DOSSIER · 13F-HR · Q1 2026

TANG CAPITAL MANAGEMENT LLC

$2.0B in tracked AUM across 51 positions as of Q1 2026.

TC
CIK 0001232621 · last filed Mar 31, 2026
Total AUM
$2.0B
as of Q1 2026
Holdings
51
positions
Whale Score
68
68
tracked
Activity
no data
changes this Q
AI Analysis · Q1 2026

Portfolio Overview

Tang Capital Management LLC manages a concentrated portfolio valued at approximately $2.01 billion as of the report date September 30, 2025. The portfolio experienced modest growth of 1.6% from the previous quarter, increasing from $1.98 billion. The fund maintains a focused approach with 122 total holdings, indicating a strategy that balances diversification with meaningful exposure to specific convictions. The portfolio construction suggests a specialized investment man...

Key Holdings

The portfolio is characterized by high conviction in its top-tier assets, with the largest positions commanding significant capital allocation. The top three holdings—Tarsus Pharmaceuticals Inc (7.26%), Galapagos NV (7.15%), and Aurinia Pharmaceuticals Inc (6.23%)—collectively represent over 21% of the total portfolio value. This top-heavy structure suggests the manager is willing to overweight specific winners.

Quarter at a glance — Q1 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q1 2026.

#HoldingValueSharesWeight
01
AUPH
AURINIA PHARMACEUTICALS INC
$181M12.2M9.2%
02
CELC
CELCUITY INC
$120M1.1M6.1%
03
MIRM
MIRUM PHARMACEUTICALS INC
$114M1.2M5.8%
04
GLPG
GALAPAGOS NV
$114M3.8M5.8%
05
SPY
STATE STR SPDR S&P 500 ETF T
$109M168K5.5%
06
G52694109
KINIKSA PHARMACEUTICALS INTL
$109M2.3M5.5%
07
CAPR
CAPRICOR THERAPEUTICS INC
$103M3.4M5.2%
08
PTCT
PTC THERAPEUTICS INC
$102M1.5M5.2%
09
SYRE
SPYRE THERAPEUTICS INC
$95M1.9M4.8%
10
KALV
KALVISTA PHARMACEUTICALS INC
$92M4.6M4.7%

Filing history

2026Q1Mar 31
$2.0B 2.7%
51 positionsView →
2025Q4Dec 31
$2.0B 0.7%
75 positionsView →
2025Q3Sep 30
$2.0B 1.6%
122 positionsView →
2025Q2Jun 30
$2.0B 46.1%
200 positionsLocked
2025Q1Mar 31
$1.4B 10.4%
132 positionsLocked
2024Q4Dec 31
$1.5B 8.0%
183 positionsLocked
2024Q3Sep 30
$1.4B 42.6%
154 positionsLocked
2024Q2Jun 30
$982M 2.2%
128 positionsLocked
2024Q1Mar 31
$960M 11.3%
99 positionsLocked
2023Q4Dec 31
$1.1B 52.7%
123 positionsLocked
2023Q3Sep 30
$709M 4.3%
106 positionsLocked
2023Q2Jun 30
$679M 1.2%
99 positionsLocked
Showing 12 of 54