Tang Capital Management Portfolio
13F Holdings & Position Changes — Last filed May 15, 2026
13F Holdings & Position Changes — Last filed May 15, 2026
Event-driven biotech specialist known for concentrated bets around clinical catalysts, M&A situations, and activist campaigns. Deep industry relationships and willingness to engage publicly make the fund a closely watched market signal.
Tang Capital Management is a $2B biotech-focused hedge fund managed by Kevin Tang. As of their latest 13F filing (Q1 2026), the fund holds 43 positions worth $1.7B. This quarter they initiated 1 new position and exited 184. Their largest holding is AUPH ($181.2M).
Tang initiated 1 new position and increased 10 this quarter. Portfolio shrank -3.9% to $1.7B. 1000 upcoming catalysts across holdings. 10 insider buys detected in portfolio companies.
Portfolio Value (13F)
$1.7B
Holdings
43
Top 10 Concentration
65.5%
QoQ Change
-3.9%
Turnover
0.2%
Portfolio Value Trend
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| # | Ticker | Company | Change | Value | % of Portfolio | SI % Float ? | Trend |
|---|---|---|---|---|---|---|---|
| 1 | AUPH | Aurinia Pharmaceuticals Inc. | Increased↑3Q | $181.2M | 10.40% | 7.6% | |
| 2 | CELC | Celcuity Inc. | $119.8M | 6.87% | 27.9% | ||
| 3 | MIRM | Mirum Pharmaceuticals Inc. | $114.2M | 6.55% | 18.1% | ||
| 4 | GLPGF | Galapagos NV | Decreased↓2Q | $113.6M | 6.51% | — | |
| 5 | CMPSOther Healthcare | COMPASS Pathways plc | Increased | $111.0M | 6.36% | 7.3% | |
| 6 | KNSA | Kiniksa Pharmaceuticals International, plc | $108.8M | 6.24% | 9.3% | ||
| 7 | CAPR | Capricor Therapeutics, Inc. | Increased↑2Q | $103.4M | 5.93% | 19.2% | |
| 8 | PTCT | PTC Therapeutics Inc. | $102.2M | 5.86% | 16.0% | ||
| 9 | SYRE | Spyre Therapeutics, Inc. | $95.4M | 5.47% | 15.1% | ||
| 10 | KALV | KalVista Pharmaceuticals, Inc. | $92.1M | 5.28% | 43.1% |
Share changes reflect active decisions. Value changes include price moves.
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Tang Capital Management held 43 biotech stocks in their 13F portfolio this quarter. Their top positions include AUPH, CELC, MIRM, GLPGF, CMPS. The full holdings table is available on BiotechEdge with position sizes, quarter-over-quarter changes, and AI analysis.
Tang Capital Management's tracked biotech portfolio is worth $1.7B across 43 positions, with total assets under management of approximately $2B. Portfolio values are based on 13F filings with the SEC.
Tang Capital Management initiated 1 new position this quarter, including AGIO. They also increased 10 existing positions.
Tang Capital Management fully exited 184 positions this quarter, including IVVD, TDOC, ALMS, GPCR, CCCC and 179 more. They also trimmed 13 existing positions.
Event-driven biotech specialist known for concentrated bets around clinical catalysts, M&A situations, and activist campaigns. Deep industry relationships and willingness to engage publicly make the fund a closely watched market signal.
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Start 14-Day Free Trial| 4 | GLPGF | Galapagos NV | Decreased | 3,785,991 | $113.6M | 6.51% |
| 5 | CMPS | COMPASS Pathways plc | Increased | 20,793,009 | $111.0M | 6.36% |
| 6 | KNSA | Kiniksa Pharmaceuticals International, plc | 2,259,889 | $108.8M | 6.24% |
| 7 | CAPR | Capricor Therapeutics, Inc. | Increased | 3,399,900 | $103.4M | 5.93% |
| 8 | PTCT | PTC Therapeutics Inc. | 1,500,000 | $102.2M | 5.86% |
| 9 | SYRE | Spyre Therapeutics, Inc. | 1,892,200 | $95.4M | 5.47% |
| 10 | KALV | KalVista Pharmaceuticals, Inc. | 4,573,530 | $92.1M | 5.28% |
| 11 | TARS | Tarsus Pharmaceuticals Inc. | 1,188,624 | $83.4M | 4.78% |
| 12 | IMCR | Immunocore Holdings plc | Held | 2,649,368 | $79.9M | 4.58% |
| 13 | ANAB | AnaptysBio Inc. | Held | 1,330,879 | $73.8M | 4.23% |
| 14 | CORT | Corcept Therapeutics Inc. | Increased | 1,500,000 | $60.5M | 3.47% |
| 15 | ANIP | Ani Pharmaceuticals Inc. | Increased | 707,500 | $54.4M | 3.12% |
| 16 | INSM | Insmed Incorporated | Increased | 260,000 | $42.5M | 2.44% |
| 17 | BNTX | BioNTech SE | 470,000 | $41.8M | 2.40% |
| 18 | CBIO | Crescent Biopharma, Inc. | Increased | 1,160,000 | $21.3M | 1.22% |
| 19 | STOK | Stoke Therapeutics, Inc. | 500,000 | $16.3M | 0.93% |
| 20 | VKTX | Viking Therapeutics Inc. | 500,000 | $16.3M | 0.93% |
| 21 | IDYA | IDEAYA Biosciences Inc. | 450,000 | $15.0M | 0.86% |
| 22 | NUVB | Nuvation Bio Inc. | Decreased | 3,149,557 | $13.5M | 0.77% |
| 23 | PLRX | Pliant Therapeutics Inc. | 6,143,132 | $7.7M | 0.44% |
| 24 | DERM | Journey Medical Corp. | Decreased | 1,610,000 | $7.6M | 0.43% |
| 25 | JANX | Janux Therapeutics Inc. | Increased | 500,000 | $7.0M | 0.40% |
| 26 | BIIB | Biogen Inc. | 35,000 | $6.4M | 0.37% |
| 27 | URGN | UroGen Pharma Ltd. | 350,000 | $6.3M | 0.36% |
| 28 | ARVN | Arvinas Inc. | Decreased | 538,658 | $5.7M | 0.33% |
| 29 | PMVP | PMV Pharmaceuticals, Inc. | Decreased | 4,245,085 | $5.3M | 0.30% |
| 30 | MRNA | Moderna Inc. | Decreased | 100,000 | $5.1M | 0.29% |
| 31 | KZR | Kezar Life Sciences, Inc. | 664,314 | $4.9M | 0.28% |
| 32 | WVE | Wave Life Sciences Ltd. | 600,000 | $4.3M | 0.25% |
| 33 | LENZ | LENZ Therapeutics, Inc. | Decreased | 451,114 | $4.1M | 0.24% |
| 34 | AGIO | Agios Pharmaceuticals Inc. | New | 100,000 | $3.4M | 0.19% | — |
| 35 | ERAS | Erasca Inc. | Decreased | 200,000 | $3.2M | 0.19% |
| 36 | NKTX | Nkarta, Inc. | 1,480,823 | $3.1M | 0.18% |
| 37 | ALT | Altimmune, Inc. | Decreased | 666,022 | $2.1M | 0.12% |
| 38 | EOLS | Evolus, Inc. | Decreased | 483,021 | $2.0M | 0.11% |
| 39 | ABEO | Abeona Therapeutics Inc. | Decreased | 400,000 | $1.8M | 0.10% |
| 40 | FATE | Fate Therapeutics Inc. | 1,167,773 | $1.4M | 0.08% |
| 41 | NMRA | Neumora Therapeutics, Inc. | Decreased | 439,878 | $858K | 0.05% |
| 42 | LXRX | Lexicon Pharmaceuticals, Inc. | Increased | 399,700 | $624K | 0.04% |
| 43 | RCKT | Rocket Pharmaceuticals Inc. | 100,000 | $358K | 0.02% |
| Q3 2025 |
| $2.3B |
| 149 |
| +6 |
| -68 |
| +32.8% |
| Q2 2025 | $1.7B | 148 | +8 | -63 | +48.7% |
| Q1 2025 | $1.1B | 99 | +7 | -20 | — |