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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
+140.11%
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
$525M
AUM Growth
+$133M
Cap. Flow
-$21.3M
Cap. Flow %
-4.06%
Top 10 Hldgs %
51.42%
Holding
68
New
24
Increased
15
Reduced
12
Closed
16

Top Buys

1
CNST
Constellation Pharmaceuticals, Inc.
CNST
+$16.6M
2
IMVT icon
Immunovant
IMVT
+$8.96M
3
CHRS icon
Coherus Oncology
CHRS
+$7.93M
4
AERI
Aerie Pharmaceuticals
AERI
+$7.25M
5
DBVT
DBV Technologies
DBVT
+$6M

Top Sells

1
AXSM icon
Axsome Therapeutics
AXSM
+$19.2M
2
SRPT icon
Sarepta Therapeutics
SRPT
+$15.6M
3
BHVN
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
+$15.4M
4
SAGE
Sage Therapeutics
SAGE
+$13.5M
5
BPMC
Blueprint Medicines
BPMC
+$13.1M

Sector Composition

1 Healthcare 63.7%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
APLS
26
CALL
DELISTED
Apellis Pharmaceuticals
APLS
$7.66M 1.46%
+250,000
New +$6.92M
KALV
27
DELISTED
KalVista Pharmaceuticals
KALV
$7.39M 1.41%
415,000
+100,000
+32% +$1.31M
MYOV
28
DELISTED
Myovant Sciences Ltd.
MYOV
$6.98M 1.33%
+450,000
New +$4.54M
ISEE
29
DELISTED
IVERIC bio, Inc. Common Stock
ISEE
$6.43M 1.23%
+750,000
New +$2.68M
ARQL
30
DELISTED
Arqule Inc
ARQL
$5.99M 1.14%
+300,000
New +$3.48M
FATE icon
31
Fate Therapeutics
FATE
$324M
$5.38M 1.02%
275,000
-75,000
-21% -$1.19M
AMRN
32
CALL
Amarin Corp
AMRN
$292M
$5.36M 1.02%
+12,500
New +$4.75M
APLS
33
DELISTED
Apellis Pharmaceuticals
APLS
$5.36M 1.02%
+175,000
New +$4.84M
VRAY
34
DELISTED
ViewRay, Inc.
VRAY
$5.06M 0.96%
1,200,000
+375,000
+45% +$1.21M
FXF icon
35
Invesco CurrencyShares Swiss Franc Trust
FXF
$420M
$4.95M 0.94%
52,000
+4,500
+9% +$420K
INSM icon
36
Insmed
INSM
$23.5B
$4.78M 0.91%
+200,000
New +$4.07M
MRSN
37
DELISTED
Mersana Therapeutics
MRSN
$4.58M 0.87%
+32,000
New +$2.34M
KNSA icon
38
Kiniksa Pharmaceuticals
KNSA
$4.92B
$3.87M 0.74%
+350,000
New +$3.04M
MIST icon
39
Milestone Pharmaceuticals
MIST
$148M
$3.76M 0.72%
235,000
– –
ORTX
40
DELISTED
Orchard Therapeutics plc American Depositary Shares
ORTX
$3.08M 0.59%
22,436
-1,859
-8% -$226K
PHAS
41
DELISTED
PhaseBio Pharmaceuticals, Inc. Common Stock
PHAS
$2.75M 0.52%
+450,000
New +$1.85M
RNAC icon
42
Cartesian Therapeutics
RNAC
$243M
$2.74M 0.52%
+38,333
New +$1.85M
GBT
43
DELISTED
Global Blood Therapeutics, Inc.
GBT
$2.65M 0.51%
+33,400
New +$1.98M
BHVN
44
DELISTED
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
$2.18M 0.41%
40,000
-310,000
-89% -$15.4M
CHMA
45
DELISTED
Chiasma, Inc. Common Stock
CHMA
$2.11M 0.4%
425,000
+42,500
+11% +$221K
KDMN
46
DELISTED
Kadmon Holdings, Inc.
KDMN
$2.1M 0.4%
462,500
-1,287,500
-74% -$4.71M
PTGX icon
47
Protagonist Therapeutics
PTGX
$9.06B
$1.94M 0.37%
275,000
+25,000
+10% +$248K
FXB icon
48
Invesco CurrencyShares British Pound Sterling Trust
FXB
$77.6M
$1.49M 0.28%
11,600
-94,000
-89% -$11.7M
KPTI icon
49
Karyopharm Therapeutics
KPTI
$216M
$968K 0.18%
+3,367
New +$730K
TGTX icon
50
TG Therapeutics
TGTX
$8.4B
$699K 0.13%
+63,000
New +$479K
1
2
3

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Ghost Tree Capital's Q4 2019 Portfolio in Review

As of Q4 2019, Ghost Tree Capital held 68 positions worth $525M, up 34% from $393M the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Ghost Tree Capital withdrew a net $21.3M in Q4 2019, closing 16 positions and reducing 12 holdings. Its most notable exit was Sage Therapeutics, an estimated $13.5M position sold in full.

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

Against the trend, Ghost Tree Capital opened a new position in Constellation Pharmaceuticals, Inc. worth $27.1M.

  • Ghost Tree Capital's largest Q4 2019 buy was Constellation Pharmaceuticals, Inc.: 575,500 shares worth $27.1M.
  • Ghost Tree Capital added most to Aerie Pharmaceuticals in Q4 2019, an estimated $7.25M increase.
  • Ghost Tree Capital's biggest Q4 2019 reduction was Axsome Therapeutics, cutting an estimated $19.2M.
  • Ghost Tree Capital fully exited Sage Therapeutics in Q4 2019, selling an estimated $13.5M.
  • Ghost Tree Capital's ten largest holdings make up 51% of its $525M portfolio in Q4 2019.
  • Ghost Tree Capital opened 24 new positions and closed 16 in Q4 2019.
  • Ghost Tree Capital's portfolio value rose 34% quarter-over-quarter to $525M.

Based on Ghost Tree Capital's 13F filing for Q4 2019, filed 14 Feb 2020.