SEC 13F Intelligence

Managers / Q1 2020 · view latest →

Ghost Tree Capital, LLC

CIK 0001595851 · 667 MADISON AVENUE, 5TH FLOOR, SUITE 12, NEW YORK, NY, 10065 · 6467790120

Reported Value
$377M
Q1 2020
Positions
49
Filings on Record
32
2019–present window
Filed
May 15, 2020
original filing

Summary

Ghost Tree Capital, LLC reported $377M in U.S.-listed holdings across 49 positions for Q1 2020.

Its largest position, CNST, represents 5.4% of the portfolio.

Compared with Q4 2019, the fund opened 16 new positions and exited 21.

Portfolio Metrics

Turnover
+25.9%
vs prior filed quarter
Top-10 Concentration
+34.5%
share of reported value
Largest Position
+5.4%
Constellation Pharmceticls I
New / Exited
16 / 21
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $285MQ4 ’18Q1 ’19: $369MQ2 ’19: $477MQ3 ’19: $394MQ3 ’19Q4 ’19: $529MQ1 ’20: $377MQ2 ’20: $379MQ2 ’20Q3 ’20: $346MQ4 ’20: $449MQ1 ’21: $425MQ1 ’21Q2 ’21: $364MQ3 ’21: $342MQ4 ’21: $279MQ4 ’21Q1 ’22: $461MQ2 ’22: $192MQ3 ’22: $356MQ3 ’22Q4 ’22: $234MQ1 ’23: $338MQ2 ’23: $303MQ2 ’23Q3 ’23: $304MQ4 ’23: $306MQ1 ’24: $361MQ1 ’24Q2 ’24: $319MQ3 ’24: $331Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 48.2%ETP: 40.3%Other: 11.2%ADR: 0.4%
  • Common Stock · 48.2% · $182M
  • ETP · 40.3% · $152M
  • Other · 11.2% · $42M
  • ADR · 0.4% · $1M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2019 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
NDQINVESCO QQQ TRNEW+174.2K174.2K+$33M$33M
SELECT SECTOR SPDR TRNEW+244.7K244.7K+$22M$22M
VERASTEM INCNEW+1.50M1.50M+$4M$4M
ZGNXEURZOGENIX INCNEW+150.0K150.0K+$4M$4M
XENEXENON PHARMACEUTICALS INCNEW+325.0K325.0K+$4M$4M
TREURTRILLIUM THERAPEUTICS INCNEW+825.0K825.0K+$3M$3M
HOMOLOGY MEDICINES INCNEW+200.0K200.0K+$3M$3M
AVADEL PHARMACEUTICALS PLCNEW+350.0K350.0K+$3M$3M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2020

42 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CNSTCONSTELLATION PHARMCETICLS Ihistory →COM5.42%$20M650.0K
2ASCENDIS PHARMA A SSPONSORED ADR4.48%$17M150.0K
3IMMUIMMUNOMEDICS INChistory →COM3.75%$14M1.05M
4ADVMCHFADVERUM BIOTECHNOLOGIES INChistory →COM3.38%$13M1.31M
5AXSMAXSOME THERAPEUTICS INChistory →COM3.35%$13M215.0K
6MERSANA THERAPEUTICS INCCOM3.09%$12M2.00M
7IMVTIMMUNOVANT INChistory →COM2.93%$11M710.0K
8MNTAMOMENTA PHARMACEUTICALS INChistory →COM2.89%$11M400.0K
9IOVAIOVANCE BIOTHERAPEUTICS INChistory →COM2.78%$10M350.0K
10RCKTROCKET PHARMACEUTICALS INChistory →COM2.41%$9M650.0K
11MRTXEURMIRATI THERAPEUTICS INChistory →COM2.34%$9M115.0K
12RETAEURREATA PHARMACEUTICALS INChistory →CL A1.91%$7M50.0K
13AUPHAURINIA PHARMACEUTICALS INChistory →COM1.54%$6M400.0K
14FATEFATE THERAPEUTICS INChistory →COM1.33%$5M225.0K
15MYOVANT SCIENCES LTDCOM1.17%$4M585.0K
16SELECTA BIOSCIENCES INCCOM1.10%$4M1.73M
17BCRXBIOCRYST PHARMACEUTICALS INChistory →COM1.06%$4M2.00M
18VERASTEM INCCOM1.05%$4M1.50M
19ZGNXEURZOGENIX INCCOM NEW0.98%$4M150.0K
20XENEXENON PHARMACEUTICALS INCCOM0.98%$4M325.0K
21TREURTRILLIUM THERAPEUTICS INCCOM NEW0.88%$3M825.0K
22ARVNARVINAS INCCOM0.86%$3M80.0K
23HOMOLOGY MEDICINES INCCOM0.82%$3M200.0K
24OPHTEURIVERIC BIO INCCOM0.76%$3M828.5K
25AVADEL PHARMACEUTICALS PLCSPONSORED ADR0.74%$3M350.0K
26SNDXSYNDAX PHARMACEUTICALS INCCOM0.73%$3M250.0K
274XC1KALVISTA PHARMACEUTICALS INCCOM0.71%$3M350.0K
28STSAUSDSATSUMA PHARMACEUTICALS INCCOM0.66%$2M115.0K
29CHRSCOHERUS BIOSCIENCES INCCOM0.65%$2M150.0K
30FXEINVESCO CURRENCYSHARES EUROEURO SHS0.58%$2M20.8K
31TGTXTG THERAPEUTICS INCCOM0.52%$2M200.0K
32VRAYQVIEWRAY INCCOM0.52%$2M782.9K
33SG7SAGE THERAPEUTICS INCCOM0.50%$2M65.0K
34CUE1EURCUE BIOPHARMA INCCOM0.47%$2M125.0K
35KINIKSA PHARMACEUTICALS LTDCOM CL A0.46%$2M112.7K
36PHASEURPHASEBIO PHARMACEUTICALS INCCOM0.44%$2M497.1K
37PTGXPROTAGONIST THERAPEUTICS INCCOM0.43%$2M227.8K
38KDMNKADMON HLDGS INCCOM0.39%$1M350.0K
39ORTXUSDORCHARD THERAPEUTICS PLCADS0.36%$1M178.1K
402GTAPPLIED GENETIC TECHNOL CORPCOM0.32%$1M372.8K
41BIIBBIOGEN INCCOM0.27%$1M3.3K
42MISTMILESTONE PHARMACEUTICALS INCOM0.10%$384,000208.7K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q3 2024$331M54Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$319M63Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$361M72May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$306M52Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$304M70Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$303M57Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$338M58May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$234M35Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$356M44Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$192M34Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$461M42May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$279M47Feb 16, 202213F-HRchanges · EDGAR ↗
Q3 2021$342M60Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$364M52Aug 11, 202113F-HRchanges · EDGAR ↗
Q1 2021$425M50May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$449M43Feb 18, 2021RESTATEMENTchanges · EDGAR ↗
Q3 2020$346M47Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$379M43Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$377M49May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$529M53Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$394M44Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$477M43Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$369M39May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$285M39Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.