Ghost Tree Capital’s State Street SPDR S&P Biotech ETF XBI Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2024 Q3	$29.6M	Buy	+300,000	New	+$29.5M	8.95%	1
2024 Q2	–	Sell	-250,000	Closed	-$23.7M	–	83
2024 Q1	$23.7M	Sell	250,000 -50,000	-17%	-$4.64M	6.57%	1
2023 Q4	$26.8M	Buy	+300,000	New	+$22.3M	8.76%	2
2022 Q4	–	Sell	-500,000	Closed	-$39.7M	–	45
2022 Q3	$39.7M	Buy	500,000 +100,000	+25%	+$8.43M	11.13%	1
2022 Q2	$29.7M	Buy	+400,000	New	+$30M	15.47%	1
2020 Q4	–	Sell	-451,000	Closed	-$50.3M	–	55
2020 Q3	$50.3M	Buy	451,000 +151,000	+50%	+$16.9M	14.53%	1
2020 Q2	$33.6M	Sell	300,000 -437,500	-59%	-$43.1M	8.86%	1
2020 Q1	$57.1M	Buy	737,500 +237,500	+48%	+$21M	15.15%	1
2019 Q4	$47.6M	Buy	500,000 +99,000	+25%	+$8.56M	9.06%	2
2019 Q3	$30.6M	Sell	401,000 -99,000	-20%	-$8.23M	7.79%	1
2019 Q2	$43.9M	Buy	+500,000	New	+$42.6M	9.1%	2
2018 Q4	–	Sell	-500,000	Closed	-$47.9M	–	57
2018 Q3	$47.9M	Buy	500,000 +495,000	+9,900%	+$48M	10.19%	1
2018 Q2	$525K	Sell	5,000 -3,773	-43%	-$347K	0.15%	44
2018 Q1	$35.1M	Sell	8,773 -841,227	-99%	-$76.8M	7.1%	2
2017 Q4	$72.1M	Buy	850,000 +500,000	+143%	+$41.9M	16.92%	1
2017 Q3	$30.3M	Hold	350,000	–	–	6.43%	1
2017 Q2	$27M	Sell	350,000 -550,000	-61%	-$39M	5.61%	2
2017 Q1	$62.4M	Buy	900,000 +300,000	+50%	+$20.1M	11.63%	1
2016 Q4	$35.5M	Sell	600,000 -150,000	-20%	-$9.26M	8.55%	1
2016 Q3	$49.7M	Buy	750,000 +350,000	+88%	+$21.7M	8.06%	1
2016 Q2	$21.6M	Buy	400,000 +180,000	+82%	+$9.86M	6.25%	2
2016 Q1	$11M	Buy	+220,000	New	+$11.4M	6.25%	1
2015 Q2	–	Sell	-300,000	Closed	-$22.6M	–	83
2015 Q1	$22.6M	Buy	+300,000	New	+$21M	8.11%	1