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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 1 of 10  ·  194 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
1 TARS TARSUS PHARMACEUTICALS INC Healthcare 2,454,797.0 $145.9M 5.62% NEW $59.43 +9.7%
2 GLPG GALAPAGOS NV Healthcare 4,151,194.0 $143.8M 5.54% NEW $34.64 -20.6%
3 AUPH AURINIA PHARMACEUTICALS INC Healthcare 11,329,500.0 $125.2M 4.82% NEW $11.05 +38.3%
4 PTCT PTC THERAPEUTICS INC Healthcare 1,500,000.0 $92.1M 3.54% NEW $61.37 +18.5%
5 MIRM MIRUM PHARMACEUTICALS INC Healthcare 1,236,027.0 $90.6M 3.49% NEW $73.31 +51.9%
6 KINIKSA PHARMACEUTICALS INTL 2,328,609.0 $90.4M 3.48% NEW $38.83
7 IMCR IMMUNOCORE HLDGS PLC Healthcare 2,305,608.0 $83.8M 3.22% NEW $36.33 -20.8%
8 KALV KALVISTA PHARMACEUTICALS INC Healthcare 5,041,798.0 $61.4M 2.36% NEW $12.18 +119.7%
9 VRDN VIRIDIAN THERAPEUTICS INC Healthcare 2,842,925.0 $61.4M 2.36% NEW $21.58 -21.0%
10 CMPX COMPASS THERAPEUTICS INC Healthcare 16,811,963.0 $58.8M 2.27% NEW $3.50 -46.9%
11 CELC CELCUITY INC Healthcare 1,150,000.0 $56.8M 2.19% NEW $49.40 +178.7%
12 MERUS N V 600,000.0 $56.5M 2.17% NEW $94.15
13 SYRE SPYRE THERAPEUTICS INC Healthcare 3,200,000.0 $53.6M 2.06% NEW $16.76 +351.4%
14 RLAY RELAY THERAPEUTICS INC Healthcare 8,068,058.0 $42.1M 1.62% NEW $5.22 +144.8%
15 LENZ LENZ THERAPEUTICS INC Healthcare 897,616.0 $41.8M 1.61% NEW $46.58 -84.3%
16 ANAB ANAPTYSBIO INC Healthcare 1,333,639.0 $40.8M 1.57% NEW $30.62 +106.2%
17 PGEN PRECIGEN INC Healthcare 12,400,000.0 $40.8M 1.57% NEW $3.29 +39.8%
18 VERA VERA THERAPEUTICS INC CL A Healthcare 1,350,000.0 $39.2M 1.51% NEW $29.06 +36.1%
19 NKE NIKE INC Consumer Cyclical 519,399.0 $36.2M 1.39% NEW $69.73 -39.7%
20 IONS IONIS PHARMACEUTICALS INC Healthcare 550,000.0 $36.0M 1.39% NEW $65.42 +18.6%
Page 1 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%