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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
+8.55%
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
$481M
AUM Growth
-$55.4M
Cap. Flow
-$94.9M
Cap. Flow %
-19.73%
Top 10 Hldgs %
37.24%
Holding
92
New
28
Increased
9
Reduced
23
Closed
26

Top Buys

1
GWPH
GW Pharmaceuticals Plc American Depositary Shares
GWPH
+$13.5M
2
NVRO
NEVRO CORP.
NVRO
+$13.2M
3
ALXN
Alexion Pharmaceuticals
ALXN
+$11.6M
4
ENDP
Endo International plc
ENDP
+$8.8M
5
INSM icon
Insmed
INSM
+$8.11M

Top Sells

1
CLVS
Clovis Oncology, Inc.
CLVS
+$12.2M
2
VRTX icon
Vertex Pharmaceuticals
VRTX
+$9.84M
3
MRK icon
Merck
MRK
+$9.57M
4
ELGX
Endologix Inc
ELGX
+$9.41M
5
ONCE
Spark Therapeutics, Inc. Common Stock
ONCE
+$9.22M

Sector Composition

1 Healthcare 58.95%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CLVS
1
CALL
DELISTED
Clovis Oncology, Inc.
CLVS
$28.2M 5.86%
+301,000
New +$18.4M
XBI icon
2
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.4B
$27M 5.61%
350,000
-550,000
-61% -$39M
PTLA
3
PUT
DELISTED
Portola Pharmaceuticals, Inc.
PTLA
$22.5M 4.67%
+400,000
New +$16M
BMY icon
4
CALL
Bristol-Myers Squibb
BMY
$124B
$16.7M 3.48%
300,000
+150,000
+100% +$8.16M
AVXS
5
DELISTED
AveXis, Inc. Common Stock
AVXS
$15.6M 3.24%
190,000
+15,000
+9% +$1.12M
SGEN
6
DELISTED
Seagen Inc. Common Stock
SGEN
$15.5M 3.23%
300,000
+100,000
+50% +$6.36M
DBVT
7
DBV Technologies
DBVT
$870M
$15.2M 3.15%
42,500
-7,500
-15% -$2.56M
PBYI icon
8
Puma Biotechnology
PBYI
$434M
$13.1M 2.73%
150,000
-75,000
-33% -$4.2M
MRK icon
9
CALL
Merck
MRK
$315B
$12.8M 2.66%
+209,600
New +$12.8M
GWPH
10
DELISTED
GW Pharmaceuticals Plc American Depositary Shares
GWPH
$12.5M 2.6%
+125,000
New +$13.5M
NVRO
11
DELISTED
NEVRO CORP.
NVRO
$12.3M 2.55%
+165,000
New +$13.2M
ALXN
12
DELISTED
Alexion Pharmaceuticals
ALXN
$12.2M 2.53%
+100,000
New +$11.6M
PTLA
13
DELISTED
Portola Pharmaceuticals, Inc.
PTLA
$11.2M 2.34%
200,000
– –
IMMU
14
DELISTED
Immunomedics Inc
IMMU
$10.6M 2.2%
1,200,000
-300,000
-20% -$2.11M
ZBH icon
15
Zimmer Biomet
ZBH
$17.6B
$10.3M 2.14%
82,400
-20,600
-20% -$2.44M
GNMK
16
DELISTED
GenMark Diagnostics, Inc
GNMK
$9.76M 2.03%
825,000
+175,000
+27% +$2.24M
ENDP
17
DELISTED
Endo International plc
ENDP
$8.38M 1.74%
+750,000
New +$8.8M
JUNO
18
DELISTED
Juno Therapeutics, Inc.
JUNO
$8.22M 1.71%
+275,000
New +$6.79M
INSM icon
19
Insmed
INSM
$23.5B
$8.15M 1.69%
+475,000
New +$8.11M
ACOR
20
DELISTED
Acorda Therapeutics
ACOR
$7.88M 1.64%
3,333
+833
+33% +$1.65M
NUVA
21
DELISTED
NuVasive, Inc.
NUVA
$7.69M 1.6%
100,000
-20,000
-17% -$1.49M
SPNC
22
CALL
DELISTED
Spectranetics Corp
SPNC
$7.68M 1.6%
200,000
-125,000
-38% -$3.61M
ACAD icon
23
Acadia Pharmaceuticals
ACAD
$4.38B
$7.67M 1.59%
275,000
-75,000
-21% -$2.24M
EXEL icon
24
PUT
Exelixis
EXEL
$14.1B
$7.39M 1.54%
+300,000
New +$6.35M
ENTA icon
25
Enanta Pharmaceuticals
ENTA
$400M
$7.2M 1.5%
200,000
-100,000
-33% -$3.2M
1
2 3 4

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Ghost Tree Capital's Q2 2017 Portfolio in Review

As of Q2 2017, Ghost Tree Capital held 92 positions worth $481M, down 10% from $537M the previous quarter. Its ten largest holdings account for 37% of the portfolio.

Ghost Tree Capital withdrew a net $94.9M in Q2 2017, closing 26 positions and reducing 23 holdings. Its most notable exit was Clovis Oncology, Inc., an estimated $12.2M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 59% of assets, down from 60% a quarter earlier.

Against the trend, Ghost Tree Capital opened a new position in GW Pharmaceuticals Plc American Depositary Shares worth $12.5M.

  • Ghost Tree Capital's largest Q2 2017 buy was GW Pharmaceuticals Plc American Depositary Shares: 125,000 shares worth $12.5M.
  • Ghost Tree Capital added most to Seagen Inc. Common Stock in Q2 2017, an estimated $6.36M increase.
  • Ghost Tree Capital's biggest Q2 2017 reduction was Spark Therapeutics, Inc. Common Stock, cutting an estimated $9.22M.
  • Ghost Tree Capital fully exited Clovis Oncology, Inc. in Q2 2017, selling an estimated $12.2M.
  • Ghost Tree Capital's ten largest holdings make up 37% of its $481M portfolio in Q2 2017.
  • Ghost Tree Capital opened 28 new positions and closed 26 in Q2 2017.
  • Ghost Tree Capital's portfolio value fell 10% quarter-over-quarter to $481M.

Based on Ghost Tree Capital's 13F filing for Q2 2017, filed 14 Aug 2017.