Tang Capital Management LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Tang Capital Management LLC reported 154 stock positions worth $1.4 billion. Its top holding was Evolus (EOLS) at 5.6% of the portfolio, followed by Tarsus Pharmaceuticals (TARS, 5.3%) and Aurinia Pharmaceuticals (AUPH, 3.8%). Compared with Q2 2024, it opened 35 new positions, sold out of 8, added to 43 and reduced 14. The biggest buy was a new position in Biontech SE-ADR (BNTX) and the biggest sale an exit from Eli Lilly (LLY).

Most Recent 13F
Q2 2026
Location
SAN DIEGO, CA
CIK
0001232621
Portfolio Value
$1.4B (Q3 2024)
SEC Filing
0001214659-24-019100 ↗ filed Nov 14, 2024

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $960.4M Q1 2024 Q2 2024: $979.0M Q2 2024 Q3 2024: $1.4B $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 154 stocks · $1.4B
EOLS Evolus Inc. 5.61% 4,847,399 $78.5M No change
TARS Tarsus Pharmaceuticals Inc. 5.30% 2,254,797 $74.2M No change
AUPH Aurinia Pharmaceuticals Inc. 3.79% 7,229,500 $53.0M Add +160.1%
VRDN Viridian Therapeutics Inc. 3.65% 2,242,925 $51.0M Add +61.0%
MIRM Mirum Pharmaceuticals Inc. 3.59% 1,287,107 $50.2M No change
KALV Kalvista Pharmaceuticals Inc. 3.57% 4,321,547 $50.0M Add +2.4%
ANAB Anaptysbio Inc. 3.18% 1,330,879 $44.6M No change
IMCR Immunocore Holdings PLC-ADR 2.46% 1,105,600 $34.4M Add +172.6%
PCVX Vaxcyte Inc. 2.45% 300,000 $34.3M No change
BNTX Biontech SE-ADR 2.29% 270,000 $32.1M New
ANIP Ani Pharmaceuticals Inc. 1.92% 450,000 $26.8M No change
PTCT PTC Therapeutics Inc. 1.86% 700,000 $26.0M No change
RLAY Relay Therapeutics Inc. 1.80% 3,568,058 $25.3M New
ITOS Iteos Therapeutics Inc. 1.76% 2,407,800 $24.6M New
APLT Applied Therapeutics Inc. 1.66% 2,730,000 $23.2M Add +17.2%
ACAD Acadia Pharmaceuticals Inc. 1.65% 1,500,000 $23.1M No change
ITCI Intra-Cellular Therapies Inc. 1.57% 300,000 $22.0M No change
DVAX Dynavax Technologies Corp. 1.51% 1,900,000 $21.2M Reduce -24.0%
LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV 1.44% 700,000 $20.2M Add +1158.8%
GSK GSK PLC-Spon ADR 1.31% 450,000 $18.4M Add +12.5%
LENZ Lenz Therapeutics Inc. 1.30% 766,940 $18.2M Add +2.6%
NVDA Nvidia Corp. 1.28% 147,732 $17.9M Add +28.4%
NBIX Neurocrine Biosciences Inc. 1.23% 150,000 $17.3M New
ALT Altimmune Inc. 1.21% 2,750,000 $16.9M No change
AVDL Avadel Pharmaceuticals Ltd. 1.15% 1,230,000 $16.1M No change
KNSA Kiniksa Pharmaceuticals Inte 1.12% 628,609 $15.7M Add +0.5%
JAZZ Jazz Pharmaceuticals PLC 1.11% 140,000 $15.6M No change
AVIR Atea Pharmaceuticals Inc. 1.10% 4,607,060 $15.4M Add +2.9%
CGEM Cullinan Therapeutics Inc. 1.10% 921,138 $15.4M No change
META Meta Platforms Inc. Class A 1.06% 25,855 $14.8M Add +126.9%
RCKT Rocket Pharmaceuticals Inc. 0.99% 750,000 $13.9M No change
ZYME Zymeworks Inc. 0.99% 1,100,000 $13.8M No change
REPL Replimune Group Inc. 0.94% 1,200,000 $13.2M Add +49.0%
RVNC Revance Therapeutics Inc. 0.93% 2,500,000 $13.0M Add +525.0%
CRGX Cargo Therapeutics Inc. 0.92% 700,749 $12.9M Add +22.4%
TDOC Teladoc Health Inc. 0.92% 1,400,000 $12.9M Add +40.0%
NVAX Novavax Inc. 0.90% 1,000,000 $12.6M New
CRSP Crispr Therapeutics AG 0.89% 266,500 $12.5M Reduce -15.8%
CRBP Corbus Pharmaceuticals Holdi 0.88% 600,000 $12.4M New
ACET Adicet Bio Inc. 0.85% 8,216,960 $11.8M No change
AZN Astrazeneca PLC-Spons ADR 0.83% 150,000 $11.7M No change
HRMY Harmony Biosciences Holdings 0.80% 281,200 $11.2M No change
VNDA Vanda Pharmaceuticals Inc. 0.79% 2,353,307 $11.0M Add +9.3%
IMNM Immunome Inc. 0.75% 720,000 $10.5M No change
CTMX Cytomx Therapeutics Inc. 0.66% 7,811,760 $9.2M Add +0.3%
NUVB Nuvation Bio Inc. 0.64% 3,900,000 $8.9M Add +4.0%
ELAN Elanco Animal Health Inc. 0.63% 600,000 $8.8M New
HLVX Hillevax Inc. 0.62% 4,920,000 $8.7M New
OTLK Outlook Therapeutics Inc. 0.59% 1,559,560 $8.3M Reduce -3.7%
ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 0.59% 37,000 $8.3M No change
MRNS Marinus Pharmaceuticals Inc. 0.59% 4,700,000 $8.3M Reduce -2.1%
LQDA Liquidia Corp. 0.57% 800,000 $8.0M Add +128.6%
DSGN Design Therapeutics Inc. 0.57% 1,480,975 $8.0M No change
ALXO Alx Oncology Holdings Inc. 0.55% 4,204,735 $7.7M New
VKTX Viking Therapeutics Inc. 0.54% 120,000 $7.6M No change
INSM Insmed Inc. 0.52% 100,000 $7.3M No change
DNTH Dianthus Therapeutics Inc. 0.52% 264,692 $7.2M No change
BHVN Biohaven Ltd. 0.50% 140,000 $7.0M No change
BIIB Biogen Inc. 0.48% 35,000 $6.8M No change
VTYX Ventyx Biosciences Inc. 0.48% 3,100,000 $6.8M No change
BLCO Bausch + Lomb Corp. 0.48% 350,000 $6.8M New
CNTA Centessa Pharmaceuticals Ltd. 0.46% 400,000 $6.4M New
GPCR Structure Therapeutics Inc. 0.45% 144,500 $6.3M No change
BCRX Biocryst Pharmaceuticals Inc. 0.43% 800,000 $6.1M No change
IONS Ionis Pharmaceuticals Inc. 0.43% 150,000 $6.0M No change
ABCL Abcellera Biologics Inc. 0.43% 2,300,000 $6.0M Add +398.2%
BDTX Black Diamond Therapeutics I 0.43% 1,370,209 $6.0M Reduce -14.5%
APGE Apogee Therapeutics Inc. 0.42% 100,000 $5.9M No change
OMIC Singular Genomics Systems Inc. 0.42% 372,000 $5.8M New
DTIL Precision Biosciences Inc. 0.40% 623,332 $5.6M No change
LNTH Lantheus Holdings Inc. 0.39% 50,000 $5.5M No change
CYTK Cytokinetics Inc. 0.38% 100,000 $5.3M No change
NUVL Nuvalent Inc. Class A 0.37% 50,000 $5.1M New
RENEO PHARMACEUTICALS INC 0.36% 2,946,260 $5.0M Reduce -1.7%
MRUS Merus NV 0.36% 100,000 $5.0M No change
ARE Alexandria Real Estate Equit 0.34% 40,000 $4.8M No change
IOVA Iovance Biotherapeutics Inc. 0.34% 500,000 $4.7M No change
ALMS Alumis Inc. 0.33% 426,594 $4.6M New
SEER Seer Inc. 0.32% 2,300,000 $4.5M No change
ARVN Arvinas Inc. 0.32% 180,000 $4.4M No change
BEAM Beam Therapeutics Inc. 0.30% 170,000 $4.2M Reduce -37.0%
SNY Sanofi-ADR 0.29% 70,000 $4.0M New
CCCC C4 Therapeutics Inc. 0.28% 700,000 $4.0M Add +250.0%
HRTX Heron Therapeutics Inc. 0.26% 1,850,000 $3.7M No change
HELP Cybin Inc. 0.25% 400,000 $3.6M New
TYRA Tyra Biosciences Inc. 0.25% 150,000 $3.5M Add +255.3%
CMPX Compass Therapeutics Inc. 0.24% 1,812,995 $3.3M New
NKTX Nkarta Inc. 0.21% 650,000 $2.9M Add +18.2%
ELEV Elevation Oncology Inc. 0.20% 4,760,000 $2.9M Add +55.6%
KEZAR LIFE SCIENCES INC 0.20% 3,640,300 $2.8M New
BOLT Bolt Biotherapeutics Inc. 0.18% 3,812,773 $2.5M No change
FATE Fate Therapeutics Inc. 0.17% 700,000 $2.5M No change
CHRS Coherus Oncology Inc. 0.17% 2,350,000 $2.4M Add +123.8%
GMAB Genmab A/S -SP ADR 0.17% 100,000 $2.4M No change
TECX Tectonic Therapeutic Inc. 0.17% 79,166 $2.4M No change
SWTX Springworks Therapeutics Inc. 0.17% 74,265 $2.4M New
TGTX TG Therapeutics Inc. 0.17% 100,000 $2.3M No change
TBPH Theravance Biopharma Inc. 0.15% 262,896 $2.1M New
KURA Kura Oncology Inc. 0.14% 100,000 $2.0M No change
IPSC Century Therapeutics Inc. 0.11% 900,000 $1.5M No change

Show all 154 holdings

Portfolio Sells Q2 2024 → Q3 2024
LLY Eli Lilly & Co. Sold out 0.00% −2.50
DVAX Dynavax Technologies Corp. Reduce -24.0% 1.51% −1.36
CRSP Crispr Therapeutics AG Reduce -15.8% 0.89% −0.85
OTLK Outlook Therapeutics Inc. Reduce -3.7% 0.59% −0.63
BEAM Beam Therapeutics Inc. Reduce -37.0% 0.30% −0.35
BDTX Black Diamond Therapeutics I Reduce -14.5% 0.43% −0.34
ENTA Enanta Pharmaceuticals Inc. Reduce -57.8% 0.09% −0.30
ATHIRA PHARMA INC Reduce -43.0% 0.02% −0.27
INBX Inhibrx Biosciences Inc. Sold out 0.00% −0.24
DEI Douglas Emmett Inc. Sold out 0.00% −0.23
ADAPY Adaptimmune Therapeutics-ADR Sold out 0.00% −0.17
MCRB Seres Therapeutics Inc. Reduce -91.7% 0.01% −0.16
QUINCE THERAPEUTICS INC Sold out 0.00% −0.11
VSTM Verastem Inc. Reduce -50.1% 0.06% −0.11
RENEO PHARMACEUTICALS INC Reduce -1.7% 0.36% −0.10
DERM Journey Medical Corp. Sold out 0.00% −0.09
BCAB Bioatla Inc. Reduce -36.4% 0.11% −0.08
RLMD Relmada Therapeutics Inc. Reduce -78.6% 0.01% −0.06
ALGS Aligos Therapeutics Inc. Sold out 0.00% −0.06
ERAS Erasca Inc. Reduce -8.6% 0.10% −0.03
MOLN Molecular Partners AG -ADR Sold out 0.00% −0.00
MRNS Marinus Pharmaceuticals Inc. Reduce -2.1% 0.59% +0.02

Portfolio Buys Q2 2024 → Q3 2024
BNTX Biontech SE-ADR New 2.29% +2.29
AUPH Aurinia Pharmaceuticals Inc. Add +160.1% 3.79% +2.16
RLAY Relay Therapeutics Inc. New 1.80% +1.80
VRDN Viridian Therapeutics Inc. Add +61.0% 3.65% +1.79
ITOS Iteos Therapeutics Inc. New 1.76% +1.76
LKFT Lakefront Biotherapeutic-ADR Add +1158.8% 1.44% +1.30
NBIX Neurocrine Biosciences Inc. New 1.23% +1.23
IMCR Immunocore Holdings PLC-ADR Add +172.6% 2.46% +1.05
NVAX Novavax Inc. New 0.90% +0.90
CRBP Corbus Pharmaceuticals Holdi New 0.88% +0.88
RVNC Revance Therapeutics Inc. Add +525.0% 0.93% +0.82
ELAN Elanco Animal Health Inc. New 0.63% +0.63
HLVX Hillevax Inc. New 0.62% +0.62
ALXO Alx Oncology Holdings Inc. New 0.55% +0.55
APLT Applied Therapeutics Inc. Add +17.2% 1.66% +0.55
BLCO Bausch + Lomb Corp. New 0.48% +0.48
META Meta Platforms Inc. Class A Add +126.9% 1.06% +0.47
CNTA Centessa Pharmaceuticals Ltd. New 0.46% +0.46
OMIC Singular Genomics Systems Inc. New 0.42% +0.42
NUVL Nuvalent Inc. Class A New 0.37% +0.37
ALMS Alumis Inc. New 0.33% +0.33
SNY Sanofi-ADR New 0.29% +0.29
ABCL Abcellera Biologics Inc. Add +398.2% 0.43% +0.29
HELP Cybin Inc. New 0.25% +0.25
CMPX Compass Therapeutics Inc. New 0.24% +0.24
KEZAR LIFE SCIENCES INC New 0.20% +0.20
REPL Replimune Group Inc. Add +49.0% 0.94% +0.20
CCCC C4 Therapeutics Inc. Add +250.0% 0.28% +0.19
TYRA Tyra Biosciences Inc. Add +255.3% 0.25% +0.18
SWTX Springworks Therapeutics Inc. New 0.17% +0.17
TBPH Theravance Biopharma Inc. New 0.15% +0.15
LQDA Liquidia Corp. Add +128.6% 0.57% +0.14
PCRX Pacira Biosciences Inc. New 0.07% +0.07
PYPL PayPal Holdings Inc. New 0.06% +0.06
NKE Nike Inc. Class B New 0.06% +0.06
UNH Unitedhealth Group Inc. New 0.06% +0.06
JNJ Johnson & Johnson New 0.06% +0.06
LAB Standard Biotools Inc. New 0.06% +0.06
PFE Pfizer Inc. New 0.05% +0.05
HD Home Depot Inc. Add +246.7% 0.07% +0.04
VZ Verizon Communications Inc. Add +284.3% 0.07% +0.04
WMT Walmart Inc. Add +185.3% 0.07% +0.04
KO The Coca-Cola Co. Add +247.5% 0.06% +0.04
DIS The Walt Disney Co. Add +335.4% 0.06% +0.04
BRK.B Berkshire Hathaway Inc. Class B Add +192.4% 0.07% +0.04
TXN Texas Instruments Inc. Add +249.0% 0.06% +0.04
INTC Intel Corp. Add +397.3% 0.06% +0.04
PG The Procter & Gamble Co. Add +233.4% 0.06% +0.04
VTRS Viatris Inc. Add +234.6% 0.06% +0.04
V Visa Inc. Class A Add +216.3% 0.07% +0.04

Notes & Other Activity Q2 2024 → Q3 2024
MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) NOTE 4.000% 5/0 · principal Sold out 2,120,000 $2.8Mbefore exit

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