Institutional
TANG CAPITAL MANAGEMENT LLC
CIK 0001232621
$1.97B
Reported AUM
51
Positions
Q1 2026
Period
2026-05-15
Filed
The Brief · TANG CAPITAL MANAGEMENT LLC · Q1 2026
AI · grounded in 13F
TANG CAPITAL MANAGEMENT LLC closed its position in RNAGBP for a reduction of $64.9M. The fund also exited positions in VRTX and TVTX, totaling losses of $36.3M and $26.7M respectively. On the buy side, the fund established a new position in CMPS worth $22.1M and increased its holdings in CORT by 856.85%.
Portfolio · Q1 2026
Top holdings
QoQ vs Q4 2025
| # | Stock | Issuer | Price | Day % | 1Y Gr. | 5Y Gr. | Value | % of book | Δ shares (QoQ) | Status |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | AUPH | AURINIA PHARMACEUTICALS INC | $15.84 | -3.24% | 93.41% | 16.81% | $181.2M | 9.20% | +900,000 | +7.9% |
| 2 | CELC | CELCUITY INC | $88.28 | -4.53% | 576.48% | 348.12% | $119.8M | 6.09% | — | HELD |
| 3 | MIRM | MIRUM PHARMACEUTICALS INC | $93.48 | 1.07% | 101.55% | 546.92% | $114.2M | 5.80% | — | HELD |
| 4 | LKFT | GALAPAGOS NV | $28.02 | -0.32% | 1.05% | -53.72% | $113.6M | 5.77% | −135,228 | −3.4% |
| 5 | SPY | STATE STR SPDR S&P 500 ETF T | $737.55 | -2.58% | 24.51% | 79.50% | $109.3M | 5.55% | +138,000 | +460.0% |
| 6 | KNSA | KINIKSA PHARMACEUTICALS INTL | $48.42 | -1.65% | 60.17% | 215.85% | $108.8M | 5.53% | — | HELD |
| 7 | CAPR | CAPRICOR THERAPEUTICS INC | $26.71 | -4.44% | 87.70% | 511.21% | $103.4M | 5.25% | +1,699,900 | +100.0% |
| 8 | PTCT | PTC THERAPEUTICS INC | $70.97 | 0.47% | 36.14% | 85.16% | $102.2M | 5.19% | — | HELD |
| 9 | SYRE | SPYRE THERAPEUTICS INC | $73.65 | -6.15% | 334.00% | -51.94% | $95.4M | 4.85% | — | HELD |
| 10 | KALV | KALVISTA PHARMACEUTICALS INC | $26.95 | 0.00% | 87.61% | 33.81% | $92.1M | 4.68% | — | HELD |
| 11 | CMPX | COMPASS THERAPEUTICS INC | $2.04 | -4.23% | -18.40% | -58.37% | $88.8M | 4.51% | — | HELD |
| 12 | TARS | TARSUS PHARMACEUTICALS INC | $59.28 | -1.76% | 34.97% | 162.65% | $83.4M | 4.23% | — | HELD |
| 13 | IMCR | IMMUNOCORE HLDGS PLC | $28.29 | -1.63% | -24.05% | -13.54% | $79.9M | 4.06% | +20,830 | +0.8% |
| 14 | ANAB | ANAPTYSBIO INC | $50.37 | -2.52% | 218.80% | 228.79% | $73.8M | 3.75% | −1,208 | −0.1% |
| 15 | CORT | CORCEPT THERAPEUTICS INC | $72.62 | -3.03% | 4.34% | 249.64% | $60.5M | 3.07% | +1,343,236 | +856.9% |
| 16 | ANIP | ANI PHARMACEUTICALS INC | $81.11 | 2.41% | 30.91% | 139.05% | $54.4M | 2.76% | +226,063 | +47.0% |
| 17 | INSM | INSMED INC | $94.22 | -10.20% | 27.98% | 283.01% | $42.5M | 2.16% | +200,000 | +333.3% |
| 18 | BNTX | BIONTECH SE | $88.08 | -1.69% | -18.81% | -72.82% | $41.8M | 2.12% | — | HELD |
| 19 | VRDN | VIRIDIAN THERAPEUTICS INC | $15.78 | -4.77% | 7.49% | 1.64% | $35.1M | 1.78% | — | HELD |
| 20 | AVIR | ATEA PHARMACEUTICALS INC | $4.25 | -3.85% | 33.65% | -83.03% | $25.9M | 1.32% | — | HELD |
| 21 | PGEN | PRECIGEN INC | $3.58 | -7.25% | 138.67% | -34.79% | $24.8M | 1.26% | +800,000 | +14.2% |
| 22 | DNTH | DIANTHUS THERAPEUTICS INC | $80.51 | -4.30% | 327.11% | -29.33% | $22.2M | 1.13% | — | HELD |
| 23 | CMPS | COMPASS PATHWAYS PLC | $12.11 | -7.20% | 152.29% | -65.87% | $22.1M | 1.12% | +4,002,200 | NEW |
| 24 | CBIO | CRESCENT BIOPHARMA INC. | $18.00 | -2.44% | -5.26% | -108.10% | $21.3M | 1.08% | +287,602 | +33.0% |
| 25 | STOK | STOKE THERAPEUTICS INC | $30.01 | -0.37% | 169.39% | 4.82% | $16.3M | 0.83% | — | HELD |
| 26 | VKTX | VIKING THERAPEUTICS INC | $28.45 | -4.47% | 2.23% | 362.60% | $16.3M | 0.83% | — | HELD |
| 27 | IDYA | IDEAYA BIOSCIENCES INC | $28.29 | -3.18% | 30.19% | 15.47% | $15.0M | 0.76% | — | HELD |
| 28 | NUVB | NUVATION BIO INC | $4.82 | -6.77% | 94.35% | -44.21% | $13.5M | 0.69% | −707,900 | −18.4% |
| 29 | PLRX | PLIANT THERAPEUTICS INC | $1.15 | -1.71% | -29.45% | -94.31% | $7.7M | 0.39% | — | HELD |
| 30 | DERM | JOURNEY MED CORP | $5.97 | -4.02% | -19.22% | 10.97% | $7.6M | 0.38% | −244,596 | −13.2% |
| 31 | JANX | JANUX THERAPEUTICS INC | $13.36 | -2.91% | — | — | $7.0M | 0.35% | +500,000 | NEW |
| 32 | BIIB | BIOGEN INC | $195.34 | -0.57% | — | — | $6.4M | 0.33% | — | HELD |
| 33 | URGN | UROGEN PHARMA LTD | $26.85 | -2.72% | — | — | $6.3M | 0.32% | — | HELD |
| 34 | ARVN | ARVINAS INC | $7.42 | -4.13% | — | — | $5.7M | 0.29% | −31,040 | −5.4% |
| 35 | PMVP | PMV PHARMACEUTICALS INC | $1.12 | -5.88% | — | — | $5.3M | 0.27% | −694,915 | −14.1% |
| 36 | MRNA | MODERNA INC | $47.44 | -8.04% | — | — | $5.1M | 0.26% | −592,820 | −85.6% |
| 37 | HRTX | HERON THERAPEUTICS INC | $0.43 | -10.42% | — | — | $5.0M | 0.25% | — | HELD |
| 38 | 2KZ0 | KEZAR LIFE SCIENCES INC | — | — | — | — | $4.9M | 0.25% | — | HELD |
| 39 | WVE | WAVE LIFE SCIENCES LTD | $5.73 | -5.91% | — | — | $4.3M | 0.22% | — | HELD |
| 40 | LENZ | LENZ THERAPEUTICS INC | $7.01 | -2.64% | — | — | $4.1M | 0.21% | −414,055 | −47.9% |
| 41 | AGIO | AGIOS PHARMACEUTICALS INC | $28.29 | -1.74% | — | — | $3.4M | 0.17% | +100,000 | NEW |
| 42 | ERAS | ERASCA INC | $11.97 | -9.80% | — | — | $3.2M | 0.16% | −700,000 | −77.8% |
| 43 | CHRS | COHERUS ONCOLOGY INC | $1.45 | -7.94% | — | — | $3.2M | 0.16% | −837,761 | −30.7% |
| 44 | NKTX | NKARTA INC | $2.51 | -9.39% | — | — | $3.1M | 0.16% | — | HELD |
| 45 | ALT | ALTIMMUNE INC | $2.71 | -7.19% | — | — | $2.1M | 0.10% | −1,465,285 | −68.8% |
| 46 | EOLS | EVOLUS INC | $6.67 | 1.06% | — | — | $2.0M | 0.10% | −762,671 | −61.2% |
| 47 | ABEO | ABEONA THERAPEUTICS INC | $5.46 | -6.19% | — | — | $1.8M | 0.09% | −600,000 | −60.0% |
| 48 | FATE | FATE THERAPEUTICS INC | $1.98 | -10.41% | — | — | $1.4M | 0.07% | — | HELD |
| 49 | NMRA | NEUMORA THERAPEUTICS INC. | $1.63 | -6.86% | — | — | $858K | 0.04% | −527,357 | −54.5% |
| 50 | LXRX | LEXICON PHARMACEUTICALS INC | $1.91 | 0.53% | — | — | $624K | 0.03% | +399,700 | NEW |
| 51 | RCKT | ROCKET PHARMACEUTICALS INC | $2.75 | -5.82% | — | — | $358K | 0.02% | — | HELD |
| 52 | RNAGBP | AVIDITY BIOSCIENCES INC | — | — | — | — | — | — | −900,000 | EXITED |
| 53 | VRTX | VERTEX PHARMACEUTICALS INC | $446.83 | 1.15% | — | — | — | — | −80,000 | EXITED |
| 54 | TVTX | TRAVERE THERAPEUTICS INC | $45.81 | -0.80% | — | — | — | — | −700,000 | EXITED |
| 55 | VTYXUSD | VENTYX BIOSCIENCES INC | — | — | — | — | — | — | −2,814,000 | EXITED |
| 56 | NVDA | NVIDIA CORPORATION | $205.10 | -6.20% | — | — | — | — | −127,788 | EXITED |
| 57 | META | META PLATFORMS INC | $593.00 | -5.51% | — | — | — | — | −23,331 | EXITED |
| 58 | GSK | GSK PLC | $51.52 | 0.49% | — | — | — | — | −300,000 | EXITED |
| 59 | PCVX | VAXCYTE INC | $47.36 | -2.87% | — | — | — | — | −275,000 | EXITED |
| 60 | HRMY | HARMONY BIOSCIENCES HLDGS IN | $32.20 | -2.31% | — | — | — | — | −290,292 | EXITED |
| 61 | BMY | BRISTOL-MYERS SQUIBB CO | $57.27 | 1.18% | — | — | — | — | −200,000 | EXITED |
| 62 | TDOC | TELADOC HEALTH INC | $7.05 | -3.56% | — | — | — | — | −1,400,000 | EXITED |
| 63 | DVAX | DYNAVAX TECHNOLOGIES CORP | — | — | — | — | — | — | −556,359 | EXITED |
| 64 | VSTM | VERASTEM INC | $3.71 | -3.89% | — | — | — | — | −1,069,810 | EXITED |
| 65 | ACAD | ACADIA PHARMACEUTICALS INC | $21.56 | -0.74% | — | — | — | — | −300,000 | EXITED |
| 66 | SRPT | SAREPTA THERAPEUTICS INC | $15.75 | -5.46% | — | — | — | — | −349,220 | EXITED |
| 67 | TBPH | THERAVANCE BIOPHARMA INC | $16.29 | -0.49% | — | — | — | — | −351,252 | EXITED |
| 68 | BCRX | BIOCRYST PHARMACEUTICALS INC | $8.41 | -0.71% | — | — | — | — | −800,000 | EXITED |
| 69 | REGN | REGENERON PHARMACEUTICALS | $635.45 | 1.07% | — | — | — | — | −8,000 | EXITED |
| 70 | IBRX | IMMUNITYBIO INC | $6.92 | -5.08% | — | — | — | — | −2,333,333 | EXITED |
| 71 | NUVL | NUVALENT INC | $90.95 | -3.27% | — | — | — | — | −21,880 | EXITED |
| 72 | ARE | ALEXANDRIA REAL ESTATE EQ IN | $51.28 | -3.46% | — | — | — | — | −40,000 | EXITED |
| 73 | STRO | SUTRO BIOPHARMA INC | $26.09 | -9.03% | — | — | — | — | −139,617 | EXITED |
| 74 | BHVN | BIOHAVEN LTD | $10.80 | -5.26% | — | — | — | — | −140,000 | EXITED |
| 75 | RVMD | REVOLUTION MEDICINES INC | $149.23 | -4.15% | — | — | — | — | −15,640 | EXITED |
| 76 | ZYME | ZYMEWORKS INC | $24.04 | -4.22% | — | — | — | — | −34,631 | EXITED |
| 77 | ACET | ADICET BIO INC | $7.26 | -10.92% | — | — | — | — | −6,158 | EXITED |
| 78 | TCRX | TSCAN THERAPEUTICS INC | $0.98 | -3.73% | — | — | — | — | −46,131 | EXITED |
| 79 | FLNA | CASSAVA SCIENCES INC | $1.32 | -5.71% | — | — | — | — | −7,073 | EXITED |
Source: SEC EDGAR · accession 0001214659-26-006493. 13F discloses long positions only — shorts, foreign equities, and options are excluded.