— Know what they know.
Not Investment Advice
Asset Manager ← All Institutions

First Turn Management, LLC

Q4 2025 · Filed 2026-02-13
Market Value
$769M
+28.1%
Holdings
37
-1
New Purchases
11
Added To
6
Closed
8
Reduced
9
Top 10 Concentration
53.1%
Turnover
51.4%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
TERN 4.58% 0.00% +4.58% $35M
COGT 3.81% 0.00% +3.81% $29M
GH 3.61% 0.00% +3.61% $28M
IDYA 3.25% 0.00% +3.25% $25M
VRDN 2.79% 0.00% +2.79% $21M
FULC 2.78% 0.00% +2.78% $21M
SRRK 2.63% 0.00% +2.63% $20M
ABVX 6.68% 4.13% +2.56% $51M
VERA 3.96% 1.72% +2.25% $30M
RYTM 2.04% 0.00% +2.04% $16M
OLMA 2.01% 0.00% +2.01% $15M
AXSM 4.91% 3.09% +1.83% $38M
RCUS 1.75% 0.00% +1.75% $13M
RVMD 6.61% 5.00% +1.61% $51M
QURE 1.00% 0.00% +1.00% $8M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MRUS 0.00% 5.83% -5.83% $0
ACLX 0.00% 4.29% -4.29% $0
NBIX 0.00% 4.25% -4.25% $0
AKRO 0.00% 3.14% -3.14% $0
IRON 1.58% 4.38% -2.79% $12M
ELVN 0.00% 2.67% -2.67% $0
JANX 0.00% 2.60% -2.60% $0
ARGX 2.54% 4.76% -2.22% $20M
ORIC 2.14% 4.32% -2.18% $16M
MIRM 4.94% 6.97% -2.02% $38M
ADMA 0.00% 1.97% -1.97% $0
UTHR 4.03% 5.96% -1.93% $31M
INSM 5.98% 7.67% -1.69% $46M
HROW 0.00% 1.29% -1.29% $0
NUVL 4.82% 5.68% -0.86% $37M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 10 $303M 39.4%
Mid Cap 18 $381M 49.5%
Small Cap 9 $86M 11.2%

Portfolio Analytics

Avg Market Cap
$9.2B
Median Market Cap
$5.6B
Avg P/E
24.7
Median P/E
21.4
Avg Dividend Yield
—%
Avg Beta
0.92
# Stocks
37
# ETFs / Funds
0

Top Holdings (37 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 ABVX 6.68% 381,233 $51M $134.85 $27M +89,413 +30.6%
2 RVMD 6.61% 638,385 $51M $79.65 $21M -4,665 -0.7%
3 INSM 5.98% 264,293 $46M $174.04 -$53K -55,480 -17.4%
4 BBIO 5.92% 595,473 $46M $76.49 $15M +5,744 +1.0%
5 MIRM 4.94% 481,564 $38M $78.99 -$4M -89,005 -15.6%
6 AXSM 4.91% 206,921 $38M $182.64 $19M +54,307 +35.6%
7 NUVL 4.82% 368,697 $37M $100.59 $3M -26,057 -6.6%
8 XENE 4.66% 799,743 $36M $44.82 $4M
9 TERN 4.58% 872,049 $35M $40.40 +872,049 NEW
10 UTHR 4.03% 63,580 $31M $487.25 -$5M -21,738 -25.5%
11 VERA 3.96% 601,774 $30M $50.64 $20M +247,245 +69.7%
12 COGT 3.81% 824,283 $29M $35.52 +824,283 NEW
13 GH 3.61% 271,685 $28M $102.14 +271,685 NEW
14 ROIV 3.35% 1,186,817 $26M $21.70 $11M +227,114 +23.7%
15 IDYA 3.25% 723,653 $25M $34.57 +723,653 NEW
16 VRDN 2.79% 690,528 $21M $31.12 +690,528 NEW
17 FULC 2.78% 1,892,683 $21M $11.31 +1,892,683 NEW
18 CYTK 2.69% 325,668 $21M $63.54 $7M +70,873 +27.8%
19 SRRK 2.63% 459,727 $20M $44.05 +459,727 NEW
20 ARGX 2.54% 23,256 $20M $840.95 -$9M -15,511 -40.0%
21 NTRA 2.41% 80,875 $19M $229.09 $6M
22 ORIC 2.14% 2,010,307 $16M $8.18 -$9M -149,167 -6.9%
23 KYMR 2.09% 206,445 $16M $77.81 $344K -71,281 -25.7%
24 RYTM 2.04% 146,303 $16M $107.04 +146,303 NEW
25 OLMA 2.01% 617,714 $15M $25.00 +617,714 NEW
26 RCUS 1.75% 565,142 $13M $23.83 +565,142 NEW
27 IRON 1.58% 153,206 $12M $79.41 -$14M -244,487 -61.5%
28 QURE 1.00% 321,655 $8M $23.93 +321,655 NEW
29 MLTX 0.45% 262,643 $3M $13.18 $2M
30 HROW —% -$8M -160,234 -100.0% SOLD
31 ACLX —% -$26M -313,733 -100.0% SOLD
32 ADMA —% -$12M -808,673 -100.0% SOLD
33 ELVN —% -$16M -783,411 -100.0% SOLD
34 JANX —% -$16M -639,699 -100.0% SOLD
35 NBIX —% -$26M -181,897 -100.0% SOLD
36 AKRO —% -$19M -397,010 -100.0% SOLD
37 MRUS —% -$35M -372,022 -100.0% SOLD

New Positions

SymbolValue% Port
TERN $35M 4.58%
COGT $29M 3.81%
GH $28M 3.61%
IDYA $25M 3.25%
VRDN $21M 2.79%
FULC $21M 2.78%
SRRK $20M 2.63%
RYTM $16M 2.04%
OLMA $15M 2.01%
RCUS $13M 1.75%
QURE $8M 1.00%

Sold Out Positions

SymbolValue% Port
HROW —%
JANX —%
ADMA —%
ELVN —%
NBIX —%
ACLX —%
AKRO —%
MRUS —%
View SEC EDGAR Filings for First Turn Management, LLC →

Sign in to InsiderStreet

You'll also get our free weekly newsletter with
smart money signals, market insights, and alpha ideas.
Unsubscribe anytime.

For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms