Tang Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Tang Capital Management LLC reported 75 stock positions worth $2.0 billion. Its top holding was Aurinia Pharmaceuticals (AUPH) at 8.9% of the portfolio, followed by Lakefront Biotherapeutic-ADR (LKFT, 6.3%) and PTC Therapeutics (PTCT, 5.6%). Compared with Q3 2025, it opened 8 new positions, sold out of 127, added to 12 and reduced 39. The biggest buy was a new position in Avidity Biosciences (RNAM) and the biggest sale an exit from Merus (MRUS).
- Most Recent 13F
- Q2 2026
- Location
- SAN DIEGO, CA
- CIK
- 0001232621
- Portfolio Value
- $2.0B (Q4 2025)
- SEC Filing
- 0001214659-26-002015 ↗ filed Feb 17, 2026
Holdings Value
Holdings 75 stocks · $2.0B
| AUPH Aurinia Pharmaceuticals Inc. | 8.93% | 11,329,500 | $180.7M | No change |
| LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV | 6.33% | 3,921,219 | $128.2M | Reduce -5.5% |
| PTCT PTC Therapeutics Inc. | 5.63% | 1,500,000 | $113.9M | No change |
| CELC Celcuity Inc. | 5.17% | 1,050,000 | $104.7M | Reduce -8.7% |
| MIRM Mirum Pharmaceuticals Inc. | 4.82% | 1,236,027 | $97.6M | No change |
| TARS Tarsus Pharmaceuticals Inc. | 4.81% | 1,188,624 | $97.3M | Reduce -51.6% |
| KNSA Kiniksa Pharmaceuticals Inte | 4.60% | 2,259,889 | $93.2M | Reduce -3.0% |
| IMCR Immunocore Holdings PLC-ADR | 4.51% | 2,628,538 | $91.2M | Add +14.0% |
| CMPX Compass Therapeutics Inc. | 4.45% | 16,790,809 | $90.2M | Reduce -0.1% |
| KALV Kalvista Pharmaceuticals Inc. | 3.65% | 4,573,530 | $73.9M | Reduce -9.3% |
| RNAM Avidity Biosciences Inc. | 3.21% | 900,000 | $64.9M | New |
| ANAB Anaptysbio Inc. | 3.19% | 1,332,087 | $64.6M | Reduce -0.1% |
| SYRE Spyre Therapeutics Inc. | 3.06% | 1,892,200 | $62.0M | Reduce -40.9% |
| VRDN Viridian Therapeutics Inc. | 2.76% | 1,792,626 | $55.8M | Reduce -36.9% |
| CAPR Capricor Therapeutics Inc. | 2.42% | 1,700,000 | $49.1M | New |
| BNTX Biontech SE-ADR | 2.21% | 470,000 | $44.7M | Add +74.1% |
| ANIP Ani Pharmaceuticals Inc. | 1.88% | 481,437 | $38.0M | Add +51.6% |
| VRTX Vertex Pharmaceuticals Inc. | 1.79% | 80,000 | $36.3M | No change |
| NUVB Nuvation Bio Inc. | 1.71% | 3,857,457 | $34.6M | Reduce -8.2% |
| TVTX Travere Therapeutics Inc. | 1.32% | 700,000 | $26.7M | No change |
| VTYX Ventyx Biosciences Inc. | 1.26% | 2,814,000 | $25.4M | Reduce -9.2% |
| NVDA Nvidia Corp. | 1.18% | 127,788 | $23.8M | Reduce -2.1% |
| PGEN Precigen Inc. | 1.16% | 5,617,500 | $23.5M | Reduce -54.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.01% | 30,000 | $20.5M | New |
| MRNA Moderna Inc. | 1.01% | 692,820 | $20.4M | Add +126.9% |
| VKTX Viking Therapeutics Inc. | 0.87% | 500,000 | $17.6M | Reduce -42.5% |
| AVIR Atea Pharmaceuticals Inc. | 0.85% | 4,814,700 | $17.2M | Reduce -0.2% |
| STOK Stoke Therapeutics Inc. | 0.78% | 500,000 | $15.9M | No change |
| IDYA Ideaya Biosciences Inc. | 0.77% | 450,000 | $15.6M | Add +12.5% |
| META Meta Platforms Inc. Class A | 0.76% | 23,331 | $15.4M | Reduce -10.3% |
| GSK GSK PLC-Spon ADR | 0.73% | 300,000 | $14.7M | Reduce -25.0% |
| DERM Journey Medical Corp. | 0.71% | 1,854,596 | $14.3M | No change |
| LENZ Lenz Therapeutics Inc. | 0.68% | 865,169 | $13.8M | Reduce -3.6% |
| PCVX Vaxcyte Inc. | 0.63% | 275,000 | $12.7M | Reduce -8.3% |
| DNTH Dianthus Therapeutics Inc. | 0.54% | 264,692 | $10.9M | No change |
| HRMY Harmony Biosciences Holdings | 0.54% | 290,292 | $10.9M | Add +3.2% |
| BMY Bristol-Myers Squibb Co. | 0.53% | 200,000 | $10.8M | New |
| INSM Insmed Inc. | 0.52% | 60,000 | $10.4M | Reduce -70.0% |
| CBIO Crescent Biopharma Inc. | 0.51% | 872,398 | $10.3M | Add +28.3% |
| WVE Wave Life Sciences Ltd. | 0.50% | 600,000 | $10.2M | New |
| TDOC Teladoc Health Inc. | 0.48% | 1,400,000 | $9.8M | No change |
| DVAX Dynavax Technologies Corp. | 0.42% | 556,359 | $8.6M | Reduce -71.5% |
| EOLS Evolus Inc. | 0.41% | 1,245,692 | $8.3M | Reduce -77.3% |
| VSTM Verastem Inc. | 0.41% | 1,069,810 | $8.3M | Add +35.5% |
| URGN Urogen Pharma Ltd. | 0.40% | 350,000 | $8.2M | Reduce -65.0% |
| HRTX Heron Therapeutics Inc. | 0.40% | 6,250,000 | $8.1M | Add +81.2% |
| ACAD Acadia Pharmaceuticals Inc. | 0.40% | 300,000 | $8.0M | Reduce -80.0% |
| ALT Altimmune Inc. | 0.38% | 2,131,307 | $7.7M | No change |
| SRPT Sarepta Therapeutics Inc. | 0.37% | 349,220 | $7.5M | Reduce -41.8% |
| PLRX Pliant Therapeutics Inc. | 0.37% | 6,143,132 | $7.5M | Add +2.3% |
| ARVN Arvinas Inc. | 0.33% | 569,698 | $6.8M | Reduce -59.1% |
| TBPH Theravance Biopharma Inc. | 0.32% | 351,252 | $6.6M | Add +32.9% |
| BCRX Biocryst Pharmaceuticals Inc. | 0.31% | 800,000 | $6.2M | No change |
| PMVP PMV Pharmaceuticals Inc. | 0.30% | 4,940,000 | $6.2M | Add +3.2% |
| REGN Regeneron Pharmaceuticals | 0.30% | 8,000 | $6.2M | Reduce -20.0% |
| BIIB Biogen Inc. | 0.30% | 35,000 | $6.2M | No change |
| CORT Corcept Therapeutics Inc. | 0.27% | 156,764 | $5.5M | New |
| ABEO Abeona Therapeutics Inc. | 0.26% | 1,000,000 | $5.3M | New |
| IBRX Immunitybio Inc. | 0.23% | 2,333,333 | $4.6M | No change |
| KZR Kezar Life Sciences Inc. | 0.21% | 664,314 | $4.2M | Reduce -7.7% |
| CHRS Coherus Oncology Inc. | 0.19% | 2,724,509 | $3.9M | Reduce -46.5% |
| ERAS Erasca Inc. | 0.17% | 900,000 | $3.3M | Reduce -40.1% |
| NKTX Nkarta Inc. | 0.14% | 1,480,823 | $2.7M | Reduce -79.0% |
| NUVL Nuvalent Inc. Class A | 0.11% | 21,880 | $2.2M | Reduce -56.2% |
| ARE Alexandria Real Estate Equit | 0.10% | 40,000 | $2.0M | No change |
| NMRA Neumora Therapeutics Inc. | 0.09% | 967,235 | $1.7M | Reduce -30.9% |
| STRO Sutro Biopharma Inc. | 0.08% | 139,617 | $1.6M | Reduce -50.6% |
| BHVN Biohaven Ltd. | 0.08% | 140,000 | $1.6M | No change |
| RVMD Revolution Medicines Inc. | 0.06% | 15,640 | $1.2M | Reduce -84.4% |
| FATE Fate Therapeutics Inc. | 0.06% | 1,167,773 | $1.1M | Reduce -37.5% |
| ZYME Zymeworks Inc. | 0.04% | 34,631 | $912K | Reduce -96.8% |
| RCKT Rocket Pharmaceuticals Inc. | 0.02% | 100,000 | $351K | Reduce -88.2% |
| ACET Adicet Bio Inc. | 0.00% | 6,158 | $52K | New |
| TCRX Tscan Therapeutics Inc. | 0.00% | 46,131 | $46K | Reduce -92.3% |
| FLNA Filana Therapeutics Inc. filed as CASSAVA SCIENCES INC | 0.00% | 7,073 | $14K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| MRUS Merus NV | Sold out | 0.00% | −2.17 |
| RLAY Relay Therapeutics Inc. | Sold out | 0.00% | −1.62 |
| VERA Vera Therapeutics Inc. | Sold out | 0.00% | −1.51 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −1.39 |
| IONS Ionis Pharmaceuticals Inc. | Sold out | 0.00% | −1.39 |
| CTMX Cytomx Therapeutics Inc. | Sold out | 0.00% | −1.36 |
| AVDL Avadel Pharmaceuticals Ltd. | Sold out | 0.00% | −1.23 |
| LEGN Legend Biotech Corp.-ADR | Sold out | 0.00% | −1.04 |
| LQDA Liquidia Corp. | Sold out | 0.00% | −1.00 |
| JAZZ Jazz Pharmaceuticals PLC | Sold out | 0.00% | −0.96 |
| LENZ Lenz Therapeutics Inc. | Reduce -3.6% | 0.68% | −0.93 |
| EOLS Evolus Inc. | Reduce -77.3% | 0.41% | −0.89 |
| KROS Keros Therapeutics Inc. | Sold out | 0.00% | −0.86 |
| ACAD Acadia Pharmaceuticals Inc. | Reduce -80.0% | 0.40% | −0.84 |
| NBIX Neurocrine Biosciences Inc. | Sold out | 0.00% | −0.81 |
| TARS Tarsus Pharmaceuticals Inc. | Reduce -51.6% | 4.81% | −0.81 |
| ZYME Zymeworks Inc. | Reduce -96.8% | 0.04% | −0.68 |
| JANX Janux Therapeutics Inc. | Sold out | 0.00% | −0.66 |
| INSM Insmed Inc. | Reduce -70.0% | 0.52% | −0.59 |
| ADMA Adma Biologics Inc. | Sold out | 0.00% | −0.59 |
| REPL Replimune Group Inc. | Sold out | 0.00% | −0.55 |
| DSGN Design Therapeutics Inc. | Sold out | 0.00% | −0.52 |
| ABCL Abcellera Biologics Inc. | Sold out | 0.00% | −0.50 |
| CMPS Compass Pathways PLC | Sold out | 0.00% | −0.49 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.48 |
| VNDA Vanda Pharmaceuticals Inc. | Sold out | 0.00% | −0.45 |
| AZN Astrazeneca PLC-Spons ADR | Sold out | 0.00% | −0.44 |
| SMMT Summit Therapeutics Inc. | Sold out | 0.00% | −0.44 |
| NKTX Nkarta Inc. | Reduce -79.0% | 0.14% | −0.43 |
| HELP Cybin Inc. | Sold out | 0.00% | −0.41 |
| WGS Genedx Holdings Corp. | Sold out | 0.00% | −0.41 |
| PGEN Precigen Inc. | Reduce -54.7% | 1.16% | −0.41 |
| IDXX Idexx Laboratories Inc. | Sold out | 0.00% | −0.39 |
| URGN Urogen Pharma Ltd. | Reduce -65.0% | 0.40% | −0.36 |
| BIOA Bioage Labs Inc. | Sold out | 0.00% | −0.36 |
| BHC Bausch Health Cos Inc. | Sold out | 0.00% | −0.32 |
| DVAX Dynavax Technologies Corp. | Reduce -71.5% | 0.42% | −0.32 |
| APGE Apogee Therapeutics Inc. | Sold out | 0.00% | −0.31 |
| BDTX Black Diamond Therapeutics I | Sold out | 0.00% | −0.30 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −0.29 |
| MLYS Mineralys Therapeutics Inc. | Sold out | 0.00% | −0.29 |
| MIND MEDICINE MINDMED INC | Sold out | 0.00% | −0.27 |
| EWTX Edgewise Therapeutics Inc. | Sold out | 0.00% | −0.27 |
| BLCO Bausch + Lomb Corp. | Sold out | 0.00% | −0.26 |
| ACET Adicet Bio Inc. | Sold out | 0.00% | −0.26 |
| CGEM Cullinan Therapeutics Inc. | Sold out | 0.00% | −0.26 |
| CRSP Crispr Therapeutics AG | Sold out | 0.00% | −0.25 |
| BEAM Beam Therapeutics Inc. | Sold out | 0.00% | −0.24 |
| GMAB Genmab A/S -SP ADR | Sold out | 0.00% | −0.24 |
| PYXS Pyxis Oncology Inc. | Sold out | 0.00% | −0.21 |
Portfolio Buys Q3 2025 → Q4 2025
| RNAM Avidity Biosciences Inc. | New | 3.21% | +3.21 |
| CAPR Capricor Therapeutics Inc. | New | 2.42% | +2.42 |
| IMCR Immunocore Holdings PLC-ADR | Add +14.0% | 4.51% | +1.28 |
| BNTX Biontech SE-ADR | Add +74.1% | 2.21% | +1.19 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 1.01% | +1.01 |
| ANIP Ani Pharmaceuticals Inc. | Add +51.6% | 1.88% | +0.76 |
| MRNA Moderna Inc. | Add +126.9% | 1.01% | +0.71 |
| BMY Bristol-Myers Squibb Co. | New | 0.53% | +0.53 |
| WVE Wave Life Sciences Ltd. | New | 0.50% | +0.50 |
| IDYA Ideaya Biosciences Inc. | Add +12.5% | 0.77% | +0.35 |
| CORT Corcept Therapeutics Inc. | New | 0.27% | +0.27 |
| ABEO Abeona Therapeutics Inc. | New | 0.26% | +0.26 |
| HRMY Harmony Biosciences Holdings | Add +3.2% | 0.54% | +0.24 |
| HRTX Heron Therapeutics Inc. | Add +81.2% | 0.40% | +0.23 |
| CBIO Crescent Biopharma Inc. | Add +28.3% | 0.51% | +0.20 |
| TBPH Theravance Biopharma Inc. | Add +32.9% | 0.32% | +0.18 |
| VSTM Verastem Inc. | Add +35.5% | 0.41% | +0.14 |
| PMVP PMV Pharmaceuticals Inc. | Add +3.2% | 0.30% | +0.05 |
| PLRX Pliant Therapeutics Inc. | Add +2.3% | 0.37% | +0.03 |
| ACET Adicet Bio Inc. | New | 0.00% | +0.00 |
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 |