First Turn Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), First Turn Management, LLC reported 35 stock positions worth $496.1 million. Its top holding was Insmed (INSM) at 6.2% of the portfolio, followed by Verona Pharma (VRNA, 5.6%) and Argenx SE - ADR (ARGX, 5.0%). Compared with Q4 2024, it opened 8 new positions, sold out of 9, added to 12 and reduced 13. The biggest buy was a new position in Boston Scientific (BSX) and the biggest sale an exit from Intra-Cellular Therapies (ITCI).
- Most Recent 13F
- Q2 2026
- Location
- DEL MAR, CA
- CIK
- 0001993440
- Portfolio Value
- $496.1M (Q1 2025)
- SEC Filing
- 0001085146-25-003195 ↗ filed May 15, 2025
Holdings Value
Holdings 35 stocks · $496.1M
| INSM Insmed Inc. | 6.18% | 401,629 | $30.6M | Reduce -10.2% |
| VRNA Verona Pharma Ltd. | 5.57% | 435,385 | $27.6M | Reduce -32.2% |
| ARGX Argenx SE - ADR | 5.00% | 41,911 | $24.8M | Reduce -2.7% |
| NUVL Nuvalent Inc. Class A | 4.75% | 331,927 | $23.5M | Add +7.2% |
| XENE Xenon Pharmaceuticals Inc. | 4.62% | 683,451 | $22.9M | Reduce -0.2% |
| BBIO Bridgebio Pharma Inc. | 4.58% | 656,699 | $22.7M | Add +45.2% |
| MIRM Mirum Pharmaceuticals Inc. | 4.57% | 503,014 | $22.7M | Reduce -0.8% |
| NTRA Natera Inc. | 3.99% | 139,942 | $19.8M | Add +41.1% |
| MRUS Merus NV | 3.94% | 463,960 | $19.5M | Add +62.7% |
| BSX Boston Scientific Corp. | 3.62% | 178,156 | $18.0M | New |
| ASND Ascendis Pharma A/S | 3.56% | 113,278 | $17.7M | Add +29.0% |
| TGTX TG Therapeutics Inc. | 3.18% | 400,644 | $15.8M | New |
| VERA Vera Therapeutics Inc. | 3.02% | 623,612 | $15.0M | Add +34.2% |
| AXSM Axsome Therapeutics Inc. | 2.78% | 118,179 | $13.8M | Reduce -38.5% |
| GH Guardant Health Inc. | 2.71% | 315,737 | $13.5M | New |
| SWTX Springworks Therapeutics Inc. | 2.71% | 304,076 | $13.4M | New |
| GKOS Glaukos Corp. | 2.70% | 136,241 | $13.4M | Add +41.8% |
| EXAS Exact Sciences Corp. | 2.63% | 300,909 | $13.0M | Reduce -2.9% |
| PODD Insulet Corp. | 2.61% | 49,350 | $13.0M | New |
| RVMD Revolution Medicines Inc. | 2.42% | 340,109 | $12.0M | Reduce -15.8% |
| JANX Janux Therapeutics Inc. | 2.34% | 430,163 | $11.6M | Add +12.1% |
| ORIC Oric Pharmaceuticals Inc. | 2.28% | 2,027,430 | $11.3M | Add +39.7% |
| ADMA Adma Biologics Inc. | 2.27% | 566,945 | $11.2M | Reduce -17.1% |
| ISRG Intuitive Surgical Inc. | 2.21% | 22,109 | $10.9M | Reduce -36.9% |
| ELVN Enliven Therapeutics Inc. | 2.12% | 535,092 | $10.5M | No change |
| PCVX Vaxcyte Inc. | 2.11% | 276,905 | $10.5M | No change |
| APGE Apogee Therapeutics Inc. | 1.73% | 229,675 | $8.6M | Reduce -9.1% |
| SPRY Ars Pharmaceuticals Inc. | 1.70% | 669,010 | $8.4M | Add +12.8% |
| BPMC Blueprint Medicines Corp. | 1.64% | 92,033 | $8.1M | Add +37.1% |
| RDNT Radnet Inc. | 1.58% | 157,615 | $7.8M | New |
| HQY Healthequity Inc. | 1.50% | 83,966 | $7.4M | Reduce -33.3% |
| MLTX Moonlake Immunotherapeutics | 1.41% | 179,196 | $7.0M | New |
| HROW Harrow Inc. | 1.01% | 188,829 | $5.0M | Reduce -38.1% |
| PRAX Praxis Precision Medicines I | 0.55% | 71,775 | $2.7M | Add +57.6% |
| SLNO Soleno Therapeutics Inc. | 0.42% | 29,115 | $2.1M | New |
Portfolio Sells Q4 2024 → Q1 2025
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −4.40 |
| CRNX Crinetics Pharmaceuticals Inc. | Sold out | 0.00% | −4.15 |
| GERN Geron Corp. | Sold out | 0.00% | −2.47 |
| DAWN Day One Biopharmaceuticals I | Sold out | 0.00% | −2.15 |
| ACLX Arcellx Inc. | Sold out | 0.00% | −2.09 |
| BHVN Biohaven Ltd. | Sold out | 0.00% | −1.76 |
| CRMD Cormedix Inc. | Sold out | 0.00% | −1.48 |
| BCAX Bicara Therapeutics Inc. | Sold out | 0.00% | −1.08 |
| ISRG Intuitive Surgical Inc. | Reduce -36.9% | 2.21% | −1.07 |
| SNDX Syndax Pharmaceuticals Inc. | Sold out | 0.00% | −1.05 |
| HROW Harrow Inc. | Reduce -38.1% | 1.01% | −0.82 |
| RVMD Revolution Medicines Inc. | Reduce -15.8% | 2.42% | −0.74 |
| HQY Healthequity Inc. | Reduce -33.3% | 1.50% | −0.67 |
| EXAS Exact Sciences Corp. | Reduce -2.9% | 2.63% | −0.49 |
| APGE Apogee Therapeutics Inc. | Reduce -9.1% | 1.73% | −0.32 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -0.2% | 4.62% | −0.19 |
| AXSM Axsome Therapeutics Inc. | Reduce -38.5% | 2.78% | −0.13 |
| ADMA Adma Biologics Inc. | Reduce -17.1% | 2.27% | +0.17 |
| VRNA Verona Pharma Ltd. | Reduce -32.2% | 5.57% | +0.23 |
| ARGX Argenx SE - ADR | Reduce -2.7% | 5.00% | +0.26 |
| INSM Insmed Inc. | Reduce -10.2% | 6.18% | +0.65 |
| MIRM Mirum Pharmaceuticals Inc. | Reduce -0.8% | 4.57% | +0.81 |
Portfolio Buys Q4 2024 → Q1 2025
| BSX Boston Scientific Corp. | New | 3.62% | +3.62 |
| TGTX TG Therapeutics Inc. | New | 3.18% | +3.18 |
| GH Guardant Health Inc. | New | 2.71% | +2.71 |
| SWTX Springworks Therapeutics Inc. | New | 2.71% | +2.71 |
| PODD Insulet Corp. | New | 2.61% | +2.61 |
| BBIO Bridgebio Pharma Inc. | Add +45.2% | 4.58% | +2.35 |
| MRUS Merus NV | Add +62.7% | 3.94% | +1.79 |
| RDNT Radnet Inc. | New | 1.58% | +1.58 |
| MLTX Moonlake Immunotherapeutics | New | 1.41% | +1.41 |
| ASND Ascendis Pharma A/S | Add +29.0% | 3.56% | +1.39 |
| NTRA Natera Inc. | Add +41.1% | 3.99% | +1.18 |
| BPMC Blueprint Medicines Corp. | Add +37.1% | 1.64% | +0.59 |
| SPRY Ars Pharmaceuticals Inc. | Add +12.8% | 1.70% | +0.58 |
| SLNO Soleno Therapeutics Inc. | New | 0.42% | +0.42 |
| NUVL Nuvalent Inc. Class A | Add +7.2% | 4.75% | +0.41 |
| ORIC Oric Pharmaceuticals Inc. | Add +39.7% | 2.28% | +0.18 |
| GKOS Glaukos Corp. | Add +41.8% | 2.70% | +0.12 |
| PRAX Praxis Precision Medicines I | Add +57.6% | 0.55% | −0.08 |
| VERA Vera Therapeutics Inc. | Add +34.2% | 3.02% | −0.50 |
| JANX Janux Therapeutics Inc. | Add +12.1% | 2.34% | −1.34 |
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 |