First Turn Management, LLC
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), First Turn Management, LLC reported 31 stock positions worth $934.7 million. Its top holding was Revolution Medicines (RVMD) at 8.3% of the portfolio, followed by Abivax SA-ADR (ABVX, 7.0%) and Axsome Therapeutics (AXSM, 5.7%). Compared with Q1 2026, it opened 5 new positions, sold out of 7, added to 14 and reduced 11. The biggest buy was a new position in Vaxcyte (PCVX) and the biggest sale Nuvalent Class A (NUVL, shares −93%).
- Most Recent 13F
- Q2 2026
- Location
- DEL MAR, CA
- CIK
- 0001993440
- Portfolio Value
- $934.7M (Q2 2026)
- SEC Filing
- 0001993440-26-000004 ↗ filed Aug 14, 2026
Holdings Value
Holdings 31 stocks · $934.7M
| RVMD Revolution Medicines Inc. | 8.32% | 415,307 | $77.8M | Reduce -11.3% |
| ABVX Abivax SA-ADR | 6.98% | 489,889 | $65.3M | Add +5.2% |
| AXSM Axsome Therapeutics Inc. | 5.72% | 218,415 | $53.5M | Add +15.7% |
| ELVN Enliven Therapeutics Inc. | 5.18% | 954,360 | $48.4M | Add +53.0% |
| BBIO Bridgebio Pharma Inc. | 5.05% | 633,364 | $47.2M | Reduce -9.0% |
| ROIV Roivant Sciences Ltd. | 5.04% | 1,331,066 | $47.1M | Add +11.8% |
| UTHR United Therapeutics Corp. | 4.92% | 84,932 | $46.0M | Reduce -18.9% |
| CYTK Cytokinetics Inc. | 4.81% | 527,412 | $44.9M | Add +85.9% |
| XENE Xenon Pharmaceuticals Inc. | 3.88% | 600,200 | $36.2M | Reduce -23.7% |
| CELC Celcuity Inc. | 3.68% | 329,101 | $34.4M | Add +56.3% |
| VRDN Viridian Therapeutics Inc. | 3.28% | 1,670,000 | $30.7M | Add +83.3% |
| INSM Insmed Inc. | 3.01% | 263,851 | $28.1M | Add +6.2% |
| QURE Uniqure NV | 3.00% | 608,925 | $28.0M | Reduce -1.1% |
| ASND Ascendis Pharma A/S | 2.99% | 104,877 | $28.0M | Add +37.5% |
| PRAX Praxis Precision Medicines I | 2.99% | 83,528 | $28.0M | Add +96.8% |
| DNTH Dianthus Therapeutics Inc. | 2.98% | 285,771 | $27.9M | Add +29.4% |
| PCVX Vaxcyte Inc. | 2.76% | 443,836 | $25.8M | New |
| MIRM Mirum Pharmaceuticals Inc. | 2.73% | 218,051 | $25.5M | Reduce -45.5% |
| PVLA Palvella Therapeutics Inc. | 2.56% | 156,450 | $23.9M | Add +5.6% |
| COGT Cogent Biosciences Inc. | 2.49% | 602,281 | $23.3M | Reduce -36.4% |
| ERAS Erasca Inc. | 2.39% | 1,221,721 | $22.4M | Add +40.8% |
| ORIC Oric Pharmaceuticals Inc. | 2.34% | 2,017,284 | $21.8M | No change |
| NAMS Newamsterdam Pharma Co. NV | 2.11% | 582,497 | $19.7M | Add +4.3% |
| APGE Apogee Therapeutics Inc. | 1.97% | 138,822 | $18.4M | Reduce -73.0% |
| RYTM Rhythm Pharmaceuticals Inc. | 1.83% | 154,018 | $17.1M | New |
| INBX Inhibrx Biosciences Inc. | 1.67% | 164,783 | $15.6M | New |
| SRRK Scholar Rock Holding Corp. | 1.60% | 271,227 | $14.9M | Reduce -39.2% |
| ORKA Oruka Therapeutics Inc. | 1.58% | 155,343 | $14.8M | New |
| KYMR Kymera Therapeutics Inc. | 1.26% | 102,533 | $11.8M | Reduce -59.7% |
| SION Sionna Therapeutics Inc. | 0.52% | 110,493 | $4.9M | New |
| NUVL Nuvalent Inc. Class A | 0.35% | 26,298 | $3.2M | Reduce -92.9% |
Portfolio Sells Q1 2026 → Q2 2026
| NUVL Nuvalent Inc. Class A | Reduce -92.9% | 0.35% | −3.89 |
| IDYA Ideaya Biosciences Inc. | Sold out | 0.00% | −3.25 |
| APGE Apogee Therapeutics Inc. | Reduce -73.0% | 1.97% | −2.86 |
| UTHR United Therapeutics Corp. | Reduce -18.9% | 4.92% | −2.01 |
| FULC Fulcrum Therapeutics Inc. | Sold out | 0.00% | −1.93 |
| TERN Terns Pharmaceuticals Inc. | Sold out | 0.00% | −1.92 |
| VERA Vera Therapeutics Inc. | Sold out | 0.00% | −1.90 |
| NTRA Natera Inc. | Sold out | 0.00% | −1.81 |
| COGT Cogent Biosciences Inc. | Reduce -36.4% | 2.49% | −1.58 |
| MIRM Mirum Pharmaceuticals Inc. | Reduce -45.5% | 2.73% | −1.40 |
| OLMA Olema Pharmaceuticals Inc. | Sold out | 0.00% | −1.28 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -23.7% | 3.88% | −1.24 |
| KYMR Kymera Therapeutics Inc. | Reduce -59.7% | 1.26% | −1.11 |
| SRRK Scholar Rock Holding Corp. | Reduce -39.2% | 1.60% | −0.86 |
| BBIO Bridgebio Pharma Inc. | Reduce -9.0% | 5.05% | −0.73 |
| MLTX Moonlake Immunotherapeutics | Sold out | 0.00% | −0.66 |
| QURE Uniqure NV | Reduce -1.1% | 3.00% | +1.88 |
| RVMD Revolution Medicines Inc. | Reduce -11.3% | 8.32% | +3.23 |
Portfolio Buys Q1 2026 → Q2 2026
| PCVX Vaxcyte Inc. | New | 2.76% | +2.76 |
| CYTK Cytokinetics Inc. | Add +85.9% | 4.81% | +2.72 |
| ELVN Enliven Therapeutics Inc. | Add +53.0% | 5.18% | +2.45 |
| AXSM Axsome Therapeutics Inc. | Add +15.7% | 5.72% | +2.15 |
| RYTM Rhythm Pharmaceuticals Inc. | New | 1.83% | +1.83 |
| INBX Inhibrx Biosciences Inc. | New | 1.67% | +1.67 |
| ORKA Oruka Therapeutics Inc. | New | 1.58% | +1.58 |
| PRAX Praxis Precision Medicines I | Add +96.8% | 2.99% | +1.46 |
| ROIV Roivant Sciences Ltd. | Add +11.8% | 5.04% | +1.36 |
| VRDN Viridian Therapeutics Inc. | Add +83.3% | 3.28% | +1.29 |
| ABVX Abivax SA-ADR | Add +5.2% | 6.98% | +1.19 |
| ASND Ascendis Pharma A/S | Add +37.5% | 2.99% | +1.04 |
| CELC Celcuity Inc. | Add +56.3% | 3.68% | +1.00 |
| DNTH Dianthus Therapeutics Inc. | Add +29.4% | 2.98% | +0.91 |
| ERAS Erasca Inc. | Add +40.8% | 2.39% | +0.83 |
| SION Sionna Therapeutics Inc. | New | 0.52% | +0.52 |
| PVLA Palvella Therapeutics Inc. | Add +5.6% | 2.56% | +0.50 |
| NAMS Newamsterdam Pharma Co. NV | Add +4.3% | 2.11% | +0.12 |
| INSM Insmed Inc. | Add +6.2% | 3.01% | −1.53 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 31 | $934.7M | RVMD, ABVX, AXSM, ELVN, BBIO |
| Q1 2026 | 33 | $895.1M | UTHR, ABVX, BBIO, XENE, RVMD |
| Q4 2025 | 33 | $875.2M | ABVX, RVMD, INSM, BBIO, MIRM |
| Q3 2025 | 29 | $666.0M | INSM, MIRM, UTHR, MRUS, NUVL |
| Q2 2025 | 35 | $536.0M | INSM, VRNA, MIRM, NUVL, ARGX |
| Q1 2025 | 35 | $496.1M | INSM, VRNA, ARGX, NUVL, XENE |
| Q4 2024 | 36 | $558.3M | INSM, VRNA, XENE, ARGX, ITCI |
| Q3 2024 | 38 | $631.6M | NUVL, ARGX, INSM, MIRM, PCVX |
| Q2 2024 | 36 | $614.7M | ARGX, SRPT, AXSM, ASND, MIRM |
| Q1 2024 | 34 | $668.5M | SWAV, ARGX, CYTK, XENE, SRPT |