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CIK: 0001993440
Total reported value
$934.7M
$934.7M
29 檔
20.6%
The Q3 2025 SEC filing reveals that First Turn Management, LLC held a total portfolio value of $934.7M, covering 29 public equity positions.
First Turn Management, LLC executed strategic sector rebalancing during Q3 2025, establishing 10 new positions while fully exiting 16 holdings and trimming 7 positions.
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | INSM | Insmed Inc | Stock-Healthcare | 6.91% | -1.53% | -14.19% | |
| 2 | MIRM | Mirum Pharmaceuticals Inc | Stock-Other | 6.28% | -1.40% | +8.16% | |
| 3 | UTHR | United Therapeutics CORP | Stock-Healthcare | 5.37% | -2.02% | — | |
| 4 | ✓ | Merus N V | Stock-Other | 5.26% | — | +26.99% | |
| 5 | NUVL | Nuvalent Inc-a | Stock-Other | 5.13% | -3.89% | +23.05% | |
| 6 | XENE | Xenon Pharmaceuticals Inc | Stock-Other | 4.82% | -1.23% | +21.06% | |
| 7 | BBIO | Bridgebio Pharma Inc | Stock-Healthcare | 4.60% | -0.72% | +6.90% | |
| 8 | RVMD | Revolution Medicines Inc | Stock-Healthcare | 4.51% | +3.23% | +54.73% | |
| 9 | ASND | Ascendis Pharma A/S | Stock-Other | 4.37% | -1.95% | EXIT | |
| 10 | ARGX | Argenx Se - Adr | Stock-Healthcare | 4.29% | — | -11.80% | |
| 11 | IRON | Disc Medicine Inc | Stock-Other | 3.95% | — | +32.80% | |
| 12 | ORIC | Oric Pharmaceuticals Inc | Stock-Other | 3.89% | -0.52% | +7.44% | |
| 13 | ACLXGBX | Arcellx Inc | Stock-Other | 3.87% | — | +45.77% | |
| 14 | NBIX | Neurocrine Biosciences Inc | Stock-Healthcare | 3.83% | — | — | |
| 15 | ABVX | Abivax Sa-adr | Stock-Other | 3.72% | +1.18% | — | |
| 16 | NAMS | NewAmsterdam Pharma Company N.V. | Stock-Other | 3.06% | +0.11% | +37.59% | |
| 17 | AKRO | Akero Therapeutics Inc | Stock-Other | 2.83% | — | +246.57% | |
| 18 | AXSM | Axsome Therapeutics Inc | Stock-Healthcare | 2.78% | +2.16% | +5.69% | |
| 19 | ELVN | Enliven Therapeutics Inc | Stock-Other | 2.41% | +2.45% | +53.61% | |
| 20 | APGE | Apogee Therapeutics Inc | Stock-Other | 2.40% | -2.86% | +29.32% | |
| 21 | KYMR | Kymera Therapeutics Inc | Stock-Other | 2.36% | -1.11% | — | |
| 22 | JANX | Janux Therapeutics Inc | Stock-Other | 2.35% | — | +42.98% | |
| 23 | ROIV | Roivant Sciences Ltd. | Stock-Healthcare | 2.18% | +1.36% | — | |
| 24 | CYTK | Cytokinetics Inc | Stock-Healthcare | 2.10% | +2.72% | — | |
| 25 | NTRA | Natera Inc | Stock-Healthcare | 1.95% | -1.81% | EXIT | |
| 26 | ADMA | Adma Biologics Inc | Stock-Healthcare | 1.78% | — | -25.97% | |
| 27 | VERA | Vera Therapeutics Inc | Stock-Other | 1.55% | -1.90% | EXIT | |
| 28 | HROW | Harrow Inc | Stock-Other | 1.16% | — | -29.96% | |
| 29 | MLTX | Moonlake Immunotherapeutics | Stock-Other | 0.28% | -0.66% | EXIT |
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | RVMD | Revolution Medicines Inc | +2.1% | +54.73% | Add |
| 2 | MIRM | Mirum Pharmaceuticals Inc | +1.7% | +8.16% | Add |
| 3 | ORIC | Oric Pharmaceuticals Inc | +1.6% | +7.44% | Add |
| 4 | ✓ | Merus N V | +1.3% | +26.99% | Trim |
| 5 | ASND | Ascendis Pharma A/S | +0.8% | +8.62% | Add |
| 6 | INSM | Insmed Inc | +0.7% | -14.19% | Trim |
| 7 | APGE | Apogee Therapeutics Inc | +0.7% | +29.32% | Add |
| 8 | NUVL | Nuvalent Inc-a | +0.4% | +23.05% | Add |
| 9 | ELVN | Enliven Therapeutics Inc | +0.3% | +53.61% | Add |
| 10 | XENE | Xenon Pharmaceuticals Inc | +0.2% | +21.06% | Add |
| 11 | HROW | Harrow Inc | +0.2% | -29.96% | Trim |
| 12 | BBIO | Bridgebio Pharma Inc | 0% | +6.90% | Trim |
| 13 | JANX | Janux Therapeutics Inc | 0% | +42.98% | Add |
| 14 | AXSM | Axsome Therapeutics Inc | — | +5.69% | Add |
| 15 | ADMA | Adma Biologics Inc | -0.5% | -25.97% | Add |
| 16 | ARGX | Argenx Se - Adr | -0.7% | -11.80% | Trim |
| 17 | MLTX | Moonlake Immunotherapeutics | -1.1% | — | Add |
| 18 | VERA | Vera Therapeutics Inc | -1.5% | +14.49% | Trim |
| 19 | NTRA | Natera Inc | -2% | -31.54% | Trim |
| 20 | UTHR | United Therapeutics CORP | — | NEW | New buy |
| 21 | VRNA | Verona Pharma PLC - Adr | — | EXIT | Sold out |
| 22 | IRON | Disc Medicine Inc | — | NEW | New buy |
| 23 | ACLXGBX | Arcellx Inc | — | NEW | New buy |
| 24 | NBIX | Neurocrine Biosciences Inc | — | NEW | New buy |
| 25 | ABVX | Abivax Sa-adr | — | NEW | New buy |
| 26 | NAMS | NewAmsterdam Pharma Company N.V. | — | NEW | New buy |
| 27 | AKRO | Akero Therapeutics Inc | — | NEW | New buy |
| 28 | BSX | Boston Scientific CORP | — | EXIT | Sold out |
| 29 | TGTX | Tg Therapeutics Inc | — | EXIT | Sold out |
| 30 | KYMR | Kymera Therapeutics Inc | — | NEW | New buy |
| 31 | ROIV | Roivant Sciences Ltd. | — | NEW | New buy |
| 32 | CYTK | Cytokinetics Inc | — | NEW | New buy |
| 33 | GH | Guardant Health Inc | — | EXIT | Sold out |
| 34 | SWTXUSD | Springworks Therapeutics Inc | — | EXIT | Sold out |
| 35 | GKOS | Glaukos CORP | — | EXIT | Sold out |
| 36 | EXK | Exact Sciences CORP | — | EXIT | Sold out |
| 37 | PODD | Insulet CORP | — | EXIT | Sold out |
| 38 | ISRG | Intuitive Surgical Inc | — | EXIT | Sold out |
| 39 | PCVX | Vaxcyte Inc | — | EXIT | Sold out |
| 40 | SPRY | Ars Pharmaceuticals Inc | — | EXIT | Sold out |
| 41 | 2655787D | Blueprint Medicines CORP | — | EXIT | Sold out |
| 42 | RDNT | Radnet Inc | — | EXIT | Sold out |
| 43 | HQY | Healthequity Inc | — | EXIT | Sold out |
| 44 | PRAX | Praxis Precision Medicines I | — | EXIT | Sold out |
| 45 | SLNOEUR | Soleno Therapeutics Inc | — | EXIT | Sold out |
According to official SEC Form 13F filings, First Turn Management, LLC reported a total U.S. public equity portfolio value of $934.7M across 29 disclosed positions in Q3 2025.
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In terms of portfolio concentration, the top 5 core holdings (including INSM, MIRM, UTHR) accounted for 20.6% of total reported equity market value during Q3 2025.
Top New Position Initiated
UTHR
市值: $35.8M
Top Position Liquidated / Trimmed
VRNA
前期市值: $27.6M
During Q3 2025, First Turn Management, LLC's top holdings by market value included INSM (6.9%)、MIRM (6.3%)、UTHR (5.4%). The largest single position, INSM, represented 6.9% of total portfolio value.
In Q3 2025, First Turn Management, LLC made 45 total portfolio adjustments, initiating 10 new buys, adding to 12 positions, trimming 7 holdings, and fully liquidating 16 stocks.
All holding records on this page are fetched directly from the U.S. Securities and Exchange Commission (SEC) EDGAR system (Form 13F-HR). AlphaSMO parses CUSIP identifiers and formats data into Schema.org-compliant datasets.
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