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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
+20.25%
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
$537M
AUM Growth
+$121M
Cap. Flow
+$76M
Cap. Flow %
14.17%
Top 10 Hldgs %
39.95%
Holding
98
New
28
Increased
18
Reduced
12
Closed
34

Top Buys

1
NBIX icon
Neurocrine Biosciences
NBIX
+$12.9M
2
XLRN
Acceleron Pharma
XLRN
+$9.49M
3
ENTA icon
Enanta Pharmaceuticals
ENTA
+$9.34M
4
KDNY
Chinook Therapeutics, Inc. Common Stock
KDNY
+$9.04M
5
ACAD icon
Acadia Pharmaceuticals
ACAD
+$8.82M

Top Sells

1
ABT icon
Abbott
ABT
+$15.4M
2
ALXN
Alexion Pharmaceuticals
ALXN
+$14.1M
3
CELG
Celgene Corp
CELG
+$12.7M
4
SHPG
Shire pic
SHPG
+$12.2M
5
AERI
Aerie Pharmaceuticals
AERI
+$7.8M

Sector Composition

1 Healthcare 59.95%
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
$62.4M 11.63%
900,000
+300,000
+50% +$20.1M
IWM icon
2
PUT
iShares Russell 2000 ETF
IWM
$82.2B
$34.4M 6.41%
+250,000
New +$34.2M
SPY icon
3
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$774B
$23.6M 4.39%
+100,000
New +$23.2M
DBVT
4
DBV Technologies
DBVT
$870M
$17.6M 3.28%
50,000
+17,500
+54% +$6.14M
AVXS
5
DELISTED
AveXis, Inc. Common Stock
AVXS
$13.3M 2.48%
175,000
– –
NBIX icon
6
Neurocrine Biosciences
NBIX
$17.2B
$13M 2.42%
+300,000
New +$12.9M
CLVS
7
DELISTED
Clovis Oncology, Inc.
CLVS
$12.7M 2.37%
200,000
-20,000
-9% -$1.22M
BCRX icon
8
BioCryst Pharmaceuticals
BCRX
$2.36B
$12.6M 2.35%
1,500,000
+350,000
+30% +$2.43M
SGEN
9
DELISTED
Seagen Inc. Common Stock
SGEN
$12.6M 2.34%
200,000
+50,000
+33% +$3.12M
ZBH icon
10
Zimmer Biomet
ZBH
$17.6B
$12.2M 2.28%
103,000
-30,900
-23% -$3.5M
ACAD icon
11
Acadia Pharmaceuticals
ACAD
$4.38B
$12M 2.24%
350,000
+250,000
+250% +$8.82M
BSX icon
12
Boston Scientific
BSX
$65.4B
$11.2M 2.09%
450,000
– –
ONCE
13
DELISTED
Spark Therapeutics, Inc. Common Stock
ONCE
$10.7M 1.99%
200,000
+120,000
+150% +$7.12M
XLRN
14
DELISTED
Acceleron Pharma
XLRN
$10.6M 1.97%
400,000
+360,000
+900% +$9.49M
EPZM
15
DELISTED
Epizyme, Inc
EPZM
$10.3M 1.92%
600,000
+125,000
+26% +$1.66M
AERI
16
CALL
DELISTED
Aerie Pharmaceuticals
AERI
$9.98M 1.86%
+220,000
New +$9.81M
VRTX icon
17
Vertex Pharmaceuticals
VRTX
$123B
$9.84M 1.83%
+90,000
New +$7.92M
IMMU
18
DELISTED
Immunomedics Inc
IMMU
$9.71M 1.81%
1,500,000
-200,000
-12% -$1.01M
MRK icon
19
Merck
MRK
$315B
$9.53M 1.78%
157,200
-78,600
-33% -$4.77M
SPNC
20
CALL
DELISTED
Spectranetics Corp
SPNC
$9.46M 1.76%
+325,000
New +$8.66M
ELGX
21
DELISTED
Endologix Inc
ELGX
$9.41M 1.75%
+130,000
New +$8.6M
ENTA icon
22
Enanta Pharmaceuticals
ENTA
$400M
$9.24M 1.72%
+300,000
New +$9.34M
NUVA
23
DELISTED
NuVasive, Inc.
NUVA
$8.96M 1.67%
120,000
-30,000
-20% -$2.18M
IOVA icon
24
Iovance Biotherapeutics
IOVA
$2.23B
$8.94M 1.67%
1,200,000
+225,000
+23% +$1.65M
KDNY
25
DELISTED
Chinook Therapeutics, Inc. Common Stock
KDNY
$8.6M 1.6%
+160,000
New +$9.04M
1
2 3 4

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Ghost Tree Capital's Q1 2017 Portfolio in Review

As of Q1 2017, Ghost Tree Capital held 98 positions worth $537M, up 29% from $415M the previous quarter. Its ten largest holdings account for 40% of the portfolio.

Ghost Tree Capital deployed $76M of net new capital in Q1 2017, opening 28 new positions and adding to 18 existing holdings. Its largest new stake was Neurocrine Biosciences: 300,000 shares worth $13M.

By sector, the portfolio is most concentrated in Healthcare at 60% of assets, down from 73% a quarter earlier.

On the sell side, the largest reduction was Shire pic, an estimated $12.2M trimmed.

  • Ghost Tree Capital's largest Q1 2017 buy was Neurocrine Biosciences: 300,000 shares worth $13M.
  • Ghost Tree Capital added most to Acceleron Pharma in Q1 2017, an estimated $9.49M increase.
  • Ghost Tree Capital's biggest Q1 2017 reduction was Shire pic, cutting an estimated $12.2M.
  • Ghost Tree Capital fully exited Abbott in Q1 2017, selling an estimated $15.4M.
  • Ghost Tree Capital's ten largest holdings make up 40% of its $537M portfolio in Q1 2017.
  • Ghost Tree Capital opened 28 new positions and closed 34 in Q1 2017.
  • Ghost Tree Capital's portfolio value rose 29% quarter-over-quarter to $537M.

Based on Ghost Tree Capital's 13F filing for Q1 2017, filed 15 May 2017.