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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
IMVT icon
51
CALL
Immunovant
IMVT
$8.27B
$1.74M 0.51%
200,000
– –
MRUS
52
DELISTED
Merus
MRUS
$1.65M 0.48%
75,000
– –
FULC icon
53
Fulcrum Therapeutics
FULC
$243M
$1.41M 0.41%
+50,000
New +$947K
CMRX
54
DELISTED
Chimerix, Inc.
CMRX
$1.24M 0.36%
200,000
– –
CABA icon
55
Cabaletta Bio
CABA
$461M
$1.22M 0.36%
+100,000
New +$922K
OTIC
56
DELISTED
Otonomy, Inc.
OTIC
$864K 0.25%
450,000
– –
CASI
57
DELISTED
CASI Pharmaceuticals
CASI
$774K 0.23%
65,000
– –
BNTX icon
58
BioNTech
BNTX
$23.1B
$546K 0.16%
+2,000
New +$636K
TBIO
59
DELISTED
Telesis Bio, Inc. Common Stock
TBIO
$390K 0.11%
1,944
– –
PRVB
60
DELISTED
Provention Bio, Inc. Common Stock
PRVB
$320K 0.09%
50,000
-50,000
-50% -$321K
BIIB icon
61
Biogen
BIIB
$30.4B
– –
-32,500
Closed -$11.3M
CRIS icon
62
Curis
CRIS
$9.02M
– –
-618
Closed -$1.99M
ELEV
63
DELISTED
Elevation Oncology
ELEV
– –
-100,000
Closed -$1.36M
EPIX
64
DELISTED
ESSA Pharma
EPIX
– –
-207,500
Closed -$5.93M
LKFT
65
Lakefront Biotherapeutics American Depositary Shares
LKFT
$1.97B
– –
-75,000
Closed -$5.17M
MRSN
66
DELISTED
Mersana Therapeutics
MRSN
– –
-18,000
Closed -$6.11M
TGTX icon
67
TG Therapeutics
TGTX
$8.4B
– –
-180,000
Closed -$6.98M
XBI icon
68
CALL
State Street SPDR S&P Biotech ETF
XBI
$10.4B
– –
-300,000
Closed -$40.6M
CERE
69
DELISTED
Cerevel Therapeutics Holdings, Inc. Common Stock
CERE
– –
-75,000
Closed -$1.92M
PRVB
70
PUT
DELISTED
Provention Bio, Inc. Common Stock
PRVB
– –
-150,000
Closed -$1.26M
TRIL
71
DELISTED
Trillium Therapeutics Inc.
TRIL
– –
-1,250,000
Closed -$12.1M
KDMN
72
DELISTED
Kadmon Holdings, Inc.
KDMN
– –
-800,000
Closed -$3.1M
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.