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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 AVIDITY BIOSCIENCES INC 900,000.0 $64.9M 3.21% NEW $72.13
2 CAPR CAPRICOR THERAPEUTICS INC Healthcare 1,700,000.0 $49.1M 2.42% NEW $28.86 -0.2%
3 SPY SPDR S&P 500 ETF TR Financial Services 30,000.0 $20.5M 1.01% NEW $681.92 +8.4%
4 BMY BRISTOL-MYERS SQUIBB CO Healthcare 200,000.0 $10.8M 0.53% NEW $53.94 +5.7%
5 WVE WAVE LIFE SCIENCES LTD Healthcare 600,000.0 $10.2M 0.50% NEW $17.00 -59.4%
6 CORT CORCEPT THERAPEUTICS INC Healthcare 156,764.0 $5.5M 0.27% NEW $34.80 +67.5%
7 ABEONA THERAPEUTICS INC 1,000,000.0 $5.3M 0.26% NEW $5.27
8 SUTRO BIOPHARMA INC 139,617.0 $1.6M 0.08% NEW $11.57
9 ADICET BIO INC 6,158.0 $52K 0.00% NEW $8.42

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%