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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
+71.88%
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
$449M
AUM Growth
+$103M
Cap. Flow
-$16.7M
Cap. Flow %
-3.72%
Top 10 Hldgs %
50.85%
Holding
61
New
14
Increased
9
Reduced
13
Closed
18

Top Buys

1
SNDX icon
Syndax Pharmaceuticals
SNDX
+$19.2M
2
APLS
Apellis Pharmaceuticals
APLS
+$13.7M
3
COGT icon
Cogent Biosciences
COGT
+$12.1M
4
TVTX icon
Travere Therapeutics
TVTX
+$11.1M
5
FPRX
Five Prime Therapeutics, Inc.
FPRX
+$6.26M

Top Sells

1
ADVM
Adverum Biotechnologies
ADVM
+$12M
2
IMVT icon
Immunovant
IMVT
+$10.4M
3
MRSN
Mersana Therapeutics
MRSN
+$10M
4
AUPH icon
Aurinia Pharmaceuticals
AUPH
+$8.1M
5
AGIO icon
Agios Pharmaceuticals
AGIO
+$6.13M

Sector Composition

1 Healthcare 83.36%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MLTX icon
26
MoonLake Immunotherapeutics
MLTX
$1.64B
$5.68M 1.27%
+500,000
New +$5.31M
VRNA
27
DELISTED
Verona Pharma
VRNA
$5.67M 1.26%
810,000
+4,444
+0.6% +$30K
VTGN icon
28
VistaGen Therapeutics
VTGN
$9.4M
$4.73M 1.05%
+81,333
New +$2.08M
ALDX icon
29
Aldeyra Therapeutics
ALDX
$102M
$4.46M 0.99%
650,000
-600,000
-48% -$4.21M
ACRS icon
30
Aclaris Therapeutics
ACRS
$793M
$4.21M 0.94%
+650,000
New +$2.74M
IMUX icon
31
Immunic
IMUX
$207M
$4.05M 0.9%
26,500
– –
KALV
32
DELISTED
KalVista Pharmaceuticals
KALV
$3.8M 0.85%
200,000
-150,000
-43% -$2.57M
MRNA icon
33
PUT
Moderna
MRNA
$24.5B
$3.66M 0.81%
+35,000
New +$3.54M
CRIS icon
34
Curis
CRIS
$9.02M
$3.48M 0.78%
+1,063
New +$1.28M
SRRA
35
DELISTED
Sierra Oncology, Inc. Common Stock
SRRA
$3.21M 0.71%
+200,000
New +$2.78M
CTIC
36
DELISTED
CTI BioPharma Corp. (DE) Common Stock
CTIC
$2.42M 0.54%
+750,000
New +$2.49M
TPST icon
37
Tempest Therapeutics
TPST
$15.4M
$1.98M 0.44%
4,744
– –
AMRN
38
Amarin Corp
AMRN
$292M
$1.96M 0.44%
20,000
+15,000
+300% +$1.45M
APVO icon
39
Aptevo Therapeutics
APVO
$5.91M
– –
0
– –
WVE icon
40
Wave Life Sciences
WVE
$1.12B
$1.57M 0.35%
200,000
-225,000
-53% -$1.89M
OTIC
41
DELISTED
Otonomy, Inc.
OTIC
$1.29M 0.29%
+200,000
New +$909K
STSA
42
DELISTED
Satsuma Pharmaceuticals, Inc. Common Stock
STSA
$922K 0.21%
200,000
– –
BIIB icon
43
Biogen
BIIB
$30.4B
$539K 0.12%
2,200
-2,000
-48% -$516K
ADVM
44
DELISTED
Adverum Biotechnologies
ADVM
– –
-116,138
Closed -$12M
AGIO icon
45
Agios Pharmaceuticals
AGIO
$2.36B
– –
-175,000
Closed -$6.13M
AKBA icon
46
Akebia Therapeutics
AKBA
$359M
– –
-250,000
Closed -$628K
ALT icon
47
Altimmune
ALT
$558M
– –
-200,000
Closed -$2.64M
AUPH icon
48
Aurinia Pharmaceuticals
AUPH
$2.05B
– –
-550,000
Closed -$8.1M
AVDL
49
DELISTED
Avadel Pharmaceuticals
AVDL
– –
-825,000
Closed -$4.16M
CALC icon
50
CalciMedica
CALC
$11.6M
– –
-5,357
Closed -$953K
1
2
3

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Ghost Tree Capital's Q4 2020 Portfolio in Review

As of Q4 2020, Ghost Tree Capital held 61 positions worth $449M, up 30% from $346M the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Ghost Tree Capital withdrew a net $16.7M in Q4 2020, closing 18 positions and reducing 13 holdings. Its most notable exit was Adverum Biotechnologies, an estimated $12M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 83% of assets, up from 77% a quarter earlier.

Against the trend, Ghost Tree Capital opened a new position in Apellis Pharmaceuticals worth $18.6M.

  • Ghost Tree Capital's largest Q4 2020 buy was Apellis Pharmaceuticals: 325,000 shares worth $18.6M.
  • Ghost Tree Capital added most to Syndax Pharmaceuticals in Q4 2020, an estimated $19.2M increase.
  • Ghost Tree Capital's biggest Q4 2020 reduction was Immunovant, cutting an estimated $10.4M.
  • Ghost Tree Capital fully exited Adverum Biotechnologies in Q4 2020, selling an estimated $12M.
  • Ghost Tree Capital's ten largest holdings make up 51% of its $449M portfolio in Q4 2020.
  • Ghost Tree Capital opened 14 new positions and closed 18 in Q4 2020.
  • Ghost Tree Capital's portfolio value rose 30% quarter-over-quarter to $449M.

Based on Ghost Tree Capital's 13F filing for Q4 2020, filed 16 Feb 2021.