Tang Capital Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Tang Capital Management LLC reported 194 stock positions worth $2.6 billion. Its top holding was Tarsus Pharmaceuticals (TARS) at 5.6% of the portfolio, followed by Lakefront Biotherapeutic-ADR (LKFT, 5.5%) and Aurinia Pharmaceuticals (AUPH, 4.8%). Compared with Q2 2025, it opened 10 new positions, sold out of 16, added to 28 and reduced 32. The biggest buy was a new position in Celcuity (CELC) and the biggest sale an exit from Iteos Therapeutics (ITOS).

Most Recent 13F
Q2 2026
Location
SAN DIEGO, CA
CIK
0001232621
Portfolio Value
$2.6B (Q3 2025)
SEC Filing
0001214659-25-016677 ↗ filed Nov 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 Q4 2024 Q1 2025: $1.8B Q1 2025 Q2 2025: $2.0B Q2 2025 Q3 2025: $2.6B $2.6B Q3 2025 Q4 2025: $2.0B Q4 2025 Q1 2026: $2.0B Q1 2026 Q2 2026: $2.2B Q2 2026

Holdings 194 stocks · $2.6B
TARS Tarsus Pharmaceuticals Inc. 5.62% 2,454,797 $145.9M No change
LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV 5.54% 4,151,194 $143.8M Add +4.0%
AUPH Aurinia Pharmaceuticals Inc. 4.82% 11,329,500 $125.2M Add +13.0%
PTCT PTC Therapeutics Inc. 3.54% 1,500,000 $92.1M Add +36.4%
MIRM Mirum Pharmaceuticals Inc. 3.49% 1,236,027 $90.6M No change
KNSA Kiniksa Pharmaceuticals Inte 3.48% 2,328,609 $90.4M No change
IMCR Immunocore Holdings PLC-ADR 3.22% 2,305,608 $83.8M Add +9.5%
KALV Kalvista Pharmaceuticals Inc. 2.36% 5,041,798 $61.4M Add +2.0%
VRDN Viridian Therapeutics Inc. 2.36% 2,842,925 $61.4M No change
CMPX Compass Therapeutics Inc. 2.27% 16,811,963 $58.8M Add +24.6%
CELC Celcuity Inc. 2.19% 1,150,000 $56.8M New
MRUS Merus NV 2.17% 600,000 $56.5M No change
SYRE Spyre Therapeutics Inc. 2.06% 3,200,000 $53.6M No change
RLAY Relay Therapeutics Inc. 1.62% 8,068,058 $42.1M No change
LENZ Lenz Therapeutics Inc. 1.61% 897,616 $41.8M No change
ANAB Anaptysbio Inc. 1.57% 1,333,639 $40.8M Add +0.2%
PGEN Precigen Inc. 1.57% 12,400,000 $40.8M New
VERA Vera Therapeutics Inc. 1.51% 1,350,000 $39.2M No change
NKE Nike Inc. Class B 1.39% 519,399 $36.2M Add +2577.4%
IONS Ionis Pharmaceuticals Inc. 1.39% 550,000 $36.0M Add +266.7%
CTMX Cytomx Therapeutics Inc. 1.36% 11,065,662 $35.3M No change
EOLS Evolus Inc. 1.30% 5,488,299 $33.7M Add +9.8%
AVDL Avadel Pharmaceuticals Ltd. 1.23% 2,097,500 $32.0M No change
ACAD Acadia Pharmaceuticals Inc. 1.23% 1,500,000 $32.0M No change
VRTX Vertex Pharmaceuticals Inc. 1.21% 80,000 $31.3M Add +700.0%
ANIP Ani Pharmaceuticals Inc. 1.12% 317,500 $29.1M No change
INSM Insmed Inc. 1.11% 200,000 $28.8M No change
LEGN Legend Biotech Corp.-ADR 1.04% 830,000 $27.1M No change
BNTX Biontech SE-ADR 1.02% 270,000 $26.6M No change
LQDA Liquidia Corp. 1.00% 1,143,759 $26.0M No change
JAZZ Jazz Pharmaceuticals PLC 0.96% 190,000 $25.0M No change
NVDA Nvidia Corp. 0.94% 130,509 $24.4M No change
VKTX Viking Therapeutics Inc. 0.88% 870,000 $22.9M Add +135.1%
KROS Keros Therapeutics Inc. 0.86% 1,418,984 $22.4M No change
NBIX Neurocrine Biosciences Inc. 0.81% 150,000 $21.1M No change
URGN Urogen Pharma Ltd. 0.77% 1,000,000 $19.9M No change
DVAX Dynavax Technologies Corp. 0.75% 1,949,500 $19.4M No change
META Meta Platforms Inc. Class A 0.74% 26,008 $19.1M No change
ZYME Zymeworks Inc. 0.72% 1,100,000 $18.8M No change
GSK GSK PLC-Spon ADR 0.66% 400,000 $17.3M No change
JANX Janux Therapeutics Inc. 0.66% 700,000 $17.1M Add +250.0%
TVTX Travere Therapeutics Inc. 0.64% 700,000 $16.7M No change
NUVB Nuvation Bio Inc. 0.60% 4,200,000 $15.5M Add +7.7%
ADMA Adma Biologics Inc. 0.59% 1,050,000 $15.4M No change
NKTX Nkarta Inc. 0.56% 7,055,576 $14.6M No change
REPL Replimune Group Inc. 0.55% 3,400,000 $14.2M Add +6.3%
AVIR Atea Pharmaceuticals Inc. 0.54% 4,826,200 $14.0M Reduce -1.3%
DSGN Design Therapeutics Inc. 0.52% 1,780,975 $13.4M No change
DERM Journey Medical Corp. 0.51% 1,854,596 $13.2M No change
ABCL Abcellera Biologics Inc. 0.50% 2,600,000 $13.1M No change
CMPS Compass Pathways PLC 0.49% 2,200,000 $12.6M Add +69.2%
BABA Alibaba Group Holding-SP ADR 0.48% 70,000 $12.5M No change
ARVN Arvinas Inc. 0.46% 1,393,800 $11.9M No change
STOK Stoke Therapeutics Inc. 0.45% 500,000 $11.8M No change
VNDA Vanda Pharmaceuticals Inc. 0.45% 2,353,307 $11.7M No change
SRPT Sarepta Therapeutics Inc. 0.45% 600,000 $11.6M Add +42.8%
AZN Astrazeneca PLC-Spons ADR 0.44% 150,000 $11.5M No change
SMMT Summit Therapeutics Inc. 0.44% 550,000 $11.4M Add +120.0%
IDYA Ideaya Biosciences Inc. 0.42% 400,000 $10.9M New
TDOC Teladoc Health Inc. 0.42% 1,400,000 $10.8M No change
PCVX Vaxcyte Inc. 0.42% 300,000 $10.8M No change
HELP Cybin Inc. 0.41% 1,830,097 $10.8M No change
WGS Genedx Holdings Corp. 0.41% 100,000 $10.8M No change
DNTH Dianthus Therapeutics Inc. 0.40% 264,692 $10.4M No change
IDXX Idexx Laboratories Inc. 0.39% 16,000 $10.2M No change
VTYX Ventyx Biosciences Inc. 0.37% 3,100,000 $9.6M No change
BIOA Bioage Labs Inc. 0.36% 1,600,000 $9.4M No change
PLRX Pliant Therapeutics Inc. 0.34% 6,003,446 $8.9M Add +0.1%
BHC Bausch Health Cos Inc. 0.32% 1,300,000 $8.4M Add +76.4%
CHRS Coherus Oncology Inc. 0.32% 5,097,362 $8.4M No change
CBIO Crescent Biopharma Inc. 0.31% 679,824 $8.1M Add +1255.5%
ALT Altimmune Inc. 0.31% 2,131,307 $8.0M Reduce -22.5%
APGE Apogee Therapeutics Inc. 0.31% 200,000 $7.9M No change
MRNA Moderna Inc. 0.30% 305,300 $7.9M No change
BDTX Black Diamond Therapeutics I 0.30% 2,070,209 $7.8M No change
HRMY Harmony Biosciences Holdings 0.30% 281,200 $7.7M No change
LLY Eli Lilly & Co. 0.29% 10,000 $7.6M No change
MLYS Mineralys Therapeutics Inc. 0.29% 200,000 $7.6M No change
MIND MEDICINE MINDMED INC 0.27% 600,200 $7.1M No change
EWTX Edgewise Therapeutics Inc. 0.27% 431,300 $7.0M No change
VSTM Verastem Inc. 0.27% 789,810 $7.0M Add +192.5%
PMVP PMV Pharmaceuticals Inc. 0.26% 4,785,201 $6.7M New
BLCO Bausch + Lomb Corp. 0.26% 444,467 $6.7M Reduce -19.2%
ACET Adicet Bio Inc. 0.26% 8,223,612 $6.7M No change
CGEM Cullinan Therapeutics Inc. 0.26% 1,121,138 $6.6M No change
CRSP Crispr Therapeutics AG 0.25% 100,000 $6.5M New
BEAM Beam Therapeutics Inc. 0.24% 255,000 $6.2M Add +24.4%
GMAB Genmab A/S -SP ADR 0.24% 200,000 $6.1M No change
BCRX Biocryst Pharmaceuticals Inc. 0.23% 800,000 $6.1M No change
IBRX Immunitybio Inc. 0.22% 2,333,333 $5.7M No change
REGN Regeneron Pharmaceuticals 0.22% 10,000 $5.6M No change
PYXS Pyxis Oncology Inc. 0.21% 2,500,000 $5.5M No change
CYTK Cytokinetics Inc. 0.21% 100,000 $5.5M No change
BIIB Biogen Inc. 0.19% 35,000 $4.9M No change
CNTA Centessa Pharmaceuticals Ltd. 0.19% 200,000 $4.8M Add +300.0%
SNY Sanofi-ADR 0.18% 100,000 $4.7M Reduce -50.0%
RVMD Revolution Medicines Inc. 0.18% 100,000 $4.7M No change
ALMS Alumis Inc. 0.18% 1,167,009 $4.7M Reduce -41.6%
HRTX Heron Therapeutics Inc. 0.17% 3,450,000 $4.3M Add +61.6%
NUVL Nuvalent Inc. Class A 0.17% 50,000 $4.3M No change

Show all 194 holdings

Portfolio Sells Q2 2025 → Q3 2025
ITOS Iteos Therapeutics Inc. Sold out 0.00% −1.93
BA The Boeing Co. Reduce -97.0% 0.03% −1.09
MTD Mettler-Toledo International Reduce -89.9% 0.09% −1.06
CRGX Cargo Therapeutics Inc. Sold out 0.00% −0.64
ELAN Elanco Animal Health Inc. Sold out 0.00% −0.58
HLVX Hillevax Inc. Sold out 0.00% −0.49
EPIX Essa Pharma Inc. Sold out 0.00% −0.37
AVIR Atea Pharmaceuticals Inc. Reduce -1.3% 0.54% −0.35
SNY Sanofi-ADR Reduce -50.0% 0.18% −0.31
THRD Third Harmonic Bio Inc. Sold out 0.00% −0.26
ALT Altimmune Inc. Reduce -22.5% 0.31% −0.23
NVAX Novavax Inc. Sold out 0.00% −0.19
SWTX Springworks Therapeutics Inc. Sold out 0.00% −0.18
MTSR Metsera Inc. Sold out 0.00% −0.14
ALMS Alumis Inc. Reduce -41.6% 0.18% −0.12
IOVA Iovance Biotherapeutics Inc. Reduce -69.8% 0.05% −0.11
BLCO Bausch + Lomb Corp. Reduce -19.2% 0.26% −0.10
ALXO Alx Oncology Holdings Inc. Sold out 0.00% −0.07
ALGS Aligos Therapeutics Inc. Sold out 0.00% −0.05
TPST Tempest Therapeutics Inc. Sold out 0.00% −0.05
NFLX Netflix Inc. Reduce -37.3% 0.03% −0.04
APLT Applied Therapeutics Inc. Sold out 0.00% −0.04
BOLT Bolt Biotherapeutics Inc. Reduce -59.9% 0.01% −0.04
GEV GE Vernova Inc. Reduce -43.1% 0.03% −0.03
GE General Electric Reduce -40.0% 0.03% −0.03
ULTA Ulta Beauty Inc. Reduce -42.6% 0.03% −0.03
HRL Hormel Foods Corp. Reduce -42.4% 0.02% −0.03
PAYX Paychex Inc. Reduce -41.4% 0.02% −0.03
AXP American Express Co. Reduce -39.0% 0.02% −0.03
AMZN Amazon.com Inc. Reduce -40.1% 0.02% −0.03
WHR Whirlpool Corp. Reduce -42.6% 0.01% −0.03
TMUS T-Mobile US Inc. Reduce -39.8% 0.02% −0.02
ALL Allstate Corp. Reduce -39.8% 0.02% −0.02
MCD McDonald's Corp. Reduce -41.5% 0.02% −0.02
SHW The Sherwin-Williams Co. Reduce -40.3% 0.02% −0.02
F Ford Motor Co. Reduce -42.5% 0.02% −0.02
FLNA Filana Therapeutics Inc. Reduce -97.0% 0.00% −0.02
CVX Chevron Corp. Reduce -42.3% 0.02% −0.02
HPE Hewlett Packard Enterprise Reduce -41.1% 0.02% −0.02
SEE Sealed Air Corp. Reduce -41.5% 0.02% −0.02
FDX FedEx Corp. Reduce -41.5% 0.02% −0.02
UAL United Airlines Holdings Inc. Reduce -37.5% 0.02% −0.02
CLX Clorox Company Reduce -40.8% 0.01% −0.02
MGX Metagenomi Therapeutics Inc. Reduce -86.0% 0.00% −0.01
OKUR Onkure Therapeutics Inc. Class A Reduce -31.2% 0.01% −0.01
MCRB Seres Therapeutics Inc. Sold out 0.00% −0.01
ACTU Actuate Therapeutics Inc. Sold out 0.00% −0.00
GALT Galectin Therapeutics Inc. Sold out 0.00% −0.00

Portfolio Buys Q2 2025 → Q3 2025
CELC Celcuity Inc. New 2.19% +2.19
PGEN Precigen Inc. New 1.57% +1.57
NKE Nike Inc. Class B Add +2577.4% 1.39% +1.32
IONS Ionis Pharmaceuticals Inc. Add +266.7% 1.39% +1.09
VRTX Vertex Pharmaceuticals Inc. Add +700.0% 1.21% +0.98
PTCT PTC Therapeutics Inc. Add +36.4% 3.54% +0.83
AUPH Aurinia Pharmaceuticals Inc. Add +13.0% 4.82% +0.53
CMPX Compass Therapeutics Inc. Add +24.6% 2.27% +0.49
JANX Janux Therapeutics Inc. Add +250.0% 0.66% +0.42
IDYA Ideaya Biosciences Inc. New 0.42% +0.42
VKTX Viking Therapeutics Inc. Add +135.1% 0.88% +0.38
CMPS Compass Pathways PLC Add +69.2% 0.49% +0.30
CBIO Crescent Biopharma Inc. Add +1255.5% 0.31% +0.27
PMVP PMV Pharmaceuticals Inc. New 0.26% +0.26
CRSP Crispr Therapeutics AG New 0.25% +0.25
NUVB Nuvation Bio Inc. Add +7.7% 0.60% +0.21
VSTM Verastem Inc. Add +192.5% 0.27% +0.21
SMMT Summit Therapeutics Inc. Add +120.0% 0.44% +0.17
CNTA Centessa Pharmaceuticals Ltd. Add +300.0% 0.19% +0.15
FENC Fennec Pharmaceuticals Inc. Add +1530.0% 0.12% +0.11
VOR Vor Biopharma Inc. New 0.09% +0.09
SRPT Sarepta Therapeutics Inc. Add +42.8% 0.45% +0.08
GOSS Gossamer Bio Inc. New 0.08% +0.08
ANAB Anaptysbio Inc. Add +0.2% 1.57% +0.08
BHC Bausch Health Cos Inc. Add +76.4% 0.32% +0.07
CGTX Cognition Therapeutics Inc. New 0.06% +0.06
BEAM Beam Therapeutics Inc. Add +24.4% 0.24% +0.06
KLRS Kalaris Therapeutics Inc. Add +15.9% 0.09% +0.04
GHRS GH Research PLC New 0.01% +0.01
STRO Sutro Biopharma Inc. Com SHS Add +10.4% 0.09% +0.00
PACB Pacific Biosciences of Calif New 0.00% +0.00
PLRX Pliant Therapeutics Inc. Add +0.1% 0.34% −0.01
HRTX Heron Therapeutics Inc. Add +61.6% 0.17% −0.06
LKFT Lakefront Biotherapeutic-ADR Add +4.0% 5.54% −0.11
IMCR Immunocore Holdings PLC-ADR Add +9.5% 3.22% −0.12
KALV Kalvista Pharmaceuticals Inc. Add +2.0% 2.36% −0.46
REPL Replimune Group Inc. Add +6.3% 0.55% −0.95
EOLS Evolus Inc. Add +9.8% 1.30% −1.03

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