TANG CAPITAL MANAGEMENT LLC — 13F Holdings & Portfolio
CIK 1232621 · latest 13F-HR filed 2026-05-15
TANG CAPITAL MANAGEMENT LLC manages $1.97B in 13F-reported U.S. long-equity assets across 51 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are AUPH (9.20%), CELC (6.09%), MIRM (5.80%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 4 new positions, exited 28, added to 18, and trimmed 21.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
$1.97B
Long-equity book
51
Distinct positions
2026-03-31
Filed 2026-05-15
+4 / −28 / ↑18 / ↓21
vs 2025-12-31
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- STATE STR SPDR S&P 500 ETF T$88.8M +434.1%
- CORCEPT THERAPEUTICS INC$55.0M +1008.4%
- CAPRICOR THERAPEUTICS INC$54.3M +110.7%
- SPYRE THERAPEUTICS INC$33.5M +54.0%
- INSMED INC$32.1M +307.1%
Top Trims
- NUVATION BIO INC-$21.1M -60.9%
- VIRIDIAN THERAPEUTICS INC-$20.7M -37.1%
- MODERNA INC-$15.4M -75.1%
- GALAPAGOS NV-$14.6M -11.4%
- TARSUS PHARMACEUTICALS INC-$13.9M -14.3%
New Positions
- COMPASS PATHWAYS PLC$22.1M
- JANUX THERAPEUTICS INC$7.0M
- AGIOS PHARMACEUTICALS INC$3.4M
- LEXICON PHARMACEUTICALS INC$623.5K
Exited Positions
- AVIDITY BIOSCIENCES INC$64.9M
- VERTEX PHARMACEUTICALS INC$36.3M
- TRAVERE THERAPEUTICS INC$26.7M
- VENTYX BIOSCIENCES INC$25.4M
- NVIDIA CORPORATION$23.8M
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | AURINIA PHARMACEUTICALS INC | AUPH | 05156V102 | $181.2M | 9.20% | 12,229,500 | SH |
| 2 | CELCUITY INC | CELC | 15102K100 | $119.8M | 6.09% | 1,050,000 | SH |
| 3 | MIRUM PHARMACEUTICALS INC | MIRM | 604749101 | $114.2M | 5.80% | 1,236,027 | SH |
| 4 | GALAPAGOS NV | GLPG | 36315X101 | $113.6M | 5.77% | 3,785,991 | SH |
| 5 | STATE STR SPDR S&P 500 ETF T | SPY | 78462F103 | $109.3M | 5.55% | 168,000 | SH |
| 6 | KINIKSA PHARMACEUTICALS INTL | KNSA | G52694109 | $108.8M | 5.53% | 2,259,889 | SH |
| 7 | CAPRICOR THERAPEUTICS INC | CAPR | 14070B309 | $103.4M | 5.25% | 3,399,900 | SH |
| 8 | PTC THERAPEUTICS INC | PTCT | 69366J200 | $102.2M | 5.19% | 1,500,000 | SH |
| 9 | SPYRE THERAPEUTICS INC | SYRE | 00773J202 | $95.4M | 4.85% | 1,892,200 | SH |
| 10 | KALVISTA PHARMACEUTICALS INC | KALV | 483497103 | $92.1M | 4.68% | 4,573,530 | SH |
| 11 | COMPASS THERAPEUTICS INC | CMPX | 20454B104 | $88.8M | 4.51% | 16,790,809 | SH |
| 12 | TARSUS PHARMACEUTICALS INC | TARS | 87650L103 | $83.4M | 4.23% | 1,188,624 | SH |
| 13 | IMMUNOCORE HLDGS PLC | IMCR | 45258D105 | $79.9M | 4.06% | 2,649,368 | SH |
| 14 | ANAPTYSBIO INC | ANAB | 032724106 | $73.8M | 3.75% | 1,330,879 | SH |
| 15 | CORCEPT THERAPEUTICS INC | CORT | 218352102 | $60.5M | 3.07% | 1,500,000 | SH |
| 16 | ANI PHARMACEUTICALS INC | ANIP | 00182C103 | $54.4M | 2.76% | 707,500 | SH |
| 17 | INSMED INC | INSM | 457669307 | $42.5M | 2.16% | 260,000 | SH |
| 18 | BIONTECH SE | BNTX | 09075V102 | $41.8M | 2.12% | 470,000 | SH |
| 19 | VIRIDIAN THERAPEUTICS INC | VRDN | 92790C104 | $35.1M | 1.78% | 1,792,626 | SH |
| 20 | ATEA PHARMACEUTICALS INC | AVIR | 04683R106 | $25.9M | 1.32% | 4,814,700 | SH |
| 21 | PRECIGEN INC | PGEN | 74017N105 | $24.8M | 1.26% | 6,417,500 | SH |
| 22 | DIANTHUS THERAPEUTICS INC | DNTH | 252828108 | $22.2M | 1.13% | 264,692 | SH |
| 23 | COMPASS PATHWAYS PLC | CMPS | 20451W101 | $22.1M | 1.12% | 4,002,200 | SH |
| 24 | CRESCENT BIOPHARMA INC. | CBIO | G2545C104 | $21.3M | 1.08% | 1,160,000 | SH |
| 25 | STOKE THERAPEUTICS INC | STOK | 86150R107 | $16.3M | 0.83% | 500,000 | SH |
| 26 | VIKING THERAPEUTICS INC | VKTX | 92686J106 | $16.3M | 0.83% | 500,000 | SH |
| 27 | IDEAYA BIOSCIENCES INC | IDYA | 45166A102 | $15.0M | 0.76% | 450,000 | SH |
| 28 | NUVATION BIO INC | NUVB | 67080N101 | $13.5M | 0.69% | 3,149,557 | SH |
| 29 | PLIANT THERAPEUTICS INC | PLRX | 729139105 | $7.7M | 0.39% | 6,143,132 | SH |
| 30 | JOURNEY MED CORP | DERM | 48115J109 | $7.6M | 0.38% | 1,610,000 | SH |
| 31 | JANUX THERAPEUTICS INC | JANX | 47103J105 | $7.0M | 0.35% | 500,000 | SH |
| 32 | BIOGEN INC | BIIB | 09062X103 | $6.4M | 0.33% | 35,000 | SH |
| 33 | UROGEN PHARMA LTD | URGN | M96088105 | $6.3M | 0.32% | 350,000 | SH |
| 34 | ARVINAS INC | ARVN | 04335A105 | $5.7M | 0.29% | 538,658 | SH |
| 35 | PMV PHARMACEUTICALS INC | PMVP | 69353Y103 | $5.3M | 0.27% | 4,245,085 | SH |
| 36 | MODERNA INC | MRNA | 60770K107 | $5.1M | 0.26% | 100,000 | SH |
| 37 | HERON THERAPEUTICS INC | HRTX | 427746102 | $5.0M | 0.25% | 6,250,000 | SH |
| 38 | KEZAR LIFE SCIENCES INC | KZR | 49372L209 | $4.9M | 0.25% | 664,314 | SH |
| 39 | WAVE LIFE SCIENCES LTD | WVE | Y95308105 | $4.3M | 0.22% | 600,000 | SH |
| 40 | LENZ THERAPEUTICS INC | LENZ | 52635N103 | $4.1M | 0.21% | 451,114 | SH |
| 41 | AGIOS PHARMACEUTICALS INC | AGIO | 00847X104 | $3.4M | 0.17% | 100,000 | SH |
| 42 | ERASCA INC | ERAS | 29479A108 | $3.2M | 0.16% | 200,000 | SH |
| 43 | COHERUS ONCOLOGY INC | CHRS | 19249H103 | $3.2M | 0.16% | 1,886,748 | SH |
| 44 | NKARTA INC | NKTX | 65487U108 | $3.1M | 0.16% | 1,480,823 | SH |
| 45 | ALTIMMUNE INC | ALT | 02155H200 | $2.1M | 0.10% | 666,022 | SH |
| 46 | EVOLUS INC | EOLS | 30052C107 | $2.0M | 0.10% | 483,021 | SH |
| 47 | ABEONA THERAPEUTICS INC | ABEO | 00289Y206 | $1.8M | 0.09% | 400,000 | SH |
| 48 | FATE THERAPEUTICS INC | FATE | 31189P102 | $1.4M | 0.07% | 1,167,773 | SH |
| 49 | NEUMORA THERAPEUTICS INC. | NMRA | 640979100 | $857.8K | 0.04% | 439,878 | SH |
| 50 | LEXICON PHARMACEUTICALS INC | LXRX | 528872302 | $623.5K | 0.03% | 399,700 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-03-31 | 2026-05-15 | $1.97B | 51 | 0001214659-26-006493 |
| 2025-12-31 | 2026-02-17 | $2.02B | 75 | 0001214659-26-002015 |
| 2025-09-30 | 2025-11-14 | $2.60B | 194 | 0001214659-25-016677 |