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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
-12.14%
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
$377M
AUM Growth
-$148M
Cap. Flow
-$43.4M
Cap. Flow %
-11.52%
Top 10 Hldgs %
63.21%
Holding
67
New
15
Increased
11
Reduced
20
Closed
20

Top Buys

1
IMMU
Immunomedics Inc
IMMU
+$9.25M
2
MRSN
Mersana Therapeutics
MRSN
+$8.39M
3
ZGNX
Zogenix, Inc.
ZGNX
+$5.46M
4
XENE icon
Xenon Pharmaceuticals
XENE
+$4.63M
5
SAGE
Sage Therapeutics
SAGE
+$3.76M

Top Sells

1
AERI
Aerie Pharmaceuticals
AERI
+$13.9M
2
FOLD
Amicus Therapeutics
FOLD
+$12.2M
3
BPMC
Blueprint Medicines
BPMC
+$12M
4
SRPT icon
Sarepta Therapeutics
SRPT
+$8.39M
5
DBVT
DBV Technologies
DBVT
+$8.03M

Sector Composition

1 Healthcare 54.37%
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
$57.1M 15.15%
737,500
+237,500
+48% +$21M
SPY icon
2
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$774B
$37.8M 10.03%
146,700
-53,300
-27% -$16.3M
QQQ icon
3
PUT
Invesco QQQ Trust
QQQ
$466B
$33.2M 8.8%
+174,200
New +$36.9M
XLV icon
4
CALL
State Street Health Care Select Sector SPDR ETF
XLV
$41.4B
$21.7M 5.75%
+244,700
New +$23.8M
CNST
5
DELISTED
Constellation Pharmaceuticals, Inc.
CNST
$20.4M 5.42%
650,000
+74,500
+13% +$2.59M
ASND icon
6
Ascendis Pharma A/S
ASND
$17.1B
$16.9M 4.48%
150,000
-50,000
-25% -$6.5M
IMMU
7
DELISTED
Immunomedics Inc
IMMU
$14.2M 3.75%
1,050,000
+550,000
+110% +$9.25M
ADVM
8
DELISTED
Adverum Biotechnologies
ADVM
$12.8M 3.38%
130,550
+13,050
+11% +$1.52M
AXSM icon
9
Axsome Therapeutics
AXSM
$11.8B
$12.6M 3.35%
215,000
+15,000
+8% +$1.22M
MRSN
10
DELISTED
Mersana Therapeutics
MRSN
$11.7M 3.09%
80,000
+48,000
+150% +$8.39M
IMVT icon
11
Immunovant
IMVT
$8.27B
$11.1M 2.93%
710,000
-90,000
-11% -$1.35M
MNTA
12
DELISTED
Momenta Pharmaceuticals, Inc.
MNTA
$10.9M 2.89%
400,000
– –
IOVA icon
13
Iovance Biotherapeutics
IOVA
$2.23B
$10.5M 2.78%
350,000
-300,000
-46% -$7.95M
RCKT icon
14
Rocket Pharmaceuticals
RCKT
$376M
$9.07M 2.41%
650,000
-50,000
-7% -$990K
MRTX
15
DELISTED
Mirati Therapeutics, Inc. Common Stock
MRTX
$8.84M 2.34%
115,000
-35,000
-23% -$3.14M
RETA
16
DELISTED
Reata Pharmaceuticals, Inc. Class A Common Stock
RETA
$7.22M 1.91%
50,000
-25,000
-33% -$4.83M
AUPH icon
17
Aurinia Pharmaceuticals
AUPH
$2.05B
$5.8M 1.54%
400,000
-200,000
-33% -$3.53M
FATE icon
18
Fate Therapeutics
FATE
$324M
$5M 1.33%
225,000
-50,000
-18% -$1.26M
MYOV
19
DELISTED
Myovant Sciences Ltd.
MYOV
$4.42M 1.17%
585,000
+135,000
+30% +$1.51M
RNAC icon
20
Cartesian Therapeutics
RNAC
$243M
$4.16M 1.1%
57,500
+19,167
+50% +$1.85M
BCRX icon
21
BioCryst Pharmaceuticals
BCRX
$2.36B
$4M 1.06%
2,000,000
-1,000,000
-33% -$2.75M
VSTM icon
22
Verastem
VSTM
$530M
$3.96M 1.05%
+125,000
New +$3.13M
ZGNX
23
DELISTED
Zogenix, Inc.
ZGNX
$3.71M 0.98%
+150,000
New +$5.46M
XENE icon
24
Xenon Pharmaceuticals
XENE
$6.6B
$3.69M 0.98%
+325,000
New +$4.63M
TRIL
25
DELISTED
Trillium Therapeutics Inc.
TRIL
$3.33M 0.88%
+825,000
New +$3.12M
1
2 3

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Ghost Tree Capital's Q1 2020 Portfolio in Review

As of Q1 2020, Ghost Tree Capital held 67 positions worth $377M, down 28% from $525M the previous quarter. Its ten largest holdings account for 63% of the portfolio.

Ghost Tree Capital withdrew a net $43.4M in Q1 2020, closing 20 positions and reducing 20 holdings. Its most notable exit was Aerie Pharmaceuticals, an estimated $13.9M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 54% of assets, down from 64% a quarter earlier.

Against the trend, Ghost Tree Capital opened a new position in Zogenix, Inc. worth $3.71M.

  • Ghost Tree Capital's largest Q1 2020 buy was Zogenix, Inc.: 150,000 shares worth $3.71M.
  • Ghost Tree Capital added most to Immunomedics Inc in Q1 2020, an estimated $9.25M increase.
  • Ghost Tree Capital's biggest Q1 2020 reduction was Iovance Biotherapeutics, cutting an estimated $7.95M.
  • Ghost Tree Capital fully exited Aerie Pharmaceuticals in Q1 2020, selling an estimated $13.9M.
  • Ghost Tree Capital's ten largest holdings make up 63% of its $377M portfolio in Q1 2020.
  • Ghost Tree Capital opened 15 new positions and closed 20 in Q1 2020.
  • Ghost Tree Capital's portfolio value fell 28% quarter-over-quarter to $377M.

Based on Ghost Tree Capital's 13F filing for Q1 2020, filed 15 May 2020.