TANG CAPITAL MANAGEMENT LLC

TANG CAPITAL MANAGEMENT LLC is an institution, managing $2.5B across 188 long positions as of Q3 2025 with 83% Healthcare concentration and minimal technology exposure.

Portfolio Value: $2.5B
Positions: 188
Top Holding: TARS at 5.74%
Last Reported: Q3 2025

Top Holdings

Largest long holdings in TANG CAPITAL MANAGEMENT LLC's portfolio (37.5% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Tarsus Pharmaceuticals, Inc. TARS	Biotechnology Healthcare	$145.9M	5.74%	—	5.82% 2.5M shares	Q1 2022 Held for 3y 8m
2 GLPG Galapagos GLPG	Unknown Unknown	$143.8M	5.66%	+$5.6M Bought	— 4.2M shares	Q1 2025 Held for 8 months
3 Aurinia Pharmaceuticals AUPH	Biotechnology Healthcare	$125.2M	4.93%	+$14.4M Bought	8.61% 11.3M shares	Q3 2022 Held for 3y 2m
4 PTC Therapeutics PTCT	Biotechnology Healthcare	$92.1M	3.62%	+$24.5M Bought	1.89% 1.5M shares	Q4 2023 Held for 1y 11m
5 Mirum Pharmaceuticals, Inc. MIRM	Biotechnology Healthcare	$90.6M	3.57%	—	2.46% 1.2M shares	Q2 2022 Held for 3y 5m
6 Kiniksa Pharmaceuticals International, plc KNSA	Biotechnology Healthcare	$90.4M	3.56%	—	3.14% 2.3M shares	Q1 2022 Held for 3y 8m
7 IMCR Immunocore Holdings plc IMCR	Unknown Unknown	$83.8M	3.30%	+$7.3M Bought	— 2.3M shares	Q2 2024 Held for 1y 5m
8 KalVista Pharmaceuticals KALV	Biotechnology Healthcare	$61.4M	2.42%	+$1.2M Bought	9.98% 5.0M shares	Q1 2022 Held for 3y 8m
9 Viridian Therapeutics, Inc. VRDN	Biotechnology Healthcare	$61.4M	2.41%	—	3.48% 2.8M shares	Q2 2022 Held for 3y 5m
10 Compass Therapeutics, Inc. CMPX	Biotechnology Healthcare	$58.8M	2.32%	+$11.6M Bought	9.80% 16.8M shares	Q3 2024 Held for 1y 2m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in TANG CAPITAL MANAGEMENT LLC's latest filing

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Market Value

$2.5B

Prior: $1.9B

Q/Q Change

+31.34%

+$606.3M

Net Flows % of MV

+5.2%

Turnover Ratio

9.95%

New Purchases

7 stocks

$78.8M

Added To

26 stocks

+$215.2M

Sold Out Of

16 stocks

$98.7M

Reduced Holdings

32 stocks

-$63.3M

Increased Positions

Position	Shares Δ	Change
1 Celcuity CELC	New	0 → 1.2M +$56.8M
2 IDEAYA Biosciences, Inc. IDYA	New	0 → 400.0K +$10.9M
3 PMV Pharmaceuticals PMVP	New	0 → 4.8M +$6.7M
4 Vor Biopharma VOR	New	0 → 50.0K +$2.4M
5 Cognition Therapeutics, Inc. CGTX	New	0 → 1.2M +$1.6M

Decreased Positions

Position	Shares Δ	Change
1 iTeos Therapeutics, Inc. ITOS	Sold	3.8M → 0 −$38.2M
2 CARGO Therapeutics, Inc. CRGX	Sold	3.1M → 0 −$12.6M
3 Elanco Animal Health Inc. ELAN	Sold	800.1K → 0 −$11.4M
4 HilleVax, Inc. HLVX	Sold	4.9M → 0 −$9.8M
5 ESSA Pharma Inc. EPIX	Sold	4.3M → 0 −$7.3M