Latest TANG CAPITAL MANAGEMENT LLC Stock Portfolio

TANG CAPITAL MANAGEMENT LLC Performance:

2025 Q4: 19.49%YTD: 36.74%2024: -1.81%

Performance for 2025 Q4 is 19.49%, and YTD is 36.74%, and 2024 is -1.81%.

About TANG CAPITAL MANAGEMENT LLC and 13F Hedge Fund Stock Holdings

On 2026-02-17, the fund reported it's updated stock portfolio. In the 13F Holdings report, TANG CAPITAL MANAGEMENT LLC reported an equity portfolio of $2 Billions as of 31 Dec, 2025.

The top stock holdings of TANG CAPITAL MANAGEMENT LLC are AUPH, GLPG, PTCT. The fund has invested 8.9% of it's portfolio in AURINIA PHARMACEUTICALS INC and 6.3% of portfolio in GALAPAGOS NV.

The fund managers got completely rid off MERUS N V (MRUS), RELAY THERAPEUTICS INC (RLAY) and VERA THERAPEUTICS INC CL A (VERA) stocks. They significantly reduced their stock positions in ZYMEWORKS INC (ZYME), TSCAN THERAPEUTICS INC (TCRX) and ROCKET PHARMACEUTICALS INC (RCKT). TANG CAPITAL MANAGEMENT LLC opened new stock positions in AVIDITY BIOSCIENCES INC (RNA), CAPRICOR THERAPEUTICS INC (CAPR) and SPDR S&P 500 ETF TR (SPY). The fund showed a lot of confidence in some stocks as they added substantially to MODERNA INC (MRNA), HERON THERAPEUTICS INC (HRTX) and BIONTECH SE (BNTX).

TANG CAPITAL MANAGEMENT LLC Annual Return Estimates Vs S&P 500

Our best estimate is that TANG CAPITAL MANAGEMENT LLC made a return of 19.49% in the last quarter. In trailing 12 months, it's portfolio return was 36.74%.

Performance
S&P 500

New Buys

Ticker	$ Bought
avidity biosciences inc	64,917,000
capricor therapeutics inc	49,062,000
spdr s&p 500 etf tr	20,457,600
bristol-myers squibb co	10,788,000
wave life sciences ltd	10,200,000
corcept therapeutics inc	5,455,390
abeona therapeutics inc	5,270,000
sutro biopharma inc	1,615,370

New stocks bought by TANG CAPITAL MANAGEMENT LLC

Additions

Ticker	% Inc.
moderna inc	126
heron therapeutics inc	81.16
biontech se	74.07
ani pharmaceuticals inc	51.63
verastem inc	35.45
theravance biopharma inc	32.89
crescent biopharma inc.	28.33
immunocore hldgs plc	14.01

Additions to existing portfolio by TANG CAPITAL MANAGEMENT LLC

Reductions

Ticker	% Reduced
zymeworks inc	-96.85
tscan therapeutics inc	-92.31
rocket pharmaceuticals inc	-88.24
revolution medicines inc	-84.36
acadia pharmaceuticals inc	-80.00
nkarta inc	-79.01
evolus inc	-77.3
dynavax technologies corp	-71.46

TANG CAPITAL MANAGEMENT LLC reduced stake in above stock

Sold off

Ticker	$ Sold
cytomx therapeutics inc	-35,299,500
relay therapeutics inc	-42,115,300
replimune group inc	-14,246,000
abcellera biologics inc	-13,078,000
pyxis oncology inc	-5,550,000
vanda pharmaceuticals inc	-11,743,000
compass pathways plc	-12,606,000
avadel pharmaceuticals plc	-32,028,800

TANG CAPITAL MANAGEMENT LLC got rid off the above stocks

Sector Distribution

TANG CAPITAL MANAGEMENT LLC has about 76.6% of it's holdings in Healthcare sector.

Sector	%
Healthcare	76.6
Others	21.3
Technology	1.2

Market Cap. Distribution

TANG CAPITAL MANAGEMENT LLC has about 9.6% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
SMALL-CAP	33.7
MID-CAP	32.1
UNALLOCATED	21.3
LARGE-CAP	7.7
MICRO-CAP	2.9
MEGA-CAP	1.9

Stocks belong to which Index?

About 71% of the stocks held by TANG CAPITAL MANAGEMENT LLC either belong to S&P 500 or RUSSELL 2000 index.

Index	%
RUSSELL 2000	65
Others	29
S&P 500	6

Top 5 Winners (%)		%
VTYX	ventyx biosciences inc	181.6 %
NUVB	nuvation bio inc	136.4 %
CELC	celcuity inc	97.5 %
AGLE	spyre therapeutics inc	76.0 %
TVTX	travere therapeutics inc	59.9 %

Top 5 Winners ($)		$
AUPH	aurinia pharmaceuticals inc	55.5 M
CELC	celcuity inc	55.4 M
TARS	tarsus pharmaceuticals inc	40.9 M
AGLE	spyre therapeutics inc	40.7 M
CMPX	compass therapeutics inc	31.4 M

Top 5 Losers (%)		%
	lenz therapeutics inc	-64.5 %
ARE	alexandria real estate eq in	-41.3 %
SAVA	cassava sciences inc	-32.0 %
	biohaven ltd	-24.8 %
TCRX	tscan therapeutics inc	-24.3 %

Top 5 Losers ($)		$
	lenz therapeutics inc	-27.0 M
GLPG	galapagos nv	-7.8 M
ANIP	ani pharmaceuticals inc	-5.1 M
IMCR	immunocore hldgs plc	-4.0 M
META	meta platforms inc	-1.8 M

TANG CAPITAL MANAGEMENT LLC Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of TANG CAPITAL MANAGEMENT LLC

TANG CAPITAL MANAGEMENT LLC has 75 stocks in it's portfolio. About 52.9% of the portfolio is in top 10 stocks. proved to be the most loss making stock for the portfolio. AUPH was the most profitable stock for TANG CAPITAL MANAGEMENT LLC last quarter.

Last Reported on: 17 Feb, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
AAT	american assets tr inc	0.00	0.00	0.00	sold off	-100

ABCL	abcellera biologics inc	0.00	0.00	0.00	sold off	-100

ABEO	abeona therapeutics inc	0.26	1,000,000	5,270,000	new

ACAD	acadia pharmaceuticals inc	0.40	300,000	8,013,000	reduced	-80.00

ACET	adicet bio inc	0.00	6,158	51,850	new

ACET	adicet bio inc	0.00	0.00	0.00	sold off	-100

ADGI	invivyd inc	0.00	0.00	0.00	sold off	-100

ADMA	adma biologics inc	0.00	0.00	0.00	sold off	-100

AGLE	spyre therapeutics inc	3.06	1,892,200	61,988,500	reduced	-40.87

ALL	allstate corp	0.00	0.00	0.00	sold off	-100

ALT	altimmune inc	0.38	2,131,310	7,694,020	unchanged	0.00

AMLX	amylyx pharmaceuticals inc	0.00	0.00	0.00	sold off	-100

AMZN	amazon com inc	0.00	0.00	0.00	sold off	-100

ANAB	anaptysbio inc	3.19	1,332,090	64,579,600	reduced	-0.12

ANIP	ani pharmaceuticals inc	1.88	481,437	38,004,600	added	51.63

ARE	alexandria real estate eq in	0.10	40,000	1,957,600	unchanged	0.00

ARVN	arvinas inc	0.33	569,698	6,756,620	reduced	-59.13

ATHA	athira pharma inc	0.00	0.00	0.00	sold off	-100

ATXS	astria therapeutics inc	0.00	0.00	0.00	sold off	-100

AUPH	aurinia pharmaceuticals inc	8.93	11,329,500	180,706,000	unchanged	0.00