TANG CAPITAL MANAGEMENT LLC
•CIK: 1232621•Filing: Q4 2025
**TANG CAPITAL MANAGEMENT LLC** manages $2.0B across a diversified portfolio of 75 positions. The firm maintains significant exposure to key names, notably anchoring its top holdings with AUPH at $180.7M and GLPG at $128.2M. Further concentration is evident in PTCT ($113.9M) and CELC ($104.7M), suggesting a conviction-driven approach within its investment mandate. This structure highlights tactical allocation across several high-conviction names.
Total AUM
$2.0B
QoQ Performance
-22.1%
Positions
75
Top 10 Concentration
52.9%
Latest Filing
Q4 2025
Top Holdings Allocation
AUPH
GLPG
PTCT
CELC
AUPH8.9%
GLPG6.3%
PTCT5.6%
CELC5.2%
MIRM4.8%
TARS4.8%
KINIKSA4.6%
IMCR4.5%
📈 Biggest Buys
📉 Biggest Sells
Sector Breakdown
Other96.5%
Technology1.9%
ETF1.0%
Healthcare0.5%
🚪 Exited Positionssold since Q3 2025
+123 more exited positions
Changes from Q3 2025
NEW9 new positions
↑12 increased
↓38 decreased
Historical Filings
Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023