
- ModernaMRNA0.2% of the fund-50%
Sold out
Sold their entire stake.
- Kalvista Pharmaceuticals-100%
- Janux TherapeuticsJANX-100%
- BiogenBIIB-100%
- UroGen PharmaURGN-100%
- ArvinasARVN-100%
- Kezar Life Sciences-100%
- Agios PharmaceuticalsAGIO-100%
- ErascaERAS-100%
- Coherus OncologyCHRS-100%
- NkartaNKTX-100%
- EvolusEOLS-100%
- Abeona TherapeuticsABEO-100%
- Fate TherapeuticsFATE-100%
- Neumora TherapeuticsNMRA-100%
- Lexicon PharmaceuticalsLXRX-100%
Holdings
- Lakefront Biotherapeutics NVLKFT
- Share
- 5.2%
- Value
- $114m
- Shares
- 3,785,991
Held
- State STR Spdr S&P 500 ETF TSPY
- Share
- 4.2%
- Value
- $92m
- Shares
- 123,000
-27%
- Immunocore HldgsIMCR
- Share
- 3.8%
- Value
- $84m
- Shares
- 2,649,368
Held
- Biontech SEBNTX
- Share
- 2.0%
- Value
- $44m
- Shares
- 470,000
Held
- Nano DimensionNNDM
- Share
- 0.9%
- Value
- $21m
- Shares
- 14,292,813
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Aurinia PharmaceuticalsAUPH | 10.1% | $221m | 13,044,106 | +7% |
| Spyre TherapeuticsSYRE | 7.7% | $168m | 1,892,200 | Held |
| Mirum PharmaceuticalsMIRM | 6.6% | $145m | 1,236,027 | Held |
| Kiniksa Pharmaceuticals InternationalKNSA | 6.6% | $145m | 2,259,889 | Held |
| CelcuityCELC | 6.3% | $138m | 1,314,594 | +25% |
| Corcept TherapeuticsCORT | 6.0% | $130m | 1,500,000 | Held |
| PTC TherapeuticsPTCT | 5.6% | $122m | 1,500,000 | Held |
| Lakefront Biotherapeutics NVLKFT | 5.2% | $114m | 3,785,991 | Held |
| Capricor TherapeuticsCAPR | 4.5% | $99m | 4,099,900 | +21% |
| Tarsus PharmaceuticalsTARS | 4.5% | $99m | 1,568,266 | +32% |
| State STR Spdr S&P 500 ETF TSPY | 4.2% | $92m | 123,000 | -27% |
| AnaptysbioANAB | 4.1% | $90m | 1,330,879 | Held |
| Immunocore HldgsIMCR | 3.8% | $84m | 2,649,368 | Held |
| COMPASS PathwaysCMPS | 3.2% | $71m | 5,000,000 | +25% |
| ANI PharmaceuticalsANIP | 2.7% | $59m | 707,500 | Held |
| Biontech SEBNTX | 2.0% | $44m | 470,000 | Held |
| Compass TherapeuticsCMPX | 1.8% | $39m | 17,990,782 | +7% |
| PrecigenPGEN | 1.7% | $37m | 6,417,500 | Held |
| Viridian TherapeuticsVRDN | 1.5% | $33m | 1,792,626 | Held |
| Nuvectis PharmaNVCT | 1.3% | $29m | 1,550,000 | New |
| Dianthus TherapeuticsDNTH | 1.2% | $26m | 264,692 | Held |
| Fulcrum TherapeuticsFULC | 1.1% | $24m | 6,521,412 | New |
| Atea PharmaceuticalsAVIR | 1.0% | $22m | 4,814,700 | Held |
| Crescent BiopharmaCBIO | 1.0% | $21m | 1,160,000 | Held |
| Nano DimensionNNDM | 0.9% | $21m | 14,292,813 | New |
| Viking TherapeuticsVKTX | 0.9% | $20m | 500,000 | Held |
| Nuvation BioNUVB | 0.9% | $19m | 3,299,557 | +5% |
| IDEAYA BiosciencesIDYA | 0.8% | $17m | 450,000 | Held |
| Journey MedicalDERM | 0.5% | $11m | 1,610,000 | Held |
| InsmedINSM | 0.5% | $11m | 100,000 | -62% |
| Stoke TherapeuticsSTOK | 0.4% | $10m | 300,000 | -40% |
| Pliant TherapeuticsPLRX | 0.3% | $7m | 6,141,261 | Held |
| Boundless BioBOLD | 0.3% | $6m | 2,559,875 | New |
| PMV PharmaceuticalsPMVP | 0.3% | $6m | 4,245,085 | Held |
| ModernaMRNA | 0.2% | $4m | 50,000 | -50% |
| Wave Life SciencesWVE | 0.2% | $3m | 600,000 | Held |
| Heron TherapeuticsHRTX | 0.1% | $3m | 6,250,000 | Held |
| LENZ TherapeuticsLENZ | 0.1% | $3m | 451,114 | Held |
| AltimmuneALT | <0.1% | $2m | 666,022 | Held |
| Rocket PharmaceuticalsRCKT | <0.1% | $342,000 | 100,000 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 10.7% since 30 June 2025.
Where the money is
Health care83.8%
Other16.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.