T

TANG CAPITAL MANAGEMENT LLC Portfolio Analytics

Investment Analysis & Holdings Breakdown

Comprehensive portfolio analytics for TANG CAPITAL MANAGEMENT LLC with $2.5B in long positions as of Q3 2025, 83% allocated to Healthcare, and 38% concentrated in top 10 positions.

Portfolio Value
$2.5B
Top 10 Concentration
38%
Top Sector
Healthcare (83%)
US Exposure
84%
Market Cap Focus
Small Cap
Countries
7

Composition Analysis

Portfolio breakdown by sector, industry, and market capitalization

Sector Allocation

Healthcare: 82.60%HealthcareConsumer Cyclical: 1.60%Technology: 1.20%Communication Services: 0.90%Financial Services: 0.30%Consumer Defensive: 0.20%Real Estate: 0.20%Industrials: 0.10%Energy: 0.10%
Healthcare
82.60%
Consumer Cyclical
1.60%
Technology
1.20%
Communication Services
0.90%
Financial Services
0.30%
Consumer Defensive
0.20%
Real Estate
0.20%
Industrials
0.10%
Energy
0.10%

Industry Breakdown

38 industries across all sectors

Biotechnology: 73.85%BiotechnologyDrug Manufacturers - Specialty & Generic: 6.32%Apparel - Footwear & Accessories: 1.43%Semiconductors: 1.10%Medical - Healthcare Information Services: 0.93%Internet Content & Information: 0.75%32 more: 2.89%
Biotechnology
Healthcare
73.85%
Drug Manufacturers - Specialty & Generic
Healthcare
6.32%
Apparel - Footwear & Accessories
Consumer Cyclical
1.43%
Semiconductors
Technology
1.10%
Medical - Healthcare Information Services
Healthcare
0.93%
Internet Content & Information
Communication Services
0.75%
Drug Manufacturers - General
Healthcare
0.62%
Medical - Diagnostics & Research
Healthcare
0.58%
Medical - Instruments & Supplies
Healthcare
0.26%
Financial - Credit Services
Financial Services
0.14%
REIT - Office
Real Estate
0.13%
Entertainment
Communication Services
0.098%

Filter by Sector

Select a sector to filter industries

Market Cap Distribution

Mega Cap (> $200B): 2.94%Large Cap ($10B - $200B): 8.45%Large Cap ($10B - $200B)Mid Cap ($2B - $10B): 31.28%Mid Cap ($2B - $10B)Small Cap ($300M - $2B): 38.57%Small Cap ($300M - $2B)Micro Cap ($50M - $300M): 6.45%Nano Cap (< $50M): 0.75%N/A (ETF or Unknown): 11.56%N/A (ETF or Unknown)
Mega Cap (> $200B)
2.94%
Large Cap ($10B - $200B)
8.45%
Mid Cap ($2B - $10B)
31.28%
Small Cap ($300M - $2B)
38.57%
Micro Cap ($50M - $300M)
6.45%
Nano Cap (< $50M)
0.75%
N/A (ETF or Unknown)
11.56%

Portfolio Concentration

Top 10 Holdings %
37.52%
Top 20 Holdings %
54.99%
Top 50 Holdings %
80.76%
Top 100 Holdings %
95.46%

Geographic Exposure

Portfolio breakdown by country of incorporation

Domestic (US)
84.07%
International
15.93%
Countries
7
Largest Int'l Market
Canada - 7.48%
United States of America
84.07% ($2.1B)
174 holdings
Canada
7.48% ($190.0M)
7 holdings
Bermuda
3.56% ($90.4M)
1 holdings
Ireland
2.26% ($57.4M)
3 holdings
Netherlands
2.22% ($56.5M)
1 holdings
Switzerland
0.26% ($6.5M)
1 holdings
Cayman Islands
0.15% ($3.9M)
1 holdings

Holding Behavior

Investment patterns and position management analysis

Portfolio Stability & Commitment

Avg. Top 10
9.8 quarters
Avg. Top 20
7.9 quarters
Avg. All Positions
5.5 quarters
Median Holding Period
5 quarters
Persistence Rate
63.83%
Persistent Holdings Weight
71.88%
Persistent Positions
120
Longest Held
AnaptysBio, Inc. Common Stock logo
AnaptysBio, Inc. Common StockANAB - 23 quarters

Position Sizing & Influence

Current Quarter

Avg. New Position
0.44%
Avg. Position Weight
0.53%
Largest Position
Tarsus Pharmaceuticals, Inc. Common Stock logo
Tarsus Pharmaceuticals, Inc. Common StockTARS - 5.74%
Largest Ownership Stake
KalVista Pharmaceuticals, Inc. Common Stock logo
KalVista Pharmaceuticals, Inc. Common StockKALV - 9.98%
Avg. Ownership Stake
2.91%
Ownership Stake >5%
15
Ownership Stake >1%
65

Historical (Since Q2 2013)

Avg. New Position
1.49%
Avg. Ownership Stake
3.91%
Largest Position
Heron Therapeutics, Inc. logo
Heron Therapeutics, Inc.HRTX - 100.00% (Q4 2017)
Largest Ownership Stake
Elevation Oncology, Inc. Common stock logo
Elevation Oncology, Inc. Common stockELEV - 16.44% (Q2 2023)

Portfolio Turnover

Current Quarter

Turnover Ratio
9.5%
Value Traded
$241.66M
Positions Added
7
Positions Exited
16

Historical (Since Q2 2013)

Avg. Turnover Ratio
2562.4%
Avg. Positions Added
8
Avg. Positions Exited
6
Highest Turnover
127349.1%
Q4 2021

Cookie Preferences

We use cookies for analytics. See our Privacy and Cookie Policy.