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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
+13.55%
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
$342M
AUM Growth
-$21.8M
Cap. Flow
-$22.5M
Cap. Flow %
-6.57%
Top 10 Hldgs %
41.65%
Holding
72
New
20
Increased
8
Reduced
15
Closed
12

Top Buys

Rank Stock Value
1
APLS
Apellis Pharmaceuticals
APLS
+$11.2M
2
RCKT icon
Rocket Pharmaceuticals
RCKT
+$8.19M
3
GHRS icon
GH Research
GHRS
+$8.14M
4
ALLK
Allakos
ALLK
+$7.59M
5
TCRR
TCR2 Therapeutics Inc. Common Stock
TCRR
+$6.74M

Top Sells

Rank Stock Value
1
TRIL
Trillium Therapeutics Inc.
TRIL
+$12.1M
2
BIIB icon
Biogen
BIIB
+$11.3M
3
FATE icon
Fate Therapeutics
FATE
+$10.6M
4
RAPT
RAPT Therapeutics
RAPT
+$10.6M
5
TGTX icon
TG Therapeutics
TGTX
+$6.98M

Sector Composition

Rank Sector Weight
1 Healthcare 86.75%
2 Financials 1.93%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MLTX icon
26
MoonLake Immunotherapeutics
MLTX
$1.64B
$4.94M 1.45%
500,000
– –
CTIC
27
DELISTED
CTI BioPharma Corp. (DE) Common Stock
CTIC
$4.72M 1.38%
1,600,000
– –
PRAX icon
28
Praxis Precision Medicines
PRAX
$8.77B
$4.62M 1.35%
+16,667
New +$4.52M
SRRA
29
DELISTED
Sierra Oncology, Inc. Common Stock
SRRA
$4.38M 1.28%
200,000
– –
ZNTL icon
30
Zentalis Pharmaceuticals
ZNTL
$364M
$4.33M 1.27%
+65,000
New +$3.75M
STSA
31
DELISTED
Satsuma Pharmaceuticals, Inc. Common Stock
STSA
$4.21M 1.23%
904,225
– –
BCYC
32
Bicycle Therapeutics
BCYC
$294M
$4.16M 1.22%
100,000
-100,000
-50% -$3.5M
GYRE icon
33
Gyre Therapeutics
GYRE
$675M
$4.11M 1.2%
133,333
– –
VRNA
34
DELISTED
Verona Pharma
VRNA
$4.11M 1.2%
750,000
-250,000
-25% -$1.45M
TCRR
35
DELISTED
TCR2 Therapeutics Inc. Common Stock
TCRR
$4.06M 1.19%
+477,323
New +$6.74M
PCVX icon
36
Vaxcyte
PCVX
$8.12B
$4.06M 1.19%
160,000
+15,000
+10% +$364K
ALLO icon
37
Allogene Therapeutics
ALLO
$618M
$3.85M 1.13%
150,000
-125,000
-45% -$2.97M
XENE icon
38
PUT
Xenon Pharmaceuticals
XENE
$6.6B
$3.82M 1.12%
+250,000
New +$4.34M
TARS icon
39
Tarsus Pharmaceuticals
TARS
$2.61B
$3.66M 1.07%
170,000
– –
NMTR
40
DELISTED
9 Meters Biopharma
NMTR
$3.58M 1.05%
+137,500
New +$3.24M
CRNX icon
41
Crinetics Pharmaceuticals
CRNX
$8.88B
$3.16M 0.92%
150,000
-93,309
-38% -$1.95M
CMPS
42
Compass Pathways
CMPS
$1.67B
$2.99M 0.87%
+100,000
New +$3.36M
FATE icon
43
Fate Therapeutics
FATE
$324M
$2.96M 0.87%
50,000
-135,000
-73% -$10.6M
HRMY icon
44
Harmony Biosciences
HRMY
$1.96B
$2.88M 0.84%
75,000
-50,000
-40% -$1.61M
FOLD
45
DELISTED
Amicus Therapeutics
FOLD
$2.53M 0.74%
265,000
– –
BLU
46
DELISTED
BELLUS Health Inc.
BLU
$2.46M 0.72%
+400,000
New +$1.52M
IMUX icon
47
Immunic
IMUX
$207M
$2.35M 0.69%
26,500
– –
LRMR icon
48
Larimar Therapeutics
LRMR
$384M
$2.31M 0.67%
200,000
+100,000
+100% +$1.2M
MRNA icon
49
Moderna
MRNA
$24.5B
$2.04M 0.6%
5,300
+1,300
+33% +$479K
ALEC icon
50
Alector
ALEC
$167M
$1.83M 0.53%
+80,000
New +$2.24M
1
2
3

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Ghost Tree Capital's Q3 2021 Portfolio in Review

As of Q3 2021, Ghost Tree Capital held 72 positions worth $342M, down 6% from $364M the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Ghost Tree Capital withdrew a net $22.5M in Q3 2021, closing 12 positions and reducing 15 holdings. Its most notable exit was Trillium Therapeutics Inc., an estimated $12.1M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 87% of assets, up from 85% a quarter earlier, followed by Financials.

Against the trend, Ghost Tree Capital opened a new position in Apellis Pharmaceuticals worth $6.59M.

  • Ghost Tree Capital's largest Q3 2021 buy was Apellis Pharmaceuticals: 200,000 shares worth $6.59M.
  • Ghost Tree Capital added most to Rocket Pharmaceuticals in Q3 2021, an estimated $8.19M increase.
  • Ghost Tree Capital's biggest Q3 2021 reduction was Fate Therapeutics, cutting an estimated $10.6M.
  • Ghost Tree Capital fully exited Trillium Therapeutics Inc. in Q3 2021, selling an estimated $12.1M.
  • Ghost Tree Capital's ten largest holdings make up 42% of its $342M portfolio in Q3 2021.
  • Ghost Tree Capital opened 20 new positions and closed 12 in Q3 2021.
  • Ghost Tree Capital's portfolio value fell 6% quarter-over-quarter to $342M.

Based on Ghost Tree Capital's 13F filing for Q3 2021, filed 15 Nov 2021.