TANG CAPITAL MANAGEMENT LLC
Long book
$1.97B
Q1 2026
Positions
51
Top-10 weight
58%
concentration
Last quarter
+16.5%
SPY +14.8%
Turnover
41%
of book per quarter
Strategy in plain words
auto-generated from filingsTANG CAPITAL MANAGEMENT LLC is a diversified fundamental manager, specialised in healthcare (100% of the long book), running a $1.97B US long book across 51 positions.
The portfolio is concentrated: the top 10 names carry 58% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: AURINIA PHARMACEUTICALS INC, CELCUITY INC, MIRUM PHARMACEUTICALS INC, LAKEFRONT BIOTHERAPEUTIC-ADR, SS SPDR S&P 500 ETF TRUST-US.
Over the last 9 quarters its long book ran on average 0.9pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-16.3%
Q2 2024
+13.1%
Q3 2024
-5.9%
Q4 2024
-9.8%
Q1 2025
+3.7%
Q2 2025
+22.7%
Q3 2025
+23.5%
Q4 2025
+0.7%
Q1 2026
+16.5%
Sector allocation
Healthcare 94%
Other 6%
Long book by quarter
What does TANG CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AUPH AURINIA PHARMACEUTICALS INC | Healthcare | 12.2M | $181.2M | 9.2% | +7.9% |
| CELC CELCUITY INC | Healthcare | 1.1M | $119.8M | 6.1% | Held |
| MIRM MIRUM PHARMACEUTICALS INC | Healthcare | 1.2M | $114.2M | 5.8% | Held |
| KNSA KINIKSA PHARMACEUTICALS INTE | Healthcare | 2.3M | $108.8M | 5.5% | Held |
| CAPR CAPRICOR THERAPEUTICS INC | Healthcare | 3.4M | $103.4M | 5.2% | +100.0% |
| PTCT PTC THERAPEUTICS INC | Healthcare | 1.5M | $102.2M | 5.2% | Held |
| SYRE SPYRE THERAPEUTICS INC | Healthcare | 1.9M | $95.4M | 4.8% | Held |
| 4XC1 KALVISTA PHARMACEUTICALS INC | — | 4.6M | $92.1M | 4.7% | Held |
| CMPX COMPASS THERAPEUTICS INC | Healthcare | 16.8M | $88.8M | 4.5% | Held |
| TARS TARSUS PHARMACEUTICALS INC | Healthcare | 1.2M | $83.4M | 4.2% | Held |
| ANAB ANAPTYSBIO INC | Healthcare | 1.3M | $73.8M | 3.7% | -0.1% |
| CORT CORCEPT THERAPEUTICS INC | Healthcare | 1.5M | $60.5M | 3.1% | +856.9% |
| ANIP ANI PHARMACEUTICALS INC | Healthcare | 707.5K | $54.4M | 2.8% | +47.0% |
| INSM INSMED INC | Healthcare | 260.0K | $42.5M | 2.2% | +333.3% |
| VRDN VIRIDIAN THERAPEUTICS INC | Healthcare | 1.8M | $35.1M | 1.8% | Held |
| AVIR ATEA PHARMACEUTICALS INC | Healthcare | 4.8M | $25.9M | 1.3% | Held |
| PGEN PRECIGEN INC | Healthcare | 6.4M | $24.8M | 1.3% | +14.2% |
| DNTH DIANTHUS THERAPEUTICS INC | Healthcare | 264.7K | $22.2M | 1.1% | Held |
| CBIO CRESCENT BIOPHARMA INC | Healthcare | 1.2M | $21.3M | 1.1% | +33.0% |
| STOK STOKE THERAPEUTICS INC | Healthcare | 500.0K | $16.3M | 0.8% | Held |
| VKTX VIKING THERAPEUTICS INC | Healthcare | 500.0K | $16.3M | 0.8% | Held |
| IDYA IDEAYA BIOSCIENCES INC | Healthcare | 450.0K | $15.0M | 0.8% | Held |
| NUVB NUVATION BIO INC | Healthcare | 3.1M | $13.5M | 0.7% | -18.4% |
| PLRX PLIANT THERAPEUTICS INC | Healthcare | 6.1M | $7.7M | 0.4% | Held |
| DERM JOURNEY MEDICAL CORP | Healthcare | 1.6M | $7.6M | 0.4% | -13.2% |
| JANX JANUX THERAPEUTICS INC | Healthcare | 500.0K | $7.0M | 0.4% | New |
| BIIB BIOGEN INC | Healthcare | 35.0K | $6.4M | 0.3% | Held |
| URGN UROGEN PHARMA LTD | Healthcare | 350.0K | $6.3M | 0.3% | Held |
| ARVN ARVINAS INC | Healthcare | 538.7K | $5.7M | 0.3% | -5.4% |
| PMVP PMV PHARMACEUTICALS INC | Healthcare | 4.2M | $5.3M | 0.3% | -14.1% |
| MRNA MODERNA INC | Healthcare | 100.0K | $5.1M | 0.3% | -85.6% |
| HRTX HERON THERAPEUTICS INC | Healthcare | 6.3M | $5.0M | 0.3% | Held |
| 2KZ0 KEZAR LIFE SCIENCES INC | — | 664.3K | $4.9M | 0.3% | Held |
| WVE WAVE LIFE SCIENCES LTD | Healthcare | 600.0K | $4.3M | 0.2% | Held |
| LENZ LENZ THERAPEUTICS INC | Healthcare | 451.1K | $4.1M | 0.2% | -47.9% |
| AGIO AGIOS PHARMACEUTICALS INC | Healthcare | 100.0K | $3.4M | 0.2% | New |
| ERAS ERASCA INC | Healthcare | 200.0K | $3.2M | 0.2% | -77.8% |
| CHRS COHERUS ONCOLOGY INC | Healthcare | 1.9M | $3.2M | 0.2% | -30.7% |
| NKTX NKARTA INC | Healthcare | 1.5M | $3.1M | 0.2% | Held |
| ALT ALTIMMUNE INC | Healthcare | 666.0K | $2.1M | 0.1% | -68.8% |
| EOLS EVOLUS INC | Healthcare | 483.0K | $2.0M | 0.1% | -61.2% |
| ABEO ABEONA THERAPEUTICS INC | Healthcare | 400.0K | $1.8M | 0.1% | -60.0% |
| FATE FATE THERAPEUTICS INC | Healthcare | 1.2M | $1.4M | 0.1% | Held |
| NMRA NEUMORA THERAPEUTICS INC | Healthcare | 439.9K | $858K | 0.0% | -54.5% |
| LXRX LEXICON PHARMACEUTICALS INC | Healthcare | 399.7K | $624K | 0.0% | New |
| RCKT ROCKET PHARMACEUTICALS INC | Healthcare | 100.0K | $358K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 51 | $1.97B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 75 | $2.02B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 194 | $2.60B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 200 | $1.98B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 202 | $1.81B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 183 | $1.51B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 154 | $1.40B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 128 | $981.9M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 99 | $960.4M | canonical | SEC ↗ |