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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
+9.51%
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
$470M
AUM Growth
+$131M
Cap. Flow
+$115M
Cap. Flow %
24.5%
Top 10 Hldgs %
48.76%
Holding
67
New
21
Increased
15
Reduced
13
Closed
12

Top Buys

1
TSRO
TESARO, Inc.
TSRO
+$15.9M
2
FXF icon
Invesco CurrencyShares Swiss Franc Trust
FXF
+$12.3M
3
ECYT
Endocyte, Inc. Common Stock
ECYT
+$10.3M
4
ZGNX
Zogenix, Inc.
ZGNX
+$10.2M
5
TVTX icon
Travere Therapeutics
TVTX
+$10M

Top Sells

1
MRSN
Mersana Therapeutics
MRSN
+$10.7M
2
GBT
Global Blood Therapeutics, Inc.
GBT
+$10.2M
3
ARWR icon
Arrowhead Research
ARWR
+$9.52M
4
IMMU
Immunomedics Inc
IMMU
+$8.67M
5
EXEL icon
Exelixis
EXEL
+$8.61M

Sector Composition

1 Healthcare 68.42%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VRAY
26
DELISTED
ViewRay, Inc.
VRAY
$7.02M 1.49%
750,000
-150,000
-17% -$1.47M
KDMN
27
DELISTED
Kadmon Holdings, Inc.
KDMN
$6.68M 1.42%
2,000,000
+100,000
+5% +$355K
ANAB icon
28
AnaptysBio
ANAB
$1.72B
$5.99M 1.27%
60,000
+44,300
+282% +$3.68M
CBIO
29
Crescent Biopharma
CBIO
$407M
$5.76M 1.22%
4,000
– –
GBT
30
CALL
DELISTED
Global Blood Therapeutics, Inc.
GBT
$5.7M 1.21%
+150,000
New +$6.64M
KALV
31
DELISTED
KalVista Pharmaceuticals
KALV
$4.97M 1.06%
+225,000
New +$3.04M
ALNY icon
32
CALL
Alnylam Pharmaceuticals
ALNY
$35.7B
$4.38M 0.93%
+50,000
New +$5.03M
BDSI
33
DELISTED
BioDelivery Sciences International, Inc.
BDSI
$4.2M 0.89%
1,500,000
+88,753
+6% +$249K
KURA icon
34
Kura Oncology
KURA
$964M
$4.03M 0.86%
230,000
– –
BCRX icon
35
BioCryst Pharmaceuticals
BCRX
$2.36B
$3.81M 0.81%
+500,000
New +$3.36M
UROV
36
DELISTED
Urovant Sciences Ltd.
UROV
$3.6M 0.77%
+300,000
New +$3.55M
RDUS
37
DELISTED
Radius Health, Inc.
RDUS
$3.56M 0.76%
+200,000
New +$4.52M
ALLK
38
DELISTED
Allakos
ALLK
$3.37M 0.72%
+75,000
New +$3.08M
APLS
39
DELISTED
Apellis Pharmaceuticals
APLS
$3.29M 0.7%
185,000
– –
MDGL icon
40
Madrigal Pharmaceuticals
MDGL
$12.8B
$3.04M 0.65%
14,200
-9,300
-40% -$2.33M
ARVN icon
41
Arvinas
ARVN
$517M
$2.95M 0.63%
+175,000
New +$2.88M
GNCA
42
DELISTED
Genocea Biosciences, Inc.
GNCA
$2.75M 0.58%
440,625
– –
NEOS
43
DELISTED
Neos Therapeutics, Inc
NEOS
$2.34M 0.5%
482,600
-117,400
-20% -$666K
GYRE icon
44
Gyre Therapeutics
GYRE
$675M
$2.16M 0.46%
26,667
-20,666
-44% -$1.64M
AVDL
45
DELISTED
Avadel Pharmaceuticals
AVDL
$1.98M 0.42%
450,000
– –
NGNE icon
46
Neurogene
NGNE
$744M
$1.47M 0.31%
+25,000
New +$1.47M
SAGE
47
DELISTED
Sage Therapeutics
SAGE
$1.34M 0.29%
+9,500
New +$1.47M
FATE icon
48
Fate Therapeutics
FATE
$324M
$1.22M 0.26%
+75,000
New +$887K
GRTS
49
DELISTED
Gritstone bio, Inc. Common Stock
GRTS
$1.07M 0.23%
+75,000
New +$1.07M
PDSB icon
50
PDS Biotechnology
PDSB
$41.1M
$820K 0.17%
50,000
+12,460
+33% +$224K
1
2
3

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Ghost Tree Capital's Q3 2018 Portfolio in Review

As of Q3 2018, Ghost Tree Capital held 67 positions worth $470M, up 38% from $340M the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Ghost Tree Capital deployed $115M of net new capital in Q3 2018, opening 21 new positions and adding to 15 existing holdings. Its largest new stake was TESARO, Inc.: 450,000 shares worth $17.6M.

By sector, the portfolio is most concentrated in Healthcare at 68% of assets, down from 84% a quarter earlier.

On the sell side, the largest reduction was Global Blood Therapeutics, Inc., an estimated $10.2M trimmed.

  • Ghost Tree Capital's largest Q3 2018 buy was TESARO, Inc.: 450,000 shares worth $17.6M.
  • Ghost Tree Capital added most to Endocyte, Inc. Common Stock in Q3 2018, an estimated $10.3M increase.
  • Ghost Tree Capital's biggest Q3 2018 reduction was Global Blood Therapeutics, Inc., cutting an estimated $10.2M.
  • Ghost Tree Capital fully exited Mersana Therapeutics in Q3 2018, selling an estimated $10.7M.
  • Ghost Tree Capital's ten largest holdings make up 49% of its $470M portfolio in Q3 2018.
  • Ghost Tree Capital opened 21 new positions and closed 12 in Q3 2018.
  • Ghost Tree Capital's portfolio value rose 38% quarter-over-quarter to $470M.

Based on Ghost Tree Capital's 13F filing for Q3 2018, filed 14 Nov 2018.