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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
+26.31%
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
$471M
AUM Growth
-$10.2M
Cap. Flow
-$72.7M
Cap. Flow %
-15.44%
Top 10 Hldgs %
41.74%
Holding
94
New
28
Increased
11
Reduced
21
Closed
31

Top Buys

1
TMO icon
Thermo Fisher Scientific
TMO
+$9.06M
2
XLRN
Acceleron Pharma
XLRN
+$9.03M
3
VRTX icon
Vertex Pharmaceuticals
VRTX
+$7.53M
4
IMMU
Immunomedics Inc
IMMU
+$7.44M
5
GBT
Global Blood Therapeutics, Inc.
GBT
+$7.03M

Top Sells

1
SGEN
Seagen Inc. Common Stock
SGEN
+$15.5M
2
PTLA
Portola Pharmaceuticals, Inc.
PTLA
+$11.2M
3
ACAD icon
Acadia Pharmaceuticals
ACAD
+$8.95M
4
ENDP
Endo International plc
ENDP
+$8.38M
5
GWPH
GW Pharmaceuticals Plc American Depositary Shares
GWPH
+$8.03M

Sector Composition

1 Healthcare 57.95%
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
$30.3M 6.43%
350,000
– –
IMMU
2
DELISTED
Immunomedics Inc
IMMU
$27.2M 5.78%
1,946,946
+746,946
+62% +$7.44M
ZGNX
3
PUT
DELISTED
Zogenix, Inc.
ZGNX
$22.8M 4.84%
+650,000
New +$8.82M
ZGNX
4
DELISTED
Zogenix, Inc.
ZGNX
$21M 4.47%
600,000
+500,000
+500% +$6.79M
AVXS
5
PUT
DELISTED
AveXis, Inc. Common Stock
AVXS
$19.3M 4.11%
+200,000
New +$18M
DBVT
6
DBV Technologies
DBVT
$870M
$17.9M 3.79%
42,089
-411
-1% -$176K
DBVT
7
PUT
DBV Technologies
DBVT
$870M
$17.1M 3.64%
+40,350
New +$17.3M
ALXN
8
DELISTED
Alexion Pharmaceuticals
ALXN
$14M 2.98%
100,000
– –
NBIX icon
9
Neurocrine Biosciences
NBIX
$17.2B
$13.8M 2.93%
225,000
+75,000
+50% +$3.96M
XLRN
10
DELISTED
Acceleron Pharma
XLRN
$13.1M 2.77%
350,000
+260,000
+289% +$9.03M
NVRO
11
DELISTED
NEVRO CORP.
NVRO
$10.5M 2.22%
115,000
-50,000
-30% -$4.28M
ENTL
12
DELISTED
Entellus Medical, Inc. Common Stock
ENTL
$10.4M 2.2%
561,510
+186,510
+50% +$3.23M
INSM icon
13
Insmed
INSM
$23.5B
$10.1M 2.15%
324,400
-150,600
-32% -$2.87M
AVXS
14
DELISTED
AveXis, Inc. Common Stock
AVXS
$10.1M 2.15%
104,539
-85,461
-45% -$7.71M
BMY icon
15
CALL
Bristol-Myers Squibb
BMY
$124B
$9.56M 2.03%
150,000
-150,000
-50% -$8.76M
TMO icon
16
Thermo Fisher Scientific
TMO
$198B
$9.46M 2.01%
+50,000
New +$9.06M
INSM icon
17
CALL
Insmed
INSM
$23.5B
$9.36M 1.99%
+300,000
New +$5.71M
SAGE
18
PUT
DELISTED
Sage Therapeutics
SAGE
$9.35M 1.98%
+150,000
New +$11.8M
GNMK
19
DELISTED
GenMark Diagnostics, Inc
GNMK
$9.15M 1.94%
950,000
+125,000
+15% +$1.3M
ZBH icon
20
Zimmer Biomet
ZBH
$17.6B
$8.78M 1.86%
77,250
-5,150
-6% -$594K
BSX icon
21
Boston Scientific
BSX
$65.4B
$8.02M 1.7%
275,000
+100,000
+57% +$2.76M
PBYI icon
22
Puma Biotechnology
PBYI
$434M
$7.78M 1.65%
65,000
-85,000
-57% -$7.91M
GBT
23
DELISTED
Global Blood Therapeutics, Inc.
GBT
$7.76M 1.65%
+250,000
New +$7.03M
VRTX icon
24
Vertex Pharmaceuticals
VRTX
$123B
$7.6M 1.61%
+50,000
New +$7.53M
ASND icon
25
Ascendis Pharma A/S
ASND
$17.1B
$7.25M 1.54%
+200,000
New +$5.74M
1
2 3 4

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Ghost Tree Capital's Q3 2017 Portfolio in Review

As of Q3 2017, Ghost Tree Capital held 94 positions worth $471M, down 2.1% from $481M the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Ghost Tree Capital withdrew a net $72.7M in Q3 2017, closing 31 positions and reducing 21 holdings. Its most notable exit was Seagen Inc. Common Stock, an estimated $15.5M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 58% of assets, down from 59% a quarter earlier.

Against the trend, Ghost Tree Capital opened a new position in Thermo Fisher Scientific worth $9.46M.

  • Ghost Tree Capital's largest Q3 2017 buy was Thermo Fisher Scientific: 50,000 shares worth $9.46M.
  • Ghost Tree Capital added most to Acceleron Pharma in Q3 2017, an estimated $9.03M increase.
  • Ghost Tree Capital's biggest Q3 2017 reduction was GW Pharmaceuticals Plc American Depositary Shares, cutting an estimated $8.03M.
  • Ghost Tree Capital fully exited Seagen Inc. Common Stock in Q3 2017, selling an estimated $15.5M.
  • Ghost Tree Capital's ten largest holdings make up 42% of its $471M portfolio in Q3 2017.
  • Ghost Tree Capital opened 28 new positions and closed 31 in Q3 2017.
  • Ghost Tree Capital's portfolio value fell 2.1% quarter-over-quarter to $471M.

Based on Ghost Tree Capital's 13F filing for Q3 2017, filed 14 Nov 2017.