Q2 2026 13F · SEC CIK 1232621

Tang Capital Management LLC

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $2.2B
Reported positions: 40
Top holdings a year, 3 yrs: +23.5%
Average holding period: 2.2 yrs

Tang Capital Management LLC is a hedge fund that reported 40 positions worth $2.2B in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Aurinia Pharmaceuticals Inc (AUPH, 10.1%), Spyre Therapeutics (SYRE, 7.7%), Mirum Pharmaceuticals Inc (MIRM, 6.6%). A portfolio copying its top holdings returned 23.5% a year over the last 3 years, against 20.4% for the S&P 500.

Tang Capital Management LLC holdings all 40 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Tang Capital Management LLC 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
AUPHAurinia Pharmaceuticals Inc	10.1%	9.2%	13,044,106	+6.7%	$221.4M
SYRESpyre Therapeutics	7.7%	4.8%	1,892,200	+0.0%	$168.0M
MIRMMirum Pharmaceuticals Inc	6.6%	5.8%	1,236,027	+0.0%	$144.7M
KNSAKiniksa Pharmaceuticals Intl P	6.6%	5.5%	2,259,889	+0.0%	$144.5M
CELCCelcuity Inc	6.3%	6.1%	1,314,594	+25.2%	$137.5M
CORTCorcept Therapeutics Inc Com	6.0%	3.1%	1,500,000	+0.0%	$130.4M
PTCTPtc Therapeutics Inc	5.6%	5.2%	1,500,000	+0.0%	$122.4M
GLPGFLakefront Biotherapeutics	5.2%	5.8%	3,785,991	+0.0%	$113.5M
CAPRCapricor Therapeutics Inc	4.5%	5.2%	4,099,900	+20.6%	$98.7M
TARSTarsus Pharmaceuticals Inc	4.5%	4.2%	1,568,266	+31.9%	$98.7M
SPYSpdr S&p 500 ETF Tr	4.2%	5.5%	123,000	-26.8%	$91.9M
ANABAnaptysbio Inc	4.1%	3.7%	1,330,879	+0.0%	$89.8M
IMCRImmunocore Hldgs PLC	3.8%	4.1%	2,649,368	+0.0%	$84.1M
CMPSCompass Pathways PLC	3.2%	1.1%	5,000,000	+24.9%	$70.8M
ANIPAni Pharmaceuticals Inc	2.7%	2.8%	707,500	+0.0%	$58.6M
BNTXBiontech SE	2.0%	2.1%	470,000	+0.0%	$43.7M
CMPXCompass Therapeutics Inc	1.8%	4.5%	17,990,782	+7.1%	$39.4M
PGENPrecigen Inc	1.7%	1.3%	6,417,500	+0.0%	$36.6M
VRDNViridian Therapeutics Inc	1.5%	1.8%	1,792,626	+0.0%	$32.9M
NVCTNuvectis Pharma Inc	1.3%	—	1,550,000	—	$28.5M
DNTHDianthus Therapeutics Inc	1.2%	1.1%	264,692	+0.0%	$25.8M
FULCFulcrum Therapeutics Inc	1.1%	—	6,521,412	—	$23.9M
AVIRAtea Pharmaceuticals Inc	1.0%	1.3%	4,814,700	+0.0%	$22.4M
CBIOCrescent Biopharma Inc	1.0%	1.1%	1,160,000	+0.0%	$20.9M
NNDMNano Dimension Ltd	0.9%	—	14,292,813	—	$20.7M
VKTXViking Therapeutics Inc	0.9%	0.8%	500,000	+0.0%	$19.5M
NUVBNuvation Bio Inc	0.9%	0.7%	3,299,557	+4.8%	$18.7M
IDYAIdeaya Biosciences Inc	0.8%	0.8%	450,000	+0.0%	$16.8M
DERMJourney Med Corp	0.5%	0.4%	1,610,000	+0.0%	$11.4M
INSMInsmed Inc	0.5%	2.2%	100,000	-61.5%	$10.7M
STOKStoke Therapeutics Inc	0.4%	0.8%	300,000	-40.0%	$9.8M
PLRXPliant Therapeutics Inc	0.3%	0.4%	6,141,261	-0.0%	$7.0M
BOLDBoundless Bio Inc	0.3%	—	2,559,875	—	$6.4M
PMVPPmv Pharmaceuticals Inc	0.3%	0.3%	4,245,085	+0.0%	$5.7M
MRNAModerna Inc	0.2%	0.3%	50,000	-50.0%	$3.5M
WVEWave Life Sciences Ltd	0.2%	0.2%	600,000	+0.0%	$3.5M
HRTXHeron Therapeutics Inc	0.1%	0.3%	6,250,000	+0.0%	$2.7M
LENZLenz Therapeutics Inc	0.1%	0.2%	451,114	+0.0%	$2.6M
ALTAltimmune Inc	0.1%	0.1%	666,022	+0.0%	$2.0M
RCKTRocket Pharmaceuticals Inc	0.0%	—	100,000	—	$342K

What Tang Capital Management LLC bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year: +45.8% /yr; S&P 500 +20.1%
3 years: +23.5% /yr; S&P 500 +20.4%
5 years: +0.4% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$2.2B	40
Q1 2026	$2.0B	51
Q4 2025	$2.0B	75
Q3 2025	$2.6B	194
Q2 2025	$2.0B	200
Q1 2025	$1.8B	202
Q4 2024	$1.5B	183
Q3 2024	$1.4B	154
Q2 2024	$979.0M	127
Q1 2024	$960.4M	99
Q4 2023	$1.1B	123
Q3 2023	$708.7M	106

Questions about Tang Capital Management LLC's portfolio

What stocks does Tang Capital Management LLC own?

Tang Capital Management LLC's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 40 positions worth $2.2B. The largest are Aurinia Pharmaceuticals Inc (AUPH) at 10.1%, Spyre Therapeutics (SYRE) at 7.7%, Mirum Pharmaceuticals Inc (MIRM) at 6.6%, Kiniksa Pharmaceuticals Intl P (KNSA) at 6.6% and Celcuity Inc (CELC) at 6.3%.

What did Tang Capital Management LLC buy last quarter?

In Q2 2026, Tang Capital Management LLC added Tarsus Pharmaceuticals Inc (TARS) (+31.9% shares), Celcuity Inc (CELC) (+25.2% shares) and Compass Pathways PLC (CMPS) (+24.9% shares), compared with its Q1 2026 filing.

What did Tang Capital Management LLC sell last quarter?

In Q2 2026, Tang Capital Management LLC sold all of Kalvista Pharmaceuticals Inc (KALV), sold all of Janux Therapeutics Inc (JANX), sold all of Biogen Inc (BIIB), sold all of Urogen Pharma Ltd (URGN), sold all of Arvinas Inc (ARVN), Insmed Inc (INSM) (-61.5% shares), Moderna Inc (MRNA) (-50.0% shares) and Stoke Therapeutics Inc (STOK) (-40.0% shares), compared with its Q1 2026 filing.

How has Tang Capital Management LLC's portfolio performed?

A portfolio copying Tang Capital Management LLC's 20 largest 13F holdings each quarter, from the day each filing was public, returned +23.5% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +45.8% against +20.1%. Over 5 years: +0.4% a year against +11.6%.

When is Tang Capital Management LLC's next 13F filing due?

13F filings are due 45 days after each quarter ends. Tang Capital Management LLC's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.