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Portfolio (Quarterly) Guide ↗

TANG CAPITAL MANAGEMENT LLC

· CIK 0001232621
13F Portfolio $2.0B AUM 75 positions Filed Feb 17, 2026 EDGAR ↗ ← All Funds
Q4 2025 Q3 2025 · All 9 New 12 Added 35 Reduced 128 Exited
Page 1 of 4  ·  75 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
1 AUPH AURINIA PHARMACEUTICALS INC Healthcare 11,329,500.0 $180.7M 8.93% $15.95 -4.2%
2 GLPG GALAPAGOS NV Healthcare 3,921,219.0 $128.2M 6.33% -230K -5.5% $32.70 -15.9%
3 PTCT PTC THERAPEUTICS INC Healthcare 1,500,000.0 $113.9M 5.63% $75.96 -4.3%
4 CELC CELCUITY INC Healthcare 1,050,000.0 $104.7M 5.17% -100K -8.7% $99.74 +38.0%
5 MIRM MIRUM PHARMACEUTICALS INC Healthcare 1,236,027.0 $97.6M 4.82% $78.99 +41.0%
6 TARS TARSUS PHARMACEUTICALS INC Healthcare 1,188,624.0 $97.3M 4.81% -1.3M -51.6% $81.88 -20.4%
7 KINIKSA PHARMACEUTICALS INTL 2,259,889.0 $93.2M 4.61% -69K -3.0% $41.25
8 IMCR IMMUNOCORE HLDGS PLC Healthcare 2,628,538.0 $91.2M 4.51% +323K +14.0% $34.71 -17.1%
9 CMPX COMPASS THERAPEUTICS INC Healthcare 16,790,809.0 $90.2M 4.45% $5.37 -65.4%
10 KALV KALVISTA PHARMACEUTICALS INC Healthcare 4,573,530.0 $73.9M 3.65% -468K -9.3% $16.15 +65.7%
11 AVIDITY BIOSCIENCES INC 900,000.0 $64.9M 3.21% NEW $72.13
12 ANAB ANAPTYSBIO INC Healthcare 1,332,087.0 $64.6M 3.19% $48.48 +30.3%
13 SYRE SPYRE THERAPEUTICS INC Healthcare 1,892,200.0 $62.0M 3.06% -1.3M -40.9% $32.76 +130.9%
14 VRDN VIRIDIAN THERAPEUTICS INC Healthcare 1,792,626.0 $55.8M 2.76% -1.1M -36.9% $31.12 -45.2%
15 CAPR CAPRICOR THERAPEUTICS INC Healthcare 1,700,000.0 $49.1M 2.42% NEW $28.86 -0.2%
16 BNTX BIONTECH SE Healthcare 470,000.0 $44.7M 2.21% +200K +74.1% $95.20 -5.9%
17 ANIP ANI PHARMACEUTICALS INC Healthcare 481,437.0 $38.0M 1.88% +164K +51.6% $78.94 -1.2%
18 VRTX VERTEX PHARMACEUTICALS INC Healthcare 80,000.0 $36.3M 1.79% $453.36 -0.7%
19 NUVB NUVATION BIO INC Healthcare 3,857,457.0 $34.6M 1.71% -343K -8.2% $8.96 -47.3%
20 TVTX TRAVERE THERAPEUTICS INC Healthcare 700,000.0 $26.7M 1.32% $38.21 +15.4%
Page 1 of 4  ·  75 positions

Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation
Healthcare 96.6%
Technology 1.3%
Financial Services 1.1%
Communication Services 0.9%
Real Estate 0.1%