SEC 13F Intelligence

Managers / Q2 2023 · view latest →

TANG CAPITAL MANAGEMENT LLC

CIK 0001232621 · 4747 EXECUTIVE DRIVE, SUITE 210, SAN DIEGO, CA, 92121 · 858-200-3830

Reported Value
$679M
Q2 2023
Positions
99
Filings on Record
30
2019–present window
Filed
Aug 14, 2023
original filing

Summary

Tang Capital Management LLC reported $679M in U.S.-listed holdings across 99 positions for Q2 2023.

Its largest position, ANAB, represents 5.8% of the portfolio.

Compared with Q1 2023, the fund opened 22 new positions and exited 26.

Portfolio Metrics

Turnover
+21.9%
vs prior filed quarter
Top-10 Concentration
+38.7%
share of reported value
Largest Position
+5.8%
Anaptysbio
New / Exited
22 / 26
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $436MQ4 ’18Q1 ’19: $543MQ2 ’19: $740MQ3 ’19: $584MQ4 ’19: $837MQ4 ’19Q1 ’20: $712MQ2 ’20: $1.0BQ3 ’20: $553MQ4 ’20: $655MQ4 ’20Q1 ’21: $355MQ2 ’21: $502MQ3 ’21: $482MQ4 ’21: $497MQ4 ’21Q1 ’22: $500MQ2 ’22: $659MQ3 ’22: $815MQ4 ’22: $688MQ4 ’22Q1 ’23: $671MQ2 ’23: $679MQ3 ’23: $709MQ4 ’23: $1.1BQ4 ’23Q1 ’24: $960MQ2 ’24: $982MQ3 ’24: $1.4BQ4 ’24: $1.5BQ4 ’24Q1 ’25: $1.8BQ2 ’25: $2.0BQ3 ’25: $2.6BQ4 ’25: $2.0BQ4 ’25Q1 ’26: $2.0Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 73.9%Other: 16.0%ADR: 9.8%REIT: 0.3%
  • Common Stock · 73.9% · $502M
  • Other · 16.0% · $109M
  • ADR · 9.8% · $67M
  • REIT · 0.3% · $2M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
INFLARX NVNEW+2.90M2.90M+$13M$13M
VSTMVERASTEM INCNEW+1.14M1.14M+$8M$8M
ADMAADMA BIOLOGICS INCNEW+1.26M1.26M+$5M$5M
ADAPYADAPTIMMUNE THERAPEUTICS PLCNEW+4.89M4.89M+$5M$5M
RAIN ONCOLOGY INCNEW+3.74M3.74M+$4M$4M
NOVOCURE LTDNEW+100.0K100.0K+$4M$4M
PHATPHATHOM PHARMACEUTICALS INCNEW+250.0K250.0K+$4M$4M
USBUS BANCORP DELNEW+100.0K100.0K+$3M$3M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2023

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ANABANAPTYSBIO INChistory →COM5.84%$40M1.95M
2TARSTARSUS PHARMACEUTICALS INChistory →COM4.73%$32M1.78M
3MIRMMIRUM PHARMACEUTICALS INChistory →COM4.33%$29M1.14M
4IMGNEURIMMUNOGEN INChistory →COM3.61%$25M1.30M
5IMCRIMMUNOCORE HLDGS PLChistory →ADS3.58%$24M405.6K
6BLUEBIRD BIO INCCOM3.58%$24M7.38M
74XC1KALVISTA PHARMACEUTICALS INChistory →COM3.51%$24M2.65M
8AXSMAXSOME THERAPEUTICS INChistory →COM3.39%$23M320.0K
9EOLSEVOLUS INChistory →COM3.32%$23M3.10M
10ITCIEURINTRA-CELLULAR THERAPIES INChistory →COM2.80%$19M300.0K
11NYCBEURNEW YORK CMNTY BANCORP INChistory →COM2.66%$18M1.61M
12BCRXBIOCRYST PHARMACEUTICALS INChistory →COM2.54%$17M2.45M
13VRDNVIRIDIAN THERAPEUTICS INChistory →COM2.43%$16M692.9K
14ONCBEIGENE LTDhistory →SPONSORED ADR2.23%$15M85.0K
15PCVXVAXCYTE INChistory →COM2.21%$15M300.0K
16LLYLILLY ELI & COhistory →COM2.07%$14M30.0K
17INFLARX NVCOM1.90%$13M2.90M
18AZNNASTRAZENECA PLChistory →SPONSORED ADR1.79%$12M170.0K
19CTMXCYTOMX THERAPEUTICS INChistory →COM1.67%$11M6.60M
20AVIRATEA PHARMACEUTICALS INChistory →COM1.67%$11M3.03M
21BCABGBPBIOATLA INChistory →COM1.62%$11M3.67M
22ALTALTIMMUNE INChistory →COM NEW1.43%$10M2.75M
23HRMYHARMONY BIOSCIENCES HLDGS INhistory →COM1.40%$10M271.2K
24ZYMEZYMEWORKS DEL INChistory →COM1.40%$10M1.10M
25MRNAMODERNA INChistory →COM1.37%$9M76.7K
26COFCAPITAL ONE FINL CORPhistory →COM1.29%$9M80.0K
27THIRD HARMONIC BIO INCCOM1.27%$9M1.80M
28VSTMVERASTEM INChistory →COM NEW1.25%$8M1.14M
29AMARIN CORP PLCSPONS ADR NEW1.24%$8M7.10M
30KINIKSA PHARMACEUTICALS LTDCOM CL A1.24%$8M600.0K
31ISIIONIS PHARMACEUTICALS INChistory →COM1.21%$8M200.0K
32ELEVATION ONCOLOGY INCCOM0.90%$6M4.00M
33BUWABIO RAD LABS INCCL A0.89%$6M16.0K
34TORCEURADICET BIO INCCOM0.89%$6M2.48M
35QUINCE THERAPEUTICS INCCOM0.80%$5M3.61M
36GRPHGRAPHITE BIO INCCOM0.80%$5M2.09M
37CGEMCULLINAN ONCOLOGY INCCOM0.71%$5M450.0K
38ADMAADMA BIOLOGICS INCCOM0.68%$5M1.26M
39TRVCCITIGROUP INCCOM NEW0.68%$5M100.0K
40MAGENTA THERAPEUTICS INCCOM0.68%$5M6.06M
41PYXSPYXIS ONCOLOGY INCCOMMON STOCK0.67%$5M1.79M
42ADAPYADAPTIMMUNE THERAPEUTICS PLCSPONDS ADR0.67%$5M4.89M
43RAIN ONCOLOGY INCCOM0.66%$4M3.74M
44GNFTYGENFIT S AADS0.64%$4M1.23M
45BOLT1EURBOLT BIOTHERAPEUTICS INCCOM0.63%$4M3.33M
46ENZBENZO BIOCHEM INCCOM0.62%$4M2.30M
47NOVOCURE LTDORD SHS0.61%$4M100.0K
48ASLAN PHARMACEUTICALS LTDSPON ADS NEW0.61%$4M1.13M
49DVAXDYNAVAX TECHNOLOGIES CORPCOM NEW0.57%$4M300.0K
50VBTXVERITEX HLDGS INCCOM0.55%$4M210.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$2.0B51May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$2.0B75Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$2.6B194Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$2.0B200Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$1.8B202May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$1.5B183Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$1.4B154Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$982M128Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$960M99May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$1.1B123Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$709M106Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$679M99Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$671M103May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$688M89Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$815M95Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$659M67Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$500M53May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$497M29Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$482M20Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$502M16Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$355M11May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$655M11Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$553M20Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$1.0B21Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$712M25May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$837M17Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$584M12Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$740M10Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$543M9May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$436M10Feb 14, 201913F-HRchanges · EDGAR ↗

Other Included Managers

This filing reports holdings on behalf of 1 additional manager.

  • TANG KEVIN C028-14818

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.