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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
+4.41%
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
$279M
AUM Growth
-$62.9M
Cap. Flow
-$59.8M
Cap. Flow %
-21.41%
Top 10 Hldgs %
47.37%
Holding
72
New
12
Increased
18
Reduced
11
Closed
26

Top Buys

1
ASND icon
Ascendis Pharma A/S
ASND
+$10.4M
2
SRPT icon
Sarepta Therapeutics
SRPT
+$8.55M
3
MRUS
Merus
MRUS
+$7.77M
4
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$5.58M
5
WHWK
Whitehawk Therapeutics
WHWK
+$5.02M

Top Sells

1
XENE icon
Xenon Pharmaceuticals
XENE
+$20.6M
2
IOVA icon
Iovance Biotherapeutics
IOVA
+$15.4M
3
ALLK
Allakos
ALLK
+$9M
4
GHRS icon
GH Research
GHRS
+$6.59M
5
ALDX icon
Aldeyra Therapeutics
ALDX
+$5.34M

Sector Composition

1 Healthcare 92.01%
2 Financials 1.57%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
APLS
51
CALL
DELISTED
Apellis Pharmaceuticals
APLS
– –
-150,000
Closed -$4.94M
AVIR icon
52
Atea Pharmaceuticals
AVIR
$390M
– –
-150,000
Closed -$5.26M
BCYC
53
Bicycle Therapeutics
BCYC
$294M
– –
-100,000
Closed -$4.16M
BNTX icon
54
BioNTech
BNTX
$23.1B
– –
-2,000
Closed -$546K
BYSI icon
55
CALL
BeyondSpring
BYSI
$53M
– –
-400,000
Closed -$6.3M
CASI
56
DELISTED
CASI Pharmaceuticals
CASI
– –
-65,000
Closed -$774K
FATE icon
57
Fate Therapeutics
FATE
$324M
– –
-50,000
Closed -$2.96M
FULC icon
58
Fulcrum Therapeutics
FULC
$243M
– –
-50,000
Closed -$1.41M
GYRE icon
59
Gyre Therapeutics
GYRE
$675M
– –
-133,333
Closed -$4.11M
HRMY icon
60
Harmony Biosciences
HRMY
$1.96B
– –
-75,000
Closed -$2.88M
IMVT icon
61
CALL
Immunovant
IMVT
$8.27B
– –
-200,000
Closed -$1.74M
IOVA icon
62
Iovance Biotherapeutics
IOVA
$2.23B
– –
-700,000
Closed -$15.4M
IWM icon
63
CALL
iShares Russell 2000 ETF
IWM
$82.2B
– –
-100,000
Closed -$21.9M
MLTX icon
64
MoonLake Immunotherapeutics
MLTX
$1.64B
– –
-500,000
Closed -$4.94M
MRNA icon
65
Moderna
MRNA
$24.5B
– –
-5,300
Closed -$2.04M
PRAX icon
66
Praxis Precision Medicines
PRAX
$8.77B
– –
-16,667
Closed -$4.62M
XENE icon
67
PUT
Xenon Pharmaceuticals
XENE
$6.6B
– –
-250,000
Closed -$3.82M
CMRX
68
DELISTED
Chimerix, Inc.
CMRX
– –
-200,000
Closed -$1.24M
TBIO
69
DELISTED
Telesis Bio, Inc. Common Stock
TBIO
– –
-1,944
Closed -$390K
TCRR
70
DELISTED
TCR2 Therapeutics Inc. Common Stock
TCRR
– –
-477,323
Closed -$4.06M
PRVB
71
DELISTED
Provention Bio, Inc. Common Stock
PRVB
– –
-50,000
Closed -$320K
OTIC
72
DELISTED
Otonomy, Inc.
OTIC
– –
-450,000
Closed -$864K
1 2
3

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Ghost Tree Capital's Q4 2021 Portfolio in Review

As of Q4 2021, Ghost Tree Capital held 72 positions worth $279M, down 18% from $342M the previous quarter. Its ten largest holdings account for 47% of the portfolio.

Ghost Tree Capital withdrew a net $59.8M in Q4 2021, closing 26 positions and reducing 11 holdings. Its most notable exit was Iovance Biotherapeutics, an estimated $15.4M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 92% of assets, up from 87% a quarter earlier, followed by Financials.

Against the trend, Ghost Tree Capital opened a new position in Sarepta Therapeutics worth $9.01M.

  • Ghost Tree Capital's largest Q4 2021 buy was Sarepta Therapeutics: 100,000 shares worth $9.01M.
  • Ghost Tree Capital added most to Ascendis Pharma A/S in Q4 2021, an estimated $10.4M increase.
  • Ghost Tree Capital's biggest Q4 2021 reduction was Xenon Pharmaceuticals, cutting an estimated $20.6M.
  • Ghost Tree Capital fully exited Iovance Biotherapeutics in Q4 2021, selling an estimated $15.4M.
  • Ghost Tree Capital's ten largest holdings make up 47% of its $279M portfolio in Q4 2021.
  • Ghost Tree Capital opened 12 new positions and closed 26 in Q4 2021.
  • Ghost Tree Capital's portfolio value fell 18% quarter-over-quarter to $279M.

Based on Ghost Tree Capital's 13F filing for Q4 2021, filed 16 Feb 2022.