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GTC

Ghost Tree Capital Portfolio holdings

AUM $331M
1-Year Est. Return 70.11%
This Fund
S&P 500
This Quarter Est. Return
+23.2%
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
$426M
AUM Growth
-$44.5M
Cap. Flow
-$76.2M
Cap. Flow %
-17.86%
Top 10 Hldgs %
50.35%
Holding
88
New
25
Increased
8
Reduced
14
Closed
39

Top Buys

1
ESPR
Esperion Therapeutics
ESPR
+$12.4M
2
PTLA
Portola Pharmaceuticals, Inc.
PTLA
+$11.4M
3
BPMC
Blueprint Medicines
BPMC
+$10.6M
4
VTRS icon
Viatris
VTRS
+$9.56M
5
MRTX
Mirati Therapeutics, Inc. Common Stock
MRTX
+$9.31M

Top Sells

1
ZGNX
Zogenix, Inc.
ZGNX
+$16.1M
2
NBIX icon
Neurocrine Biosciences
NBIX
+$13.8M
3
NVRO
NEVRO CORP.
NVRO
+$10.5M
4
ENTL
Entellus Medical, Inc. Common Stock
ENTL
+$10.4M
5
INSM icon
Insmed
INSM
+$10.1M

Sector Composition

1 Healthcare 51.92%
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
$72.1M 16.92%
850,000
+500,000
+143% +$41.9M
IMMU
2
DELISTED
Immunomedics Inc
IMMU
$24.9M 5.83%
1,538,000
-408,946
-21% -$4.83M
IMMU
3
CALL
DELISTED
Immunomedics Inc
IMMU
$21M 4.93%
+1,300,000
New +$15.3M
ARGX icon
4
argenx
ARGX
$53.8B
$15.8M 3.7%
250,000
-2,534
-1% -$83K
CELG
5
CALL
DELISTED
Celgene Corp
CELG
$15.7M 3.67%
+150,000
New +$16.9M
ESPR
6
DELISTED
Esperion Therapeutics
ESPR
$15.1M 3.55%
+230,000
New +$12.4M
ALXN
7
DELISTED
Alexion Pharmaceuticals
ALXN
$13.8M 3.23%
115,000
+15,000
+15% +$1.83M
GBT
8
DELISTED
Global Blood Therapeutics, Inc.
GBT
$12.8M 3%
325,000
+75,000
+30% +$2.8M
AGN
9
CALL
DELISTED
Allergan plc
AGN
$12.3M 2.88%
+75,000
New +$13.5M
BPMC
10
DELISTED
Blueprint Medicines
BPMC
$11.3M 2.65%
+150,000
New +$10.6M
PTLA
11
DELISTED
Portola Pharmaceuticals, Inc.
PTLA
$11M 2.57%
+225,000
New +$11.4M
MRTX
12
DELISTED
Mirati Therapeutics, Inc. Common Stock
MRTX
$10.9M 2.57%
+600,000
New +$9.31M
VTRS icon
13
Viatris
VTRS
$20.1B
$10.6M 2.48%
+250,000
New +$9.56M
ASND icon
14
Ascendis Pharma A/S
ASND
$17.1B
$10M 2.35%
250,000
+50,000
+25% +$1.82M
AVXS
15
DELISTED
AveXis, Inc. Common Stock
AVXS
$9.41M 2.21%
85,000
-19,539
-19% -$1.96M
BMY icon
16
CALL
Bristol-Myers Squibb
BMY
$124B
$9.19M 2.16%
150,000
– –
XLRN
17
DELISTED
Acceleron Pharma
XLRN
$8.49M 1.99%
200,000
-150,000
-43% -$5.63M
VRAY
18
DELISTED
ViewRay, Inc.
VRAY
$8.33M 1.95%
900,000
+200,000
+29% +$1.6M
DBVT
19
DBV Technologies
DBVT
$870M
$8M 1.87%
32,500
-9,589
-23% -$2.77M
AGN
20
DELISTED
Allergan plc
AGN
$7.48M 1.76%
+45,750
New +$8.21M
ZGNX
21
DELISTED
Zogenix, Inc.
ZGNX
$7.21M 1.69%
180,000
-420,000
-70% -$16.1M
SAGE
22
PUT
DELISTED
Sage Therapeutics
SAGE
$7.2M 1.69%
43,700
-106,300
-71% -$10.3M
JUNO
23
DELISTED
Juno Therapeutics, Inc.
JUNO
$6.86M 1.61%
150,000
+50,000
+50% +$2.49M
CLVS
24
DELISTED
Clovis Oncology, Inc.
CLVS
$6.8M 1.59%
+100,000
New +$6.99M
LJPC
25
DELISTED
La Jolla Pharmaceutical Company
LJPC
$6.44M 1.51%
+200,000
New +$6.54M
1
2 3 4

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Ghost Tree Capital's Q4 2017 Portfolio in Review

As of Q4 2017, Ghost Tree Capital held 88 positions worth $426M, down 9.4% from $471M the previous quarter. Its ten largest holdings account for 50% of the portfolio.

Ghost Tree Capital withdrew a net $76.2M in Q4 2017, closing 39 positions and reducing 14 holdings. Its most notable exit was Neurocrine Biosciences, an estimated $13.8M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 52% of assets, down from 58% a quarter earlier.

Against the trend, Ghost Tree Capital opened a new position in Esperion Therapeutics worth $15.1M.

  • Ghost Tree Capital's largest Q4 2017 buy was Esperion Therapeutics: 230,000 shares worth $15.1M.
  • Ghost Tree Capital added most to Global Blood Therapeutics, Inc. in Q4 2017, an estimated $2.8M increase.
  • Ghost Tree Capital's biggest Q4 2017 reduction was Zogenix, Inc., cutting an estimated $16.1M.
  • Ghost Tree Capital fully exited Neurocrine Biosciences in Q4 2017, selling an estimated $13.8M.
  • Ghost Tree Capital's ten largest holdings make up 50% of its $426M portfolio in Q4 2017.
  • Ghost Tree Capital opened 25 new positions and closed 39 in Q4 2017.
  • Ghost Tree Capital's portfolio value fell 9.4% quarter-over-quarter to $426M.

Based on Ghost Tree Capital's 13F filing for Q4 2017, filed 14 Feb 2018.