First Turn Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), First Turn Management, LLC reported 29 stock positions worth $666.0 million. Its top holding was Insmed (INSM) at 6.9% of the portfolio, followed by Mirum Pharmaceuticals (MIRM, 6.3%) and United Therapeutics (UTHR, 5.4%). Compared with Q2 2025, it opened 7 new positions, sold out of 13, added to 17 and reduced 5. The biggest buy was a new position in United Therapeutics (UTHR) and the biggest sale an exit from Verona Pharma (VRNA).
- Most Recent 13F
- Q2 2026
- Location
- DEL MAR, CA
- CIK
- 0001993440
- Portfolio Value
- $666.0M (Q3 2025)
- SEC Filing
- 0001993440-25-000004 ↗ filed Nov 14, 2025
Holdings Value
Holdings 29 stocks · $666.0M
| INSM Insmed Inc. | 6.91% | 319,773 | $46.1M | Reduce -14.2% |
| MIRM Mirum Pharmaceuticals Inc. | 6.28% | 570,569 | $41.8M | Add +8.2% |
| UTHR United Therapeutics Corp. | 5.37% | 85,318 | $35.8M | New |
| MRUS Merus NV | 5.26% | 372,022 | $35.0M | Add +27.0% |
| NUVL Nuvalent Inc. Class A | 5.13% | 394,754 | $34.1M | Add +23.1% |
| XENE Xenon Pharmaceuticals Inc. | 4.82% | 799,743 | $32.1M | Add +21.1% |
| BBIO Bridgebio Pharma Inc. | 4.60% | 589,729 | $30.6M | Add +6.9% |
| RVMD Revolution Medicines Inc. | 4.51% | 643,050 | $30.0M | Add +54.7% |
| ASND Ascendis Pharma A/S | 4.37% | 146,291 | $29.1M | Add +8.6% |
| ARGX Argenx SE - ADR | 4.29% | 38,767 | $28.6M | Reduce -11.8% |
| IRON Disc Medicine Inc. | 3.95% | 397,693 | $26.3M | Add +32.8% |
| ORIC Oric Pharmaceuticals Inc. | 3.89% | 2,159,474 | $25.9M | Add +7.4% |
| ACLX Arcellx Inc. | 3.87% | 313,733 | $25.8M | Add +45.8% |
| NBIX Neurocrine Biosciences Inc. | 3.83% | 181,897 | $25.5M | New |
| ABVX Abivax SA-ADR | 3.72% | 291,820 | $24.8M | New |
| NAMS Newamsterdam Pharma Co. NV | 3.06% | 716,971 | $20.4M | Add +37.6% |
| AKRO Akero Therapeutics Inc. | 2.83% | 397,010 | $18.9M | Add +246.6% |
| AXSM Axsome Therapeutics Inc. | 2.78% | 152,614 | $18.5M | Add +5.7% |
| ELVN Enliven Therapeutics Inc. | 2.41% | 783,411 | $16.0M | Add +53.6% |
| APGE Apogee Therapeutics Inc. | 2.40% | 402,811 | $16.0M | Add +29.3% |
| KYMR Kymera Therapeutics Inc. | 2.36% | 277,726 | $15.7M | New |
| JANX Janux Therapeutics Inc. | 2.35% | 639,699 | $15.6M | Add +43.0% |
| ROIV Roivant Sciences Ltd. | 2.18% | 959,703 | $14.5M | New |
| CYTK Cytokinetics Inc. | 2.10% | 254,795 | $14.0M | New |
| NTRA Natera Inc. | 1.95% | 80,875 | $13.0M | Reduce -31.5% |
| ADMA Adma Biologics Inc. | 1.78% | 808,673 | $11.9M | Reduce -26.0% |
| VERA Vera Therapeutics Inc. | 1.55% | 354,529 | $10.3M | Add +14.5% |
| HROW Harrow Inc. | 1.16% | 160,234 | $7.7M | Reduce -30.0% |
| MLTX Moonlake Immunotherapeutics | 0.28% | 262,643 | $1.9M | New |
Portfolio Sells Q2 2025 → Q3 2025
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −5.47 |
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −3.27 |
| PODD Insulet Corp. | Sold out | 0.00% | −3.01 |
| TGTX TG Therapeutics Inc. | Sold out | 0.00% | −3.01 |
| GH Guardant Health Inc. | Sold out | 0.00% | −2.93 |
| BSX Boston Scientific Corp. | Sold out | 0.00% | −2.78 |
| RDNT Radnet Inc. | Sold out | 0.00% | −2.10 |
| ADMA Adma Biologics Inc. | Reduce -26.0% | 1.78% | −1.93 |
| NTRA Natera Inc. | Reduce -31.5% | 1.95% | −1.77 |
| HQY Healthequity Inc. | Sold out | 0.00% | −1.58 |
| SPRY Ars Pharmaceuticals Inc. | Sold out | 0.00% | −1.48 |
| SLNO Soleno Therapeutics Inc. | Sold out | 0.00% | −1.35 |
| ALNY Alnylam Pharmaceuticals Inc. | Sold out | 0.00% | −1.09 |
| KALV Kalvista Pharmaceuticals Inc. | Sold out | 0.00% | −0.45 |
| BBNX Beta Bionics Inc. | Sold out | 0.00% | −0.43 |
| ARGX Argenx SE - ADR | Reduce -11.8% | 4.29% | −0.23 |
| HROW Harrow Inc. | Reduce -30.0% | 1.16% | −0.14 |
| INSM Insmed Inc. | Reduce -14.2% | 6.91% | −0.08 |
Portfolio Buys Q2 2025 → Q3 2025
| UTHR United Therapeutics Corp. | New | 5.37% | +5.37 |
| NBIX Neurocrine Biosciences Inc. | New | 3.83% | +3.83 |
| ABVX Abivax SA-ADR | New | 3.72% | +3.72 |
| MRUS Merus NV | Add +27.0% | 5.26% | +2.38 |
| KYMR Kymera Therapeutics Inc. | New | 2.36% | +2.36 |
| ROIV Roivant Sciences Ltd. | New | 2.18% | +2.18 |
| CYTK Cytokinetics Inc. | New | 2.10% | +2.10 |
| AKRO Akero Therapeutics Inc. | Add +246.6% | 2.83% | +1.69 |
| RVMD Revolution Medicines Inc. | Add +54.7% | 4.51% | +1.66 |
| NAMS Newamsterdam Pharma Co. NV | Add +37.6% | 3.06% | +1.30 |
| MIRM Mirum Pharmaceuticals Inc. | Add +8.2% | 6.28% | +1.27 |
| ACLX Arcellx Inc. | Add +45.8% | 3.87% | +1.22 |
| IRON Disc Medicine Inc. | Add +32.8% | 3.95% | +0.99 |
| XENE Xenon Pharmaceuticals Inc. | Add +21.1% | 4.82% | +0.96 |
| NUVL Nuvalent Inc. Class A | Add +23.1% | 5.13% | +0.56 |
| ELVN Enliven Therapeutics Inc. | Add +53.6% | 2.41% | +0.50 |
| JANX Janux Therapeutics Inc. | Add +43.0% | 2.35% | +0.42 |
| MLTX Moonlake Immunotherapeutics | New | 0.28% | +0.28 |
| VERA Vera Therapeutics Inc. | Add +14.5% | 1.55% | +0.19 |
| BBIO Bridgebio Pharma Inc. | Add +6.9% | 4.60% | +0.16 |
| ORIC Oric Pharmaceuticals Inc. | Add +7.4% | 3.89% | +0.09 |
| ASND Ascendis Pharma A/S | Add +8.6% | 4.37% | +0.03 |
| AXSM Axsome Therapeutics Inc. | Add +5.7% | 2.78% | −0.03 |
| APGE Apogee Therapeutics Inc. | Add +29.3% | 2.40% | −0.12 |
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 |