First Turn Management, LLC — 13F Holdings & Portfolio
CIK 1993440 · latest 13F-HR filed 2026-05-15
First Turn Management, LLC manages $895.1M in 13F-reported U.S. long-equity assets across 33 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are UTHR (6.94%), ABVX (5.80%), BBIO (5.77%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 5 new positions, exited 5, added to 13, and trimmed 12.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
$895.1M
Long-equity book
33
Distinct positions
2026-03-31
Filed 2026-05-15
+5 / −5 / ↑13 / ↓12
vs 2025-12-31
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- UNITED THERAPEUTICS CORP DEL$31.1M +100.5%
- XENON PHARMACEUTICALS INC$9.9M +27.6%
- ORIC PHARMACEUTICALS INC$9.1M +55.4%
- APOGEE THERAPEUTICS INC$7.4M +20.7%
- ROIVANT SCIENCES LTD$7.2M +28.0%
Top Trims
- TERNS PHARMACEUTICALS INC-$18.0M -51.1%
- VERA THERAPEUTICS INC-$13.5M -44.3%
- NEWAMSTERDAM PHARMA COMPANY-$13.5M -43.0%
- ASCENDIS PHARMA A/S-$10.7M -37.9%
- AXSOME THERAPEUTICS INC.-$5.9M -15.6%
New Positions
- ENLIVEN THERAPEUTICS INC$24.5M
- CELCUITY INC$24.0M
- DIANTHUS THERAPEUTICS INC$18.5M
- PALVELLA THERAPEUTICS INC NE$18.5M
- ERASCA INC$14.0M
Exited Positions
- GUARDANT HEALTH INC$27.7M
- ARGENX SE$19.6M
- RHYTHM PHARMACEUTICALS INC$15.7M
- ARCUS BIOSCIENCES INC$13.5M
- DISC MEDICINE INC$12.2M
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | UNITED THERAPEUTICS CORP DEL | UTHR | 91307C102 | $62.1M | 6.94% | 104,726 | SH |
| 2 | ABIVAX SA | ABVX | 00370M103 | $51.9M | 5.80% | 465,869 | SH |
| 3 | BRIDGEBIO PHARMA INC | BBIO | 10806X102 | $51.7M | 5.77% | 695,718 | SH |
| 4 | XENON PHARMACEUTICALS INC | XENE | 98420N105 | $45.8M | 5.11% | 786,844 | SH |
| 5 | REVOLUTION MEDICINES INC | RVMD | 76155X100 | $45.5M | 5.09% | 468,376 | SH |
| 6 | APOGEE THERAPEUTICS INC | APGE | 03770N101 | $43.2M | 4.83% | 513,770 | SH |
| 7 | INSMED INC | INSM | 457669307 | $40.6M | 4.54% | 248,475 | SH |
| 8 | NUVALENT INC | NUVL | 670703107 | $37.9M | 4.24% | 370,344 | SH |
| 9 | MIRUM PHARMACEUTICALS INC | MIRM | 604749101 | $37.0M | 4.13% | 400,464 | SH |
| 10 | COGENT BIOSCIENCES INC | COGT | 19240Q201 | $36.5M | 4.07% | 947,339 | SH |
| 11 | ROIVANT SCIENCES LTD | ROIV | G76279101 | $33.0M | 3.68% | 1,190,118 | SH |
| 12 | AXSOME THERAPEUTICS INC. | AXSM | 05464T104 | $31.9M | 3.56% | 188,772 | SH |
| 13 | IDEAYA BIOSCIENCES INC | IDYA | 45166A102 | $29.1M | 3.25% | 873,838 | SH |
| 14 | ORIC PHARMACEUTICALS INC | ORIC | 68622P109 | $25.6M | 2.86% | 2,017,284 | SH |
| 15 | ENLIVEN THERAPEUTICS INC | ELVN | 29337E102 | $24.5M | 2.73% | 623,839 | SH |
| 16 | CELCUITY INC | CELC | 15102K100 | $24.0M | 2.69% | 210,578 | SH |
| 17 | SCHOLAR ROCK HLDG CORP | SRRK | 80706P103 | $21.9M | 2.45% | 446,390 | SH |
| 18 | KYMERA THERAPEUTICS INC | KYMR | 501575104 | $21.2M | 2.37% | 254,672 | SH |
| 19 | CYTOKINETICS INC | CYTK | 23282W605 | $18.7M | 2.09% | 283,700 | SH |
| 20 | DIANTHUS THERAPEUTICS INC | DNTH | 252828108 | $18.5M | 2.07% | 220,921 | SH |
| 21 | PALVELLA THERAPEUTICS INC NE | PVLA | 697947109 | $18.5M | 2.06% | 148,093 | SH |
| 22 | NEWAMSTERDAM PHARMA COMPANY | NAMS | N62509109 | $17.9M | 2.00% | 558,336 | SH |
| 23 | VIRIDIAN THERAPEUTICS INC | VRDN | 92790C104 | $17.8M | 1.99% | 911,337 | SH |
| 24 | ASCENDIS PHARMA A/S | ASND | 04351P101 | $17.5M | 1.95% | 76,300 | SH |
| 25 | FULCRUM THERAPEUTICS INC | FULC | 359616109 | $17.3M | 1.93% | 2,256,109 | SH |
| 26 | TERNS PHARMACEUTICALS INC | TERN | 880881107 | $17.2M | 1.92% | 326,694 | SH |
| 27 | VERA THERAPEUTICS INC | VERA | 92337R101 | $17.0M | 1.90% | 422,023 | SH |
| 28 | NATERA INC | NTRA | 632307104 | $16.2M | 1.81% | 81,077 | SH |
| 29 | ERASCA INC | ERAS | 29479A108 | $14.0M | 1.57% | 867,639 | SH |
| 30 | PRAXIS PRECISION MEDICINES I | PRAX | 74006W207 | $13.7M | 1.53% | 42,441 | SH |
| 31 | OLEMA PHARMACEUTICALS INC | OLMA | 68062P106 | $11.5M | 1.28% | 768,662 | SH |
| 32 | UNIQURE NV | QURE | N90064101 | $10.1M | 1.12% | 615,489 | SH |
| 33 | MOONLAKE IMMUNOTHERAPEUTICS | MLTX | 61559X104 | $5.9M | 0.66% | 315,563 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-03-31 | 2026-05-15 | $895.1M | 33 | 0001993440-26-000002 |
| 2025-12-31 | 2026-02-13 | $875.2M | 33 | 0001993440-26-000001 |
| 2025-09-30 | 2025-11-14 | $666.0M | 29 | 0001993440-25-000004 |