First Turn Management, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), First Turn Management, LLC reported 36 stock positions worth $558.3 million. Its top holding was Insmed (INSM) at 5.5% of the portfolio, followed by Verona Pharma (VRNA, 5.3%) and Xenon Pharmaceuticals (XENE, 4.8%). Compared with Q3 2024, it opened 7 new positions, sold out of 9, added to 11 and reduced 13. The biggest buy was a new position in Janux Therapeutics (JANX) and the biggest sale an exit from Transmedics (TMDX).
- Most Recent 13F
- Q2 2026
- Location
- DEL MAR, CA
- CIK
- 0001993440
- Portfolio Value
- $558.3M (Q4 2024)
- SEC Filing
- 0001085146-25-001519 ↗ filed Feb 14, 2025
Holdings Value
Holdings 36 stocks · $558.3M
| INSM Insmed Inc. | 5.53% | 446,980 | $30.9M | Add +25.4% |
| VRNA Verona Pharma Ltd. | 5.34% | 641,901 | $29.8M | Add +12.0% |
| XENE Xenon Pharmaceuticals Inc. | 4.81% | 684,986 | $26.9M | Add +110.6% |
| ARGX Argenx SE - ADR | 4.75% | 43,078 | $26.5M | Reduce -20.9% |
| ITCI Intra-Cellular Therapies Inc. | 4.40% | 294,414 | $24.6M | Add +15.6% |
| NUVL Nuvalent Inc. Class A | 4.34% | 309,521 | $24.2M | Reduce -13.8% |
| CRNX Crinetics Pharmaceuticals Inc. | 4.15% | 453,376 | $23.2M | Add +28.3% |
| PCVX Vaxcyte Inc. | 4.06% | 276,905 | $22.7M | Add +30.6% |
| MIRM Mirum Pharmaceuticals Inc. | 3.75% | 506,908 | $21.0M | Reduce -21.7% |
| JANX Janux Therapeutics Inc. | 3.68% | 383,602 | $20.5M | New |
| VERA Vera Therapeutics Inc. | 3.52% | 464,807 | $19.7M | Add +42.4% |
| ISRG Intuitive Surgical Inc. | 3.27% | 35,032 | $18.3M | Add +15.8% |
| RVMD Revolution Medicines Inc. | 3.16% | 403,915 | $17.7M | New |
| EXAS Exact Sciences Corp. | 3.12% | 309,890 | $17.4M | New |
| AXSM Axsome Therapeutics Inc. | 2.91% | 192,146 | $16.3M | Reduce -24.7% |
| NTRA Natera Inc. | 2.81% | 99,159 | $15.7M | Reduce -36.3% |
| GKOS Glaukos Corp. | 2.58% | 96,097 | $14.4M | No change |
| GERN Geron Corp. | 2.47% | 3,893,327 | $13.8M | Add +24.6% |
| BBIO Bridgebio Pharma Inc. | 2.22% | 452,290 | $12.4M | Add +13.1% |
| ASND Ascendis Pharma A/S | 2.17% | 87,804 | $12.1M | Reduce -41.7% |
| HQY Healthequity Inc. | 2.16% | 125,867 | $12.1M | New |
| ELVN Enliven Therapeutics Inc. | 2.16% | 535,092 | $12.0M | No change |
| DAWN Day One Biopharmaceuticals I | 2.15% | 947,878 | $12.0M | No change |
| MRUS Merus NV | 2.15% | 285,159 | $12.0M | Reduce -7.4% |
| ADMA Adma Biologics Inc. | 2.10% | 684,230 | $11.7M | Add +2.9% |
| ORIC Oric Pharmaceuticals Inc. | 2.10% | 1,451,037 | $11.7M | No change |
| ACLX Arcellx Inc. | 2.09% | 152,356 | $11.7M | Reduce -28.9% |
| APGE Apogee Therapeutics Inc. | 2.05% | 252,725 | $11.4M | New |
| HROW Harrow Inc. | 1.83% | 304,874 | $10.2M | Reduce -6.7% |
| BHVN Biohaven Ltd. | 1.76% | 262,442 | $9.8M | Reduce -16.9% |
| CRMD Cormedix Inc. | 1.48% | 1,021,421 | $8.3M | New |
| SPRY Ars Pharmaceuticals Inc. | 1.12% | 593,291 | $6.3M | No change |
| BCAX Bicara Therapeutics Inc. | 1.08% | 346,170 | $6.0M | Reduce -38.5% |
| BPMC Blueprint Medicines Corp. | 1.05% | 67,143 | $5.9M | Reduce -62.5% |
| SNDX Syndax Pharmaceuticals Inc. | 1.05% | 441,587 | $5.8M | Reduce -62.8% |
| PRAX Praxis Precision Medicines I | 0.63% | 45,536 | $3.5M | New |
Portfolio Sells Q3 2024 → Q4 2024
| TMDX Transmedics Group Inc. | Sold out | 0.00% | −2.84 |
| VRTX Vertex Pharmaceuticals Inc. | Sold out | 0.00% | −2.59 |
| SNDX Syndax Pharmaceuticals Inc. | Reduce -62.8% | 1.05% | −2.57 |
| ESTA Establishment Labs Holdings | Sold out | 0.00% | −2.45 |
| RGEN Repligen Corp. | Sold out | 0.00% | −2.09 |
| KRYS Krystal Biotech Inc. | Sold out | 0.00% | −1.96 |
| CYTK Cytokinetics Inc. | Sold out | 0.00% | −1.87 |
| RCKT Rocket Pharmaceuticals Inc. | Sold out | 0.00% | −1.82 |
| BPMC Blueprint Medicines Corp. | Reduce -62.5% | 1.05% | −1.57 |
| NUVL Nuvalent Inc. Class A | Reduce -13.8% | 4.34% | −1.48 |
| ASND Ascendis Pharma A/S | Reduce -41.7% | 2.17% | −1.40 |
| RLAY Relay Therapeutics Inc. | Sold out | 0.00% | −1.37 |
| BCAX Bicara Therapeutics Inc. | Reduce -38.5% | 1.08% | −1.19 |
| BHVN Biohaven Ltd. | Reduce -16.9% | 1.76% | −0.74 |
| ACLX Arcellx Inc. | Reduce -28.9% | 2.09% | −0.74 |
| AXSM Axsome Therapeutics Inc. | Reduce -24.7% | 2.91% | −0.72 |
| KALV Kalvista Pharmaceuticals Inc. | Sold out | 0.00% | −0.65 |
| HROW Harrow Inc. | Reduce -6.7% | 1.83% | −0.49 |
| NTRA Natera Inc. | Reduce -36.3% | 2.81% | −0.32 |
| MRUS Merus NV | Reduce -7.4% | 2.15% | −0.29 |
| MIRM Mirum Pharmaceuticals Inc. | Reduce -21.7% | 3.75% | −0.24 |
| ARGX Argenx SE - ADR | Reduce -20.9% | 4.75% | +0.07 |
Portfolio Buys Q3 2024 → Q4 2024
| JANX Janux Therapeutics Inc. | New | 3.68% | +3.68 |
| RVMD Revolution Medicines Inc. | New | 3.16% | +3.16 |
| EXAS Exact Sciences Corp. | New | 3.12% | +3.12 |
| XENE Xenon Pharmaceuticals Inc. | Add +110.6% | 4.81% | +2.78 |
| VRNA Verona Pharma Ltd. | Add +12.0% | 5.34% | +2.73 |
| HQY Healthequity Inc. | New | 2.16% | +2.16 |
| APGE Apogee Therapeutics Inc. | New | 2.05% | +2.05 |
| CRMD Cormedix Inc. | New | 1.48% | +1.48 |
| ITCI Intra-Cellular Therapies Inc. | Add +15.6% | 4.40% | +1.45 |
| INSM Insmed Inc. | Add +25.4% | 5.53% | +1.41 |
| CRNX Crinetics Pharmaceuticals Inc. | Add +28.3% | 4.15% | +1.29 |
| VERA Vera Therapeutics Inc. | Add +42.4% | 3.52% | +1.24 |
| ISRG Intuitive Surgical Inc. | Add +15.8% | 3.27% | +0.92 |
| PRAX Praxis Precision Medicines I | New | 0.63% | +0.63 |
| BBIO Bridgebio Pharma Inc. | Add +13.1% | 2.22% | +0.61 |
| PCVX Vaxcyte Inc. | Add +30.6% | 4.06% | +0.22 |
| GERN Geron Corp. | Add +24.6% | 2.47% | +0.22 |
| ADMA Adma Biologics Inc. | Add +2.9% | 2.10% | −0.00 |
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 |