How We Invest

13F FILER • KEVIN TANG

Tang Capital Management

Kevin Tang — TANG CAPITAL MANAGEMENT LLC

No writing by this manager has been read and indexed yet, so this page carries the filings only. Holdings come straight from the Form 13F-HR on EDGAR.

41

Positions

$2.2B

Reported Value

62.7%

In Top 10

—

Claims Indexed

Largest reported positions

TANG CAPITAL MANAGEMENT LLC • CIK 0001232621 • 2026-06-30 • FILED 2026-08-14

WHAT CHANGED THIS QUARTER

In its Q2 2026 13F, filed Aug 14, 2026, Tang Capital Management reported 41 positions worth $2.2B in US-listed stock. The largest stock position is Aurinia Pharmaceuticals Inc at 10.1% of the reported book, and the ten largest lines of any type make up 62.7% of it.

It opened 5 new positions, the largest stock positions being Nuvectis Pharma Inc ($28.5M), Fulcrum Therapeutics Inc ($23.9M) and Nano Dimension Ltd ($20.7M), and exited 15, the largest stock exits being Kalvista Pharmaceuticals Inc ($92.1M last quarter), Janux Therapeutics Inc ($7.0M last quarter) and Biogen Inc ($6.4M last quarter).

Among positions it already held, the biggest increases by share count were Tarsus Pharmaceuticals Inc (+32%), Celcuity Inc (+25%) and Compass Pathways Plc (+25%), and the biggest cuts were Insmed Inc (−61%), Moderna Inc (−50%) and Stoke Therapeutics Inc (−40%).

Largest reported positions, quarter ended 2026-06-30
IssuerValueWeightShares QoQ
AURINIA PHARMACEUTICALS INC$221.4M10.1%+7%
SPYRE THERAPEUTICS INC$168.0M7.6%—
MIRUM PHARMACEUTICALS INC$144.7M6.6%—
KINIKSA PHARMACEUTICALS INTL$144.5M6.6%—
CELCUITY INC$137.5M6.3%+25%
CORCEPT THERAPEUTICS INC$130.4M5.9%—
PTC THERAPEUTICS INC$122.4M5.6%—
LAKEFRONT BIOTHERAPEUTICS NV$113.5M5.2%—
CAPRICOR THERAPEUTICS INC$98.7M4.5%+21%
TARSUS PHARMACEUTICALS INC$98.7M4.5%+32%
STATE STR SPDR S&P 500 ETF T$91.9M4.2%-27%
ANAPTYSBIO INC$89.8M4.1%—
IMMUNOCORE HLDGS PLC$84.1M3.8%—
COMPASS PATHWAYS PLC$70.8M3.2%+25%
ANI PHARMACEUTICALS INC$58.6M2.7%—
BIONTECH SE$43.7M2.0%—
COMPASS THERAPEUTICS INC$39.4M1.8%+7%
PRECIGEN INC$36.6M1.7%—
VIRIDIAN THERAPEUTICS INC$32.9M1.5%—
NUVECTIS PHARMA INC$28.5M1.3%New

20 of 41 positions. $11.5M of the reported value is Section 13(f) debt — convertible notes and the like — which the form covers alongside equities. A 13F covers long US-listed positions at a quarter end only — no shorts, leverage, cash, ordinary bonds or private holdings — and is 45 days old on publication.

NEW POSITIONS

  • Nuvectis Pharma Inc$28.5M · 1.3%
  • Fulcrum Therapeutics Inc$23.9M · 1.1%
  • Nano Dimension Ltd$20.7M · 0.9%
  • Boundless Bio Inc$6.4M · 0.3%

EXITS

  • Kalvista Pharmaceuticals Inc$92.1M last quarter
  • Janux Therapeutics Inc$7.0M last quarter
  • Biogen Inc$6.4M last quarter
  • Urogen Pharma Ltd$6.3M last quarter
  • Arvinas Inc$5.7M last quarter

QUESTIONS PEOPLE ASK

What are Tang Capital Management's largest holdings?

OPEN
As of Jun 30, 2026, the three largest stock positions are Aurinia Pharmaceuticals Inc (10.1%), Spyre Therapeutics Inc (7.6%) and Mirum Pharmaceuticals Inc (6.6%), together 24.3% of the reported book.

How big is Tang Capital Management's 13F portfolio?

OPEN
The Q2 2026 13F, filed Aug 14, 2026, reports 41 positions worth $2.2B. The ten largest make up 62.7% of it.

What did Tang Capital Management buy and sell in Q2 2026?

OPEN
It opened 5 new positions, the largest stock positions being Nuvectis Pharma Inc ($28.5M), Fulcrum Therapeutics Inc ($23.9M) and Nano Dimension Ltd ($20.7M), and exited 15, the largest stock exits being Kalvista Pharmaceuticals Inc ($92.1M last quarter), Janux Therapeutics Inc ($7.0M last quarter) and Biogen Inc ($6.4M last quarter). Among positions it already held, the biggest increases by share count were Tarsus Pharmaceuticals Inc (+32%), Celcuity Inc (+25%) and Compass Pathways Plc (+25%), and the biggest cuts were Insmed Inc (−61%), Moderna Inc (−50%) and Stoke Therapeutics Inc (−40%).

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

OPEN
The Q3 2026 13F is due Nov 16, 2026. Forty-five days after the quarter ends is November 14, 2026 (Saturday), so the deadline moves to the next business day. Kevin Tang's filing usually lands close to the deadline.

Filers with overlapping books