TANG CAPITAL MANAGEMENT LLC
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| AURINIA PHARMACEUTICALS INC | AUPH | $221.4M | 13,044,106 | +0.85pp | 13q | +6.7%+$13.8M | |
| SPYRE THERAPEUTICS INC | SYRE | $168.0M | 1,892,200 | +2.78pp | 6q | HELD | |
| MIRUM PHARMACEUTICALS INC | MIRM | $144.7M | 1,236,027 | +0.77pp | 17q | HELD | |
| KINIKSA PHARMACEUTICALS INTL | KNSA | $144.5M | 2,259,889 | +1.04pp | 9q | HELD | |
| CELCUITY INC | CELC | $137.5M | 1,314,594 | +0.16pp | 4q | +25.2%+$27.7M | |
| CORCEPT THERAPEUTICS INC | CORT | $130.4M | 1,500,000 | +2.85pp | 3q | HELD | |
| PTC THERAPEUTICS INC | PTCT | $122.4M | 1,500,000 | +0.37pp | 11q | HELD | |
| LAKEFRONT BIOTHERAPEUTICS NV | LKFT | $113.5M | 3,785,991 | -0.61pp | 9q | HELD | |
| CAPRICOR THERAPEUTICS INC | CAPR | $98.7M | 4,099,900 | -0.77pp | 3q | +20.6%+$16.9M | |
| TARSUS PHARMACEUTICALS INC | TARS | $98.7M | 1,568,266 | +0.25pp | 18q | +31.9%+$23.9M | |
| STATE STR SPDR S&P 500 ETF T | SPY | $91.9M | 123,000 | -1.38pp | 3q | -26.8%-$33.6M | |
| ANAPTYSBIO INC | ANAB | $89.8M | 1,330,879 | +0.33pp | 27q | HELD | |
| IMMUNOCORE HLDGS PLC | IMCR | $84.1M | 2,649,368 | -0.24pp | 18q | HELD | |
| COMPASS PATHWAYS PLC | CMPS | $70.8M | 5,000,000 | +2.09pp | 2q | +24.9%+$14.1M | |
| ANI PHARMACEUTICALS INC | ANIP | $58.6M | 707,500 | -0.10pp | 10q | HELD | |
| BIONTECH SE | BNTX | $43.7M | 470,000 | -0.14pp | 8q | HELD | |
| COMPASS THERAPEUTICS INC | CMPX | $39.4M | 17,990,782 | -2.72pp | 8q | +7.1%+$2.6M | |
| PRECIGEN INC | PGEN | $36.6M | 6,417,500 | +0.40pp | 4q | HELD | |
| VIRIDIAN THERAPEUTICS INC | VRDN | $32.9M | 1,792,626 | -0.29pp | 17q | HELD | |
| NUVECTIS PHARMA INC | NVCT | $28.5M | 1,550,000 | - | new | NEW | |
| DIANTHUS THERAPEUTICS INC | DNTH | $25.8M | 264,692 | +0.04pp | 12q | HELD | |
| FULCRUM THERAPEUTICS INC | FULC | $23.9M | 6,521,412 | - | new | NEW | |
| ATEA PHARMACEUTICALS INC | AVIR | $22.4M | 4,814,700 | -0.30pp | 14q | HELD | |
| CRESCENT BIOPHARMA INC. | CBIO | $20.9M | 1,160,000 | -0.13pp | 5q | HELD | |
| NANO DIMENSION LTD | NNDM | $20.7M | 14,292,813 | - | new | NEW | |
| VIKING THERAPEUTICS INC | VKTX | $19.5M | 500,000 | +0.06pp | 10q | HELD | |
| NUVATION BIO INC | NUVB | $18.7M | 3,299,557 | +0.16pp | 11q | +4.8%+$852.0K | |
| IDEAYA BIOSCIENCES INC | IDYA | $16.8M | 450,000 | flat | 4q | HELD | |
| GOSSAMER BIO INC | $11.5M | 17,841,000 | - | new | DEBT | ||
| JOURNEY MED CORP | DERM | $11.4M | 1,610,000 | +0.13pp | 7q | HELD | |
| INSMED INC | INSM | $10.7M | 100,000 | -1.68pp | 9q | -61.5%-$17.1M | |
| STOKE THERAPEUTICS INC | STOK | $9.8M | 300,000 | -0.38pp | 7q | -40.0%-$6.5M | |
| PLIANT THERAPEUTICS INC | PLRX | $7.0M | 6,141,261 | -0.08pp | 6q | HELD | |
| BOUNDLESS BIO INC | BOLD | $6.4M | 2,559,875 | - | new | NEW | |
| PMV PHARMACEUTICALS INC | PMVP | $5.7M | 4,245,085 | -0.01pp | 4q | HELD | |
| MODERNA INC | MRNA | $3.5M | 50,000 | -0.10pp | 7q | -50.0%-$3.5M | |
| WAVE LIFE SCIENCES LTD | WVE | $3.5M | 600,000 | -0.06pp | 3q | HELD | |
| HERON THERAPEUTICS INC | HRTX | $2.7M | 6,250,000 | -0.13pp | 21q | HELD | |
| LENZ THERAPEUTICS INC | LENZ | $2.6M | 451,114 | -0.09pp | 10q | HELD | |
| ALTIMMUNE INC | ALT | $2.0M | 666,022 | -0.01pp | 21q | HELD | |
| ROCKET PHARMACEUTICALS INC | RCKT | $342.0K | 100,000 | flat | 12q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Biotech & Pharma | $1.9B | 88.1% |
| Healthcare Services | $137.5M | 6.2% |
| Funds & ETFs | $91.9M | 4.2% |
| Other sectors | $20.7M | 0.9% |
| Not classified | $11.5M | 0.5% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $2.2B | 41 | 5 | 7 | 4 | 15 | 62.7% | 45 |
| Q1 2026 | $2.0B | 51 | 4 | 9 | 13 | 28 | 57.9% | 45 |
| Q4 2025 | $2.0B | 75 | 9 | 12 | 35 | 128 | 52.9% | 48 |
| Q3 2025 | $2.6B | 194 | 12 | 26 | 32 | 18 | 36.7% | 45 |
| Q2 2025 | $2.0B | 200 | 20 | 33 | 50 | 22 | 35.0% | 45 |
| Q1 2025 | $1.8B | 202 | 26 | 75 | 31 | 7 | 39.2% | 45 |
| Q4 2024 | $1.5B | 183 | 42 | 62 | 17 | 13 | 37.5% | 45 |
| Q3 2024 | $1.4B | 154 | 35 | 42 | 14 | 9 | 35.9% | 45 |
| Q2 2024 | $981.9M | 128 | 48 | 37 | 3 | 19 | 37.6% | 45 |
| Q1 2024 | $960.4M | 99 | 25 | 16 | 38 | 49 | 38.4% | 45 |
| Q4 2023 | $1.1B | 123 | 30 | 24 | 21 | 13 | 41.8% | 45 |
| Q3 2023 | $708.7M | 106 | 18 | 22 | 16 | 11 | 39.3% | 45 |
| Q2 2023 | $679.3M | 99 | 22 | 23 | 14 | 26 | 38.7% | 45 |
| Q1 2023 | $671.1M | 103 | 40 | 28 | 14 | 26 | 38.7% | 45 |
| Q4 2022 | $688.3M | 89 | 18 | 22 | 32 | 24 | 47.8% | 45 |
| Q3 2022 | $815.4M | 95 | 33 | 18 | 13 | 5 | 43.1% | 45 |
| Q2 2022 | $659.0M | 67 | 19 | 18 | 1 | 5 | 55.0% | 46 |
| Q1 2022 | $499.9M | 53 | 31 | 5 | 6 | 7 | 57.8% | 46 |
| Q4 2021 | $497.2M | 29 | 11 | 2 | 5 | 2 | 77.0% | 45 |
| Q3 2021 | $481.7M | 20 | 5 | 2 | 0 | 1 | 87.4% | 46 |
| Q2 2021 | $502.4M | 16 | 6 | 2 | 1 | 1 | 94.8% | 47 |
| Q1 2021 | $355.4M | 11 | 1 | 1 | 1 | 1 | 98.8% | 47 |
| Q4 2020 | $655.0M | 11 | 4 | 2 | 1 | 13 | 99.8% | 47 |
| Q3 2020 | $552.7M | 20 | 1 | 3 | 8 | 2 | 90.7% | 47 |
| Q2 2020 | $1.0B | 21 | 2 | 4 | 7 | 6 | 93.6% | 45 |
| Q1 2020 | $712.2M | 25 | 13 | 4 | 2 | 5 | 91.5% | 45 |
| Q4 2019 | $837.0M | 17 | 7 | 2 | 3 | 2 | 97.8% | 45 |
| Q3 2019 | $584.5M | 12 | 2 | 1 | 3 | 0 | 99.8% | 45 |
| Q2 2019 | $740.0M | 10 | 3 | 1 | 0 | 2 | 100.0% | 45 |
| Q1 2019 | $542.7M | 9 | 1 | 3 | 2 | 0 | 100.0% | 45 |
| Q4 2018 | $435.9M | 8 | 0 | 0 | 0 | 0 | 100.0% | 45 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.