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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
-19.99%
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
$177M
AUM Growth
-$67.5M
Cap. Flow
-$24.6M
Cap. Flow %
-13.91%
Top 10 Hldgs %
45.17%
Holding
74
New
27
Increased
–
Reduced
22
Closed
22

Top Buys

1
CELG
Celgene Corp
CELG
+$9.29M
2
BSX icon
Boston Scientific
BSX
+$7.9M
3
HZNP
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
+$7.44M
4
ISEE
IVERIC bio, Inc. Common Stock
ISEE
+$6.11M
5
AGIO icon
Agios Pharmaceuticals
AGIO
+$5.99M

Top Sells

1
AMGN icon
Amgen
AMGN
+$12.2M
2
SGEN
Seagen Inc. Common Stock
SGEN
+$10.1M
3
MNK
MALLINCKRODT PUBLIC LIMITED COMPANY
MNK
+$10.1M
4
ZLTQ
ZELTIQ Aesthetics, Inc.
ZLTQ
+$7.85M
5
BLUE
bluebird bio
BLUE
+$7.71M

Sector Composition

1 Healthcare 61.58%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XBI icon
1
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.4B
$11M 6.25%
+220,000
New +$11.4M
ACAD icon
2
PUT
Acadia Pharmaceuticals
ACAD
$4.38B
$9.79M 5.54%
+350,000
New +$7.63M
CELG
3
DELISTED
Celgene Corp
CELG
$9.03M 5.11%
+90,202
New +$9.29M
EW icon
4
CALL
Edwards Lifesciences
EW
$49.4B
$8.82M 4.99%
+300,000
New +$8.28M
BSX icon
5
Boston Scientific
BSX
$65.4B
$8.46M 4.79%
+450,000
New +$7.9M
IWM icon
6
PUT
iShares Russell 2000 ETF
IWM
$82.2B
$8.3M 4.7%
+75,000
New +$7.76M
HZNP
7
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
$7.04M 3.98%
+425,000
New +$7.44M
PACB icon
8
Pacific Biosciences
PACB
$447M
$5.95M 3.37%
700,000
-50,000
-7% -$492K
ABBV icon
9
CALL
AbbVie
ABBV
$450B
$5.71M 3.23%
+100,000
New +$5.57M
AGIO icon
10
Agios Pharmaceuticals
AGIO
$2.36B
$5.68M 3.22%
+140,000
New +$5.99M
ALXN
11
DELISTED
Alexion Pharmaceuticals
ALXN
$5.57M 3.15%
+40,000
New +$5.87M
TEVA icon
12
CALL
Teva Pharmaceuticals
TEVA
$37.3B
$5.35M 3.03%
+100,000
New +$5.87M
MRTX
13
DELISTED
Mirati Therapeutics, Inc. Common Stock
MRTX
$5.35M 3.03%
250,000
– –
SAGE
14
DELISTED
Sage Therapeutics
SAGE
$5.13M 2.9%
160,000
-40,000
-20% -$1.41M
SPNC
15
DELISTED
Spectranetics Corp
SPNC
$5.08M 2.88%
350,000
-85,000
-20% -$1.18M
ISEE
16
DELISTED
IVERIC bio, Inc. Common Stock
ISEE
$5.07M 2.87%
+120,000
New +$6.11M
IHF icon
17
iShares US Healthcare Providers ETF
IHF
$1.19B
$4.82M 2.73%
+197,500
New +$4.6M
NVRO
18
DELISTED
NEVRO CORP.
NVRO
$4.22M 2.39%
75,000
-10,000
-12% -$590K
NSTG
19
DELISTED
NanoString Technologies, Inc.
NSTG
$3.42M 1.94%
225,000
-175,000
-44% -$2.47M
NUVA
20
DELISTED
NuVasive, Inc.
NUVA
$3.41M 1.93%
70,000
-160,000
-70% -$7.26M
IART icon
21
Integra LifeSciences
IART
$1.5B
$3.37M 1.91%
100,000
-140,000
-58% -$4.36M
BMRN icon
22
BioMarin Pharmaceuticals
BMRN
$11.5B
$3.3M 1.87%
+40,000
New +$3.25M
IHI icon
23
iShares US Medical Devices ETF
IHI
$3.03B
$3.06M 1.73%
+150,000
New +$2.91M
RMD icon
24
ResMed
RMD
$28.9B
$2.89M 1.64%
+50,000
New +$2.83M
BHC icon
25
CALL
Bausch Health
BHC
$1.8B
$2.63M 1.49%
+100,000
New +$7.4M
1
2 3

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Ghost Tree Capital's Q1 2016 Portfolio in Review

As of Q1 2016, Ghost Tree Capital held 74 positions worth $177M, down 28% from $244M the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Ghost Tree Capital withdrew a net $24.6M in Q1 2016, closing 22 positions and reducing 22 holdings. Its most notable exit was Amgen, an estimated $12.2M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 62% of assets, down from 90% a quarter earlier.

Against the trend, Ghost Tree Capital opened a new position in Celgene Corp worth $9.03M.

  • Ghost Tree Capital's largest Q1 2016 buy was Celgene Corp: 90,202 shares worth $9.03M.
  • Ghost Tree Capital's biggest Q1 2016 reduction was NuVasive, Inc., cutting an estimated $7.26M.
  • Ghost Tree Capital fully exited Amgen in Q1 2016, selling an estimated $12.2M.
  • Ghost Tree Capital's ten largest holdings make up 45% of its $177M portfolio in Q1 2016.
  • Ghost Tree Capital opened 27 new positions and closed 22 in Q1 2016.
  • Ghost Tree Capital's portfolio value fell 28% quarter-over-quarter to $177M.

Based on Ghost Tree Capital's 13F filing for Q1 2016, filed 13 May 2016.