Tang Capital Management LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Tang Capital Management LLC reported 202 stock positions worth $1.8 billion. Its top holding was Tarsus Pharmaceuticals (TARS) at 7.0% of the portfolio, followed by Lakefront Biotherapeutic-ADR (LKFT, 5.5%) and Aurinia Pharmaceuticals (AUPH, 4.5%). Compared with Q4 2024, it opened 26 new positions, sold out of 7, added to 77 and reduced 31. The biggest buy was Dynavax Technologies (DVAX, shares +211%) and the biggest sale Viking Therapeutics (VKTX, shares −16%).

Most Recent 13F
Q2 2026
Location
SAN DIEGO, CA
CIK
0001232621
Portfolio Value
$1.8B (Q1 2025)
SEC Filing
0001214659-25-007882 ↗ filed May 15, 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 Q4 2024 Q1 2025: $1.8B $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 202 stocks · $1.8B
TARS Tarsus Pharmaceuticals Inc. 6.98% 2,454,797 $126.1M Add +8.9%
LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV 5.51% 3,961,797 $99.5M Add +83.3%
AUPH Aurinia Pharmaceuticals Inc. 4.46% 10,029,500 $80.6M Add +19.0%
DVAX Dynavax Technologies Corp. 4.13% 5,750,000 $74.6M Add +210.8%
EOLS Evolus Inc. 3.33% 4,997,399 $60.1M No change
KALV Kalvista Pharmaceuticals Inc. 3.15% 4,941,798 $57.0M Add +1.0%
IMCR Immunocore Holdings PLC-ADR 3.14% 1,915,708 $56.8M Add +23.1%
MIRM Mirum Pharmaceuticals Inc. 3.08% 1,237,107 $55.7M No change
PTCT PTC Therapeutics Inc. 2.82% 1,000,000 $51.0M Add +42.9%
KNSA Kiniksa Pharmaceuticals Inte 2.60% 2,118,579 $47.1M Add +237.0%
VRDN Viridian Therapeutics Inc. 2.08% 2,792,925 $37.6M Add +12.0%
SYRE Spyre Therapeutics Inc. 1.83% 2,050,000 $33.1M New
ITCI Intra-Cellular Therapies Inc. 1.61% 220,000 $29.0M Reduce -26.7%
ANAB Anaptysbio Inc. 1.59% 1,545,153 $28.7M Add +16.1%
REPL Replimune Group Inc. 1.56% 2,900,000 $28.3M Add +7.4%
LEGN Legend Biotech Corp.-ADR 1.56% 830,000 $28.2M Add +84.4%
ACAD Acadia Pharmaceuticals Inc. 1.38% 1,500,000 $24.9M No change
BNTX Biontech SE-ADR 1.36% 270,000 $24.6M No change
SLRN Acelyrin Inc. 1.34% 9,818,115 $24.3M New
JAZZ Jazz Pharmaceuticals PLC 1.30% 190,000 $23.6M Add +35.7%
ANIP Ani Pharmaceuticals Inc. 1.18% 317,500 $21.3M No change
RLAY Relay Therapeutics Inc. 1.17% 8,068,058 $21.1M No change
CMPX Compass Therapeutics Inc. 1.16% 11,052,632 $21.0M Add +87.3%
ADMA Adma Biologics Inc. 1.15% 1,050,000 $20.8M Add +90.9%
LENZ Lenz Therapeutics Inc. 1.09% 766,940 $19.7M No change
AZN Astrazeneca PLC-Spons ADR 1.02% 250,000 $18.4M Add +66.7%
LQDA Liquidia Corp. 0.98% 1,200,000 $17.7M Add +9.1%
NBIX Neurocrine Biosciences Inc. 0.92% 150,000 $16.6M No change
AVDL Avadel Pharmaceuticals Ltd. 0.91% 2,097,500 $16.4M Add +40.1%
ITOS Iteos Therapeutics Inc. 0.89% 2,689,200 $16.1M Add +1112.9%
META Meta Platforms Inc. Class A 0.88% 27,575 $15.9M Add +3.7%
GSK GSK PLC-Spon ADR 0.86% 400,000 $15.5M No change
NVDA Nvidia Corp. 0.85% 142,569 $15.5M No change
SNY Sanofi-ADR 0.83% 270,000 $15.0M No change
AVIR Atea Pharmaceuticals Inc. 0.79% 4,800,000 $14.4M Add +0.2%
ALT Altimmune Inc. 0.76% 2,750,000 $13.8M No change
ZYME Zymeworks Inc. 0.72% 1,100,000 $13.1M No change
NKTX Nkarta Inc. 0.72% 7,055,576 $13.0M Add +207.6%
CRGX Cargo Therapeutics Inc. 0.69% 3,059,630 $12.5M Add +378.1%
HELP Cybin Inc. 0.64% 1,830,097 $11.6M Add +37.6%
PCVX Vaxcyte Inc. 0.63% 300,000 $11.3M No change
KROS Keros Therapeutics Inc. 0.62% 1,100,000 $11.2M New
TDOC Teladoc Health Inc. 0.62% 1,400,000 $11.1M No change
DERM Journey Medical Corp. 0.61% 1,854,596 $10.9M Add +7.5%
VNDA Vanda Pharmaceuticals Inc. 0.60% 2,353,307 $10.8M No change
ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD 0.56% 37,000 $10.1M No change
ARVN Arvinas Inc. 0.54% 1,393,800 $9.8M New
HRMY Harmony Biosciences Holdings 0.52% 281,200 $9.3M No change
BABA Alibaba Group Holding-SP ADR 0.51% 70,000 $9.3M New
CRSP Crispr Therapeutics AG 0.50% 266,500 $9.1M No change
MRNA Moderna Inc. 0.48% 305,300 $8.7M Add +1.8%
CGEM Cullinan Therapeutics Inc. 0.47% 1,121,138 $8.5M Add +21.7%
ELAN Elanco Animal Health Inc. 0.46% 800,100 $8.4M Add +0.0%
PLRX Pliant Therapeutics Inc. 0.45% 6,000,000 $8.1M New
BLCO Bausch + Lomb Corp. 0.44% 550,000 $8.0M Add +22.2%
INSM Insmed Inc. 0.42% 100,000 $7.6M No change
PHAT Phathom Pharmaceuticals Inc. 0.42% 1,200,000 $7.5M Add +140.0%
APGE Apogee Therapeutics Inc. 0.41% 200,000 $7.5M Add +100.0%
HLVX Hillevax Inc. 0.39% 4,920,000 $7.1M No change
IBRX Immunitybio Inc. 0.39% 2,333,333 $7.0M Reduce -17.1%
NUVB Nuvation Bio Inc. 0.38% 3,900,000 $6.9M No change
EPIX Essa Pharma Inc. 0.38% 4,300,000 $6.8M No change
EWTX Edgewise Therapeutics Inc. 0.37% 300,000 $6.6M No change
VKTX Viking Therapeutics Inc. 0.36% 270,000 $6.5M Reduce -15.6%
DSGN Design Therapeutics Inc. 0.36% 1,680,975 $6.5M Add +13.5%
REGN Regeneron Pharmaceuticals 0.35% 10,000 $6.3M Add +400.0%
ACET Adicet Bio Inc. 0.34% 8,223,612 $6.2M Add +0.9%
BIOA Bioage Labs Inc. 0.33% 1,600,000 $6.0M Add +21.4%
BCRX Biocryst Pharmaceuticals Inc. 0.33% 800,000 $6.0M No change
IOVA Iovance Biotherapeutics Inc. 0.33% 1,800,000 $6.0M Add +260.0%
ABCL Abcellera Biologics Inc. 0.32% 2,600,000 $5.8M Add +0.7%
RCKT Rocket Pharmaceuticals Inc. 0.31% 850,000 $5.7M Add +13.3%
HRTX Heron Therapeutics Inc. 0.27% 2,235,459 $4.9M Add +4.5%
LNTH Lantheus Holdings Inc. 0.27% 50,000 $4.9M No change
DNTH Dianthus Therapeutics Inc. 0.27% 264,692 $4.8M No change
BIIB Biogen Inc. 0.27% 35,000 $4.8M No change
IONS Ionis Pharmaceuticals Inc. 0.25% 150,000 $4.5M No change
CTMX Cytomx Therapeutics Inc. 0.24% 6,717,825 $4.3M Reduce -8.1%
MRUS Merus NV 0.23% 100,000 $4.2M No change
CHRS Coherus Oncology Inc. 0.23% 5,097,362 $4.1M Add +39.6%
JANX Janux Therapeutics Inc. 0.22% 150,000 $4.0M Add +200.0%
CYTK Cytokinetics Inc. 0.22% 100,000 $4.0M No change
CMPS Compass Pathways PLC 0.22% 1,400,000 $4.0M Add +40.0%
TGTX TG Therapeutics Inc. 0.22% 100,000 $3.9M No change
GMAB Genmab A/S -SP ADR 0.22% 200,000 $3.9M Add +100.0%
NVAX Novavax Inc. 0.21% 600,000 $3.8M No change
ARE Alexandria Real Estate Equit 0.20% 40,000 $3.7M No change
VERA Vera Therapeutics Inc. 0.20% 150,000 $3.6M New
SLNO Soleno Therapeutics Inc. 0.20% 50,000 $3.6M No change
VTYX Ventyx Biosciences Inc. 0.20% 3,100,000 $3.6M No change
NUVL Nuvalent Inc. Class A 0.20% 50,000 $3.5M No change
RVMD Revolution Medicines Inc. 0.20% 100,000 $3.5M No change
KZR Kezar Life Sciences Inc. 0.19% 720,000 $3.5M No change
BHVN Biohaven Ltd. 0.19% 140,000 $3.4M No change
STOK Stoke Therapeutics Inc. 0.18% 500,000 $3.3M Add +66.7%
SWTX Springworks Therapeutics Inc. 0.18% 74,265 $3.3M No change
VIR Vir Biotechnology Inc. 0.18% 500,000 $3.2M New
THRD Third Harmonic Bio Inc. 0.18% 929,727 $3.2M Add +519.8%
DTIL Precision Biosciences Inc. 0.18% 673,332 $3.2M No change
BDTX Black Diamond Therapeutics I 0.18% 2,070,209 $3.2M No change

Show all 202 holdings

Portfolio Sells Q4 2024 → Q1 2025
VKTX Viking Therapeutics Inc. Reduce -15.6% 0.36% −0.49
OMIC Singular Genomics Systems Inc. Sold out 0.00% −0.48
ALMS Alumis Inc. Sold out 0.00% −0.31
CTMX Cytomx Therapeutics Inc. Reduce -8.1% 0.24% −0.26
ALXO Alx Oncology Holdings Inc. Reduce -4.2% 0.11% −0.26
GRAL Grail Inc. Reduce -94.3% 0.02% −0.22
SEER Seer Inc. Reduce -41.0% 0.12% −0.21
CRBP Corbus Pharmaceuticals Holdi Reduce -47.5% 0.04% −0.15
IBRX Immunitybio Inc. Reduce -17.1% 0.39% −0.09
MRNS Marinus Pharmaceuticals Inc. Sold out 0.00% −0.06
ITCI Intra-Cellular Therapies Inc. Reduce -26.7% 1.61% −0.05
UAL United Airlines Holdings Inc. Reduce -3.2% 0.05% −0.03
EDIT Editas Medicine Inc. Sold out 0.00% −0.03
HPE Hewlett Packard Enterprise Reduce -4.0% 0.04% −0.03
NXTC Nextcure Inc. Reduce -42.3% 0.01% −0.03
ULTA Ulta Beauty Inc. Reduce -3.5% 0.05% −0.02
WHR Whirlpool Corp. Reduce -4.1% 0.04% −0.02
OPRX Optimizerx Corp. Reduce -54.8% 0.05% −0.02
AMZN Amazon.com Inc. Reduce -3.5% 0.05% −0.02
AXP American Express Co. Reduce -3.5% 0.05% −0.02
SEE Sealed Air Corp. Reduce -4.2% 0.04% −0.02
FDX FedEx Corp. Reduce -4.4% 0.04% −0.02
CLX Clorox Company Reduce -4.1% 0.05% −0.02
BA The Boeing Co. Reduce -3.6% 0.06% −0.02
ALLOVIR INC Sold out 0.00% −0.02
GEV GE Vernova Inc. Reduce -4.3% 0.04% −0.02
HRL Hormel Foods Corp. Reduce -4.0% 0.05% −0.01
NFLX Netflix Inc. Reduce -3.2% 0.07% −0.01
SHW The Sherwin-Williams Co. Reduce -4.2% 0.05% −0.01
F Ford Motor Co. Reduce -4.7% 0.05% −0.01
ALL Allstate Corp. Reduce -3.9% 0.06% −0.01
MCD McDonald's Corp. Reduce -4.1% 0.06% −0.01
PAYX Paychex Inc. Reduce -4.1% 0.06% −0.01
RLMD Relmada Therapeutics Inc. Sold out 0.00% −0.01
CVX Chevron Corp. Reduce -4.7% 0.05% −0.00
GE General Electric Reduce -4.0% 0.06% −0.00
TMUS T-Mobile US Inc. Reduce -4.0% 0.06% −0.00
IMRX Immuneering Corp. Class A Sold out 0.00% −0.00

Portfolio Buys Q4 2024 → Q1 2025
DVAX Dynavax Technologies Corp. Add +210.8% 4.13% +2.56
SYRE Spyre Therapeutics Inc. New 1.83% +1.83
KNSA Kiniksa Pharmaceuticals Inte Add +237.0% 2.60% +1.78
LKFT Lakefront Biotherapeutic-ADR Add +83.3% 5.51% +1.57
SLRN Acelyrin Inc. New 1.34% +1.34
ITOS Iteos Therapeutics Inc. Add +1112.9% 0.89% +0.78
PTCT PTC Therapeutics Inc. Add +42.9% 2.82% +0.73
KROS Keros Therapeutics Inc. New 0.62% +0.62
CMPX Compass Therapeutics Inc. Add +87.3% 1.16% +0.60
LEGN Legend Biotech Corp.-ADR Add +84.4% 1.56% +0.59
ARVN Arvinas Inc. New 0.54% +0.54
ADMA Adma Biologics Inc. Add +90.9% 1.15% +0.53
BABA Alibaba Group Holding-SP ADR New 0.51% +0.51
PLRX Pliant Therapeutics Inc. New 0.45% +0.45
ANAB Anaptysbio Inc. Add +16.1% 1.59% +0.42
KALV Kalvista Pharmaceuticals Inc. Add +1.0% 3.15% +0.41
AZN Astrazeneca PLC-Spons ADR Add +66.7% 1.02% +0.37
NKTX Nkarta Inc. Add +207.6% 0.72% +0.34
REGN Regeneron Pharmaceuticals Add +400.0% 0.35% +0.26
VERA Vera Therapeutics Inc. New 0.20% +0.20
VIR Vir Biotechnology Inc. New 0.18% +0.18
MLYS Mineralys Therapeutics Inc. New 0.18% +0.18
JAZZ Jazz Pharmaceuticals PLC Add +35.7% 1.30% +0.16
DERM Journey Medical Corp. Add +7.5% 0.61% +0.16
PHAT Phathom Pharmaceuticals Inc. Add +140.0% 0.42% +0.15
KLRS Kalaris Therapeutics Inc. New 0.14% +0.14
ZNTL Zentalis Pharmaceuticals Inc. New 0.13% +0.13
LQDA Liquidia Corp. Add +9.1% 0.98% +0.12
APGE Apogee Therapeutics Inc. Add +100.0% 0.41% +0.11
IMCR Immunocore Holdings PLC-ADR Add +23.1% 3.14% +0.11
BLUEBIRD BIO INC New 0.11% +0.11
IOVA Iovance Biotherapeutics Inc. Add +260.0% 0.33% +0.09
ALLK Allakos LLC Add +2196.6% 0.11% +0.08
GMAB Genmab A/S -SP ADR Add +100.0% 0.22% +0.08
CRGX Cargo Therapeutics Inc. Add +378.1% 0.69% +0.08
NMRA Neumora Therapeutics Inc. New 0.08% +0.08
THRD Third Harmonic Bio Inc. Add +519.8% 0.18% +0.08
CLYM Climb Bio Inc. New 0.07% +0.07
ALGS Aligos Therapeutics Inc. New 0.06% +0.06
PYXS Pyxis Oncology Inc. New 0.06% +0.06
AAT American Assets Trust Inc. New 0.06% +0.06
HRTX Heron Therapeutics Inc. Add +4.5% 0.27% +0.06
SNDX Syndax Pharmaceuticals Inc. Add +100.0% 0.14% +0.05
JANX Janux Therapeutics Inc. Add +200.0% 0.22% +0.05
CAPR Capricor Therapeutics Inc. New 0.04% +0.04
CNTA Centessa Pharmaceuticals Ltd. New 0.04% +0.04
MIND MEDICINE MINDMED INC Add +100.1% 0.13% +0.04
BRK.B Berkshire Hathaway Inc. Class B Add +42.0% 0.13% +0.04
KO The Coca-Cola Co. Add +51.0% 0.12% +0.04
VZ Verizon Communications Inc. Add +52.7% 0.12% +0.04

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