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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 2 of 4  ·  75 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
21 VENTYX BIOSCIENCES INC 2,814,000.0 $25.4M 1.25% -286K -9.2% $9.03
22 NVDA NVIDIA CORPORATION Technology 127,788.0 $23.8M 1.18% -3K -2.1% $186.50 +26.4%
23 PGEN PRECIGEN INC Healthcare 5,617,500.0 $23.5M 1.16% -6.8M -54.7% $4.18 +10.0%
24 SPY SPDR S&P 500 ETF TR Financial Services 30,000.0 $20.5M 1.01% NEW $681.92 +8.4%
25 MRNA MODERNA INC Healthcare 692,820.0 $20.4M 1.01% +388K +126.9% $29.49 +69.7%
26 VKTX VIKING THERAPEUTICS INC Healthcare 500,000.0 $17.6M 0.87% -370K -42.5% $35.18 -9.9%
27 AVIR ATEA PHARMACEUTICALS INC Healthcare 4,814,700.0 $17.2M 0.85% $3.57 +14.8%
28 STOK STOKE THERAPEUTICS INC Healthcare 500,000.0 $15.9M 0.78% $31.74 -1.2%
29 IDYA IDEAYA BIOSCIENCES INC Healthcare 450,000.0 $15.6M 0.77% +50K +12.5% $34.57 -16.6%
30 META META PLATFORMS INC Communication Services 23,331.0 $15.4M 0.76% -3K -10.3% $660.09 -6.3%
31 GSK GSK PLC Healthcare 300,000.0 $14.7M 0.73% -100K -25.0% $49.04 +3.9%
32 DERM JOURNEY MED CORP Healthcare 1,854,596.0 $14.3M 0.71% $7.71 -17.9%
33 LENZ LENZ THERAPEUTICS INC Healthcare 865,169.0 $13.8M 0.68% -32K -3.6% $16.00 -54.4%
34 PCVX VAXCYTE INC Healthcare 275,000.0 $12.7M 0.63% -25K -8.3% $46.14 +16.0%
35 DNTH DIANTHUS THERAPEUTICS INC Healthcare 264,692.0 $10.9M 0.54% $41.21 +107.1%
36 HRMY HARMONY BIOSCIENCES HLDGS IN Healthcare 290,292.0 $10.9M 0.54% +9K +3.2% $37.42 -17.8%
37 BMY BRISTOL-MYERS SQUIBB CO Healthcare 200,000.0 $10.8M 0.53% NEW $53.94 +5.7%
38 INSM INSMED INC Healthcare 60,000.0 $10.4M 0.52% -140K -70.0% $174.04 -33.6%
39 CRESCENT BIOPHARMA INC. 872,398.0 $10.3M 0.51% +193K +28.3% $11.86
40 WVE WAVE LIFE SCIENCES LTD Healthcare 600,000.0 $10.2M 0.50% NEW $17.00 -59.4%
Page 2 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%