First Turn Management, LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), First Turn Management, LLC reported 33 stock positions worth $895.1 million. Its top holding was United Therapeutics (UTHR) at 6.9% of the portfolio, followed by Abivax SA-ADR (ABVX, 5.8%) and Bridgebio Pharma (BBIO, 5.8%). Compared with Q4 2025, it opened 5 new positions, sold out of 5, added to 17 and reduced 11. The biggest buy was United Therapeutics (UTHR, shares +65%) and the biggest sale an exit from Guardant Health (GH).
- Most Recent 13F
- Q2 2026
- Location
- DEL MAR, CA
- CIK
- 0001993440
- Portfolio Value
- $895.1M (Q1 2026)
- SEC Filing
- 0001993440-26-000002 ↗ filed May 15, 2026
Holdings Value
Holdings 33 stocks · $895.1M
| UTHR United Therapeutics Corp. | 6.94% | 104,726 | $62.1M | Add +64.7% |
| ABVX Abivax SA-ADR | 5.80% | 465,869 | $51.9M | Add +22.2% |
| BBIO Bridgebio Pharma Inc. | 5.77% | 695,718 | $51.7M | Add +16.8% |
| XENE Xenon Pharmaceuticals Inc. | 5.11% | 786,844 | $45.8M | Reduce -1.6% |
| RVMD Revolution Medicines Inc. | 5.09% | 468,376 | $45.5M | Reduce -26.6% |
| APGE Apogee Therapeutics Inc. | 4.83% | 513,770 | $43.2M | Add +8.2% |
| INSM Insmed Inc. | 4.54% | 248,475 | $40.6M | Reduce -6.0% |
| NUVL Nuvalent Inc. Class A | 4.24% | 370,344 | $37.9M | Add +0.5% |
| MIRM Mirum Pharmaceuticals Inc. | 4.13% | 400,464 | $37.0M | Reduce -16.8% |
| COGT Cogent Biosciences Inc. | 4.07% | 947,339 | $36.5M | Add +14.9% |
| ROIV Roivant Sciences Ltd. | 3.68% | 1,190,118 | $33.0M | Add +0.3% |
| AXSM Axsome Therapeutics Inc. | 3.56% | 188,772 | $31.9M | Reduce -8.8% |
| IDYA Ideaya Biosciences Inc. | 3.25% | 873,838 | $29.1M | Add +20.8% |
| ORIC Oric Pharmaceuticals Inc. | 2.86% | 2,017,284 | $25.6M | Add +0.3% |
| ELVN Enliven Therapeutics Inc. | 2.73% | 623,839 | $24.5M | New |
| CELC Celcuity Inc. | 2.69% | 210,578 | $24.0M | New |
| SRRK Scholar Rock Holding Corp. | 2.45% | 446,390 | $21.9M | Reduce -2.9% |
| KYMR Kymera Therapeutics Inc. | 2.37% | 254,672 | $21.2M | Add +23.4% |
| CYTK Cytokinetics Inc. | 2.09% | 283,700 | $18.7M | Reduce -12.9% |
| DNTH Dianthus Therapeutics Inc. | 2.07% | 220,921 | $18.5M | New |
| PVLA Palvella Therapeutics Inc. | 2.06% | 148,093 | $18.5M | New |
| NAMS Newamsterdam Pharma Co. NV | 2.00% | 558,336 | $17.9M | Reduce -37.5% |
| VRDN Viridian Therapeutics Inc. | 1.99% | 911,337 | $17.8M | Add +32.0% |
| ASND Ascendis Pharma A/S | 1.95% | 76,300 | $17.5M | Reduce -42.1% |
| FULC Fulcrum Therapeutics Inc. | 1.93% | 2,256,109 | $17.3M | Add +19.2% |
| TERN Terns Pharmaceuticals Inc. | 1.92% | 326,694 | $17.2M | Reduce -62.5% |
| VERA Vera Therapeutics Inc. | 1.90% | 422,023 | $17.0M | Reduce -29.9% |
| NTRA Natera Inc. | 1.81% | 81,077 | $16.2M | Add +0.3% |
| ERAS Erasca Inc. | 1.57% | 867,639 | $14.0M | New |
| PRAX Praxis Precision Medicines I | 1.53% | 42,441 | $13.7M | Add +18.7% |
| OLMA Olema Pharmaceuticals Inc. | 1.28% | 768,662 | $11.5M | Add +24.4% |
| QURE Uniqure NV | 1.12% | 615,489 | $10.1M | Add +91.3% |
| MLTX Moonlake Immunotherapeutics | 0.66% | 315,563 | $5.9M | Add +20.1% |
Portfolio Sells Q4 2025 → Q1 2026
| GH Guardant Health Inc. | Sold out | 0.00% | −3.17 |
| ARGX Argenx SE - ADR | Sold out | 0.00% | −2.23 |
| TERN Terns Pharmaceuticals Inc. | Reduce -62.5% | 1.92% | −2.10 |
| RYTM Rhythm Pharmaceuticals Inc. | Sold out | 0.00% | −1.79 |
| VERA Vera Therapeutics Inc. | Reduce -29.9% | 1.90% | −1.59 |
| NAMS Newamsterdam Pharma Co. NV | Reduce -37.5% | 2.00% | −1.58 |
| RCUS Arcus Biosciences Inc. | Sold out | 0.00% | −1.54 |
| IRON Disc Medicine Inc. | Sold out | 0.00% | −1.39 |
| ASND Ascendis Pharma A/S | Reduce -42.1% | 1.95% | −1.26 |
| AXSM Axsome Therapeutics Inc. | Reduce -8.8% | 3.56% | −0.75 |
| RVMD Revolution Medicines Inc. | Reduce -26.6% | 5.09% | −0.72 |
| INSM Insmed Inc. | Reduce -6.0% | 4.54% | −0.72 |
| CYTK Cytokinetics Inc. | Reduce -12.9% | 2.09% | −0.28 |
| MIRM Mirum Pharmaceuticals Inc. | Reduce -16.8% | 4.13% | −0.21 |
| SRRK Scholar Rock Holding Corp. | Reduce -2.9% | 2.45% | +0.14 |
| XENE Xenon Pharmaceuticals Inc. | Reduce -1.6% | 5.11% | +1.02 |
Portfolio Buys Q4 2025 → Q1 2026
| UTHR United Therapeutics Corp. | Add +64.7% | 6.94% | +3.40 |
| ELVN Enliven Therapeutics Inc. | New | 2.73% | +2.73 |
| CELC Celcuity Inc. | New | 2.69% | +2.69 |
| DNTH Dianthus Therapeutics Inc. | New | 2.07% | +2.07 |
| PVLA Palvella Therapeutics Inc. | New | 2.06% | +2.06 |
| ERAS Erasca Inc. | New | 1.57% | +1.57 |
| ORIC Oric Pharmaceuticals Inc. | Add +0.3% | 2.86% | +0.98 |
| ROIV Roivant Sciences Ltd. | Add +0.3% | 3.68% | +0.74 |
| APGE Apogee Therapeutics Inc. | Add +8.2% | 4.83% | +0.74 |
| COGT Cogent Biosciences Inc. | Add +14.9% | 4.07% | +0.73 |
| BBIO Bridgebio Pharma Inc. | Add +16.8% | 5.77% | +0.57 |
| KYMR Kymera Therapeutics Inc. | Add +23.4% | 2.37% | +0.53 |
| IDYA Ideaya Biosciences Inc. | Add +20.8% | 3.25% | +0.39 |
| PRAX Praxis Precision Medicines I | Add +18.7% | 1.53% | +0.32 |
| MLTX Moonlake Immunotherapeutics | Add +20.1% | 0.66% | +0.26 |
| QURE Uniqure NV | Add +91.3% | 1.12% | +0.24 |
| NUVL Nuvalent Inc. Class A | Add +0.5% | 4.24% | +0.00 |
| ABVX Abivax SA-ADR | Add +22.2% | 5.80% | −0.08 |
| NTRA Natera Inc. | Add +0.3% | 1.81% | −0.31 |
| VRDN Viridian Therapeutics Inc. | Add +32.0% | 1.99% | −0.46 |
| OLMA Olema Pharmaceuticals Inc. | Add +24.4% | 1.28% | −0.48 |
| FULC Fulcrum Therapeutics Inc. | Add +19.2% | 1.93% | −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 |