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GTC

Ghost Tree Capital Portfolio holdings

AUM $331M
1-Year Est. Return 70.11%
This Fund
S&P 500
This Quarter Est. Return
-21.08%
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
$276M
AUM Growth
-$195M
Cap. Flow
-$123M
Cap. Flow %
-44.49%
Top 10 Hldgs %
57.9%
Holding
67
New
12
Increased
8
Reduced
10
Closed
27

Top Buys

Rank Stock Value
1
VRTX icon
Vertex Pharmaceuticals
VRTX
+$13.9M
2
IOVA icon
Iovance Biotherapeutics
IOVA
+$9.64M
3
BOLD
Audentes Therapeutics, Inc
BOLD
+$7.74M
4
FOLD
Amicus Therapeutics
FOLD
+$7.14M
5
ANAB icon
AnaptysBio
ANAB
+$5.95M

Top Sells

Rank Stock Value
1
PTCT icon
PTC Therapeutics
PTCT
+$23.5M
2
ECYT
Endocyte, Inc. Common Stock
ECYT
+$19.5M
3
TSRO
TESARO, Inc.
TSRO
+$17.6M
4
SRPT icon
Sarepta Therapeutics
SRPT
+$17.5M
5
ASMB icon
Assembly Biosciences
ASMB
+$12.1M

Sector Composition

Rank Sector Weight
1 Healthcare 61.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BDSI
26
DELISTED
BioDelivery Sciences International, Inc.
BDSI
$3.7M 1.34%
1,000,000
-500,000
-33% -$1.76M
MNTA
27
DELISTED
Momenta Pharmaceuticals, Inc.
MNTA
$3.59M 1.3%
+325,000
New +$4.52M
GBT
28
PUT
DELISTED
Global Blood Therapeutics, Inc.
GBT
$3.49M 1.27%
+85,000
New +$3.19M
SAGE
29
CALL
DELISTED
Sage Therapeutics
SAGE
$2.87M 1.04%
+30,000
New +$3.43M
ALNY icon
30
Alnylam Pharmaceuticals
ALNY
$35.7B
$2.55M 0.93%
35,000
-140,000
-80% -$10.8M
ARVN icon
31
Arvinas
ARVN
$517M
$2.25M 0.82%
175,000
– –
ACAD icon
32
Acadia Pharmaceuticals
ACAD
$4.38B
$2.02M 0.73%
125,000
-375,000
-75% -$7.28M
UROV
33
DELISTED
Urovant Sciences Ltd.
UROV
$1.98M 0.72%
300,000
– –
GYRE icon
34
Gyre Therapeutics
GYRE
$675M
$1.58M 0.57%
26,667
– –
GNCA
35
DELISTED
Genocea Biosciences, Inc.
GNCA
$1.01M 0.37%
440,625
– –
ITCI
36
CALL
DELISTED
Intra-Cellular Therapies Inc.
ITCI
$904K 0.33%
+79,400
New +$1.28M
KA
37
DELISTED
Kineta, Inc. Common Stock
KA
$616K 0.22%
+1,357
New +$920K
SAGE
38
DELISTED
Sage Therapeutics
SAGE
$316K 0.11%
3,300
-6,200
-65% -$710K
MOTS
39
DELISTED
Motus GI Holdings, Inc. Common Stock
MOTS
$311K 0.11%
333
– –
MDGL icon
40
Madrigal Pharmaceuticals
MDGL
$12.8B
$101K 0.04%
900
-13,300
-94% -$2.06M
ACAD icon
41
CALL
Acadia Pharmaceuticals
ACAD
$4.38B
– –
-500,000
Closed -$10.4M
ALLK
42
DELISTED
Allakos
ALLK
– –
-75,000
Closed -$3.37M
ALNY icon
43
CALL
Alnylam Pharmaceuticals
ALNY
$35.7B
– –
-50,000
Closed -$4.38M
APLS
44
DELISTED
Apellis Pharmaceuticals
APLS
– –
-185,000
Closed -$3.29M
ARGX icon
45
argenx
ARGX
$53.8B
– –
-125,000
Closed -$9.48M
ASMB icon
46
Assembly Biosciences
ASMB
$531M
– –
-27,083
Closed -$12.1M
AVDL
47
DELISTED
Avadel Pharmaceuticals
AVDL
– –
-450,000
Closed -$1.98M
BLUE
48
DELISTED
bluebird bio
BLUE
– –
-5,790
Closed -$10.9M
FATE icon
49
Fate Therapeutics
FATE
$324M
– –
-75,000
Closed -$1.22M
CBIO
50
Crescent Biopharma
CBIO
$407M
– –
-4,000
Closed -$5.76M
1
2
3

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Ghost Tree Capital's Q4 2018 Portfolio in Review

As of Q4 2018, Ghost Tree Capital held 67 positions worth $276M, down 41% from $470M the previous quarter. Its ten largest holdings account for 58% of the portfolio.

Ghost Tree Capital withdrew a net $123M in Q4 2018, closing 27 positions and reducing 10 holdings. Its most notable exit was PTC Therapeutics, an estimated $23.5M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 61% of assets, down from 68% a quarter earlier.

Against the trend, Ghost Tree Capital opened a new position in Vertex Pharmaceuticals worth $13.3M.

  • Ghost Tree Capital's largest Q4 2018 buy was Vertex Pharmaceuticals: 80,000 shares worth $13.3M.
  • Ghost Tree Capital added most to AnaptysBio in Q4 2018, an estimated $5.95M increase.
  • Ghost Tree Capital's biggest Q4 2018 reduction was Sarepta Therapeutics, cutting an estimated $17.5M.
  • Ghost Tree Capital fully exited PTC Therapeutics in Q4 2018, selling an estimated $23.5M.
  • Ghost Tree Capital's ten largest holdings make up 58% of its $276M portfolio in Q4 2018.
  • Ghost Tree Capital opened 12 new positions and closed 27 in Q4 2018.
  • Ghost Tree Capital's portfolio value fell 41% quarter-over-quarter to $276M.

Based on Ghost Tree Capital's 13F filing for Q4 2018, filed 14 Feb 2019.