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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
+29.98%
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
$234M
AUM Growth
-$122M
Cap. Flow
-$150M
Cap. Flow %
-64.03%
Top 10 Hldgs %
57.93%
Holding
53
New
9
Increased
6
Reduced
20
Closed
18

Top Buys

1
QQQ icon
Invesco QQQ Trust
QQQ
+$13.8M
2
SGEN
Seagen Inc. Common Stock
SGEN
+$11M
3
IOVA icon
Iovance Biotherapeutics
IOVA
+$10.1M
4
ASND icon
Ascendis Pharma A/S
ASND
+$4.06M
5
AKRO
Akero Therapeutics
AKRO
+$3.64M

Top Sells

1
RLMD icon
Relmada Therapeutics
RLMD
+$15.7M
2
VRDN icon
Viridian Therapeutics
VRDN
+$8.52M
3
PCVX icon
Vaxcyte
PCVX
+$7.85M
4
RETA
Reata Pharmaceuticals, Inc. Class A Common Stock
RETA
+$7.74M
5
AMLX icon
Amylyx Pharmaceuticals
AMLX
+$7.1M

Sector Composition

1 Healthcare 94.32%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RAPT
26
DELISTED
RAPT Therapeutics
RAPT
$2.48M 1.06%
15,625
+4,375
+39% +$700K
KZR
27
DELISTED
Kezar Life Sciences
KZR
$2.39M 1.02%
33,991
-18,509
-35% -$1.37M
RNAM
28
DELISTED
Avidity Biosciences
RNAM
$2.22M 0.95%
+100,000
New +$1.49M
TARS icon
29
Tarsus Pharmaceuticals
TARS
$2.61B
$1.17M 0.5%
80,000
-40,000
-33% -$662K
WHWK
30
Whitehawk Therapeutics
WHWK
$192M
$1.16M 0.49%
90,000
-110,000
-55% -$1.44M
RXDX
31
DELISTED
Prometheus Biosciences, Inc. Common Stock
RXDX
$1.09M 0.46%
+9,896
New +$642K
XFOR icon
32
X4 Pharmaceuticals
XFOR
$360M
$993K 0.42%
+33,333
New +$1.58M
BPMC
33
DELISTED
Blueprint Medicines
BPMC
$876K 0.37%
20,000
-45,000
-69% -$2.16M
DSGN icon
34
Design Therapeutics
DSGN
$785M
$850K 0.36%
82,853
-17,147
-17% -$232K
SYRE icon
35
Spyre Therapeutics
SYRE
$8.7B
$360K 0.15%
32,000
-8,000
-20% -$144K
ALT icon
36
Altimmune
ALT
$558M
– –
-435,000
Closed -$5.55M
AMLX icon
37
PUT
Amylyx Pharmaceuticals
AMLX
$1.97B
– –
-500,000
Closed -$14.1M
AXSM icon
38
CALL
Axsome Therapeutics
AXSM
$11.8B
– –
-150,000
Closed -$6.69M
BIIB icon
39
Biogen
BIIB
$30.4B
– –
-3,750
Closed -$1M
FOLD
40
DELISTED
Amicus Therapeutics
FOLD
– –
-500,000
Closed -$5.22M
MLTX icon
41
MoonLake Immunotherapeutics
MLTX
$1.64B
– –
-300,000
Closed -$2.33M
RLMD icon
42
Relmada Therapeutics
RLMD
$550M
– –
-425,000
Closed -$15.7M
RLMD icon
43
PUT
Relmada Therapeutics
RLMD
$550M
– –
-500,000
Closed -$18.5M
RYTM icon
44
Rhythm Pharmaceuticals
RYTM
$7.31B
– –
-65,000
Closed -$1.59M
XBI icon
45
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.4B
– –
-500,000
Closed -$39.7M
ITCI
46
DELISTED
Intra-Cellular Therapies Inc.
ITCI
– –
-60,000
Closed -$2.79M
SGEN
47
CALL
DELISTED
Seagen Inc. Common Stock
SGEN
– –
-50,000
Closed -$6.84M
RETA
48
CALL
DELISTED
Reata Pharmaceuticals, Inc. Class A Common Stock
RETA
– –
-200,000
Closed -$5.03M
DICE
49
CALL
DELISTED
DICE Therapeutics, Inc. Common Stock
DICE
– –
-700,000
Closed -$14.2M
ISEE
50
CALL
DELISTED
IVERIC bio, Inc. Common Stock
ISEE
– –
-61,300
Closed -$1.1M
1
2
3

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Ghost Tree Capital's Q4 2022 Portfolio in Review

As of Q4 2022, Ghost Tree Capital held 53 positions worth $234M, down 34% from $356M the previous quarter. Its ten largest holdings account for 58% of the portfolio.

Ghost Tree Capital withdrew a net $150M in Q4 2022, closing 18 positions and reducing 20 holdings. Its most notable exit was Relmada Therapeutics, an estimated $15.7M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 94% of assets, up from 69% a quarter earlier.

Against the trend, Ghost Tree Capital opened a new position in Invesco QQQ Trust worth $13.3M.

  • Ghost Tree Capital's largest Q4 2022 buy was Invesco QQQ Trust: 50,000 shares worth $13.3M.
  • Ghost Tree Capital added most to Ascendis Pharma A/S in Q4 2022, an estimated $4.06M increase.
  • Ghost Tree Capital's biggest Q4 2022 reduction was Viridian Therapeutics, cutting an estimated $8.52M.
  • Ghost Tree Capital fully exited Relmada Therapeutics in Q4 2022, selling an estimated $15.7M.
  • Ghost Tree Capital's ten largest holdings make up 58% of its $234M portfolio in Q4 2022.
  • Ghost Tree Capital opened 9 new positions and closed 18 in Q4 2022.
  • Ghost Tree Capital's portfolio value fell 34% quarter-over-quarter to $234M.

Based on Ghost Tree Capital's 13F filing for Q4 2022, filed 14 Feb 2023.