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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
-21.06%
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
$393M
AUM Growth
-$89.6M
Cap. Flow
+$13.6M
Cap. Flow %
3.47%
Top 10 Hldgs %
50.34%
Holding
56
New
13
Increased
11
Reduced
17
Closed
12

Top Buys

1
ADVM
Adverum Biotechnologies
ADVM
+$16.3M
2
BMRN icon
BioMarin Pharmaceuticals
BMRN
+$14.2M
3
SAGE
Sage Therapeutics
SAGE
+$13.4M
4
FXB icon
Invesco CurrencyShares British Pound Sterling Trust
FXB
+$12.6M
5
BHVN
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
+$10.6M

Top Sells

1
ACAD icon
Acadia Pharmaceuticals
ACAD
+$20M
2
GBT
Global Blood Therapeutics, Inc.
GBT
+$15.8M
3
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$10.9M
4
RARX
Ra Pharmaceuticals, Inc. Common Stock
RARX
+$9.02M
5
ASND icon
Ascendis Pharma A/S
ASND
+$8.37M

Sector Composition

1 Healthcare 63.73%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
KDMN
26
DELISTED
Kadmon Holdings, Inc.
KDMN
$4.41M 1.12%
1,750,000
-350,000
-17% -$869K
FXF icon
27
Invesco CurrencyShares Swiss Franc Trust
FXF
$420M
$4.4M 1.12%
47,500
-44,700
-48% -$4.2M
MIST icon
28
Milestone Pharmaceuticals
MIST
$148M
$4.38M 1.12%
235,000
-5,000
-2% -$98.4K
AERI
29
DELISTED
Aerie Pharmaceuticals
AERI
$4.33M 1.1%
+225,000
New +$5.15M
BCRX icon
30
BioCryst Pharmaceuticals
BCRX
$2.36B
$4.3M 1.1%
1,500,000
-1,000,000
-40% -$3.11M
QTTB icon
31
Q32 Bio
QTTB
$255M
$4.07M 1.04%
12,500
+5,556
+80% +$1.89M
RETA
32
DELISTED
Reata Pharmaceuticals, Inc. Class A Common Stock
RETA
$4.01M 1.02%
+50,000
New +$4.24M
ARVN icon
33
Arvinas
ARVN
$517M
$3.99M 1.02%
185,000
-40,000
-18% -$982K
KALV
34
DELISTED
KalVista Pharmaceuticals
KALV
$3.65M 0.93%
315,000
+15,000
+5% +$242K
DRNA
35
DELISTED
Dicerna Pharmaceuticals, Inc.
DRNA
$3.38M 0.86%
235,000
– –
PTGX icon
36
Protagonist Therapeutics
PTGX
$9.06B
$3M 0.77%
250,000
+50,000
+25% +$630K
ORTX
37
DELISTED
Orchard Therapeutics plc American Depositary Shares
ORTX
$2.89M 0.74%
24,295
– –
VRAY
38
DELISTED
ViewRay, Inc.
VRAY
$2.39M 0.61%
825,000
+75,000
+10% +$444K
CBAY
39
DELISTED
Cymabay Therapeutics
CBAY
$2.25M 0.57%
440,000
-560,000
-56% -$3.39M
TECX
40
Tectonic Therapeutic
TECX
$615M
$2.19M 0.56%
+12,938
New +$2.93M
CHMA
41
DELISTED
Chiasma, Inc. Common Stock
CHMA
$1.89M 0.48%
382,500
-17,500
-4% -$99.2K
EPZM
42
DELISTED
Epizyme, Inc
EPZM
$1.36M 0.35%
132,000
-333,000
-72% -$4.2M
SLDB icon
43
Solid Biosciences
SLDB
$858M
$1.03M 0.26%
6,667
– –
DERM
44
DELISTED
Dermira, Inc.
DERM
$272K 0.07%
+42,500
New +$355K
ACAD icon
45
Acadia Pharmaceuticals
ACAD
$4.38B
– –
-750,000
Closed -$20M
ALLK
46
DELISTED
Allakos
ALLK
– –
-10,500
Closed -$455K
ALNY icon
47
Alnylam Pharmaceuticals
ALNY
$35.7B
– –
-150,000
Closed -$10.9M
CHRS icon
48
Coherus Oncology
CHRS
$216M
– –
-175,000
Closed -$3.87M
PFE icon
49
PUT
Pfizer
PFE
$143B
– –
-158,100
Closed -$6.5M
QURE icon
50
uniQure
QURE
$2.77B
– –
-35,000
Closed -$2.73M
1
2
3

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Ghost Tree Capital's Q3 2019 Portfolio in Review

As of Q3 2019, Ghost Tree Capital held 56 positions worth $393M, down 19% from $482M the previous quarter. Its ten largest holdings account for 50% of the portfolio.

Ghost Tree Capital deployed $13.6M of net new capital in Q3 2019, opening 13 new positions and adding to 11 existing holdings. Its largest new stake was Adverum Biotechnologies: 145,000 shares worth $7.9M.

By sector, the portfolio is most concentrated in Healthcare at 64% of assets, down from 73% a quarter earlier.

On the sell side, the largest reduction was Ascendis Pharma A/S, an estimated $8.37M trimmed.

  • Ghost Tree Capital's largest Q3 2019 buy was Adverum Biotechnologies: 145,000 shares worth $7.9M.
  • Ghost Tree Capital added most to Sage Therapeutics in Q3 2019, an estimated $13.4M increase.
  • Ghost Tree Capital's biggest Q3 2019 reduction was Ascendis Pharma A/S, cutting an estimated $8.37M.
  • Ghost Tree Capital fully exited Acadia Pharmaceuticals in Q3 2019, selling an estimated $20M.
  • Ghost Tree Capital's ten largest holdings make up 50% of its $393M portfolio in Q3 2019.
  • Ghost Tree Capital opened 13 new positions and closed 12 in Q3 2019.
  • Ghost Tree Capital's portfolio value fell 19% quarter-over-quarter to $393M.

Based on Ghost Tree Capital's 13F filing for Q3 2019, filed 14 Nov 2019.