Tang Capital Management LLC
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Tang Capital Management LLC reported 40 stock positions worth $2.2 billion. Its top holding was Aurinia Pharmaceuticals (AUPH) at 10.1% of the portfolio, followed by Spyre Therapeutics (SYRE, 7.7%) and Mirum Pharmaceuticals (MIRM, 6.6%). Compared with Q1 2026, it opened 4 new positions, sold out of 15, added to 7 and reduced 5. The biggest buy was Compass Pathways (CMPS, shares +25%) and the biggest sale an exit from Kalvista Pharmaceuticals (KALV).
- Most Recent 13F
- Q2 2026
- Location
- SAN DIEGO, CA
- CIK
- 0001232621
- Portfolio Value
- $2.2B (Q2 2026)
- SEC Filing
- 0001214659-26-010416 ↗ filed Aug 14, 2026
Holdings Value
Holdings 40 stocks · $2.2B
| AUPH Aurinia Pharmaceuticals Inc. | 10.11% | 13,044,106 | $221.4M | Add +6.7% |
| SYRE Spyre Therapeutics Inc. | 7.67% | 1,892,200 | $168.0M | No change |
| MIRM Mirum Pharmaceuticals Inc. | 6.61% | 1,236,027 | $144.7M | No change |
| KNSA Kiniksa Pharmaceuticals Inte | 6.60% | 2,259,889 | $144.5M | No change |
| CELC Celcuity Inc. | 6.28% | 1,314,594 | $137.5M | Add +25.2% |
| CORT Corcept Therapeutics Inc. | 5.95% | 1,500,000 | $130.4M | No change |
| PTCT PTC Therapeutics Inc. | 5.59% | 1,500,000 | $122.4M | No change |
| LKFT Lakefront Biotherapeutic-ADR | 5.18% | 3,785,991 | $113.5M | No change |
| CAPR Capricor Therapeutics Inc. | 4.51% | 4,099,900 | $98.7M | Add +20.6% |
| TARS Tarsus Pharmaceuticals Inc. | 4.51% | 1,568,266 | $98.7M | Add +31.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 4.19% | 123,000 | $91.9M | Reduce -26.8% |
| ANAB Anaptysbio Inc. | 4.10% | 1,330,879 | $89.8M | No change |
| IMCR Immunocore Holdings PLC-ADR | 3.84% | 2,649,368 | $84.1M | No change |
| CMPS Compass Pathways PLC | 3.23% | 5,000,000 | $70.8M | Add +24.9% |
| ANIP Ani Pharmaceuticals Inc. | 2.67% | 707,500 | $58.6M | No change |
| BNTX Biontech SE-ADR | 2.00% | 470,000 | $43.7M | No change |
| CMPX Compass Therapeutics Inc. | 1.80% | 17,990,782 | $39.4M | Add +7.2% |
| PGEN Precigen Inc. | 1.67% | 6,417,500 | $36.6M | No change |
| VRDN Viridian Therapeutics Inc. | 1.50% | 1,792,626 | $32.9M | No change |
| NVCT Nuvectis Pharma Inc. | 1.30% | 1,550,000 | $28.5M | New |
| DNTH Dianthus Therapeutics Inc. | 1.18% | 264,692 | $25.8M | No change |
| FULC Fulcrum Therapeutics Inc. | 1.09% | 6,521,412 | $23.9M | New |
| AVIR Atea Pharmaceuticals Inc. | 1.02% | 4,814,700 | $22.4M | No change |
| CBIO Crescent Biopharma Inc. | 0.95% | 1,160,000 | $20.9M | No change |
| NNDM Nano Dimension Ltd. - ADR | 0.95% | 14,292,813 | $20.7M | New |
| VKTX Viking Therapeutics Inc. | 0.89% | 500,000 | $19.5M | No change |
| NUVB Nuvation Bio Inc. | 0.86% | 3,299,557 | $18.7M | Add +4.8% |
| IDYA Ideaya Biosciences Inc. | 0.77% | 450,000 | $16.8M | No change |
| DERM Journey Medical Corp. | 0.52% | 1,610,000 | $11.4M | No change |
| INSM Insmed Inc. | 0.49% | 100,000 | $10.7M | Reduce -61.5% |
| STOK Stoke Therapeutics Inc. | 0.45% | 300,000 | $9.8M | Reduce -40.0% |
| PLRX Pliant Therapeutics Inc. | 0.32% | 6,141,261 | $7.0M | Reduce -0.0% |
| BOLD Boundless Bio Inc. | 0.29% | 2,559,875 | $6.4M | New |
| PMVP PMV Pharmaceuticals Inc. | 0.26% | 4,245,085 | $5.7M | No change |
| MRNA Moderna Inc. | 0.16% | 50,000 | $3.5M | Reduce -50.0% |
| WVE Wave Life Sciences Ltd. | 0.16% | 600,000 | $3.5M | No change |
| HRTX Heron Therapeutics Inc. | 0.12% | 6,250,000 | $2.7M | No change |
| LENZ Lenz Therapeutics Inc. | 0.12% | 451,114 | $2.6M | No change |
| ALT Altimmune Inc. | 0.09% | 666,022 | $2.0M | No change |
| RCKT Rocket Pharmaceuticals Inc. | 0.02% | 100,000 | $342K | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $11.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GOSSAMER BIO INC (GOSS 5 06/01/27) | NOTE 5.000% 6/0 · principal | 17,841,000 | $11.5M | New |
Total filed on the 13F, all lines: $2.2B.
Portfolio Sells Q1 2026 → Q2 2026
| KALV Kalvista Pharmaceuticals Inc. | Sold out | 0.00% | −4.68 |
| INSM Insmed Inc. | Reduce -61.5% | 0.49% | −1.67 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -26.8% | 4.19% | −1.36 |
| STOK Stoke Therapeutics Inc. | Reduce -40.0% | 0.45% | −0.38 |
| JANX Janux Therapeutics Inc. | Sold out | 0.00% | −0.35 |
| BIIB Biogen Inc. | Sold out | 0.00% | −0.33 |
| URGN Urogen Pharma Ltd. | Sold out | 0.00% | −0.32 |
| ARVN Arvinas Inc. | Sold out | 0.00% | −0.29 |
| KZR Kezar Life Sciences Inc. | Sold out | 0.00% | −0.25 |
| AGIO Agios Pharmaceuticals Inc. | Sold out | 0.00% | −0.17 |
| ERAS Erasca Inc. | Sold out | 0.00% | −0.16 |
| CHRS Coherus Oncology Inc. | Sold out | 0.00% | −0.16 |
| NKTX Nkarta Inc. | Sold out | 0.00% | −0.16 |
| EOLS Evolus Inc. | Sold out | 0.00% | −0.10 |
| MRNA Moderna Inc. | Reduce -50.0% | 0.16% | −0.10 |
| ABEO Abeona Therapeutics Inc. | Sold out | 0.00% | −0.09 |
| PLRX Pliant Therapeutics Inc. | Reduce -0.0% | 0.32% | −0.07 |
| FATE Fate Therapeutics Inc. | Sold out | 0.00% | −0.07 |
| NMRA Neumora Therapeutics Inc. | Sold out | 0.00% | −0.04 |
| LXRX Lexicon Pharmaceuticals Inc. | Sold out | 0.00% | −0.03 |
Portfolio Buys Q1 2026 → Q2 2026
| CMPS Compass Pathways PLC | Add +24.9% | 3.23% | +2.11 |
| NVCT Nuvectis Pharma Inc. | New | 1.30% | +1.30 |
| FULC Fulcrum Therapeutics Inc. | New | 1.09% | +1.09 |
| NNDM Nano Dimension Ltd. - ADR | New | 0.95% | +0.95 |
| AUPH Aurinia Pharmaceuticals Inc. | Add +6.7% | 10.11% | +0.90 |
| BOLD Boundless Bio Inc. | New | 0.29% | +0.29 |
| TARS Tarsus Pharmaceuticals Inc. | Add +31.9% | 4.51% | +0.27 |
| CELC Celcuity Inc. | Add +25.2% | 6.28% | +0.19 |
| NUVB Nuvation Bio Inc. | Add +4.8% | 0.86% | +0.17 |
| CAPR Capricor Therapeutics Inc. | Add +20.6% | 4.51% | −0.74 |
| CMPX Compass Therapeutics Inc. | Add +7.2% | 1.80% | −2.71 |
Notes & Other Activity Q1 2026 → Q2 2026
| GOSSAMER BIO INC (GOSS 5 06/01/27) | NOTE 5.000% 6/0 · principal | New | 17,841,000 | $11.5M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 40 | $2.2B | AUPH, SYRE, MIRM, KNSA, CELC |
| Q1 2026 | 51 | $2.0B | AUPH, CELC, MIRM, LKFT, SPY |
| Q4 2025 | 75 | $2.0B | AUPH, LKFT, PTCT, CELC, MIRM |
| Q3 2025 | 194 | $2.6B | TARS, LKFT, AUPH, PTCT, MIRM |
| Q2 2025 | 200 | $2.0B | LKFT, TARS, AUPH, IMCR, KNSA |
| Q1 2025 | 202 | $1.8B | TARS, LKFT, AUPH, DVAX, EOLS |
| Q4 2024 | 183 | $1.5B | TARS, AUPH, LKFT, EOLS, MIRM |
| Q3 2024 | 154 | $1.4B | EOLS, TARS, AUPH, VRDN, MIRM |
| Q2 2024 | 127 | $979.0M | TARS, EOLS, KALV, MIRM, ANAB |
| Q1 2024 | 99 | $960.4M | TARS, EOLS, KALV, ANAB, MIRM |