First Turn Management, LLC
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 8, 2024), First Turn Management, LLC reported 36 stock positions worth $614.7 million. Its top holding was Argenx SE - ADR (ARGX) at 5.6% of the portfolio, followed by Sarepta Therapeutics (SRPT, 4.7%) and Axsome Therapeutics (AXSM, 4.4%). Compared with Q1 2024, it opened 10 new positions, sold out of 8, added to 7 and reduced 15. The biggest buy was a new position in Insmed (INSM) and the biggest sale an exit from Shockwave Medical (SWAV).
- Most Recent 13F
- Q2 2026
- Location
- DEL MAR, CA
- CIK
- 0001993440
- Portfolio Value
- $614.7M (Q2 2024)
- SEC Filing
- 0001085146-24-003570 ↗ filed Aug 8, 2024
Holdings Value
Holdings 36 stocks · $614.7M
| ARGX Argenx SE - ADR | 5.59% | 79,978 | $34.4M | No change |
| SRPT Sarepta Therapeutics Inc. | 4.67% | 181,669 | $28.7M | Reduce -18.1% |
| AXSM Axsome Therapeutics Inc. | 4.42% | 337,246 | $27.1M | Reduce -1.4% |
| ASND Ascendis Pharma A/S | 4.14% | 186,581 | $25.4M | Add +23.1% |
| MIRM Mirum Pharmaceuticals Inc. | 3.91% | 703,398 | $24.0M | Reduce -26.6% |
| ITCI Intra-Cellular Therapies Inc. | 3.87% | 347,343 | $23.8M | Add +68.0% |
| VRTX Vertex Pharmaceuticals Inc. | 3.87% | 50,692 | $23.8M | Reduce -13.8% |
| INSM Insmed Inc. | 3.52% | 323,360 | $21.7M | New |
| TMDX Transmedics Group Inc. | 3.42% | 139,780 | $21.1M | Reduce -53.0% |
| KRYS Krystal Biotech Inc. | 3.26% | 109,222 | $20.1M | Reduce -16.5% |
| BPMC Blueprint Medicines Corp. | 3.24% | 184,901 | $19.9M | New |
| PCVX Vaxcyte Inc. | 3.20% | 260,281 | $19.7M | No change |
| NUVL Nuvalent Inc. Class A | 3.11% | 252,276 | $19.1M | Reduce -5.1% |
| MRUS Merus NV | 3.10% | 321,906 | $19.0M | New |
| ISRG Intuitive Surgical Inc. | 3.03% | 41,901 | $18.6M | New |
| IMVT Immunovant Inc. | 2.99% | 695,428 | $18.4M | Add +35.6% |
| DXCM Dexcom Inc. | 2.95% | 160,096 | $18.2M | Reduce -17.0% |
| ESTA Establishment Labs Holdings | 2.73% | 369,980 | $16.8M | New |
| CRNX Crinetics Pharmaceuticals Inc. | 2.69% | 369,302 | $16.5M | New |
| CYTK Cytokinetics Inc. | 2.59% | 293,318 | $15.9M | Reduce -31.8% |
| ATEC Alphatec Holdings Inc. | 2.31% | 1,360,410 | $14.2M | Add +37.3% |
| IDYA Ideaya Biosciences Inc. | 2.27% | 397,782 | $14.0M | No change |
| XENE Xenon Pharmaceuticals Inc. | 2.16% | 339,876 | $13.3M | Reduce -50.0% |
| SNDX Syndax Pharmaceuticals Inc. | 2.14% | 640,389 | $13.1M | New |
| RVMD Revolution Medicines Inc. | 2.08% | 329,519 | $12.8M | New |
| BHVN Biohaven Ltd. | 2.07% | 366,019 | $12.7M | Reduce -15.3% |
| APGE Apogee Therapeutics Inc. | 2.04% | 318,327 | $12.5M | Reduce -16.2% |
| KALV Kalvista Pharmaceuticals Inc. | 2.03% | 1,059,540 | $12.5M | Reduce -10.2% |
| RCKT Rocket Pharmaceuticals Inc. | 1.96% | 560,989 | $12.1M | Add +123.6% |
| SYRE Spyre Therapeutics Inc. | 1.78% | 464,435 | $10.9M | No change |
| ORIC Oric Pharmaceuticals Inc. | 1.74% | 1,515,960 | $10.7M | Add +38.1% |
| SLN Silence Therapeutics PLC-ADR | 1.66% | 537,338 | $10.2M | New |
| IMCR Immunocore Holdings PLC-ADR | 1.60% | 291,086 | $9.9M | Reduce -26.3% |
| ELVN Enliven Therapeutics Inc. | 1.57% | 413,243 | $9.7M | New |
| VERA Vera Therapeutics Inc. | 1.25% | 212,944 | $7.7M | Add +80.1% |
| IRON Disc Medicine Inc. | 1.02% | 138,907 | $6.3M | Reduce -45.0% |
Portfolio Sells Q1 2024 → Q2 2024
| SWAV Shockwave Medical Inc. | Sold out | 0.00% | −4.78 |
| DAWN Day One Biopharmaceuticals I | Sold out | 0.00% | −3.26 |
| IONS Ionis Pharmaceuticals Inc. | Sold out | 0.00% | −2.73 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −2.34 |
| IMCR Immunocore Holdings PLC-ADR | Reduce -26.3% | 1.60% | −2.23 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -50.0% | 2.16% | −2.23 |
| CYTK Cytokinetics Inc. | Reduce -31.8% | 2.59% | −1.93 |
| LEGN Legend Biotech Corp.-ADR | Sold out | 0.00% | −1.92 |
| EYPT Eyepoint Inc. | Sold out | 0.00% | −1.81 |
| APGE Apogee Therapeutics Inc. | Reduce -16.2% | 2.04% | −1.74 |
| VKTX Viking Therapeutics Inc. | Sold out | 0.00% | −1.57 |
| BHVN Biohaven Ltd. | Reduce -15.3% | 2.07% | −1.47 |
| IRON Disc Medicine Inc. | Reduce -45.0% | 1.02% | −1.33 |
| DXCM Dexcom Inc. | Reduce -17.0% | 2.95% | −1.05 |
| TYRA Tyra Biosciences Inc. | Sold out | 0.00% | −0.94 |
| KRYS Krystal Biotech Inc. | Reduce -16.5% | 3.26% | −0.22 |
| KALV Kalvista Pharmaceuticals Inc. | Reduce -10.2% | 2.03% | −0.06 |
| NUVL Nuvalent Inc. Class A | Reduce -5.1% | 3.11% | +0.13 |
| TMDX Transmedics Group Inc. | Reduce -53.0% | 3.42% | +0.14 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -13.8% | 3.87% | +0.19 |
| MIRM Mirum Pharmaceuticals Inc. | Reduce -26.6% | 3.91% | +0.31 |
| AXSM Axsome Therapeutics Inc. | Reduce -1.4% | 4.42% | +0.33 |
| SRPT Sarepta Therapeutics Inc. | Reduce -18.1% | 4.67% | +0.37 |
Portfolio Buys Q1 2024 → Q2 2024
| INSM Insmed Inc. | New | 3.52% | +3.52 |
| BPMC Blueprint Medicines Corp. | New | 3.24% | +3.24 |
| MRUS Merus NV | New | 3.10% | +3.10 |
| ISRG Intuitive Surgical Inc. | New | 3.03% | +3.03 |
| ESTA Establishment Labs Holdings | New | 2.73% | +2.73 |
| CRNX Crinetics Pharmaceuticals Inc. | New | 2.69% | +2.69 |
| SNDX Syndax Pharmaceuticals Inc. | New | 2.14% | +2.14 |
| RVMD Revolution Medicines Inc. | New | 2.08% | +2.08 |
| ITCI Intra-Cellular Therapies Inc. | Add +68.0% | 3.87% | +1.73 |
| SLN Silence Therapeutics PLC-ADR | New | 1.66% | +1.66 |
| ELVN Enliven Therapeutics Inc. | New | 1.57% | +1.57 |
| RCKT Rocket Pharmaceuticals Inc. | Add +123.6% | 1.96% | +0.95 |
| ASND Ascendis Pharma A/S | Add +23.1% | 4.14% | +0.71 |
| IMVT Immunovant Inc. | Add +35.6% | 2.99% | +0.51 |
| VERA Vera Therapeutics Inc. | Add +80.1% | 1.25% | +0.49 |
| ATEC Alphatec Holdings Inc. | Add +37.3% | 2.31% | +0.27 |
| ORIC Oric Pharmaceuticals Inc. | Add +38.1% | 1.74% | −0.51 |
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 |