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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
+29.98%
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
$234M
AUM Growth
-$122M
Cap. Flow
-$150M
Cap. Flow %
-64.03%
Top 10 Hldgs %
57.93%
Holding
53
New
9
Increased
6
Reduced
20
Closed
18

Top Buys

1
QQQ icon
Invesco QQQ Trust
QQQ
+$13.8M
2
SGEN
Seagen Inc. Common Stock
SGEN
+$11M
3
IOVA icon
Iovance Biotherapeutics
IOVA
+$10.1M
4
ASND icon
Ascendis Pharma A/S
ASND
+$4.06M
5
AKRO
Akero Therapeutics
AKRO
+$3.64M

Top Sells

1
RLMD icon
Relmada Therapeutics
RLMD
+$15.7M
2
VRDN icon
Viridian Therapeutics
VRDN
+$8.52M
3
PCVX icon
Vaxcyte
PCVX
+$7.85M
4
RETA
Reata Pharmaceuticals, Inc. Class A Common Stock
RETA
+$7.74M
5
AMLX icon
Amylyx Pharmaceuticals
AMLX
+$7.1M

Sector Composition

1 Healthcare 94.32%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RETA
1
DELISTED
Reata Pharmaceuticals, Inc. Class A Common Stock
RETA
$19M 8.11%
500,000
-225,000
-31% -$7.74M
AXSM icon
2
Axsome Therapeutics
AXSM
$11.8B
$18.1M 7.74%
235,000
-65,000
-22% -$3.89M
ASND icon
3
Ascendis Pharma A/S
ASND
$17.1B
$15.9M 6.78%
130,000
+35,000
+37% +$4.06M
APLS
4
DELISTED
Apellis Pharmaceuticals
APLS
$15.5M 6.62%
300,000
+25,000
+9% +$1.33M
QQQ icon
5
Invesco QQQ Trust
QQQ
$466B
$13.3M 5.68%
+50,000
New +$13.8M
AMLX icon
6
Amylyx Pharmaceuticals
AMLX
$1.97B
$12.9M 5.52%
350,000
-200,000
-36% -$7.1M
CTIC
7
DELISTED
CTI BioPharma Corp. (DE) Common Stock
CTIC
$11.1M 4.75%
1,850,000
-150,000
-8% -$819K
SGEN
8
DELISTED
Seagen Inc. Common Stock
SGEN
$10.9M 4.66%
+85,000
New +$11M
ISEE
9
DELISTED
IVERIC bio, Inc. Common Stock
ISEE
$9.63M 4.11%
450,000
-13,700
-3% -$292K
COGT icon
10
Cogent Biosciences
COGT
$6.68B
$9.25M 3.95%
800,000
+200,000
+33% +$2.48M
MRTX
11
DELISTED
Mirati Therapeutics, Inc. Common Stock
MRTX
$9.06M 3.87%
200,000
+25,000
+14% +$1.62M
IOVA icon
12
Iovance Biotherapeutics
IOVA
$2.23B
$8.31M 3.55%
+1,300,000
New +$10.1M
KRTX
13
DELISTED
Karuna Therapeutics, Inc. Common Stock
KRTX
$7.86M 3.36%
40,000
+10,000
+33% +$2.14M
PCVX icon
14
Vaxcyte
PCVX
$8.12B
$7.67M 3.28%
160,000
-200,000
-56% -$7.85M
SRPT icon
15
Sarepta Therapeutics
SRPT
$1.82B
$7.13M 3.04%
55,000
-55,000
-50% -$6.37M
ATXS
16
DELISTED
Astria Therapeutics
ATXS
$6.7M 2.86%
450,000
-50,000
-10% -$516K
MDGL icon
17
Madrigal Pharmaceuticals
MDGL
$12.8B
$5.8M 2.48%
20,000
-5,000
-20% -$489K
RVNC
18
DELISTED
Revance Therapeutics, Inc.
RVNC
$5.54M 2.36%
300,000
-90,000
-23% -$2.06M
VRDN icon
19
Viridian Therapeutics
VRDN
$1.99B
$4.82M 2.06%
165,000
-370,000
-69% -$8.52M
AKRO
20
DELISTED
Akero Therapeutics
AKRO
$4.66M 1.99%
+85,000
New +$3.64M
PRVB
21
DELISTED
Provention Bio, Inc. Common Stock
PRVB
$4.23M 1.81%
+400,000
New +$3.23M
JBIO
22
Jade Biosciences
JBIO
$1.27B
$3.96M 1.69%
3,857
-429
-10% -$311K
SNDX icon
23
Syndax Pharmaceuticals
SNDX
$2.02B
$3.82M 1.63%
150,000
-50,000
-25% -$1.17M
VKTX icon
24
Viking Therapeutics
VKTX
$4.31B
$2.82M 1.2%
+300,000
New +$1.34M
BCRX icon
25
BioCryst Pharmaceuticals
BCRX
$2.36B
$2.58M 1.1%
225,000
-300,000
-57% -$3.74M
1
2 3

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Ghost Tree Capital's Q4 2022 Portfolio in Review

As of Q4 2022, Ghost Tree Capital held 53 positions worth $234M, down 34% from $356M the previous quarter. Its ten largest holdings account for 58% of the portfolio.

Ghost Tree Capital withdrew a net $150M in Q4 2022, closing 18 positions and reducing 20 holdings. Its most notable exit was Relmada Therapeutics, an estimated $15.7M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 94% of assets, up from 69% a quarter earlier.

Against the trend, Ghost Tree Capital opened a new position in Invesco QQQ Trust worth $13.3M.

  • Ghost Tree Capital's largest Q4 2022 buy was Invesco QQQ Trust: 50,000 shares worth $13.3M.
  • Ghost Tree Capital added most to Ascendis Pharma A/S in Q4 2022, an estimated $4.06M increase.
  • Ghost Tree Capital's biggest Q4 2022 reduction was Viridian Therapeutics, cutting an estimated $8.52M.
  • Ghost Tree Capital fully exited Relmada Therapeutics in Q4 2022, selling an estimated $15.7M.
  • Ghost Tree Capital's ten largest holdings make up 58% of its $234M portfolio in Q4 2022.
  • Ghost Tree Capital opened 9 new positions and closed 18 in Q4 2022.
  • Ghost Tree Capital's portfolio value fell 34% quarter-over-quarter to $234M.

Based on Ghost Tree Capital's 13F filing for Q4 2022, filed 14 Feb 2023.