First Turn Management, LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 6, 2024), First Turn Management, LLC reported 34 stock positions worth $668.5 million. Its top holding was Shockwave Medical (SWAV) at 4.8% of the portfolio, followed by Argenx SE - ADR (ARGX, 4.7%) and Cytokinetics (CYTK, 4.5%). Compared with Q4 2023, it opened 9 new positions, sold out of 5, added to 10 and reduced 11. The biggest buy was a new position in Apogee Therapeutics (APGE) and the biggest sale Cytokinetics (CYTK, shares −47%).
- Most Recent 13F
- Q2 2026
- Location
- DEL MAR, CA
- CIK
- 0001993440
- Portfolio Value
- $668.5M (Q1 2024)
- SEC Filing
- 0001085146-24-002247 ↗ filed May 6, 2024
Holdings Value
Holdings 34 stocks · $668.5M
| SWAV Shockwave Medical Inc. | 4.78% | 98,111 | $31.9M | Add +70.7% |
| ARGX Argenx SE - ADR | 4.71% | 79,978 | $31.5M | Reduce -4.1% |
| CYTK Cytokinetics Inc. | 4.51% | 430,349 | $30.2M | Reduce -46.7% |
| XENE Xenon Pharmaceuticals Inc. | 4.38% | 680,389 | $29.3M | No change |
| SRPT Sarepta Therapeutics Inc. | 4.29% | 221,748 | $28.7M | Add +8.8% |
| AXSM Axsome Therapeutics Inc. | 4.08% | 342,173 | $27.3M | Add +15.8% |
| DXCM Dexcom Inc. | 4.00% | 192,932 | $26.8M | No change |
| IMCR Immunocore Holdings PLC-ADR | 3.84% | 394,674 | $25.7M | Add +15.0% |
| APGE Apogee Therapeutics Inc. | 3.78% | 379,803 | $25.2M | New |
| VRTX Vertex Pharmaceuticals Inc. | 3.68% | 58,832 | $24.6M | Reduce -28.0% |
| MIRM Mirum Pharmaceuticals Inc. | 3.60% | 958,654 | $24.1M | Add +14.6% |
| BHVN Biohaven Ltd. | 3.54% | 432,342 | $23.6M | Reduce -9.4% |
| KRYS Krystal Biotech Inc. | 3.48% | 130,850 | $23.3M | Reduce -46.0% |
| ASND Ascendis Pharma A/S | 3.43% | 151,587 | $22.9M | No change |
| TMDX Transmedics Group Inc. | 3.29% | 297,377 | $22.0M | Reduce -8.0% |
| DAWN Day One Biopharmaceuticals I | 3.26% | 1,318,207 | $21.8M | Reduce -22.5% |
| NUVL Nuvalent Inc. Class A | 2.99% | 265,897 | $20.0M | Add +3.9% |
| IONS Ionis Pharmaceuticals Inc. | 2.73% | 421,487 | $18.3M | Add +18.2% |
| PCVX Vaxcyte Inc. | 2.66% | 260,281 | $17.8M | Reduce -27.2% |
| SYRE Spyre Therapeutics Inc. | 2.64% | 464,435 | $17.6M | New |
| IDYA Ideaya Biosciences Inc. | 2.61% | 397,782 | $17.5M | Add +4.0% |
| IMVT Immunovant Inc. | 2.48% | 512,893 | $16.6M | No change |
| IRON Disc Medicine Inc. | 2.35% | 252,673 | $15.7M | Add +60.7% |
| VRNA Verona Pharma Ltd. | 2.34% | 973,130 | $15.7M | Reduce -19.3% |
| ORIC Oric Pharmaceuticals Inc. | 2.26% | 1,097,571 | $15.1M | New |
| ITCI Intra-Cellular Therapies Inc. | 2.14% | 206,707 | $14.3M | Reduce -4.9% |
| KALV Kalvista Pharmaceuticals Inc. | 2.09% | 1,179,420 | $14.0M | New |
| ATEC Alphatec Holdings Inc. | 2.04% | 990,618 | $13.7M | New |
| LEGN Legend Biotech Corp.-ADR | 1.92% | 228,251 | $12.8M | Reduce -52.1% |
| EYPT Eyepoint Inc. | 1.81% | 585,447 | $12.1M | Add +84.7% |
| VKTX Viking Therapeutics Inc. | 1.57% | 128,064 | $10.5M | New |
| RCKT Rocket Pharmaceuticals Inc. | 1.01% | 250,870 | $6.8M | New |
| TYRA Tyra Biosciences Inc. | 0.94% | 381,210 | $6.3M | New |
| VERA Vera Therapeutics Inc. | 0.76% | 118,260 | $5.1M | New |
Portfolio Sells Q4 2023 → Q1 2024
| CYTK Cytokinetics Inc. | Reduce -46.7% | 4.51% | −5.17 |
| CBAY Cymabay Therapeutics Inc. | Sold out | 0.00% | −5.08 |
| KRTX Karuna Therapeutics Inc. | Sold out | 0.00% | −3.97 |
| PODD Insulet Corp. | Sold out | 0.00% | −3.59 |
| ROIV Roivant Sciences Ltd. | Sold out | 0.00% | −2.20 |
| LEGN Legend Biotech Corp.-ADR | Reduce -52.1% | 1.92% | −2.20 |
| VRNA Verona Pharma Ltd. | Reduce -19.3% | 2.34% | −1.10 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -28.0% | 3.68% | −1.09 |
| KRYS Krystal Biotech Inc. | Reduce -46.0% | 3.48% | −0.83 |
| CABA Cabaletta Bio Inc. | Sold out | 0.00% | −0.57 |
| PCVX Vaxcyte Inc. | Reduce -27.2% | 2.66% | −0.56 |
| TMDX Transmedics Group Inc. | Reduce -8.0% | 3.29% | −0.37 |
| DAWN Day One Biopharmaceuticals I | Reduce -22.5% | 3.26% | −0.31 |
| ITCI Intra-Cellular Therapies Inc. | Reduce -4.9% | 2.14% | −0.10 |
| ARGX Argenx SE - ADR | Reduce -4.1% | 4.71% | +0.15 |
| BHVN Biohaven Ltd. | Reduce -9.4% | 3.54% | +0.60 |
Portfolio Buys Q4 2023 → Q1 2024
| APGE Apogee Therapeutics Inc. | New | 3.78% | +3.78 |
| SWAV Shockwave Medical Inc. | Add +70.7% | 4.78% | +3.21 |
| SYRE Spyre Therapeutics Inc. | New | 2.64% | +2.64 |
| ORIC Oric Pharmaceuticals Inc. | New | 2.26% | +2.26 |
| KALV Kalvista Pharmaceuticals Inc. | New | 2.09% | +2.09 |
| ATEC Alphatec Holdings Inc. | New | 2.04% | +2.04 |
| VKTX Viking Therapeutics Inc. | New | 1.57% | +1.57 |
| SRPT Sarepta Therapeutics Inc. | Add +8.8% | 4.29% | +1.47 |
| IRON Disc Medicine Inc. | Add +60.7% | 2.35% | +1.05 |
| RCKT Rocket Pharmaceuticals Inc. | New | 1.01% | +1.01 |
| TYRA Tyra Biosciences Inc. | New | 0.94% | +0.94 |
| VERA Vera Therapeutics Inc. | New | 0.76% | +0.76 |
| EYPT Eyepoint Inc. | Add +84.7% | 1.81% | +0.76 |
| AXSM Axsome Therapeutics Inc. | Add +15.8% | 4.08% | +0.71 |
| IDYA Ideaya Biosciences Inc. | Add +4.0% | 2.61% | +0.66 |
| IMCR Immunocore Holdings PLC-ADR | Add +15.0% | 3.84% | +0.47 |
| NUVL Nuvalent Inc. Class A | Add +3.9% | 2.99% | +0.28 |
| IONS Ionis Pharmaceuticals Inc. | Add +18.2% | 2.73% | +0.14 |
| MIRM Mirum Pharmaceuticals Inc. | Add +14.6% | 3.60% | +0.06 |
Notes & Other Activity Q4 2023 → Q1 2024
| SOMALOGIC INC | *W EXP 08/31/202 | Sold out | 17,953 | $2Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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 |