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Ghost Tree Capital Portfolio holdings

AUM $331M
1-Year Est. Return 70.11%
This Fund
S&P 500
This Quarter Est. Return
+23.2%
1 Year Est. Return
+70.11%
3 Year Est. Return
+265.05%
5 Year Est. Return
+3,034.98%
10 Year Est. Return
+22,104.75%
AUM
$426M
AUM Growth
-$44.5M
Cap. Flow
-$76.2M
Cap. Flow %
-17.86%
Top 10 Hldgs %
50.35%
Holding
88
New
25
Increased
8
Reduced
14
Closed
39

Top Buys

1
ESPR
Esperion Therapeutics
ESPR
+$12.4M
2
PTLA
Portola Pharmaceuticals, Inc.
PTLA
+$11.4M
3
BPMC
Blueprint Medicines
BPMC
+$10.6M
4
VTRS icon
Viatris
VTRS
+$9.56M
5
MRTX
Mirati Therapeutics, Inc. Common Stock
MRTX
+$9.31M

Top Sells

1
ZGNX
Zogenix, Inc.
ZGNX
+$16.1M
2
NBIX icon
Neurocrine Biosciences
NBIX
+$13.8M
3
NVRO
NEVRO CORP.
NVRO
+$10.5M
4
ENTL
Entellus Medical, Inc. Common Stock
ENTL
+$10.4M
5
INSM icon
Insmed
INSM
+$10.1M

Sector Composition

1 Healthcare 51.92%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ARRY
26
DELISTED
Array Biopharma Inc
ARRY
$6.4M 1.5%
+500,000
New +$5.69M
OBSV
27
DELISTED
ObsEva SA Ordinary Shares
OBSV
$6.02M 1.41%
+617,100
New +$6.27M
AIMT
28
DELISTED
Aimmune Therapeutics
AIMT
$5.98M 1.4%
158,200
-41,800
-21% -$1.35M
HZNP
29
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
$5.84M 1.37%
+400,000
New +$5.62M
BHVN
30
DELISTED
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
$4.99M 1.17%
+185,000
New +$5.09M
INCY icon
31
Incyte
INCY
$23.4B
$4.74M 1.11%
50,000
+15,000
+43% +$1.57M
NGNE icon
32
Neurogene
NGNE
$744M
$4.7M 1.1%
20,000
– –
DRNA
33
DELISTED
Dicerna Pharmaceuticals, Inc.
DRNA
$4.51M 1.06%
+500,000
New +$3.68M
IRTC icon
34
iRhythm Holdings
IRTC
$3.64B
$3.64M 0.85%
65,000
-70,000
-52% -$3.66M
SAGE
35
DELISTED
Sage Therapeutics
SAGE
$3.55M 0.83%
+21,537
New +$2.09M
CRSP icon
36
CRISPR Therapeutics
CRSP
$4.71B
$3.52M 0.83%
+150,000
New +$2.85M
RCKT icon
37
Rocket Pharmaceuticals
RCKT
$376M
$3.39M 0.8%
+325,000
New +$3.22M
NTLA icon
38
Intellia Therapeutics
NTLA
$1.59B
$3.36M 0.79%
+175,000
New +$4.04M
RIGL icon
39
Rigel Pharmaceuticals
RIGL
$750M
$3.2M 0.75%
82,500
-27,500
-25% -$1.05M
NEOS
40
DELISTED
Neos Therapeutics, Inc
NEOS
$3.06M 0.72%
300,000
-100,000
-25% -$960K
DERM
41
DELISTED
Dermira, Inc.
DERM
$2.78M 0.65%
+100,000
New +$2.65M
KDMN
42
DELISTED
Kadmon Holdings, Inc.
KDMN
$2.53M 0.59%
700,000
-150,000
-18% -$536K
ABLX
43
DELISTED
Ablynx NV
ABLX
$2.25M 0.53%
+90,000
New +$2.03M
CPRX icon
44
Catalyst Pharmaceutical
CPRX
$2.15M 0.5%
+550,000
New +$1.82M
GNMK
45
DELISTED
GenMark Diagnostics, Inc
GNMK
$2.08M 0.49%
500,000
-450,000
-47% -$2.71M
EDIT icon
46
Editas Medicine
EDIT
$457M
$2M 0.47%
+65,000
New +$1.64M
NBRV
47
DELISTED
Nabriva Therapeutics plc Ordinary Shares Ireland
NBRV
$1.2M 0.28%
800
+320
+67% +$506K
FXB icon
48
Invesco CurrencyShares British Pound Sterling Trust
FXB
$77.6M
$1.19M 0.28%
9,100
-21,000
-70% -$2.71M
RYTM icon
49
Rhythm Pharmaceuticals
RYTM
$7.31B
$727K 0.17%
+25,000
New +$661K
ACAD icon
50
CALL
Acadia Pharmaceuticals
ACAD
$4.38B
– –
-109,000
Closed -$4.11M
1
2
3 4

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Ghost Tree Capital's Q4 2017 Portfolio in Review

As of Q4 2017, Ghost Tree Capital held 88 positions worth $426M, down 9.4% from $471M the previous quarter. Its ten largest holdings account for 50% of the portfolio.

Ghost Tree Capital withdrew a net $76.2M in Q4 2017, closing 39 positions and reducing 14 holdings. Its most notable exit was Neurocrine Biosciences, an estimated $13.8M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 52% of assets, down from 58% a quarter earlier.

Against the trend, Ghost Tree Capital opened a new position in Esperion Therapeutics worth $15.1M.

  • Ghost Tree Capital's largest Q4 2017 buy was Esperion Therapeutics: 230,000 shares worth $15.1M.
  • Ghost Tree Capital added most to Global Blood Therapeutics, Inc. in Q4 2017, an estimated $2.8M increase.
  • Ghost Tree Capital's biggest Q4 2017 reduction was Zogenix, Inc., cutting an estimated $16.1M.
  • Ghost Tree Capital fully exited Neurocrine Biosciences in Q4 2017, selling an estimated $13.8M.
  • Ghost Tree Capital's ten largest holdings make up 50% of its $426M portfolio in Q4 2017.
  • Ghost Tree Capital opened 25 new positions and closed 39 in Q4 2017.
  • Ghost Tree Capital's portfolio value fell 9.4% quarter-over-quarter to $426M.

Based on Ghost Tree Capital's 13F filing for Q4 2017, filed 14 Feb 2018.