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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
+10.89%
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
$338M
AUM Growth
+$104M
Cap. Flow
+$99.8M
Cap. Flow %
29.5%
Top 10 Hldgs %
45.78%
Holding
65
New
30
Increased
14
Reduced
12
Closed
7

Top Buys

1
TGTX icon
TG Therapeutics
TGTX
+$16.7M
2
PFE icon
Pfizer
PFE
+$8.64M
3
AKRO
Akero Therapeutics
AKRO
+$8.47M
4
JNJ icon
Johnson & Johnson
JNJ
+$8.07M
5
QURE icon
uniQure
QURE
+$7.87M

Top Sells

1
RETA
Reata Pharmaceuticals, Inc. Class A Common Stock
RETA
+$25.2M
2
QQQ icon
Invesco QQQ Trust
QQQ
+$13.3M
3
SGEN
Seagen Inc. Common Stock
SGEN
+$10.9M
4
APLS
Apellis Pharmaceuticals
APLS
+$7.81M
5
ISEE
IVERIC bio, Inc. Common Stock
ISEE
+$6.02M

Sector Composition

1 Healthcare 78.13%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RETA
1
CALL
DELISTED
Reata Pharmaceuticals, Inc. Class A Common Stock
RETA
$27.3M 8.06%
+300,000
New +$17.6M
XBI icon
2
CALL
State Street SPDR S&P Biotech ETF
XBI
$10.4B
$22.9M 6.76%
+300,000
New +$24.9M
SRPT icon
3
CALL
Sarepta Therapeutics
SRPT
$1.82B
$17.2M 5.09%
+125,000
New +$16.2M
TGTX icon
4
TG Therapeutics
TGTX
$8.4B
$16.5M 4.89%
+1,100,000
New +$16.7M
AMLX icon
5
Amylyx Pharmaceuticals
AMLX
$1.97B
$13.9M 4.12%
475,000
+125,000
+36% +$4.34M
AXSM icon
6
Axsome Therapeutics
AXSM
$11.8B
$13.9M 4.1%
225,000
-10,000
-4% -$657K
ASND icon
7
Ascendis Pharma A/S
ASND
$17.1B
$11.8M 3.49%
110,000
-20,000
-15% -$2.29M
APLS
8
DELISTED
Apellis Pharmaceuticals
APLS
$10.9M 3.21%
164,620
-135,380
-45% -$7.81M
AKRO
9
DELISTED
Akero Therapeutics
AKRO
$10.5M 3.11%
275,000
+190,000
+224% +$8.47M
VKTX icon
10
Viking Therapeutics
VKTX
$4.31B
$9.99M 2.95%
600,000
+300,000
+100% +$3.1M
PCVX icon
11
Vaxcyte
PCVX
$8.12B
$8.43M 2.49%
225,000
+65,000
+41% +$2.76M
CTIC
12
DELISTED
CTI BioPharma Corp. (DE) Common Stock
CTIC
$8.4M 2.48%
2,000,000
+150,000
+8% +$779K
SRPT icon
13
Sarepta Therapeutics
SRPT
$1.82B
$8.27M 2.44%
60,000
+5,000
+9% +$649K
PFE icon
14
Pfizer
PFE
$143B
$8.16M 2.41%
+200,000
New +$8.64M
RVNC
15
DELISTED
Revance Therapeutics, Inc.
RVNC
$8.05M 2.38%
250,000
-50,000
-17% -$1.56M
JNJ icon
16
Johnson & Johnson
JNJ
$609B
$7.75M 2.29%
+50,000
New +$8.07M
QURE icon
17
uniQure
QURE
$2.77B
$7.55M 2.23%
+375,000
New +$7.87M
MDGL icon
18
Madrigal Pharmaceuticals
MDGL
$12.8B
$7.27M 2.15%
30,000
+10,000
+50% +$2.72M
XENE icon
19
Xenon Pharmaceuticals
XENE
$6.6B
$7.16M 2.12%
+200,000
New +$7.39M
SNDX icon
20
Syndax Pharmaceuticals
SNDX
$2.02B
$6.86M 2.03%
325,000
+175,000
+117% +$4.35M
RETA
21
DELISTED
Reata Pharmaceuticals, Inc. Class A Common Stock
RETA
$6.36M 1.88%
70,000
-430,000
-86% -$25.2M
IOVA icon
22
Iovance Biotherapeutics
IOVA
$2.23B
$6.11M 1.81%
1,000,000
-300,000
-23% -$2.07M
ATXS
23
DELISTED
Astria Therapeutics
ATXS
$5.99M 1.77%
450,000
– –
COGT icon
24
Cogent Biosciences
COGT
$6.68B
$5.93M 1.75%
550,000
-250,000
-31% -$3.2M
INCY icon
25
Incyte
INCY
$23.4B
$5.42M 1.6%
+75,000
New +$5.87M
1
2 3

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Ghost Tree Capital's Q1 2023 Portfolio in Review

As of Q1 2023, Ghost Tree Capital held 65 positions worth $338M, up 44% from $234M the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Ghost Tree Capital deployed $99.8M of net new capital in Q1 2023, opening 30 new positions and adding to 14 existing holdings. Its largest new stake was TG Therapeutics: 1,100,000 shares worth $16.5M.

By sector, the portfolio is most concentrated in Healthcare at 78% of assets, down from 94% a quarter earlier.

On the sell side, the largest reduction was Reata Pharmaceuticals, Inc. Class A Common Stock, an estimated $25.2M trimmed.

  • Ghost Tree Capital's largest Q1 2023 buy was TG Therapeutics: 1,100,000 shares worth $16.5M.
  • Ghost Tree Capital added most to Akero Therapeutics in Q1 2023, an estimated $8.47M increase.
  • Ghost Tree Capital's biggest Q1 2023 reduction was Reata Pharmaceuticals, Inc. Class A Common Stock, cutting an estimated $25.2M.
  • Ghost Tree Capital fully exited Invesco QQQ Trust in Q1 2023, selling an estimated $13.3M.
  • Ghost Tree Capital's ten largest holdings make up 46% of its $338M portfolio in Q1 2023.
  • Ghost Tree Capital opened 30 new positions and closed 7 in Q1 2023.
  • Ghost Tree Capital's portfolio value rose 44% quarter-over-quarter to $338M.

Based on Ghost Tree Capital's 13F filing for Q1 2023, filed 15 May 2023.