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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 2  ·  35 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
1 GLPG GALAPAGOS NV Healthcare 3,921,219.0 $128.2M 6.33% -230K -5.5% $32.70 -15.9%
2 CELC CELCUITY INC Healthcare 1,050,000.0 $104.7M 5.17% -100K -8.7% $99.74 +38.0%
3 TARS TARSUS PHARMACEUTICALS INC Healthcare 1,188,624.0 $97.3M 4.81% -1.3M -51.6% $81.88 -20.4%
4 KINIKSA PHARMACEUTICALS INTL 2,259,889.0 $93.2M 4.61% -69K -3.0% $41.25
5 KALV KALVISTA PHARMACEUTICALS INC Healthcare 4,573,530.0 $73.9M 3.65% -468K -9.3% $16.15 +65.7%
6 SYRE SPYRE THERAPEUTICS INC Healthcare 1,892,200.0 $62.0M 3.06% -1.3M -40.9% $32.76 +130.9%
7 VRDN VIRIDIAN THERAPEUTICS INC Healthcare 1,792,626.0 $55.8M 2.76% -1.1M -36.9% $31.12 -45.2%
8 NUVB NUVATION BIO INC Healthcare 3,857,457.0 $34.6M 1.71% -343K -8.2% $8.96 -47.3%
9 VENTYX BIOSCIENCES INC 2,814,000.0 $25.4M 1.25% -286K -9.2% $9.03
10 NVDA NVIDIA CORPORATION Technology 127,788.0 $23.8M 1.18% -3K -2.1% $186.50 +26.4%
11 PGEN PRECIGEN INC Healthcare 5,617,500.0 $23.5M 1.16% -6.8M -54.7% $4.18 +10.0%
12 VKTX VIKING THERAPEUTICS INC Healthcare 500,000.0 $17.6M 0.87% -370K -42.5% $35.18 -9.9%
13 META META PLATFORMS INC Communication Services 23,331.0 $15.4M 0.76% -3K -10.3% $660.09 -6.3%
14 GSK GSK PLC Healthcare 300,000.0 $14.7M 0.73% -100K -25.0% $49.04 +3.9%
15 LENZ LENZ THERAPEUTICS INC Healthcare 865,169.0 $13.8M 0.68% -32K -3.6% $16.00 -54.4%
16 PCVX VAXCYTE INC Healthcare 275,000.0 $12.7M 0.63% -25K -8.3% $46.14 +16.0%
17 INSM INSMED INC Healthcare 60,000.0 $10.4M 0.52% -140K -70.0% $174.04 -33.6%
18 DYNAVAX TECHNOLOGIES CORP 556,359.0 $8.6M 0.42% -1.4M -71.5% $15.38
19 EOLS EVOLUS INC Healthcare 1,245,692.0 $8.3M 0.41% -4.2M -77.3% $6.65 -1.1%
20 URGN UROGEN PHARMA LTD Healthcare 350,000.0 $8.2M 0.41% -650K -65.0% $23.42 +26.7%
Page 1 of 2  ·  35 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%