First Turn Management, LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 7, 2024), First Turn Management, LLC reported 38 stock positions worth $631.6 million. Its top holding was Nuvalent Class A (NUVL) at 5.8% of the portfolio, followed by Argenx SE - ADR (ARGX, 4.7%) and Insmed (INSM, 4.1%). Compared with Q2 2024, it opened 13 new positions, sold out of 11, added to 6 and reduced 19. The biggest buy was a new position in Natera (NTRA) and the biggest sale an exit from Sarepta Therapeutics (SRPT).
- Most Recent 13F
- Q2 2026
- Location
- DEL MAR, CA
- CIK
- 0001993440
- Portfolio Value
- $631.6M (Q3 2024)
- SEC Filing
- 0001085146-24-005432 ↗ filed Nov 7, 2024
Holdings Value
Holdings 38 stocks · $631.6M
| NUVL Nuvalent Inc. Class A | 5.82% | 359,114 | $36.7M | Add +42.4% |
| ARGX Argenx SE - ADR | 4.67% | 54,440 | $29.5M | Reduce -31.9% |
| INSM Insmed Inc. | 4.12% | 356,451 | $26.0M | Add +10.2% |
| MIRM Mirum Pharmaceuticals Inc. | 4.00% | 647,611 | $25.3M | Reduce -7.9% |
| PCVX Vaxcyte Inc. | 3.84% | 211,985 | $24.2M | Reduce -18.6% |
| AXSM Axsome Therapeutics Inc. | 3.63% | 255,294 | $22.9M | Reduce -24.3% |
| SNDX Syndax Pharmaceuticals Inc. | 3.62% | 1,187,165 | $22.9M | Add +85.4% |
| ASND Ascendis Pharma A/S | 3.56% | 150,593 | $22.5M | Reduce -19.3% |
| NTRA Natera Inc. | 3.13% | 155,650 | $19.8M | New |
| ITCI Intra-Cellular Therapies Inc. | 2.95% | 254,800 | $18.6M | Reduce -26.6% |
| CRNX Crinetics Pharmaceuticals Inc. | 2.86% | 353,376 | $18.1M | Reduce -4.3% |
| TMDX Transmedics Group Inc. | 2.84% | 114,247 | $17.9M | Reduce -18.3% |
| ACLX Arcellx Inc. | 2.83% | 214,298 | $17.9M | New |
| BPMC Blueprint Medicines Corp. | 2.62% | 178,929 | $16.6M | Reduce -3.2% |
| VRNA Verona Pharma Ltd. | 2.61% | 572,928 | $16.5M | New |
| VRTX Vertex Pharmaceuticals Inc. | 2.59% | 35,222 | $16.4M | Reduce -30.5% |
| BHVN Biohaven Ltd. | 2.50% | 315,816 | $15.8M | Reduce -13.7% |
| ESTA Establishment Labs Holdings | 2.45% | 357,003 | $15.4M | Reduce -3.5% |
| MRUS Merus NV | 2.44% | 308,014 | $15.4M | Reduce -4.3% |
| ORIC Oric Pharmaceuticals Inc. | 2.35% | 1,451,037 | $14.9M | Reduce -4.3% |
| ISRG Intuitive Surgical Inc. | 2.35% | 30,254 | $14.9M | Reduce -27.8% |
| HROW Harrow Inc. | 2.32% | 326,582 | $14.7M | New |
| VERA Vera Therapeutics Inc. | 2.28% | 326,494 | $14.4M | Add +53.3% |
| BCAX Bicara Therapeutics Inc. | 2.27% | 562,391 | $14.3M | New |
| GERN Geron Corp. | 2.25% | 3,124,967 | $14.2M | New |
| ELVN Enliven Therapeutics Inc. | 2.16% | 535,092 | $13.7M | Add +29.5% |
| ADMA Adma Biologics Inc. | 2.10% | 664,985 | $13.3M | New |
| DAWN Day One Biopharmaceuticals I | 2.09% | 947,878 | $13.2M | New |
| RGEN Repligen Corp. | 2.09% | 88,714 | $13.2M | New |
| XENE Xenon Pharmaceuticals Inc. | 2.03% | 325,218 | $12.8M | Reduce -4.3% |
| GKOS Glaukos Corp. | 1.98% | 96,097 | $12.5M | New |
| KRYS Krystal Biotech Inc. | 1.96% | 67,942 | $12.4M | Reduce -37.8% |
| CYTK Cytokinetics Inc. | 1.87% | 223,147 | $11.8M | Reduce -23.9% |
| RCKT Rocket Pharmaceuticals Inc. | 1.82% | 621,306 | $11.5M | Add +10.8% |
| BBIO Bridgebio Pharma Inc. | 1.61% | 399,781 | $10.2M | New |
| RLAY Relay Therapeutics Inc. | 1.37% | 1,226,354 | $8.7M | New |
| SPRY Ars Pharmaceuticals Inc. | 1.36% | 593,291 | $8.6M | New |
| KALV Kalvista Pharmaceuticals Inc. | 0.65% | 355,000 | $4.1M | Reduce -66.5% |
Portfolio Sells Q2 2024 → Q3 2024
| SRPT Sarepta Therapeutics Inc. | Sold out | 0.00% | −4.67 |
| IMVT Immunovant Inc. | Sold out | 0.00% | −2.99 |
| DXCM Dexcom Inc. | Sold out | 0.00% | −2.95 |
| ATEC Alphatec Holdings Inc. | Sold out | 0.00% | −2.31 |
| IDYA Ideaya Biosciences Inc. | Sold out | 0.00% | −2.27 |
| RVMD Revolution Medicines Inc. | Sold out | 0.00% | −2.08 |
| APGE Apogee Therapeutics Inc. | Sold out | 0.00% | −2.04 |
| SYRE Spyre Therapeutics Inc. | Sold out | 0.00% | −1.78 |
| SLN Silence Therapeutics PLC-ADR | Sold out | 0.00% | −1.66 |
| IMCR Immunocore Holdings PLC-ADR | Sold out | 0.00% | −1.60 |
| KALV Kalvista Pharmaceuticals Inc. | Reduce -66.5% | 0.65% | −1.38 |
| KRYS Krystal Biotech Inc. | Reduce -37.8% | 1.96% | −1.30 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -30.5% | 2.59% | −1.27 |
| IRON Disc Medicine Inc. | Sold out | 0.00% | −1.02 |
| ARGX Argenx SE - ADR | Reduce -31.9% | 4.67% | −0.92 |
| ITCI Intra-Cellular Therapies Inc. | Reduce -26.6% | 2.95% | −0.92 |
| AXSM Axsome Therapeutics Inc. | Reduce -24.3% | 3.63% | −0.78 |
| CYTK Cytokinetics Inc. | Reduce -23.9% | 1.87% | −0.72 |
| ISRG Intuitive Surgical Inc. | Reduce -27.8% | 2.35% | −0.68 |
| MRUS Merus NV | Reduce -4.3% | 2.44% | −0.66 |
| BPMC Blueprint Medicines Corp. | Reduce -3.2% | 2.62% | −0.62 |
| TMDX Transmedics Group Inc. | Reduce -18.3% | 2.84% | −0.58 |
| ASND Ascendis Pharma A/S | Reduce -19.3% | 3.56% | −0.58 |
| ESTA Establishment Labs Holdings | Reduce -3.5% | 2.45% | −0.29 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -4.3% | 2.03% | −0.13 |
| MIRM Mirum Pharmaceuticals Inc. | Reduce -7.9% | 4.00% | +0.09 |
| CRNX Crinetics Pharmaceuticals Inc. | Reduce -4.3% | 2.86% | +0.17 |
| BHVN Biohaven Ltd. | Reduce -13.7% | 2.50% | +0.43 |
| ORIC Oric Pharmaceuticals Inc. | Reduce -4.3% | 2.35% | +0.61 |
| PCVX Vaxcyte Inc. | Reduce -18.6% | 3.84% | +0.64 |
Portfolio Buys Q2 2024 → Q3 2024
| NTRA Natera Inc. | New | 3.13% | +3.13 |
| ACLX Arcellx Inc. | New | 2.83% | +2.83 |
| NUVL Nuvalent Inc. Class A | Add +42.4% | 5.82% | +2.70 |
| VRNA Verona Pharma Ltd. | New | 2.61% | +2.61 |
| HROW Harrow Inc. | New | 2.32% | +2.32 |
| BCAX Bicara Therapeutics Inc. | New | 2.27% | +2.27 |
| GERN Geron Corp. | New | 2.25% | +2.25 |
| ADMA Adma Biologics Inc. | New | 2.10% | +2.10 |
| DAWN Day One Biopharmaceuticals I | New | 2.09% | +2.09 |
| RGEN Repligen Corp. | New | 2.09% | +2.09 |
| GKOS Glaukos Corp. | New | 1.98% | +1.98 |
| BBIO Bridgebio Pharma Inc. | New | 1.61% | +1.61 |
| SNDX Syndax Pharmaceuticals Inc. | Add +85.4% | 3.62% | +1.48 |
| RLAY Relay Therapeutics Inc. | New | 1.37% | +1.37 |
| SPRY Ars Pharmaceuticals Inc. | New | 1.36% | +1.36 |
| VERA Vera Therapeutics Inc. | Add +53.3% | 2.28% | +1.03 |
| INSM Insmed Inc. | Add +10.2% | 4.12% | +0.60 |
| ELVN Enliven Therapeutics Inc. | Add +29.5% | 2.16% | +0.59 |
| RCKT Rocket Pharmaceuticals Inc. | Add +10.8% | 1.82% | −0.15 |
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 |