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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
+23.2%
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
$426M
AUM Growth
-$44.5M
Cap. Flow
-$76.2M
Cap. Flow %
-17.86%
Top 10 Hldgs %
50.35%
Holding
88
New
25
Increased
8
Reduced
14
Closed
39

Top Buys

1
ESPR
Esperion Therapeutics
ESPR
+$12.4M
2
PTLA
Portola Pharmaceuticals, Inc.
PTLA
+$11.4M
3
BPMC
Blueprint Medicines
BPMC
+$10.6M
4
VTRS icon
Viatris
VTRS
+$9.56M
5
MRTX
Mirati Therapeutics, Inc. Common Stock
MRTX
+$9.31M

Top Sells

1
ZGNX
Zogenix, Inc.
ZGNX
+$16.1M
2
NBIX icon
Neurocrine Biosciences
NBIX
+$13.8M
3
NVRO
NEVRO CORP.
NVRO
+$10.5M
4
ENTL
Entellus Medical, Inc. Common Stock
ENTL
+$10.4M
5
INSM icon
Insmed
INSM
+$10.1M

Sector Composition

1 Healthcare 51.92%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ICPT
76
DELISTED
Intercept Pharmaceuticals, Inc.
ICPT
– –
-35,000
Closed -$2.03M
NUVA
77
DELISTED
NuVasive, Inc.
NUVA
– –
-30,000
Closed -$1.66M
SIOX
78
DELISTED
Sio Gene Therapies Inc. Common Stock
SIOX
– –
-12,500
Closed -$688K
AERI
79
DELISTED
Aerie Pharmaceuticals
AERI
– –
-75,000
Closed -$3.65M
QTNT
80
DELISTED
Quotient Limited Ordinary Shares
QTNT
– –
-4,686
Closed -$924K
GWPH
81
DELISTED
GW Pharmaceuticals Plc American Depositary Shares
GWPH
– –
-50,000
Closed -$5.08M
AIMT
82
CALL
DELISTED
Aimmune Therapeutics
AIMT
– –
-150,000
Closed -$3.72M
RARX
83
DELISTED
Ra Pharmaceuticals, Inc. Common Stock
RARX
– –
-235,000
Closed -$3.43M
ONCE
84
DELISTED
Spark Therapeutics, Inc. Common Stock
ONCE
– –
-80,000
Closed -$7.13M
AVXS
85
PUT
DELISTED
AveXis, Inc. Common Stock
AVXS
– –
-200,000
Closed -$19.3M
ENTL
86
DELISTED
Entellus Medical, Inc. Common Stock
ENTL
– –
-561,510
Closed -$10.4M
RXDX
87
DELISTED
Ignyta, Inc.
RXDX
– –
-550,000
Closed -$6.79M
ZGNX
88
PUT
DELISTED
Zogenix, Inc.
ZGNX
– –
-650,000
Closed -$22.8M
1 2 3
4

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Ghost Tree Capital's Q4 2017 Portfolio in Review

As of Q4 2017, Ghost Tree Capital held 88 positions worth $426M, down 9.4% from $471M the previous quarter. Its ten largest holdings account for 50% of the portfolio.

Ghost Tree Capital withdrew a net $76.2M in Q4 2017, closing 39 positions and reducing 14 holdings. Its most notable exit was Neurocrine Biosciences, an estimated $13.8M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 52% of assets, down from 58% a quarter earlier.

Against the trend, Ghost Tree Capital opened a new position in Esperion Therapeutics worth $15.1M.

  • Ghost Tree Capital's largest Q4 2017 buy was Esperion Therapeutics: 230,000 shares worth $15.1M.
  • Ghost Tree Capital added most to Global Blood Therapeutics, Inc. in Q4 2017, an estimated $2.8M increase.
  • Ghost Tree Capital's biggest Q4 2017 reduction was Zogenix, Inc., cutting an estimated $16.1M.
  • Ghost Tree Capital fully exited Neurocrine Biosciences in Q4 2017, selling an estimated $13.8M.
  • Ghost Tree Capital's ten largest holdings make up 50% of its $426M portfolio in Q4 2017.
  • Ghost Tree Capital opened 25 new positions and closed 39 in Q4 2017.
  • Ghost Tree Capital's portfolio value fell 9.4% quarter-over-quarter to $426M.

Based on Ghost Tree Capital's 13F filing for Q4 2017, filed 14 Feb 2018.