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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
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
1 IMCR IMMUNOCORE HLDGS PLC Healthcare 2,628,538.0 $91.2M 4.51% +323K +14.0% $34.71 -17.1%
2 BNTX BIONTECH SE Healthcare 470,000.0 $44.7M 2.21% +200K +74.1% $95.20 -5.9%
3 ANIP ANI PHARMACEUTICALS INC Healthcare 481,437.0 $38.0M 1.88% +164K +51.6% $78.94 -1.2%
4 MRNA MODERNA INC Healthcare 692,820.0 $20.4M 1.01% +388K +126.9% $29.49 +69.7%
5 IDYA IDEAYA BIOSCIENCES INC Healthcare 450,000.0 $15.6M 0.77% +50K +12.5% $34.57 -16.6%
6 HRMY HARMONY BIOSCIENCES HLDGS IN Healthcare 290,292.0 $10.9M 0.54% +9K +3.2% $37.42 -17.8%
7 CRESCENT BIOPHARMA INC. 872,398.0 $10.3M 0.51% +193K +28.3% $11.86
8 VERASTEM INC 1,069,810.0 $8.3M 0.41% +280K +35.5% $7.72
9 HRTX HERON THERAPEUTICS INC Healthcare 6,250,000.0 $8.1M 0.40% +2.8M +81.2% $1.30 -34.6%
10 PLRX PLIANT THERAPEUTICS INC Healthcare 6,143,132.0 $7.5M 0.37% +140K +2.3% $1.22 -5.7%
11 TBPH THERAVANCE BIOPHARMA INC Healthcare 351,252.0 $6.6M 0.33% +87K +32.9% $18.71 -11.8%
12 PMVP PMV PHARMACEUTICALS INC Healthcare 4,940,000.0 $6.2M 0.30% +155K +3.2% $1.25 +3.2%

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%