Tang Capital Management LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Tang Capital Management LLC reported 183 stock positions worth $1.5 billion. Its top holding was Tarsus Pharmaceuticals (TARS) at 8.3% of the portfolio, followed by Aurinia Pharmaceuticals (AUPH, 5.0%) and Lakefront Biotherapeutic-ADR (LKFT, 3.9%). Compared with Q3 2024, it opened 41 new positions, sold out of 12, added to 63 and reduced 17. The biggest buy was Lakefront Biotherapeutic-ADR (LKFT, shares +209%) and the biggest sale Iteos Therapeutics (ITOS, shares −91%).

Most Recent 13F
Q2 2026
Location
SAN DIEGO, CA
CIK
0001232621
Portfolio Value
$1.5B (Q4 2024)
SEC Filing
0001214659-25-002812 ↗ filed Feb 14, 2025

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 Q3 2024 Q4 2024: $1.5B $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 183 stocks · $1.5B
TARS Tarsus Pharmaceuticals Inc. 8.26% 2,254,797 $124.8M No change
AUPH Aurinia Pharmaceuticals Inc. 5.01% 8,429,500 $75.7M Add +16.6%
LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV 3.93% 2,161,200 $59.4M Add +208.7%
EOLS Evolus Inc. 3.65% 4,997,399 $55.2M Add +3.1%
MIRM Mirum Pharmaceuticals Inc. 3.38% 1,237,107 $51.2M Reduce -3.9%
VRDN Viridian Therapeutics Inc. 3.16% 2,492,925 $47.8M Add +11.2%
IMCR Immunocore Holdings PLC-ADR 3.04% 1,555,600 $45.9M Add +40.7%
KALV Kalvista Pharmaceuticals Inc. 2.74% 4,893,847 $41.5M Add +13.2%
RLAY Relay Therapeutics Inc. 2.20% 8,068,058 $33.2M Add +126.1%
REPL Replimune Group Inc. 2.16% 2,700,000 $32.7M Add +125.0%
PTCT PTC Therapeutics Inc. 2.09% 700,000 $31.6M No change
BNTX Biontech SE-ADR 2.04% 270,000 $30.8M No change
ACAD Acadia Pharmaceuticals Inc. 1.82% 1,500,000 $27.5M No change
ITCI Intra-Cellular Therapies Inc. 1.66% 300,000 $25.1M No change
PCVX Vaxcyte Inc. 1.62% 300,000 $24.6M No change
DVAX Dynavax Technologies Corp. 1.56% 1,850,000 $23.6M Reduce -2.6%
LENZ Lenz Therapeutics Inc. 1.47% 766,940 $22.1M No change
NBIX Neurocrine Biosciences Inc. 1.35% 150,000 $20.5M No change
ALT Altimmune Inc. 1.31% 2,750,000 $19.8M No change
NVDA Nvidia Corp. 1.27% 142,569 $19.1M Reduce -3.5%
ANAB Anaptysbio Inc. 1.17% 1,330,879 $17.6M No change
ANIP Ani Pharmaceuticals Inc. 1.16% 317,500 $17.6M Reduce -29.4%
JAZZ Jazz Pharmaceuticals PLC 1.14% 140,000 $17.2M No change
ZYME Zymeworks Inc. 1.07% 1,100,000 $16.1M No change
AVIR Atea Pharmaceuticals Inc. 1.06% 4,788,912 $16.0M Add +4.0%
AVDL Avadel Pharmaceuticals Ltd. 1.04% 1,497,500 $15.7M Add +21.8%
META Meta Platforms Inc. Class A 1.03% 26,600 $15.6M Add +2.9%
LEGN Legend Biotech Corp.-ADR 0.97% 450,000 $14.6M New
GSK GSK PLC-Spon ADR 0.90% 400,000 $13.5M Reduce -11.1%
SNY Sanofi-ADR 0.86% 270,000 $13.0M Add +285.7%
LQDA Liquidia Corp. 0.86% 1,100,000 $12.9M Add +37.5%
VKTX Viking Therapeutics Inc. 0.85% 320,000 $12.9M Add +166.7%
TDOC Teladoc Health Inc. 0.84% 1,400,000 $12.7M No change
MRNA Moderna Inc. 0.83% 300,000 $12.5M New
KNSA Kiniksa Pharmaceuticals Inte 0.82% 628,609 $12.4M No change
HELP Cybin Inc. 0.78% 1,330,097 $11.7M Add +232.5%
VNDA Vanda Pharmaceuticals Inc. 0.75% 2,353,307 $11.3M No change
CGEM Cullinan Therapeutics Inc. 0.74% 921,138 $11.2M No change
CRSP Crispr Therapeutics AG 0.69% 266,500 $10.5M No change
NUVB Nuvation Bio Inc. 0.69% 3,900,000 $10.4M No change
HLVX Hillevax Inc. 0.67% 4,920,000 $10.2M No change
AZN Astrazeneca PLC-Spons ADR 0.65% 150,000 $9.8M No change
ELAN Elanco Animal Health Inc. 0.64% 800,000 $9.7M Add +33.3%
HRMY Harmony Biosciences Holdings 0.64% 281,200 $9.7M No change
ADMA Adma Biologics Inc. 0.62% 550,000 $9.4M New
RCKT Rocket Pharmaceuticals Inc. 0.62% 750,000 $9.4M No change
CRGX Cargo Therapeutics Inc. 0.61% 640,000 $9.2M Reduce -8.7%
DSGN Design Therapeutics Inc. 0.60% 1,480,975 $9.1M No change
CMPX Compass Therapeutics Inc. 0.57% 5,900,000 $8.6M Add +225.4%
BLCO Bausch + Lomb Corp. 0.54% 450,000 $8.1M Add +28.6%
EWTX Edgewise Therapeutics Inc. 0.53% 300,000 $8.0M New
ACET Adicet Bio Inc. 0.52% 8,145,988 $7.8M Reduce -0.9%
EPIX Essa Pharma Inc. 0.51% 4,300,000 $7.7M New
BIOA Bioage Labs Inc. 0.51% 1,318,361 $7.6M New
ABCL Abcellera Biologics Inc. 0.50% 2,582,816 $7.6M Add +12.3%
CTMX Cytomx Therapeutics Inc. 0.50% 7,311,760 $7.5M Reduce -6.4%
OMIC Singular Genomics Systems Inc. 0.48% 372,000 $7.2M No change
IBRX Immunitybio Inc. 0.48% 2,814,192 $7.2M New
INSM Insmed Inc. 0.46% 100,000 $6.9M No change
ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 0.45% 37,000 $6.8M No change
VTYX Ventyx Biosciences Inc. 0.45% 3,100,000 $6.8M No change
DERM Journey Medical Corp. 0.45% 1,725,569 $6.7M New
BCRX Biocryst Pharmaceuticals Inc. 0.40% 800,000 $6.0M No change
DNTH Dianthus Therapeutics Inc. 0.38% 264,692 $5.8M No change
NKTX Nkarta Inc. 0.38% 2,293,719 $5.7M Add +252.9%
ALXO Alx Oncology Holdings Inc. 0.36% 3,296,883 $5.5M Reduce -21.6%
BIIB Biogen Inc. 0.35% 35,000 $5.4M No change
IONS Ionis Pharmaceuticals Inc. 0.35% 150,000 $5.2M No change
BHVN Biohaven Ltd. 0.35% 140,000 $5.2M No change
SEER Seer Inc. 0.34% 2,194,423 $5.1M Reduce -4.6%
CHRS Coherus Oncology Inc. 0.33% 3,650,000 $5.0M Add +55.3%
KZR Kezar Life Sciences Inc. 0.32% 720,000 $4.8M Add +97.8%
NVAX Novavax Inc. 0.32% 600,000 $4.8M Reduce -40.0%
ALMS Alumis Inc. 0.31% 600,000 $4.7M Add +40.6%
CYTK Cytokinetics Inc. 0.31% 100,000 $4.7M No change
APGE Apogee Therapeutics Inc. 0.30% 100,000 $4.5M No change
LNTH Lantheus Holdings Inc. 0.30% 50,000 $4.5M No change
BDTX Black Diamond Therapeutics I 0.29% 2,070,209 $4.4M Add +51.1%
RVMD Revolution Medicines Inc. 0.29% 100,000 $4.4M New
MRUS Merus NV 0.28% 100,000 $4.2M No change
PHAT Phathom Pharmaceuticals Inc. 0.27% 500,000 $4.1M New
NUVL Nuvalent Inc. Class A 0.26% 50,000 $3.9M No change
ARE Alexandria Real Estate Equit 0.26% 40,000 $3.9M No change
CMPS Compass Pathways PLC 0.25% 1,000,000 $3.8M New
IOVA Iovance Biotherapeutics Inc. 0.24% 500,000 $3.7M No change
TECX Tectonic Therapeutic Inc. 0.24% 79,166 $3.7M No change
GRAL Grail Inc. 0.24% 200,000 $3.6M New
STOK Stoke Therapeutics Inc. 0.22% 300,000 $3.3M New
HRTX Heron Therapeutics Inc. 0.22% 2,140,271 $3.3M Add +15.7%
CCCC C4 Therapeutics Inc. 0.21% 900,000 $3.2M Add +28.6%
FATE Fate Therapeutics Inc. 0.20% 1,855,954 $3.1M Add +165.1%
TGTX TG Therapeutics Inc. 0.20% 100,000 $3.0M No change
CRBP Corbus Pharmaceuticals Holdi 0.19% 242,653 $2.9M Reduce -59.6%
SWTX Springworks Therapeutics Inc. 0.18% 74,265 $2.7M No change
ELEV Elevation Oncology Inc. 0.18% 4,760,000 $2.7M No change
JANX Janux Therapeutics Inc. 0.18% 50,000 $2.7M New
DTIL Precision Biosciences Inc. 0.17% 673,332 $2.6M Add +8.0%
OKUR Onkure Therapeutics Inc. Class A 0.17% 294,626 $2.5M New
TBPH Theravance Biopharma Inc. 0.16% 262,896 $2.5M No change
ATYR Atyr Pharma Inc. 0.16% 671,134 $2.4M No change

Show all 183 holdings

Portfolio Sells Q3 2024 → Q4 2024
ITOS Iteos Therapeutics Inc. Reduce -90.8% 0.11% −1.64
APLT Applied Therapeutics Inc. Reduce -11.1% 0.14% −1.52
RVNC Revance Therapeutics Inc. Sold out 0.00% −0.93
ANIP Ani Pharmaceuticals Inc. Reduce -29.4% 1.16% −0.76
IMNM Immunome Inc. Sold out 0.00% −0.75
CRBP Corbus Pharmaceuticals Holdi Reduce -59.6% 0.19% −0.69
NVAX Novavax Inc. Reduce -40.0% 0.32% −0.58
OTLK Outlook Therapeutics Inc. Reduce -88.3% 0.02% −0.57
MRNS Marinus Pharmaceuticals Inc. Reduce -65.1% 0.06% −0.53
CNTA Centessa Pharmaceuticals Ltd. Sold out 0.00% −0.46
GPCR Structure Therapeutics Inc. Sold out 0.00% −0.45
GSK GSK PLC-Spon ADR Reduce -11.1% 0.90% −0.42
RENEO PHARMACEUTICALS INC Sold out 0.00% −0.36
ACET Adicet Bio Inc. Reduce -0.9% 0.52% −0.33
ARVN Arvinas Inc. Sold out 0.00% −0.32
CRGX Cargo Therapeutics Inc. Reduce -8.7% 0.61% −0.31
TYRA Tyra Biosciences Inc. Sold out 0.00% −0.25
BEAM Beam Therapeutics Inc. Reduce -70.6% 0.08% −0.22
MIRM Mirum Pharmaceuticals Inc. Reduce -3.9% 3.38% −0.20
ALXO Alx Oncology Holdings Inc. Reduce -21.6% 0.36% −0.18
CTMX Cytomx Therapeutics Inc. Reduce -6.4% 0.50% −0.16
PCRX Pacira Biosciences Inc. Sold out 0.00% −0.07
PGEN Precigen Inc. Sold out 0.00% −0.03
EGRX Eagle Pharmaceuticals Inc. Sold out 0.00% −0.03
NVDA Nvidia Corp. Reduce -3.5% 1.27% −0.01
MCRB Seres Therapeutics Inc. Sold out 0.00% −0.01
LVTX Lava Therapeutics NV Sold out 0.00% −0.01
SEER Seer Inc. Reduce -4.6% 0.34% +0.01
DVAX Dynavax Technologies Corp. Reduce -2.6% 1.56% +0.05

Portfolio Buys Q3 2024 → Q4 2024
LKFT Lakefront Biotherapeutic-ADR Add +208.7% 3.93% +2.49
REPL Replimune Group Inc. Add +125.0% 2.16% +1.22
AUPH Aurinia Pharmaceuticals Inc. Add +16.6% 5.01% +1.22
LEGN Legend Biotech Corp.-ADR New 0.97% +0.97
MRNA Moderna Inc. New 0.83% +0.83
ADMA Adma Biologics Inc. New 0.62% +0.62
IMCR Immunocore Holdings PLC-ADR Add +40.7% 3.04% +0.58
SNY Sanofi-ADR Add +285.7% 0.86% +0.57
EWTX Edgewise Therapeutics Inc. New 0.53% +0.53
HELP Cybin Inc. Add +232.5% 0.78% +0.52
EPIX Essa Pharma Inc. New 0.51% +0.51
BIOA Bioage Labs Inc. New 0.51% +0.51
IBRX Immunitybio Inc. New 0.48% +0.48
DERM Journey Medical Corp. New 0.45% +0.45
RLAY Relay Therapeutics Inc. Add +126.1% 2.20% +0.39
CMPX Compass Therapeutics Inc. Add +225.4% 0.57% +0.33
VKTX Viking Therapeutics Inc. Add +166.7% 0.85% +0.31
RVMD Revolution Medicines Inc. New 0.29% +0.29
LQDA Liquidia Corp. Add +37.5% 0.86% +0.28
PHAT Phathom Pharmaceuticals Inc. New 0.27% +0.27
CMPS Compass Pathways PLC New 0.25% +0.25
GRAL Grail Inc. New 0.24% +0.24
STOK Stoke Therapeutics Inc. New 0.22% +0.22
JANX Janux Therapeutics Inc. New 0.18% +0.18
NKTX Nkarta Inc. Add +252.9% 0.38% +0.17
OKUR Onkure Therapeutics Inc. Class A New 0.17% +0.17
CHRS Coherus Oncology Inc. Add +55.3% 0.33% +0.16
SLNO Soleno Therapeutics Inc. New 0.15% +0.15
CDNA Caredx Inc. New 0.14% +0.14
IDXX Idexx Laboratories Inc. New 0.14% +0.14
FTRE Fortrea Holdings Inc. New 0.12% +0.12
KZR Kezar Life Sciences Inc. Add +97.8% 0.32% +0.12
THRD Third Harmonic Bio Inc. New 0.10% +0.10
REGN Regeneron Pharmaceuticals New 0.09% +0.09
MIND MEDICINE MINDMED INC New 0.09% +0.09
SNDX Syndax Pharmaceuticals Inc. New 0.09% +0.09
ULTA Ulta Beauty Inc. New 0.08% +0.08
BA The Boeing Co. New 0.07% +0.07
ABCL Abcellera Biologics Inc. Add +12.3% 0.50% +0.07
OPRX Optimizerx Corp. New 0.07% +0.07
HRL Hormel Foods Corp. New 0.07% +0.07
HPE Hewlett Packard Enterprise New 0.07% +0.07
PAYX Paychex Inc. New 0.06% +0.06
MCD McDonald's Corp. New 0.06% +0.06
WHR Whirlpool Corp. New 0.06% +0.06
UAL United Airlines Holdings Inc. Add +220.0% 0.08% +0.06
KRON Kronos Bio Inc. New 0.06% +0.06
SEE Sealed Air Corp. New 0.06% +0.06
FDX FedEx Corp. New 0.06% +0.06
GEV GE Vernova Inc. New 0.06% +0.06

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