Tang Capital Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Tang Capital Management LLC reported 200 stock positions worth $2.0 billion. Its top holding was Lakefront Biotherapeutic-ADR (LKFT) at 5.6% of the portfolio, followed by Tarsus Pharmaceuticals (TARS, 5.0%) and Aurinia Pharmaceuticals (AUPH, 4.3%). Compared with Q1 2025, it opened 18 new positions, sold out of 20, added to 34 and reduced 52. The biggest buy was Vera Therapeutics (VERA, shares +800%) and the biggest sale Dynavax Technologies (DVAX, shares −66%).
- Most Recent 13F
- Q2 2026
- Location
- SAN DIEGO, CA
- CIK
- 0001232621
- Portfolio Value
- $2.0B (Q2 2025)
- SEC Filing
- 0001214659-25-012272 ↗ filed Aug 14, 2025
Holdings Value
Holdings 200 stocks · $2.0B
| LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV | 5.65% | 3,990,111 | $111.7M | Add +0.7% |
| TARS Tarsus Pharmaceuticals Inc. | 5.03% | 2,454,797 | $99.4M | No change |
| AUPH Aurinia Pharmaceuticals Inc. | 4.29% | 10,029,500 | $84.9M | No change |
| IMCR Immunocore Holdings PLC-ADR | 3.34% | 2,105,608 | $66.1M | Add +9.9% |
| KNSA Kiniksa Pharmaceuticals Inte | 3.26% | 2,328,609 | $64.4M | Add +9.9% |
| MIRM Mirum Pharmaceuticals Inc. | 3.18% | 1,236,027 | $62.9M | Reduce -0.1% |
| KALV Kalvista Pharmaceuticals Inc. | 2.82% | 4,941,798 | $55.9M | No change |
| PTCT PTC Therapeutics Inc. | 2.72% | 1,100,000 | $53.7M | Add +10.0% |
| SYRE Spyre Therapeutics Inc. | 2.42% | 3,200,000 | $47.9M | Add +56.1% |
| EOLS Evolus Inc. | 2.33% | 4,997,399 | $46.0M | No change |
| VRDN Viridian Therapeutics Inc. | 2.01% | 2,842,925 | $39.7M | Add +1.8% |
| ITOS Iteos Therapeutics Inc. | 1.93% | 3,826,692 | $38.2M | Add +42.3% |
| CMPX Compass Therapeutics Inc. | 1.77% | 13,496,208 | $35.1M | Add +22.1% |
| ACAD Acadia Pharmaceuticals Inc. | 1.64% | 1,500,000 | $32.4M | No change |
| VERA Vera Therapeutics Inc. | 1.61% | 1,350,000 | $31.8M | Add +800.0% |
| MRUS Merus NV | 1.60% | 600,000 | $31.6M | Add +500.0% |
| REPL Replimune Group Inc. | 1.50% | 3,200,000 | $29.7M | Add +10.3% |
| ANAB Anaptysbio Inc. | 1.49% | 1,330,879 | $29.5M | Reduce -13.9% |
| LEGN Legend Biotech Corp.-ADR | 1.49% | 830,000 | $29.5M | No change |
| BNTX Biontech SE-ADR | 1.45% | 270,000 | $28.7M | No change |
| RLAY Relay Therapeutics Inc. | 1.41% | 8,068,058 | $27.9M | No change |
| LENZ Lenz Therapeutics Inc. | 1.33% | 897,616 | $26.3M | Add +17.0% |
| CTMX Cytomx Therapeutics Inc. | 1.27% | 11,065,662 | $25.1M | Add +64.7% |
| MTD Mettler-Toledo International | 1.16% | 19,500 | $22.9M | New |
| BA The Boeing Co. | 1.12% | 105,662 | $22.1M | Add +1641.3% |
| ANIP Ani Pharmaceuticals Inc. | 1.05% | 317,500 | $20.7M | No change |
| NVDA Nvidia Corp. | 1.04% | 130,509 | $20.6M | Reduce -8.5% |
| JAZZ Jazz Pharmaceuticals PLC | 1.02% | 190,000 | $20.2M | No change |
| INSM Insmed Inc. | 1.02% | 200,000 | $20.1M | Add +100.0% |
| DVAX Dynavax Technologies Corp. | 0.98% | 1,949,500 | $19.3M | Reduce -66.1% |
| META Meta Platforms Inc. Class A | 0.97% | 26,008 | $19.2M | Reduce -5.7% |
| ADMA Adma Biologics Inc. | 0.97% | 1,050,000 | $19.1M | No change |
| KROS Keros Therapeutics Inc. | 0.96% | 1,418,984 | $18.9M | Add +29.0% |
| NBIX Neurocrine Biosciences Inc. | 0.95% | 150,000 | $18.9M | No change |
| AVDL Avadel Pharmaceuticals Ltd. | 0.94% | 2,097,500 | $18.6M | No change |
| AVIR Atea Pharmaceuticals Inc. | 0.89% | 4,889,200 | $17.6M | Add +1.9% |
| GSK GSK PLC-Spon ADR | 0.78% | 400,000 | $15.4M | No change |
| HELP Cybin Inc. | 0.78% | 1,830,097 | $15.4M | No change |
| LQDA Liquidia Corp. | 0.72% | 1,143,759 | $14.3M | Reduce -4.7% |
| ZYME Zymeworks Inc. | 0.70% | 1,100,000 | $13.8M | No change |
| URGN Urogen Pharma Ltd. | 0.69% | 1,000,000 | $13.7M | New |
| DERM Journey Medical Corp. | 0.67% | 1,854,596 | $13.3M | No change |
| CRGX Cargo Therapeutics Inc. | 0.64% | 3,059,630 | $12.6M | No change |
| TDOC Teladoc Health Inc. | 0.62% | 1,400,000 | $12.2M | No change |
| NKTX Nkarta Inc. | 0.59% | 7,055,576 | $11.7M | No change |
| ELAN Elanco Animal Health Inc. | 0.58% | 800,100 | $11.4M | No change |
| VNDA Vanda Pharmaceuticals Inc. | 0.56% | 2,353,307 | $11.1M | No change |
| ALT Altimmune Inc. | 0.54% | 2,750,000 | $10.6M | No change |
| AZN Astrazeneca PLC-Spons ADR | 0.53% | 150,000 | $10.5M | Reduce -40.0% |
| TVTX Travere Therapeutics Inc. | 0.52% | 700,000 | $10.4M | New |
| ARVN Arvinas Inc. | 0.52% | 1,393,800 | $10.3M | No change |
| VKTX Viking Therapeutics Inc. | 0.50% | 370,000 | $9.8M | Add +37.0% |
| HLVX Hillevax Inc. | 0.49% | 4,920,000 | $9.8M | No change |
| PCVX Vaxcyte Inc. | 0.49% | 300,000 | $9.8M | No change |
| SNY Sanofi-ADR | 0.49% | 200,000 | $9.7M | Reduce -25.9% |
| WGS Genedx Holdings Corp. | 0.47% | 100,000 | $9.2M | New |
| ABCL Abcellera Biologics Inc. | 0.45% | 2,600,000 | $8.9M | No change |
| HRMY Harmony Biosciences Holdings | 0.45% | 281,200 | $8.9M | No change |
| APGE Apogee Therapeutics Inc. | 0.44% | 200,000 | $8.7M | No change |
| IDXX Idexx Laboratories Inc. | 0.43% | 16,000 | $8.6M | Add +220.0% |
| CGEM Cullinan Therapeutics Inc. | 0.43% | 1,121,138 | $8.4M | No change |
| MRNA Moderna Inc. | 0.43% | 305,300 | $8.4M | No change |
| BABA Alibaba Group Holding-SP ADR | 0.40% | 70,000 | $7.9M | No change |
| LLY Eli Lilly & Co. | 0.39% | 10,000 | $7.8M | New |
| NUVB Nuvation Bio Inc. | 0.38% | 3,900,000 | $7.6M | No change |
| EPIX Essa Pharma Inc. | 0.37% | 4,300,000 | $7.3M | No change |
| SRPT Sarepta Therapeutics Inc. | 0.36% | 420,300 | $7.2M | New |
| BCRX Biocryst Pharmaceuticals Inc. | 0.36% | 800,000 | $7.2M | No change |
| BLCO Bausch + Lomb Corp. | 0.36% | 550,000 | $7.2M | No change |
| PLRX Pliant Therapeutics Inc. | 0.35% | 6,000,000 | $7.0M | No change |
| VTYX Ventyx Biosciences Inc. | 0.34% | 3,100,000 | $6.6M | No change |
| BIOA Bioage Labs Inc. | 0.33% | 1,600,000 | $6.6M | No change |
| IBRX Immunitybio Inc. | 0.31% | 2,333,333 | $6.2M | No change |
| DSGN Design Therapeutics Inc. | 0.30% | 1,780,975 | $6.0M | Add +6.0% |
| ALMS Alumis Inc. | 0.30% | 1,996,797 | $6.0M | New |
| IONS Ionis Pharmaceuticals Inc. | 0.30% | 150,000 | $5.9M | No change |
| STOK Stoke Therapeutics Inc. | 0.29% | 500,000 | $5.7M | No change |
| EWTX Edgewise Therapeutics Inc. | 0.29% | 431,300 | $5.7M | Add +43.8% |
| SMMT Summit Therapeutics Inc. | 0.27% | 250,000 | $5.3M | New |
| REGN Regeneron Pharmaceuticals | 0.27% | 10,000 | $5.3M | No change |
| BDTX Black Diamond Therapeutics I | 0.26% | 2,070,209 | $5.1M | No change |
| THRD Third Harmonic Bio Inc. | 0.26% | 929,727 | $5.0M | No change |
| ACET Adicet Bio Inc. | 0.25% | 8,223,612 | $5.0M | No change |
| DNTH Dianthus Therapeutics Inc. | 0.25% | 264,692 | $4.9M | No change |
| BHC Bausch Health Cos Inc. | 0.25% | 736,827 | $4.9M | New |
| JANX Janux Therapeutics Inc. | 0.23% | 200,000 | $4.6M | Add +33.3% |
| VRTX Vertex Pharmaceuticals Inc. | 0.23% | 10,000 | $4.5M | New |
| HRTX Heron Therapeutics Inc. | 0.22% | 2,135,459 | $4.4M | Reduce -4.5% |
| BIIB Biogen Inc. | 0.22% | 35,000 | $4.4M | No change |
| SLNO Soleno Therapeutics Inc. | 0.21% | 50,000 | $4.2M | No change |
| GMAB Genmab A/S -SP ADR | 0.21% | 200,000 | $4.1M | No change |
| LNTH Lantheus Holdings Inc. | 0.21% | 50,000 | $4.1M | No change |
| MIND MEDICINE MINDMED INC | 0.20% | 600,200 | $3.9M | Add +50.0% |
| NUVL Nuvalent Inc. Class A | 0.19% | 50,000 | $3.8M | No change |
| NVAX Novavax Inc. | 0.19% | 600,000 | $3.8M | No change |
| CHRS Coherus Oncology Inc. | 0.19% | 5,097,362 | $3.7M | No change |
| RVMD Revolution Medicines Inc. | 0.19% | 100,000 | $3.7M | No change |
| CMPS Compass Pathways PLC | 0.18% | 1,300,000 | $3.6M | Reduce -7.1% |
| TGTX TG Therapeutics Inc. | 0.18% | 100,000 | $3.6M | No change |
| TECX Tectonic Therapeutic Inc. | 0.18% | 179,166 | $3.6M | No change |
Portfolio Sells Q1 2025 → Q2 2025
| DVAX Dynavax Technologies Corp. | Reduce -66.1% | 0.98% | −3.15 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −1.61 |
| SLRN Acelyrin Inc. | Sold out | 0.00% | −1.34 |
| ONC Beone Medicines Ltd.-ADR | Sold out | 0.00% | −0.56 |
| CRSP Crispr Therapeutics AG | Sold out | 0.00% | −0.50 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -40.0% | 0.53% | −0.49 |
| PHAT Phathom Pharmaceuticals Inc. | Sold out | 0.00% | −0.42 |
| SNY Sanofi-ADR | Reduce -25.9% | 0.49% | −0.34 |
| LQDA Liquidia Corp. | Reduce -4.7% | 0.72% | −0.26 |
| VIR Vir Biotechnology Inc. | Sold out | 0.00% | −0.18 |
| ALLK Allakos LLC | Sold out | 0.00% | −0.11 |
| BLUEBIRD BIO INC | Sold out | 0.00% | −0.11 |
| ANAB Anaptysbio Inc. | Reduce -13.9% | 1.49% | −0.10 |
| OKUR Onkure Therapeutics Inc. Class A | Reduce -57.7% | 0.02% | −0.07 |
| ELEV Elevation Oncology Inc. | Sold out | 0.00% | −0.07 |
| KRON Kronos Bio Inc. | Sold out | 0.00% | −0.06 |
| UNH Unitedhealth Group Inc. | Reduce -23.2% | 0.04% | −0.06 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -26.1% | 0.08% | −0.05 |
| HRTX Heron Therapeutics Inc. | Reduce -4.5% | 0.22% | −0.05 |
| CAPR Capricor Therapeutics Inc. | Sold out | 0.00% | −0.04 |
| XOM Exxon Mobil Corp. | Reduce -23.8% | 0.07% | −0.04 |
| V Visa Inc. Class A | Reduce -25.9% | 0.09% | −0.04 |
| PG The Procter & Gamble Co. | Reduce -24.2% | 0.07% | −0.04 |
| JNJ Johnson & Johnson | Reduce -22.6% | 0.07% | −0.04 |
| VZ Verizon Communications Inc. | Reduce -23.1% | 0.08% | −0.04 |
| DTIL Precision Biosciences Inc. | Reduce -2.9% | 0.14% | −0.04 |
| CMPS Compass Pathways PLC | Reduce -7.1% | 0.18% | −0.04 |
| KO The Coca-Cola Co. | Reduce -23.7% | 0.08% | −0.04 |
| BOLT Bolt Biotherapeutics Inc. | Reduce -12.5% | 0.05% | −0.04 |
| INTC Intel Corp. | Reduce -22.1% | 0.07% | −0.03 |
| HD Home Depot Inc. | Reduce -24.8% | 0.07% | −0.03 |
| WMT Walmart Inc. | Reduce -27.6% | 0.09% | −0.03 |
| LXRX Lexicon Pharmaceuticals Inc. | Sold out | 0.00% | −0.03 |
| PFE Pfizer Inc. | Reduce -20.6% | 0.07% | −0.03 |
| JPM JPMorgan Chase & Co. | Reduce -28.7% | 0.09% | −0.03 |
| OTLK Outlook Therapeutics Inc. | Sold out | 0.00% | −0.03 |
| REVIVA PHARMACEUTCLS HLDGS I | Sold out | 0.00% | −0.03 |
| ATRA Atara Biotherapeutics Inc. | Sold out | 0.00% | −0.02 |
| VTRS Viatris Inc. | Reduce -24.0% | 0.06% | −0.02 |
| TXN Texas Instruments Inc. | Reduce -24.1% | 0.08% | −0.02 |
| TMUS T-Mobile US Inc. | Reduce -12.3% | 0.05% | −0.02 |
| NKE Nike Inc. Class B | Reduce -21.7% | 0.07% | −0.02 |
| GRAL Grail Inc. | Sold out | 0.00% | −0.02 |
| CLX Clorox Company | Reduce -10.6% | 0.03% | −0.02 |
| CVX Chevron Corp. | Reduce -8.0% | 0.04% | −0.01 |
| PYPL PayPal Holdings Inc. | Reduce -21.6% | 0.07% | −0.01 |
| QUINCE THERAPEUTICS INC | Sold out | 0.00% | −0.01 |
| ALL Allstate Corp. | Reduce -12.2% | 0.05% | −0.01 |
| MCD McDonald's Corp. | Reduce -9.4% | 0.04% | −0.01 |
| PAYX Paychex Inc. | Reduce -9.6% | 0.04% | −0.01 |
Portfolio Buys Q1 2025 → Q2 2025
| VERA Vera Therapeutics Inc. | Add +800.0% | 1.61% | +1.41 |
| MRUS Merus NV | Add +500.0% | 1.60% | +1.36 |
| MTD Mettler-Toledo International | New | 1.16% | +1.16 |
| BA The Boeing Co. | Add +1641.3% | 1.12% | +1.06 |
| ITOS Iteos Therapeutics Inc. | Add +42.3% | 1.93% | +1.04 |
| CTMX Cytomx Therapeutics Inc. | Add +64.7% | 1.27% | +1.03 |
| URGN Urogen Pharma Ltd. | New | 0.69% | +0.69 |
| KNSA Kiniksa Pharmaceuticals Inte | Add +9.9% | 3.26% | +0.65 |
| CMPX Compass Therapeutics Inc. | Add +22.1% | 1.77% | +0.61 |
| INSM Insmed Inc. | Add +100.0% | 1.02% | +0.60 |
| SYRE Spyre Therapeutics Inc. | Add +56.1% | 2.42% | +0.59 |
| TVTX Travere Therapeutics Inc. | New | 0.52% | +0.52 |
| WGS Genedx Holdings Corp. | New | 0.47% | +0.47 |
| LLY Eli Lilly & Co. | New | 0.39% | +0.39 |
| SRPT Sarepta Therapeutics Inc. | New | 0.36% | +0.36 |
| KROS Keros Therapeutics Inc. | Add +29.0% | 0.96% | +0.34 |
| IDXX Idexx Laboratories Inc. | Add +220.0% | 0.43% | +0.32 |
| ALMS Alumis Inc. | New | 0.30% | +0.30 |
| SMMT Summit Therapeutics Inc. | New | 0.27% | +0.27 |
| BHC Bausch Health Cos Inc. | New | 0.25% | +0.25 |
| LENZ Lenz Therapeutics Inc. | Add +17.0% | 1.33% | +0.24 |
| VRTX Vertex Pharmaceuticals Inc. | New | 0.23% | +0.23 |
| IMCR Immunocore Holdings PLC-ADR | Add +9.9% | 3.34% | +0.20 |
| MTSR Metsera Inc. | New | 0.14% | +0.14 |
| LKFT Lakefront Biotherapeutic-ADR | Add +0.7% | 5.65% | +0.14 |
| VKTX Viking Therapeutics Inc. | Add +37.0% | 0.50% | +0.13 |
| BEAM Beam Therapeutics Inc. | Add +310.0% | 0.18% | +0.12 |
| CGON CG Oncology Inc. | New | 0.12% | +0.12 |
| TSHA Taysha Gene Therapies Inc. | New | 0.11% | +0.11 |
| AVIR Atea Pharmaceuticals Inc. | Add +1.9% | 0.89% | +0.10 |
| STRO Sutro Biopharma Inc. Com SHS | Add +1180.8% | 0.09% | +0.09 |
| PYXS Pyxis Oncology Inc. | Add +127.3% | 0.14% | +0.08 |
| MIND MEDICINE MINDMED INC | Add +50.0% | 0.20% | +0.07 |
| TPST Tempest Therapeutics Inc. | New | 0.05% | +0.05 |
| CBIO Crescent Biopharma Inc. | New | 0.04% | +0.04 |
| SEER Seer Inc. | Add +3.9% | 0.15% | +0.02 |
| TBPH Theravance Biopharma Inc. | Add +0.5% | 0.15% | +0.02 |
| JANX Janux Therapeutics Inc. | Add +33.3% | 0.23% | +0.01 |
| FENC Fennec Pharmaceuticals Inc. | New | 0.01% | +0.01 |
| ERAS Erasca Inc. | Add +26.3% | 0.10% | +0.01 |
| FLNA Filana Therapeutics Inc. | Add +19.9% | 0.02% | +0.01 |
| MGX Metagenomi Therapeutics Inc. | Add +48.2% | 0.01% | +0.00 |
| ACTU Actuate Therapeutics Inc. | New | 0.00% | +0.00 |
| GALT Galectin Therapeutics Inc. | New | 0.00% | +0.00 |
| MCRB Seres Therapeutics Inc. | Add +36.5% | 0.01% | −0.00 |
| ZNTL Zentalis Pharmaceuticals Inc. | Add +3.3% | 0.09% | −0.04 |
| DSGN Design Therapeutics Inc. | Add +6.0% | 0.30% | −0.06 |
| REPL Replimune Group Inc. | Add +10.3% | 1.50% | −0.06 |
| VRDN Viridian Therapeutics Inc. | Add +1.8% | 2.01% | −0.07 |
| EWTX Edgewise Therapeutics Inc. | Add +43.8% | 0.29% | −0.08 |
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 |