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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
+140.11%
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
$525M
AUM Growth
+$133M
Cap. Flow
-$21.3M
Cap. Flow %
-4.06%
Top 10 Hldgs %
51.42%
Holding
68
New
24
Increased
15
Reduced
12
Closed
16

Top Buys

1
CNST
Constellation Pharmaceuticals, Inc.
CNST
+$16.6M
2
IMVT icon
Immunovant
IMVT
+$8.96M
3
CHRS icon
Coherus Oncology
CHRS
+$7.93M
4
AERI
Aerie Pharmaceuticals
AERI
+$7.25M
5
DBVT
DBV Technologies
DBVT
+$6M

Top Sells

1
AXSM icon
Axsome Therapeutics
AXSM
+$19.2M
2
SRPT icon
Sarepta Therapeutics
SRPT
+$15.6M
3
BHVN
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
+$15.4M
4
SAGE
Sage Therapeutics
SAGE
+$13.5M
5
BPMC
Blueprint Medicines
BPMC
+$13.1M

Sector Composition

1 Healthcare 63.7%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPY icon
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$774B
$64.4M 12.26%
200,000
+100,000
+100% +$30.8M
XBI icon
2
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.4B
$47.6M 9.06%
500,000
+99,000
+25% +$8.56M
ASND icon
3
Ascendis Pharma A/S
ASND
$17.1B
$27.8M 5.3%
200,000
+50,000
+33% +$5.55M
CNST
4
DELISTED
Constellation Pharmaceuticals, Inc.
CNST
$27.1M 5.16%
+575,500
New +$16.6M
AXSM icon
5
Axsome Therapeutics
AXSM
$11.8B
$20.7M 3.94%
200,000
-475,000
-70% -$19.2M
MRTX
6
DELISTED
Mirati Therapeutics, Inc. Common Stock
MRTX
$19.3M 3.68%
150,000
-125,000
-45% -$12.1M
IOVA icon
7
Iovance Biotherapeutics
IOVA
$2.23B
$18M 3.43%
650,000
+150,000
+30% +$3.41M
RCKT icon
8
Rocket Pharmaceuticals
RCKT
$376M
$15.9M 3.03%
700,000
+75,000
+12% +$1.25M
RETA
9
DELISTED
Reata Pharmaceuticals, Inc. Class A Common Stock
RETA
$15.3M 2.92%
75,000
+25,000
+50% +$4.56M
AERI
10
DELISTED
Aerie Pharmaceuticals
AERI
$13.9M 2.65%
575,000
+350,000
+156% +$7.25M
ADVM
11
DELISTED
Adverum Biotechnologies
ADVM
$13.5M 2.58%
117,500
-27,500
-19% -$2.42M
IMVT icon
12
Immunovant
IMVT
$8.27B
$12.7M 2.42%
+800,000
New +$8.96M
FOLD
13
DELISTED
Amicus Therapeutics
FOLD
$12.2M 2.32%
1,250,000
-455,000
-27% -$4.17M
AUPH icon
14
Aurinia Pharmaceuticals
AUPH
$2.05B
$12.2M 2.31%
+600,000
New +$5.53M
BPMC
15
DELISTED
Blueprint Medicines
BPMC
$12M 2.29%
150,000
-175,000
-54% -$13.1M
SAGE
16
CALL
DELISTED
Sage Therapeutics
SAGE
$10.8M 2.06%
+150,000
New +$18.5M
IMMU
17
DELISTED
Immunomedics Inc
IMMU
$10.6M 2.01%
500,000
-225,000
-31% -$3.97M
BCRX icon
18
BioCryst Pharmaceuticals
BCRX
$2.36B
$10.3M 1.97%
3,000,000
+1,500,000
+100% +$3.77M
IOVA icon
19
CALL
Iovance Biotherapeutics
IOVA
$2.23B
$9.69M 1.84%
+350,000
New +$7.96M
ARVN icon
20
Arvinas
ARVN
$517M
$9.24M 1.76%
225,000
+40,000
+22% +$1.17M
APLS
21
PUT
DELISTED
Apellis Pharmaceuticals
APLS
$9.19M 1.75%
+300,000
New +$8.3M
SRPT icon
22
Sarepta Therapeutics
SRPT
$1.82B
$8.39M 1.6%
65,000
-155,000
-70% -$15.6M
DBVT
23
DBV Technologies
DBVT
$870M
$8.03M 1.53%
+75,000
New +$6M
MNTA
24
DELISTED
Momenta Pharmaceuticals, Inc.
MNTA
$7.89M 1.5%
400,000
+50,000
+14% +$800K
CHRS icon
25
Coherus Oncology
CHRS
$216M
$7.74M 1.47%
+430,000
New +$7.93M
1
2 3

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AFS
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SFA
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OHCM
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Ghost Tree Capital's Q4 2019 Portfolio in Review

As of Q4 2019, Ghost Tree Capital held 68 positions worth $525M, up 34% from $393M the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Ghost Tree Capital withdrew a net $21.3M in Q4 2019, closing 16 positions and reducing 12 holdings. Its most notable exit was Sage Therapeutics, an estimated $13.5M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 64% of assets, down from 64% a quarter earlier.

Against the trend, Ghost Tree Capital opened a new position in Constellation Pharmaceuticals, Inc. worth $27.1M.

  • Ghost Tree Capital's largest Q4 2019 buy was Constellation Pharmaceuticals, Inc.: 575,500 shares worth $27.1M.
  • Ghost Tree Capital added most to Aerie Pharmaceuticals in Q4 2019, an estimated $7.25M increase.
  • Ghost Tree Capital's biggest Q4 2019 reduction was Axsome Therapeutics, cutting an estimated $19.2M.
  • Ghost Tree Capital fully exited Sage Therapeutics in Q4 2019, selling an estimated $13.5M.
  • Ghost Tree Capital's ten largest holdings make up 51% of its $525M portfolio in Q4 2019.
  • Ghost Tree Capital opened 24 new positions and closed 16 in Q4 2019.
  • Ghost Tree Capital's portfolio value rose 34% quarter-over-quarter to $525M.

Based on Ghost Tree Capital's 13F filing for Q4 2019, filed 14 Feb 2020.