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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
-2.22%
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
$415M
AUM Growth
-$201M
Cap. Flow
-$160M
Cap. Flow %
-38.55%
Top 10 Hldgs %
36.85%
Holding
112
New
24
Increased
13
Reduced
25
Closed
42

Top Buys

1
SHPG
Shire pic
SHPG
+$17.7M
2
MRK icon
Merck
MRK
+$13.8M
3
SGEN
Seagen Inc. Common Stock
SGEN
+$9.02M
4
ICPT
Intercept Pharmaceuticals, Inc.
ICPT
+$8.34M
5
MNK
MALLINCKRODT PUBLIC LIMITED COMPANY
MNK
+$7.95M

Top Sells

1
EW icon
Edwards Lifesciences
EW
+$10.2M
2
CLVS
Clovis Oncology, Inc.
CLVS
+$9.85M
3
CYNO
Cynosure, Inc. Class A
CYNO
+$7.64M
4
PACB icon
Pacific Biosciences
PACB
+$6.72M
5
ENTA icon
Enanta Pharmaceuticals
ENTA
+$6.65M

Sector Composition

1 Healthcare 73.04%
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
$35.5M 8.55%
600,000
-150,000
-20% -$9.26M
SHPG
2
DELISTED
Shire pic
SHPG
$17M 4.1%
+100,000
New +$17.7M
ABT icon
3
Abbott
ABT
$175B
$15.4M 3.7%
400,000
+100,000
+33% +$3.97M
ALXN
4
DELISTED
Alexion Pharmaceuticals
ALXN
$14.1M 3.39%
115,000
-5,000
-4% -$612K
ZBH icon
5
Zimmer Biomet
ZBH
$17.6B
$13.4M 3.23%
133,900
+5,150
+4% +$552K
MRK icon
6
Merck
MRK
$315B
$13.2M 3.19%
+235,800
New +$13.8M
CELG
7
DELISTED
Celgene Corp
CELG
$12.7M 3.06%
110,000
+10,000
+10% +$1.11M
DBVT
8
DBV Technologies
DBVT
$870M
$11.4M 2.75%
32,500
+7,500
+30% +$2.69M
SAGE
9
DELISTED
Sage Therapeutics
SAGE
$10.2M 2.46%
200,000
+25,000
+14% +$1.18M
NUVA
10
DELISTED
NuVasive, Inc.
NUVA
$10.1M 2.43%
150,000
-60,000
-29% -$3.87M
ACAD icon
11
CALL
Acadia Pharmaceuticals
ACAD
$4.38B
$10.1M 2.43%
+350,000
New +$9.26M
CLVS
12
DELISTED
Clovis Oncology, Inc.
CLVS
$9.77M 2.35%
220,000
-280,000
-56% -$9.85M
BSX icon
13
Boston Scientific
BSX
$65.4B
$9.73M 2.34%
450,000
+50,000
+13% +$1.09M
BMY icon
14
CALL
Bristol-Myers Squibb
BMY
$124B
$8.77M 2.11%
150,000
-50,000
-25% -$2.73M
AVXS
15
DELISTED
AveXis, Inc. Common Stock
AVXS
$8.35M 2.01%
175,000
+148,464
+559% +$7.93M
SPNC
16
DELISTED
Spectranetics Corp
SPNC
$8.21M 1.98%
335,000
-100,000
-23% -$2.35M
SGEN
17
DELISTED
Seagen Inc. Common Stock
SGEN
$7.92M 1.91%
+150,000
New +$9.02M
ABT icon
18
CALL
Abbott
ABT
$175B
$7.68M 1.85%
+200,000
New +$7.93M
ICPT
19
DELISTED
Intercept Pharmaceuticals, Inc.
ICPT
$7.61M 1.83%
+70,000
New +$8.34M
NDRM
20
DELISTED
NeuroDerm Ltd. Ordinary Shares
NDRM
$7.33M 1.76%
330,000
+199,000
+152% +$3.72M
BCRX icon
21
BioCryst Pharmaceuticals
BCRX
$2.36B
$7.28M 1.75%
1,150,000
-650,000
-36% -$3.38M
GKOS icon
22
Glaukos
GKOS
$9.21B
$6.86M 1.65%
+200,000
New +$6.85M
IOVA icon
23
Iovance Biotherapeutics
IOVA
$2.23B
$6.78M 1.63%
975,000
+150,000
+18% +$1.03M
MNK
24
DELISTED
MALLINCKRODT PUBLIC LIMITED COMPANY
MNK
$6.73M 1.62%
+135,000
New +$7.95M
AERI
25
DELISTED
Aerie Pharmaceuticals
AERI
$6.62M 1.59%
175,000
+50,000
+40% +$1.89M
1
2 3 4 5

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AFS
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SFA
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E
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OHCM
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Ghost Tree Capital's Q4 2016 Portfolio in Review

As of Q4 2016, Ghost Tree Capital held 112 positions worth $415M, down 33% from $617M the previous quarter. Its ten largest holdings account for 37% of the portfolio.

Ghost Tree Capital withdrew a net $160M in Q4 2016, closing 42 positions and reducing 25 holdings. Its most notable exit was Edwards Lifesciences, an estimated $10.2M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 73% of assets, up from 51% a quarter earlier.

Against the trend, Ghost Tree Capital opened a new position in Shire pic worth $17M.

  • Ghost Tree Capital's largest Q4 2016 buy was Shire pic: 100,000 shares worth $17M.
  • Ghost Tree Capital added most to AveXis, Inc. Common Stock in Q4 2016, an estimated $7.93M increase.
  • Ghost Tree Capital's biggest Q4 2016 reduction was Clovis Oncology, Inc., cutting an estimated $9.85M.
  • Ghost Tree Capital fully exited Edwards Lifesciences in Q4 2016, selling an estimated $10.2M.
  • Ghost Tree Capital's ten largest holdings make up 37% of its $415M portfolio in Q4 2016.
  • Ghost Tree Capital opened 24 new positions and closed 42 in Q4 2016.
  • Ghost Tree Capital's portfolio value fell 33% quarter-over-quarter to $415M.

Based on Ghost Tree Capital's 13F filing for Q4 2016, filed 14 Feb 2017.