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Portfolio (Quarterly) Guide ↗

TANG CAPITAL MANAGEMENT LLC

· CIK 0001232621
13F Portfolio $2.6B AUM Filed Nov 14, 2025 EDGAR ↗ ← All Funds
Q4 2025 Q3 2025 · All 194 New
Page 2 of 10  ·  194 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
21 CTMX CYTOMX THERAPEUTICS INC Healthcare 11,065,662.0 $35.3M 1.36% NEW $3.19 +18.5%
22 EOLS EVOLUS INC Healthcare 5,488,299.0 $33.7M 1.30% NEW $6.14 +7.2%
23 AVADEL PHARMACEUTICALS PLC 2,097,500.0 $32.0M 1.23% NEW $15.27
24 ACAD ACADIA PHARMACEUTICALS INC Healthcare 1,500,000.0 $32.0M 1.23% NEW $21.34 +0.3%
25 VRTX VERTEX PHARMACEUTICALS INC Healthcare 80,000.0 $31.3M 1.21% NEW $391.64 +15.0%
26 ANIP ANI PHARMACEUTICALS INC Healthcare 317,500.0 $29.1M 1.12% NEW $91.60 -14.8%
27 INSM INSMED INC Healthcare 200,000.0 $28.8M 1.11% NEW $144.01 -19.7%
28 LEGN LEGEND BIOTECH CORP Healthcare 830,000.0 $27.1M 1.04% NEW $32.61 -12.3%
29 BNTX BIONTECH SE Healthcare 270,000.0 $26.6M 1.02% NEW $98.62 -9.2%
30 LQDA LIQUIDIA CORPORATION Healthcare 1,143,759.0 $26.0M 1.00% NEW $22.74 +160.8%
31 JAZZ JAZZ PHARMACEUTICALS PLC Healthcare 190,000.0 $25.0M 0.96% NEW $131.80 +75.3%
32 NVDA NVIDIA CORPORATION Technology 130,509.0 $24.4M 0.94% NEW $186.58 +26.3%
33 VKTX VIKING THERAPEUTICS INC Healthcare 870,000.0 $22.9M 0.88% NEW $26.28 +20.7%
34 KROS KEROS THERAPEUTICS INC Healthcare 1,418,984.0 $22.4M 0.86% NEW $15.82 -30.5%
35 NBIX NEUROCRINE BIOSCIENCES INC Healthcare 150,000.0 $21.1M 0.81% NEW $140.38 +13.3%
36 URGN UROGEN PHARMA LTD Healthcare 1,000,000.0 $19.9M 0.77% NEW $19.95 +48.8%
37 DYNAVAX TECHNOLOGIES CORP 1,949,500.0 $19.4M 0.74% NEW $9.93
38 META META PLATFORMS INC Communication Services 26,008.0 $19.1M 0.73% NEW $734.39 -15.8%
39 ZYMEWORKS INC 1,100,000.0 $18.8M 0.72% NEW $17.08
40 GSK GSK PLC Healthcare 400,000.0 $17.3M 0.67% NEW $43.16 +18.1%
Page 2 of 10  ·  194 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 94.4%
Consumer Cyclical 2.3%
Technology 1.3%
Communication Services 1.0%
Financial Services 0.3%
Real Estate 0.2%
Consumer Defensive 0.2%
Industrials 0.1%
Energy 0.1%
Utilities 0.0%