Tang Capital Management LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Tang Capital Management LLC reported 51 stock positions worth $2.0 billion. Its top holding was Aurinia Pharmaceuticals (AUPH) at 9.2% of the portfolio, followed by Celcuity (CELC, 6.1%) and Mirum Pharmaceuticals (MIRM, 5.8%). Compared with Q4 2025, it opened 4 new positions, sold out of 28, added to 9 and reduced 14. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +460%) and the biggest sale an exit from Avidity Biosciences (RNAM).
- Most Recent 13F
- Q2 2026
- Location
- SAN DIEGO, CA
- CIK
- 0001232621
- Portfolio Value
- $2.0B (Q1 2026)
- SEC Filing
- 0001214659-26-006493 ↗ filed May 15, 2026
Holdings Value
Holdings 51 stocks · $2.0B
| AUPH Aurinia Pharmaceuticals Inc. | 9.20% | 12,229,500 | $181.2M | Add +7.9% |
| CELC Celcuity Inc. | 6.09% | 1,050,000 | $119.8M | No change |
| MIRM Mirum Pharmaceuticals Inc. | 5.80% | 1,236,027 | $114.2M | No change |
| LKFT Lakefront Biotherapeutic-ADR filed as GALAPAGOS NV | 5.77% | 3,785,991 | $113.6M | Reduce -3.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 5.55% | 168,000 | $109.3M | Add +460.0% |
| KNSA Kiniksa Pharmaceuticals Inte | 5.53% | 2,259,889 | $108.8M | No change |
| CAPR Capricor Therapeutics Inc. | 5.25% | 3,399,900 | $103.4M | Add +100.0% |
| PTCT PTC Therapeutics Inc. | 5.19% | 1,500,000 | $102.2M | No change |
| SYRE Spyre Therapeutics Inc. | 4.85% | 1,892,200 | $95.4M | No change |
| KALV Kalvista Pharmaceuticals Inc. | 4.68% | 4,573,530 | $92.1M | No change |
| CMPX Compass Therapeutics Inc. | 4.51% | 16,790,809 | $88.8M | No change |
| TARS Tarsus Pharmaceuticals Inc. | 4.23% | 1,188,624 | $83.4M | No change |
| IMCR Immunocore Holdings PLC-ADR | 4.06% | 2,649,368 | $79.9M | Add +0.8% |
| ANAB Anaptysbio Inc. | 3.75% | 1,330,879 | $73.8M | Reduce -0.1% |
| CORT Corcept Therapeutics Inc. | 3.07% | 1,500,000 | $60.5M | Add +856.9% |
| ANIP Ani Pharmaceuticals Inc. | 2.76% | 707,500 | $54.4M | Add +47.0% |
| INSM Insmed Inc. | 2.16% | 260,000 | $42.5M | Add +333.3% |
| BNTX Biontech SE-ADR | 2.12% | 470,000 | $41.8M | No change |
| VRDN Viridian Therapeutics Inc. | 1.78% | 1,792,626 | $35.1M | No change |
| AVIR Atea Pharmaceuticals Inc. | 1.32% | 4,814,700 | $25.9M | No change |
| PGEN Precigen Inc. | 1.26% | 6,417,500 | $24.8M | Add +14.2% |
| DNTH Dianthus Therapeutics Inc. | 1.13% | 264,692 | $22.2M | No change |
| CMPS Compass Pathways PLC | 1.12% | 4,002,200 | $22.1M | New |
| CBIO Crescent Biopharma Inc. | 1.08% | 1,160,000 | $21.3M | Add +33.0% |
| STOK Stoke Therapeutics Inc. | 0.83% | 500,000 | $16.3M | No change |
| VKTX Viking Therapeutics Inc. | 0.83% | 500,000 | $16.3M | No change |
| IDYA Ideaya Biosciences Inc. | 0.76% | 450,000 | $15.0M | No change |
| NUVB Nuvation Bio Inc. | 0.69% | 3,149,557 | $13.5M | Reduce -18.4% |
| PLRX Pliant Therapeutics Inc. | 0.39% | 6,143,132 | $7.7M | No change |
| DERM Journey Medical Corp. | 0.38% | 1,610,000 | $7.6M | Reduce -13.2% |
| JANX Janux Therapeutics Inc. | 0.35% | 500,000 | $7.0M | New |
| BIIB Biogen Inc. | 0.33% | 35,000 | $6.4M | No change |
| URGN Urogen Pharma Ltd. | 0.32% | 350,000 | $6.3M | No change |
| ARVN Arvinas Inc. | 0.29% | 538,658 | $5.7M | Reduce -5.5% |
| PMVP PMV Pharmaceuticals Inc. | 0.27% | 4,245,085 | $5.3M | Reduce -14.1% |
| MRNA Moderna Inc. | 0.26% | 100,000 | $5.1M | Reduce -85.6% |
| HRTX Heron Therapeutics Inc. | 0.25% | 6,250,000 | $5.0M | No change |
| KZR Kezar Life Sciences Inc. | 0.25% | 664,314 | $4.9M | No change |
| WVE Wave Life Sciences Ltd. | 0.22% | 600,000 | $4.3M | No change |
| LENZ Lenz Therapeutics Inc. | 0.21% | 451,114 | $4.1M | Reduce -47.9% |
| AGIO Agios Pharmaceuticals Inc. | 0.17% | 100,000 | $3.4M | New |
| ERAS Erasca Inc. | 0.16% | 200,000 | $3.2M | Reduce -77.8% |
| CHRS Coherus Oncology Inc. | 0.16% | 1,886,748 | $3.2M | Reduce -30.8% |
| NKTX Nkarta Inc. | 0.16% | 1,480,823 | $3.1M | No change |
| ALT Altimmune Inc. | 0.10% | 666,022 | $2.1M | Reduce -68.8% |
| EOLS Evolus Inc. | 0.10% | 483,021 | $2.0M | Reduce -61.2% |
| ABEO Abeona Therapeutics Inc. | 0.09% | 400,000 | $1.8M | Reduce -60.0% |
| FATE Fate Therapeutics Inc. | 0.07% | 1,167,773 | $1.4M | No change |
| NMRA Neumora Therapeutics Inc. | 0.04% | 439,878 | $858K | Reduce -54.5% |
| LXRX Lexicon Pharmaceuticals Inc. | 0.03% | 399,700 | $624K | New |
| RCKT Rocket Pharmaceuticals Inc. | 0.02% | 100,000 | $358K | No change |
Portfolio Sells Q4 2025 → Q1 2026
| RNAM Avidity Biosciences Inc. | Sold out | 0.00% | −3.21 |
| VRTX Vertex Pharmaceuticals Inc. | Sold out | 0.00% | −1.79 |
| TVTX Travere Therapeutics Inc. | Sold out | 0.00% | −1.32 |
| VTYX Ventyx Biosciences Inc. | Sold out | 0.00% | −1.26 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −1.18 |
| NUVB Nuvation Bio Inc. | Reduce -18.4% | 0.69% | −1.02 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −0.76 |
| MRNA Moderna Inc. | Reduce -85.6% | 0.26% | −0.75 |
| GSK GSK PLC-Spon ADR | Sold out | 0.00% | −0.73 |
| PCVX Vaxcyte Inc. | Sold out | 0.00% | −0.63 |
| LKFT Lakefront Biotherapeutic-ADR | Reduce -3.5% | 5.77% | −0.57 |
| HRMY Harmony Biosciences Holdings | Sold out | 0.00% | −0.54 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −0.53 |
| TDOC Teladoc Health Inc. | Sold out | 0.00% | −0.48 |
| LENZ Lenz Therapeutics Inc. | Reduce -47.9% | 0.21% | −0.47 |
| DVAX Dynavax Technologies Corp. | Sold out | 0.00% | −0.42 |
| VSTM Verastem Inc. | Sold out | 0.00% | −0.41 |
| ACAD Acadia Pharmaceuticals Inc. | Sold out | 0.00% | −0.40 |
| SRPT Sarepta Therapeutics Inc. | Sold out | 0.00% | −0.37 |
| TBPH Theravance Biopharma Inc. | Sold out | 0.00% | −0.32 |
| DERM Journey Medical Corp. | Reduce -13.2% | 0.38% | −0.32 |
| EOLS Evolus Inc. | Reduce -61.2% | 0.10% | −0.31 |
| BCRX Biocryst Pharmaceuticals Inc. | Sold out | 0.00% | −0.31 |
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −0.30 |
| ALT Altimmune Inc. | Reduce -68.8% | 0.10% | −0.28 |
| IBRX Immunitybio Inc. | Sold out | 0.00% | −0.23 |
| ABEO Abeona Therapeutics Inc. | Reduce -60.0% | 0.09% | −0.17 |
| NUVL Nuvalent Inc. Class A | Sold out | 0.00% | −0.11 |
| ARE Alexandria Real Estate Equit | Sold out | 0.00% | −0.10 |
| STRO Sutro Biopharma Inc. | Sold out | 0.00% | −0.08 |
| BHVN Biohaven Ltd. | Sold out | 0.00% | −0.08 |
| RVMD Revolution Medicines Inc. | Sold out | 0.00% | −0.06 |
| ZYME Zymeworks Inc. | Sold out | 0.00% | −0.04 |
| ARVN Arvinas Inc. | Reduce -5.5% | 0.29% | −0.04 |
| NMRA Neumora Therapeutics Inc. | Reduce -54.5% | 0.04% | −0.04 |
| PMVP PMV Pharmaceuticals Inc. | Reduce -14.1% | 0.27% | −0.04 |
| CHRS Coherus Oncology Inc. | Reduce -30.8% | 0.16% | −0.03 |
| ACET Adicet Bio Inc. | Sold out | 0.00% | −0.00 |
| TCRX Tscan Therapeutics Inc. | Sold out | 0.00% | −0.00 |
| ERAS Erasca Inc. | Reduce -77.8% | 0.16% | −0.00 |
| FLNA Filana Therapeutics Inc. | Sold out | 0.00% | −0.00 |
| ANAB Anaptysbio Inc. | Reduce -0.1% | 3.75% | +0.56 |
Portfolio Buys Q4 2025 → Q1 2026
| SPY SS SPDR S&P 500 ETF Trust-US | Add +460.0% | 5.55% | +4.54 |
| CAPR Capricor Therapeutics Inc. | Add +100.0% | 5.25% | +2.83 |
| CORT Corcept Therapeutics Inc. | Add +856.9% | 3.07% | +2.80 |
| INSM Insmed Inc. | Add +333.3% | 2.16% | +1.64 |
| CMPS Compass Pathways PLC | New | 1.12% | +1.12 |
| ANIP Ani Pharmaceuticals Inc. | Add +47.0% | 2.76% | +0.89 |
| CBIO Crescent Biopharma Inc. | Add +33.0% | 1.08% | +0.57 |
| JANX Janux Therapeutics Inc. | New | 0.35% | +0.35 |
| AUPH Aurinia Pharmaceuticals Inc. | Add +7.9% | 9.20% | +0.28 |
| AGIO Agios Pharmaceuticals Inc. | New | 0.17% | +0.17 |
| PGEN Precigen Inc. | Add +14.2% | 1.26% | +0.10 |
| LXRX Lexicon Pharmaceuticals Inc. | New | 0.03% | +0.03 |
| IMCR Immunocore Holdings PLC-ADR | Add +0.8% | 4.06% | −0.45 |
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 |