Tang Capital Management Portfolio
13F Holdings & Position Changes — Last filed Feb 17, 2026
13F Holdings & Position Changes — Last filed Feb 17, 2026
Tang Capital Management is a $2B biotech-focused hedge fund managed by Kevin Tang. As of their latest 13F filing (Q4 2025), the fund holds 66 positions worth $1.9B. This quarter they initiated 66 new positions. Their largest holding is AUPH ($180.7M).
Tang initiated 66 new positions this quarter. 322 upcoming catalysts across holdings. 7 insider buys detected in portfolio companies.
Showing first tracked quarter (Dec 31, 2025) — historical comparison will be available after the next 13F filing cycle.
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Tang Capital Management holds 66 biotech stocks in their 13F portfolio. Their top positions include AUPH, GLPGF, PTCT, CELC, MIRM. The full holdings table is available on BiotechEdge with position sizes, quarter-over-quarter changes, and AI analysis.
Tang Capital Management's tracked biotech portfolio is worth $1.9B across 66 positions, with total assets under management of approximately $2B. Portfolio values are based on 13F filings with the SEC.
Tang Capital Management initiated 66 new positions this quarter, including AUPH, GLPGF, PTCT, CELC, MIRM and 61 more. They also increased 0 existing positions.
Tang Capital Management did not fully exit any positions this quarter.
Event-driven biotech specialist known for concentrated bets around clinical catalysts, M&A situations, and activist campaigns. Deep industry relationships and willingness to engage publicly make the fund a closely watched market signal.
| 3 |
| PTCT |
| New |
| 1,500,000 |
| $113.9M |
| 4 | CELC | New | 1,050,000 | $104.7M |
| 5 | MIRM | New | 1,236,027 | $97.6M |
| 6 | TARS | New | 1,188,624 | $97.3M |
| 7 | KNSA | New | 2,259,889 | $93.2M |
| 8 | IMCR | New | 2,628,538 | $91.2M |
| 9 | CMPS | New | 16,790,809 | $90.2M |
| 10 | KALV | New | 4,573,530 | $73.9M |
| 11 | RNA | New | 900,000 | $64.9M |
| 12 | ANAB | New | 1,332,087 | $64.6M |
| 13 | SYRE | New | 1,892,200 | $62.0M |
| 14 | CAPR | New | 1,700,000 | $49.1M |
| 15 | BNTX | New | 470,000 | $44.7M |
| 16 | ANIP | New | 481,437 | $38.0M |
| 17 | VRTX | New | 80,000 | $36.3M |
| 18 | NUVB | New | 3,857,457 | $34.6M |
| 19 | TVTX | New | 700,000 | $26.7M |
| 20 | NVDA | New | 127,788 | $23.8M |
| 21 | PGEN | New | 5,617,500 | $23.5M |
| 22 | SPY | New | 30,000 | $20.5M |
| 23 | MRNA | New | 692,820 | $20.4M |
| 24 | VKTX | New | 500,000 | $17.6M |
| 25 | AVIR | New | 4,814,700 | $17.2M |
| 26 | STOK | New | 500,000 | $15.9M |
| 27 | IDYA | New | 450,000 | $15.6M |
| 28 | META | New | 23,331 | $15.4M |
| 29 | GLAXF | New | 300,000 | $14.7M |
| 30 | LENZ | New | 865,169 | $13.8M |
| 31 | PCVX | New | 275,000 | $12.7M |
| 32 | HRMY | New | 290,292 | $10.9M |
| 33 | INSM | New | 60,000 | $10.4M |
| 34 | CBIO | New | 872,398 | $10.3M |
| 35 | WVE | New | 600,000 | $10.2M |
| 36 | TDOC | New | 1,400,000 | $9.8M |
| 37 | DVAX | New | 556,359 | $8.6M |
| 38 | EOLS | New | 1,245,692 | $8.3M |
| 39 | VSTM | New | 1,069,810 | $8.3M |
| 40 | URGN | New | 350,000 | $8.2M |
| 41 | ACAD | New | 300,000 | $8.0M |
| 42 | ALT | New | 2,131,307 | $7.7M |
| 43 | SRPT | New | 349,220 | $7.5M |
| 44 | PLRX | New | 6,143,132 | $7.5M |
| 45 | ARVN | New | 569,698 | $6.8M |
| 46 | TBPH | New | 351,252 | $6.6M |
| 47 | BCRX | New | 800,000 | $6.2M |
| 48 | REGN | New | 8,000 | $6.2M |
| 49 | PMVP | New | 4,940,000 | $6.2M |
| 50 | BIIB | New | 35,000 | $6.2M |
| 51 | CORT | New | 156,764 | $5.5M |
| 52 | ABEO | New | 1,000,000 | $5.3M |
| 53 | IBRX | New | 2,333,333 | $4.6M |
| 54 | CHRS | New | 2,724,509 | $3.9M |
| 55 | ERAS | New | 900,000 | $3.3M |
| 56 | NKTX | New | 1,480,823 | $2.7M |
| 57 | NUVL | New | 21,880 | $2.2M |
| 58 | NMRA | New | 967,235 | $1.7M |
| 59 | STRO | New | 139,617 | $1.6M |
| 60 | BHVN | New | 140,000 | $1.6M |
| 61 | RVMD | New | 15,640 | $1.2M |
| 62 | FATE | New | 1,167,773 | $1.1M |
| 63 | ZYME | New | 34,631 | $912K |
| 64 | RCKT | New | 100,000 | $351K |
| 65 | ACET | New | 6,158 | $52K |
| 66 | TCRX | New | 46,131 | $46K |