1y return+74.6%S&P 500 +20.9%
3y return+72.2%S&P 500 +68.5%
5y return−21.4%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since March 31, 2021: $77 against $188 in the S&P 500.2
Tang Capital Management LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| AUPHAurinia Pharmaceuticals Inc | $221.4M | 10.1% | +6.7% |
| SYRESpyre Therapeutics Inc | $168.0M | 7.7% | |
| MIRMMirum Pharmaceuticals Inc | $144.7M | 6.6% | |
| Kiniksa Pharmaceuticals IntlCUSIP G52694109 | $144.5M | 6.6% | |
| CELCCelcuity Inc | $137.5M | 6.3% | +25.2% |
| CORTCorcept Therapeutics Inc | $130.4M | 6.0% | |
| PTCTPtc Therapeutics Inc | $122.4M | 5.6% | |
| LKFTLakefront Biotherapeutics Nv | $113.5M | 5.2% | |
| CAPRCapricor Therapeutics Inc | $98.7M | 4.5% | +20.6% |
| TARSTarsus Pharmaceuticals Inc | $98.7M | 4.5% | +31.9% |
| SPYState Str Spdr S&p 500 Etf T | $91.9M | 4.2% | −26.8% |
| ANABAnaptysbio Inc | $89.8M | 4.1% | |
| IMCRImmunocore Hldgs PLC | $84.1M | 3.8% | |
| CMPSCompass Pathways PLC | $70.8M | 3.2% | +24.9% |
| ANIPAni Pharmaceuticals Inc | $58.6M | 2.7% | |
| BNTXBiontech Se | $43.7M | 2.0% | |
| CMPXCompass Therapeutics Inc | $39.4M | 1.8% | +7.1% |
| PGENPrecigen Inc | $36.6M | 1.7% | |
| VRDNViridian Therapeutics Inc | $32.9M | 1.5% | |
| NVCTNuvectis Pharma Inc | $28.5M | 1.3% | New |
| DNTHDianthus Therapeutics Inc | $25.8M | 1.2% | |
| FULCFulcrum Therapeutics Inc | $23.9M | 1.1% | New |
| AVIRAtea Pharmaceuticals Inc | $22.4M | 1.0% | |
| Crescent Biopharma Inc.CUSIP G2545C104 | $20.9M | 1.0% | |
| NNDMNano Dimension Ltd | $20.7M | 0.9% | New |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| DNTHDianthus Therapeutics Inc | September 30, 2023 | +613.1% | $25.8M |
| MIRMMirum Pharmaceuticals Inc | June 30, 2022 | +501.6% | $144.7M |
| SYRESpyre Therapeutics Inc | March 31, 2025 | +450.2% | $168.0M |
| NUVBNuvation Bio Inc | December 31, 2023 | +276.2% | $18.7M |
| TARSTarsus Pharmaceuticals Inc | March 31, 2022 | +274.2% | $98.7M |
| Kiniksa Pharmaceuticals IntlCUSIP G52694109 | June 30, 2024 | +242.5% | $144.5M |
| ANABAnaptysbio Inc | June 30, 2020 | +202.1% | $89.8M |
| STOKStoke Therapeutics Inc | December 31, 2024 | +196.6% | $9.8M |
| PTCTPtc Therapeutics Inc | December 31, 2023 | +196.0% | $122.4M |
| CMPSCompass Pathways PLC | March 31, 2026 | +155.9% | $70.8M |
Sold off last quarter
- Kalvista Pharmaceuticals IncCUSIP 483497103 was $92.1M
- JANXJanux Therapeutics Inc was $7.0M
- BIIBBiogen Inc was $6.4M
- Urogen Pharma LtdCUSIP M96088105 was $6.3M
- ARVNArvinas Inc was $5.7M
- Kezar Life Sciences IncCUSIP 49372L209 was $4.9M
- AGIOAgios Pharmaceuticals Inc was $3.4M
- ERASErasca Inc was $3.2M
- CHRSCoherus Oncology Inc was $3.2M
- NKTXNkarta Inc was $3.1M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +13.7% | +14.8% |
| March 31, 2026 | +0.3% | −4.6% |
| December 31, 2025 | +24.4% | +2.4% |
| September 30, 2025 | +23.0% | +7.8% |
| June 30, 2025 | +2.8% | +10.5% |
| March 31, 2025 | −7.8% | −4.6% |
| December 31, 2024 | −6.7% | +2.1% |
| September 30, 2024 | +12.1% | +5.4% |
| June 30, 2024 | −17.1% | +4.0% |
| March 31, 2024 | +12.8% | +10.0% |
| December 31, 2023 | +15.3% | +11.2% |
| September 30, 2023 | −7.8% | −3.6% |
| June 30, 2023 | +1.7% | +8.3% |
| March 31, 2023 | −13.1% | +7.0% |
| December 31, 2022 | +1.9% | +7.1% |
| September 30, 2022 | +10.6% | −5.3% |
| June 30, 2022 | −15.0% | −16.5% |
| March 31, 2022 | −27.7% | −4.9% |
| December 31, 2021 | −9.2% | +10.7% |
| September 30, 2021 | −17.9% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Tang Capital Management LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1232621&type=13F-HR&dateb=&owner=include&count=40CIK 1232621
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1232621/000121465926010416/Filed August 14, 2026 · accession 0001214659-26-010416