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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
-21.08%
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
$276M
AUM Growth
-$195M
Cap. Flow
-$123M
Cap. Flow %
-44.49%
Top 10 Hldgs %
57.9%
Holding
67
New
12
Increased
8
Reduced
10
Closed
27

Top Buys

1
VRTX icon
Vertex Pharmaceuticals
VRTX
+$13.9M
2
IOVA icon
Iovance Biotherapeutics
IOVA
+$9.64M
3
BOLD
Audentes Therapeutics, Inc
BOLD
+$7.74M
4
FOLD
Amicus Therapeutics
FOLD
+$7.14M
5
ANAB icon
AnaptysBio
ANAB
+$5.95M

Top Sells

1
PTCT icon
PTC Therapeutics
PTCT
+$23.5M
2
ECYT
Endocyte, Inc. Common Stock
ECYT
+$19.5M
3
TSRO
TESARO, Inc.
TSRO
+$17.6M
4
SRPT icon
Sarepta Therapeutics
SRPT
+$17.5M
5
ASMB icon
Assembly Biosciences
ASMB
+$12.1M

Sector Composition

1 Healthcare 61.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XBI icon
1
CALL
State Street SPDR S&P Biotech ETF
XBI
$10.4B
$53.8M 19.53%
+750,000
New +$60.4M
MRTX
2
DELISTED
Mirati Therapeutics, Inc. Common Stock
MRTX
$17M 6.16%
400,000
-35,300
-8% -$1.41M
DRNA
3
DELISTED
Dicerna Pharmaceuticals, Inc.
DRNA
$13.4M 4.85%
1,250,000
+150,000
+14% +$1.97M
VRTX icon
4
Vertex Pharmaceuticals
VRTX
$123B
$13.3M 4.81%
+80,000
New +$13.9M
IMMU
5
DELISTED
Immunomedics Inc
IMMU
$11.4M 4.14%
800,000
-83,823
-9% -$1.66M
IMMU
6
PUT
DELISTED
Immunomedics Inc
IMMU
$11.4M 4.14%
+800,000
New +$15.9M
TVTX icon
7
Travere Therapeutics
TVTX
$5.27B
$11.3M 4.11%
500,000
+150,000
+43% +$3.73M
BHVN
8
DELISTED
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
$10.2M 3.69%
275,000
+75,000
+38% +$2.7M
ANAB icon
9
AnaptysBio
ANAB
$1.72B
$8.93M 3.24%
140,000
+80,000
+133% +$5.95M
RCKT icon
10
Rocket Pharmaceuticals
RCKT
$376M
$8.89M 3.23%
600,000
+200,000
+50% +$3.32M
IOVA icon
11
Iovance Biotherapeutics
IOVA
$2.23B
$8.85M 3.21%
+1,000,000
New +$9.64M
KALV
12
DELISTED
KalVista Pharmaceuticals
KALV
$8.39M 3.05%
425,000
+200,000
+89% +$4.02M
ASND icon
13
Ascendis Pharma A/S
ASND
$17.1B
$7.83M 2.84%
125,000
-100,000
-44% -$6.28M
SRPT icon
14
Sarepta Therapeutics
SRPT
$1.82B
$7.64M 2.77%
70,000
-140,000
-67% -$17.5M
OBSV
15
DELISTED
ObsEva SA Ordinary Shares
OBSV
$6.96M 2.53%
550,000
+15,000
+3% +$223K
BOLD
16
DELISTED
Audentes Therapeutics, Inc
BOLD
$6.4M 2.32%
+300,000
New +$7.74M
FOLD
17
DELISTED
Amicus Therapeutics
FOLD
$6.23M 2.26%
+650,000
New +$7.14M
TCDA
18
DELISTED
Tricida, Inc. Common Stock
TCDA
$5.89M 2.14%
250,000
– –
FXF icon
19
Invesco CurrencyShares Swiss Franc Trust
FXF
$420M
$5.24M 1.9%
55,200
-73,500
-57% -$6.89M
ORTX
20
DELISTED
Orchard Therapeutics plc American Depositary Shares
ORTX
$4.72M 1.71%
+30,000
New +$4.47M
VRAY
21
DELISTED
ViewRay, Inc.
VRAY
$4.55M 1.65%
750,000
– –
KDMN
22
DELISTED
Kadmon Holdings, Inc.
KDMN
$4.16M 1.51%
2,000,000
– –
GBT
23
DELISTED
Global Blood Therapeutics, Inc.
GBT
$4.11M 1.49%
100,000
+88,000
+733% +$3.3M
BCRX icon
24
BioCryst Pharmaceuticals
BCRX
$2.36B
$4.04M 1.46%
500,000
– –
LRMR icon
25
Larimar Therapeutics
LRMR
$384M
$3.71M 1.35%
62,500
– –
1
2 3

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SFA
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OHCM
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Ghost Tree Capital's Q4 2018 Portfolio in Review

As of Q4 2018, Ghost Tree Capital held 67 positions worth $276M, down 41% from $470M the previous quarter. Its ten largest holdings account for 58% of the portfolio.

Ghost Tree Capital withdrew a net $123M in Q4 2018, closing 27 positions and reducing 10 holdings. Its most notable exit was PTC Therapeutics, an estimated $23.5M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 61% of assets, down from 68% a quarter earlier.

Against the trend, Ghost Tree Capital opened a new position in Vertex Pharmaceuticals worth $13.3M.

  • Ghost Tree Capital's largest Q4 2018 buy was Vertex Pharmaceuticals: 80,000 shares worth $13.3M.
  • Ghost Tree Capital added most to AnaptysBio in Q4 2018, an estimated $5.95M increase.
  • Ghost Tree Capital's biggest Q4 2018 reduction was Sarepta Therapeutics, cutting an estimated $17.5M.
  • Ghost Tree Capital fully exited PTC Therapeutics in Q4 2018, selling an estimated $23.5M.
  • Ghost Tree Capital's ten largest holdings make up 58% of its $276M portfolio in Q4 2018.
  • Ghost Tree Capital opened 12 new positions and closed 27 in Q4 2018.
  • Ghost Tree Capital's portfolio value fell 41% quarter-over-quarter to $276M.

Based on Ghost Tree Capital's 13F filing for Q4 2018, filed 14 Feb 2019.