Tang Capital Management LLC

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Tang Capital Management LLC reported 127 stock positions worth $979.0 million. Its top holding was Tarsus Pharmaceuticals (TARS) at 6.3% of the portfolio, followed by Evolus (EOLS, 5.4%) and Kalvista Pharmaceuticals (KALV, 5.1%). Compared with Q1 2024, it opened 44 new positions, sold out of 16, added to 39 and reduced 5. The biggest buy was a new position in Dynavax Technologies (DVAX) and the biggest sale Inhibrx Biosciences (INBX, shares −4%).

Most Recent 13F
Q2 2026
Location
SAN DIEGO, CA
CIK
0001232621
Portfolio Value
$979.0M (Q2 2024)
SEC Filing
0001214659-24-014706 ↗ filed Aug 14, 2024

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $960.4M Q1 2024 Q2 2024: $979.0M $979.0M Q2 2024 Q3 2024: $1.4B Q3 2024 Q4 2024: $1.5B Q4 2024 Q1 2025: $1.8B Q1 2025 Q2 2025: $2.0B Q2 2025 Q3 2025: $2.6B Q3 2025 Q4 2025: $2.0B Q4 2025 Q1 2026: $2.0B Q1 2026 Q2 2026: $2.2B Q2 2026

Holdings 127 stocks · $979.0M
TARS Tarsus Pharmaceuticals Inc. 6.26% 2,254,797 $61.3M No change
EOLS Evolus Inc. 5.37% 4,847,399 $52.6M Add +16.9%
KALV Kalvista Pharmaceuticals Inc. 5.08% 4,218,829 $49.7M Add +2.3%
MIRM Mirum Pharmaceuticals Inc. 4.49% 1,287,107 $44.0M Add +8.4%
ANAB Anaptysbio Inc. 3.41% 1,330,879 $33.4M No change
ANIP Ani Pharmaceuticals Inc. 2.93% 450,000 $28.7M Add +200.0%
DVAX Dynavax Technologies Corp. 2.87% 2,500,000 $28.1M New
LLY Eli Lilly & Co. 2.50% 27,000 $24.4M No change
ACAD Acadia Pharmaceuticals Inc. 2.49% 1,500,000 $24.4M Add +189.1%
PCVX Vaxcyte Inc. 2.31% 300,000 $22.7M No change
PTCT PTC Therapeutics Inc. 2.19% 700,000 $21.4M No change
ITCI Intra-Cellular Therapies Inc. 2.10% 300,000 $20.5M Add +100.0%
ALT Altimmune Inc. 1.87% 2,750,000 $18.3M No change
VRDN Viridian Therapeutics Inc. 1.85% 1,392,925 $18.1M Add +101.0%
AVDL Avadel Pharmaceuticals Ltd. 1.77% 1,230,000 $17.3M Add +17.4%
CRSP Crispr Therapeutics AG 1.75% 316,500 $17.1M Add +171.7%
RCKT Rocket Pharmaceuticals Inc. 1.65% 750,000 $16.1M Add +13.6%
CGEM Cullinan Therapeutics Inc. 1.64% 921,138 $16.1M Add +61.3%
AUPH Aurinia Pharmaceuticals Inc. 1.62% 2,779,500 $15.9M Add +35.6%
GSK GSK PLC-Spon ADR 1.57% 400,000 $15.4M Add +33.3%
JAZZ Jazz Pharmaceuticals PLC 1.53% 140,000 $14.9M New
AVIR Atea Pharmaceuticals Inc. 1.51% 4,476,741 $14.8M Add +9.8%
NVDA Nvidia Corp. 1.45% 115,019 $14.2M Add +15.0%
IMCR Immunocore Holdings PLC-ADR 1.40% 405,600 $13.7M No change
LENZ Lenz Therapeutics Inc. 1.32% 747,616 $12.9M Add +36.5%
VNDA Vanda Pharmaceuticals Inc. 1.24% 2,153,307 $12.2M Add +22.9%
OTLK Outlook Therapeutics Inc. 1.22% 1,619,412 $12.0M No change
AZN Astrazeneca PLC-Spons ADR 1.19% 150,000 $11.7M No change
KNSA Kiniksa Pharmaceuticals Inte 1.19% 625,309 $11.7M Add +25.1%
NUVB Nuvation Bio Inc. 1.12% 3,751,864 $11.0M Add +5.6%
APLT Applied Therapeutics Inc. 1.11% 2,330,000 $10.9M Add +4.5%
ACET Adicet Bio Inc. 1.02% 8,216,960 $9.9M Add +28.2%
TDOC Teladoc Health Inc. 1.00% 1,000,000 $9.8M New
CTMX Cytomx Therapeutics Inc. 0.97% 7,791,936 $9.5M Add +20.8%
CRGX Cargo Therapeutics Inc. 0.96% 572,697 $9.4M Add +22.7%
ZYME Zymeworks Inc. 0.96% 1,100,000 $9.4M No change
IMNM Immunome Inc. 0.89% 720,000 $8.7M No change
HRMY Harmony Biosciences Holdings 0.87% 281,200 $8.5M No change
ELEV Elevation Oncology Inc. 0.84% 3,060,000 $8.3M No change
BIIB Biogen Inc. 0.83% 35,000 $8.1M New
BDTX Black Diamond Therapeutics I 0.76% 1,603,200 $7.5M No change
REPL Replimune Group Inc. 0.74% 805,440 $7.2M New
VTYX Ventyx Biosciences Inc. 0.73% 3,100,000 $7.2M No change
IONS Ionis Pharmaceuticals Inc. 0.73% 150,000 $7.1M No change
DNTH Dianthus Therapeutics Inc. 0.70% 264,692 $6.9M No change
INSM Insmed Inc. 0.68% 100,000 $6.7M New
HRTX Heron Therapeutics Inc. 0.66% 1,850,000 $6.5M No change
VKTX Viking Therapeutics Inc. 0.65% 120,000 $6.4M Add +20.0%
BEAM Beam Therapeutics Inc. 0.65% 270,000 $6.3M New
DTIL Precision Biosciences Inc. 0.62% 623,332 $6.1M Add +5.7%
MRUS Merus NV 0.60% 100,000 $5.9M New
META Meta Platforms Inc. Class A 0.59% 11,396 $5.7M Add +14.0%
GPCR Structure Therapeutics Inc. 0.58% 144,500 $5.7M Add +44.5%
MRNS Marinus Pharmaceuticals Inc. 0.57% 4,800,000 $5.6M New
CYTK Cytokinetics Inc. 0.55% 100,000 $5.4M No change
ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 0.54% 37,000 $5.3M No change
DSGN Design Therapeutics Inc. 0.51% 1,480,975 $5.0M No change
BCRX Biocryst Pharmaceuticals Inc. 0.51% 800,000 $4.9M No change
BHVN Biohaven Ltd. 0.50% 140,000 $4.9M No change
ARVN Arvinas Inc. 0.49% 180,000 $4.8M No change
ARE Alexandria Real Estate Equit 0.48% 40,000 $4.7M New
RENEO PHARMACEUTICALS INC 0.46% 2,996,260 $4.5M Reduce -0.0%
LQDA Liquidia Corp. 0.43% 350,000 $4.2M Add +133.3%
LNTH Lantheus Holdings Inc. 0.41% 50,000 $4.0M No change
IOVA Iovance Biotherapeutics Inc. 0.41% 500,000 $4.0M No change
APGE Apogee Therapeutics Inc. 0.40% 100,000 $3.9M No change
ENTA Enanta Pharmaceuticals Inc. 0.40% 300,000 $3.9M No change
SEER Seer Inc. 0.39% 2,300,000 $3.9M Add +241.2%
NKTX Nkarta Inc. 0.33% 550,000 $3.3M No change
BOLT Bolt Biotherapeutics Inc. 0.29% 3,812,773 $2.9M Add +11.5%
ATHIRA PHARMA INC 0.28% 1,052,715 $2.8M Add +23.4%
GMAB Genmab A/S -SP ADR 0.26% 100,000 $2.5M No change
INBX Inhibrx Biosciences Inc. 0.24% 167,500 $2.4M Reduce -4.3%
FATE Fate Therapeutics Inc. 0.23% 700,000 $2.3M No change
IPSC Century Therapeutics Inc. 0.23% 900,000 $2.3M No change
DEI Douglas Emmett Inc. 0.23% 171,138 $2.3M New
KURA Kura Oncology Inc. 0.21% 100,000 $2.1M No change
BCAB Bioatla Inc. 0.19% 1,374,076 $1.9M Reduce -6.8%
CHRS Coherus Oncology Inc. 0.19% 1,050,000 $1.8M New
TGTX TG Therapeutics Inc. 0.18% 100,000 $1.8M No change
MCRB Seres Therapeutics Inc. 0.18% 2,407,112 $1.7M Add +165.4%
ADAPY Adaptimmune Therapeutics-ADR 0.17% 1,743,619 $1.7M Add +20.8%
VSTM Verastem Inc. 0.16% 541,514 $1.6M No change
LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV 0.14% 55,609 $1.4M New
ABCL Abcellera Biologics Inc. 0.14% 461,699 $1.4M New
TECX Tectonic Therapeutic Inc. 0.13% 79,166 $1.3M New
ERAS Erasca Inc. 0.13% 550,000 $1.3M Add +450.0%
PASG Passage Bio Inc. 0.12% 1,500,000 $1.2M No change
QUINCE THERAPEUTICS INC 0.11% 1,500,000 $1.1M Reduce -49.1%
OABI Omniab Inc. 0.11% 300,000 $1.1M New
ATYR Atyr Pharma Inc. 0.11% 671,134 $1.0M Add +42.5%
RVNC Revance Therapeutics Inc. 0.10% 400,000 $1.0M Add +100.0%
NXTC Nextcure Inc. 0.10% 602,994 $959K Add +317.2%
MGNX Macrogenics Inc. 0.10% 218,856 $930K New
CCCC C4 Therapeutics Inc. 0.09% 200,000 $924K New
ATXS Astria Therapeutics Inc. 0.09% 100,000 $910K New
DERM Journey Medical Corp. 0.09% 148,322 $837K Add +7.0%
RLMD Relmada Therapeutics Inc. 0.07% 237,874 $714K Add +62170.7%
TYRA Tyra Biosciences Inc. 0.07% 42,223 $675K New
EGRX Eagle Pharmaceuticals Inc. 0.07% 118,857 $666K No change
PBYI Puma Biotechnology Inc. 0.07% 200,000 $652K New
ATRA Atara Biotherapeutics Inc. 0.07% 75,196 $639K New
ALGS Aligos Therapeutics Inc. 0.06% 1,650,000 $578K No change
JPM JPMorgan Chase & Co. 0.04% 1,811 $366K New
MSFT Microsoft Corp. 0.04% 814 $364K New
WMT Walmart Inc. 0.03% 4,460 $302K New
BRK.B Berkshire Hathaway Inc. Class B 0.03% 711 $289K New
NFLX Netflix Inc. 0.03% 427 $288K New
V Visa Inc. Class A 0.03% 1,049 $275K New
PG The Procter & Gamble Co. 0.03% 1,543 $254K New
VTRS Viatris Inc. 0.02% 22,080 $235K New
TXN Texas Instruments Inc. 0.02% 1,204 $234K New
HD Home Depot Inc. 0.02% 679 $234K New
AXP American Express Co. 0.02% 1,001 $232K New
INTC Intel Corp. 0.02% 7,354 $228K New
KO The Coca-Cola Co. 0.02% 3,561 $227K New
AMZN Amazon.com Inc. 0.02% 1,164 $225K New
IVVD Invivyd Inc. 0.02% 200,000 $220K New
GE General Electric filed as GE AEROSPACE 0.02% 1,383 $220K New
XOM Exxon Mobil Corp. 0.02% 1,908 $220K New
VZ Verizon Communications Inc. 0.02% 5,308 $219K New
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.02% 2,029 $201K New
ALL Allstate Corp. 0.02% 1,260 $201K New
AMLX Amylyx Pharmaceuticals Inc. 0.02% 100,000 $190K No change
F Ford Motor Co. filed as FORD MTR CO DEL 0.02% 12,773 $160K New
MOLN Molecular Partners AG -ADR 0.00% 2,500 $18K Reduce -97.5%
LVTX Lava Therapeutics NV 0.00% 5,109 $9K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $2.8M (not counted above)
SecurityClassShares / PrincipalValueChange
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) NOTE 4.000% 5/0 · principal 2,120,000$2.8MNew

Total filed on the 13F, all lines: $981.9M.

Portfolio Sells Q1 2024 → Q2 2024
INBX Inhibrx Biosciences Inc. Reduce -4.3% 0.24% −2.31
MOR Morphosys AG ADR Sold out 0.00% −1.51
DCPH Deciphera Pharmaceuticals Inc. Sold out 0.00% −0.98
NTLA Intellia Therapeutics Inc. Sold out 0.00% −0.57
BCAB Bioatla Inc. Reduce -6.8% 0.19% −0.34
BLUEBIRD BIO INC Sold out 0.00% −0.33
EQC Equity Commonwealth Sold out 0.00% −0.32
MIND MEDICINE MINDMED INC Sold out 0.00% −0.29
KNTE Kinnate Biopharma Inc. Sold out 0.00% −0.27
AMARIN CORP PLC Sold out 0.00% −0.23
QUINCE THERAPEUTICS INC Reduce -49.1% 0.11% −0.21
FLG New York Community Bancorp Sold out 0.00% −0.20
ENZB Enzo Biochem Inc. Sold out 0.00% −0.17
ATRA Atara Biotherapeutics Inc. Sold out 0.00% −0.14
IFRX Inflarx NV Sold out 0.00% −0.12
AVROBIO INC Sold out 0.00% −0.11
ABOS Acumen Pharmaceuticals Inc. Sold out 0.00% −0.10
QURE Uniqure NV Sold out 0.00% −0.07
KEZAR LIFE SCIENCES INC Sold out 0.00% −0.06
RENEO PHARMACEUTICALS INC Reduce -0.0% 0.46% −0.06
MOLN Molecular Partners AG -ADR Reduce -97.5% 0.00% −0.04

Portfolio Buys Q1 2024 → Q2 2024
DVAX Dynavax Technologies Corp. New 2.87% +2.87
ANIP Ani Pharmaceuticals Inc. Add +200.0% 2.93% +1.85
JAZZ Jazz Pharmaceuticals PLC New 1.53% +1.53
ACAD Acadia Pharmaceuticals Inc. Add +189.1% 2.49% +1.49
MIRM Mirum Pharmaceuticals Inc. Add +8.4% 4.49% +1.39
ITCI Intra-Cellular Therapies Inc. Add +100.0% 2.10% +1.02
TDOC Teladoc Health Inc. New 1.00% +1.00
CRSP Crispr Therapeutics AG Add +171.7% 1.75% +0.92
BIIB Biogen Inc. New 0.83% +0.83
REPL Replimune Group Inc. New 0.74% +0.74
INSM Insmed Inc. New 0.68% +0.68
BEAM Beam Therapeutics Inc. New 0.65% +0.65
CGEM Cullinan Therapeutics Inc. Add +61.3% 1.64% +0.63
MRUS Merus NV New 0.60% +0.60
VRDN Viridian Therapeutics Inc. Add +101.0% 1.85% +0.59
MRNS Marinus Pharmaceuticals Inc. New 0.57% +0.57
AUPH Aurinia Pharmaceuticals Inc. Add +35.6% 1.62% +0.55
NVDA Nvidia Corp. Add +15.0% 1.45% +0.51
VNDA Vanda Pharmaceuticals Inc. Add +22.9% 1.24% +0.49
ARE Alexandria Real Estate Equit New 0.48% +0.48
SEER Seer Inc. Add +241.2% 0.39% +0.26
GSK GSK PLC-Spon ADR Add +33.3% 1.57% +0.23
DEI Douglas Emmett Inc. New 0.23% +0.23
LQDA Liquidia Corp. Add +133.3% 0.43% +0.20
CHRS Coherus Oncology Inc. New 0.19% +0.19
KNSA Kiniksa Pharmaceuticals Inte Add +25.1% 1.19% +0.17
LKFT Lakefront Biotherapeutic-ADR New 0.14% +0.14
ABCL Abcellera Biologics Inc. New 0.14% +0.14
GPCR Structure Therapeutics Inc. Add +44.5% 0.58% +0.13
TECX Tectonic Therapeutic Inc. New 0.13% +0.13
OABI Omniab Inc. New 0.11% +0.11
ERAS Erasca Inc. Add +450.0% 0.13% +0.11
MCRB Seres Therapeutics Inc. Add +165.4% 0.18% +0.10
MGNX Macrogenics Inc. New 0.10% +0.10
CCCC C4 Therapeutics Inc. New 0.09% +0.09
ATXS Astria Therapeutics Inc. New 0.09% +0.09
META Meta Platforms Inc. Class A Add +14.0% 0.59% +0.08
RLMD Relmada Therapeutics Inc. Add +62170.7% 0.07% +0.07
TYRA Tyra Biosciences Inc. New 0.07% +0.07
PBYI Puma Biotechnology Inc. New 0.07% +0.07
ATRA Atara Biotherapeutics Inc. New 0.07% +0.07
NXTC Nextcure Inc. Add +317.2% 0.10% +0.06
LENZ Lenz Therapeutics Inc. Add +36.5% 1.32% +0.05
ATHIRA PHARMA INC Add +23.4% 0.28% +0.04
JPM JPMorgan Chase & Co. New 0.04% +0.04
MSFT Microsoft Corp. New 0.04% +0.04
DERM Journey Medical Corp. Add +7.0% 0.09% +0.03
WMT Walmart Inc. New 0.03% +0.03
BRK.B Berkshire Hathaway Inc. Class B New 0.03% +0.03
NFLX Netflix Inc. New 0.03% +0.03

Notes & Other Activity Q1 2024 → Q2 2024
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) NOTE 4.000% 5/0 · principal New 2,120,000 $2.8M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 40$2.2BAUPH, SYRE, MIRM, KNSA, CELC
Q1 2026 51$2.0BAUPH, CELC, MIRM, LKFT, SPY
Q4 2025 75$2.0BAUPH, LKFT, PTCT, CELC, MIRM
Q3 2025 194$2.6BTARS, LKFT, AUPH, PTCT, MIRM
Q2 2025 200$2.0BLKFT, TARS, AUPH, IMCR, KNSA
Q1 2025 202$1.8BTARS, LKFT, AUPH, DVAX, EOLS
Q4 2024 183$1.5BTARS, AUPH, LKFT, EOLS, MIRM
Q3 2024 154$1.4BEOLS, TARS, AUPH, VRDN, MIRM
Q2 2024 127$979.0MTARS, EOLS, KALV, MIRM, ANAB
Q1 2024 99$960.4MTARS, EOLS, KALV, ANAB, MIRM