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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
ANAB icon
51
AnaptysBio
ANAB
$1.72B
$187K 0.04%
+11,500
New +$272K
SPPI
52
DELISTED
Spectrum Pharmaceuticals Inc
SPPI
$140K 0.03%
+38,340
New +$310K
ARGX icon
53
argenx
ARGX
$53.8B
– –
-50,000
Closed -$5.7M
BMRN icon
54
BioMarin Pharmaceuticals
BMRN
$11.5B
– –
-185,000
Closed -$12.5M
PCRX icon
55
Pacira BioSciences
PCRX
$1.01B
– –
-250,000
Closed -$9.52M
QQQ icon
56
PUT
Invesco QQQ Trust
QQQ
$466B
– –
-75,000
Closed -$14.2M
SAGE
57
DELISTED
Sage Therapeutics
SAGE
– –
-110,000
Closed -$13.5M
SLDB icon
58
Solid Biosciences
SLDB
$858M
– –
-6,667
Closed -$1.03M
SRPT icon
59
PUT
Sarepta Therapeutics
SRPT
$1.82B
– –
-200,000
Closed -$15.1M
QTTB icon
60
Q32 Bio
QTTB
$255M
– –
-12,500
Closed -$4.07M
TECX
61
Tectonic Therapeutic
TECX
$615M
– –
-12,938
Closed -$2.19M
CBAY
62
DELISTED
Cymabay Therapeutics
CBAY
– –
-440,000
Closed -$2.25M
ATNX
63
DELISTED
Athenex, Inc. Common Stock
ATNX
– –
-26,125
Closed -$6.36M
TPTX
64
DELISTED
Turning Point Therapeutics, Inc. Common Stock
TPTX
– –
-125,000
Closed -$4.7M
EPZM
65
DELISTED
Epizyme, Inc
EPZM
– –
-132,000
Closed -$1.36M
DRNA
66
DELISTED
Dicerna Pharmaceuticals, Inc.
DRNA
– –
-235,000
Closed -$3.38M
IMMU
67
CALL
DELISTED
Immunomedics Inc
IMMU
– –
-1,201,000
Closed -$15.9M
DERM
68
DELISTED
Dermira, Inc.
DERM
– –
-42,500
Closed -$272K
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.