SEC 13F Intelligence

Managers / Q2 2020 · view latest →

Ghost Tree Capital, LLC

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

Reported Value
$379M
Q2 2020
Positions
43
Filings on Record
32
2019–present window
Filed
Aug 14, 2020
original filing

Summary

Ghost Tree Capital, LLC reported $379M in U.S.-listed holdings across 43 positions for Q2 2020.

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

Compared with Q1 2020, the fund opened 9 new positions and exited 14.

Portfolio Metrics

Turnover
+33.1%
vs prior filed quarter
Top-10 Concentration
+41.8%
share of reported value
Largest Position
+5.4%
Immunomedics
New / Exited
9 / 14
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: 70.5%ETP: 17.5%Other: 12.1%
  • Common Stock · 70.5% · $267M
  • ETP · 17.5% · $66M
  • Other · 12.1% · $46M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
GILDGILEAD SCIENCES INCNEW+150.0K150.0K+$12M$12M
ACADACADIA PHARMACEUTICALS INCNEW+165.0K165.0K+$8M$8M
AGIOAGIOS PHARMACEUTICALS INCNEW+115.0K115.0K+$6M$6M
WAVE LIFE SCIENCES LTDNEW+535.0K535.0K+$6M$6M
SURFUSDSURFACE ONCOLOGY INCNEW+700.0K700.0K+$5M$5M
ALDXALDEYRA THERAPEUTICS INCNEW+1.00M1.00M+$4M$4M
POLYPID LTDNEW+100.0K100.0K+$2M$2M
ALTALTIMMUNE INCNEW+150.0K150.0K+$2M$2M

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

Holdings — Q2 2020

39 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1IMMUIMMUNOMEDICS INChistory →COM5.38%$20M575.0K
2CNSTCONSTELLATION PHARMCETICLS Ihistory →COM5.15%$20M650.0K
3ADVMCHFADVERUM BIOTECHNOLOGIES INChistory →COM4.96%$19M900.0K
4MRTXEURMIRATI THERAPEUTICS INChistory →COM4.67%$18M155.0K
5IOVAIOVANCE BIOTHERAPEUTICS INChistory →COM4.20%$16M580.0K
6MERSANA THERAPEUTICS INCCOM3.86%$15M625.0K
7RCKTROCKET PHARMACEUTICALS INChistory →COM3.59%$14M650.0K
8MNTAMOMENTA PHARMACEUTICALS INChistory →COM3.38%$13M385.0K
9IMVTIMMUNOVANT INChistory →COM3.37%$13M525.0K
10TREURTRILLIUM THERAPEUTICS INChistory →COM NEW3.25%$12M1.52M
11TGTXTG THERAPEUTICS INChistory →COM3.08%$12M600.0K
12STSAUSDSATSUMA PHARMACEUTICALS INChistory →COM2.58%$10M340.0K
13ASCENDIS PHARMA A SSPONSORED ADR2.54%$10M65.0K
14BCRXBIOCRYST PHARMACEUTICALS INChistory →COM2.39%$9M1.90M
15AUPHAURINIA PHARMACEUTICALS INChistory →COM2.36%$9M550.0K
16AXSMAXSOME THERAPEUTICS INChistory →COM2.17%$8M100.0K
17ACADACADIA PHARMACEUTICALS INChistory →COM2.11%$8M165.0K
18RETAEURREATA PHARMACEUTICALS INChistory →CL A2.06%$8M50.0K
19AVADEL PHARMACEUTICALS PLCSPONSORED ADR1.76%$7M825.0K
20MYOVANT SCIENCES LTDCOM1.63%$6M300.0K
21AGIOAGIOS PHARMACEUTICALS INChistory →COM1.62%$6M115.0K
22WAVE LIFE SCIENCES LTDSHS1.47%$6M535.0K
23SURFUSDSURFACE ONCOLOGY INChistory →COM1.21%$5M700.0K
24OPHTEURIVERIC BIO INChistory →COM1.21%$5M900.0K
25FATEFATE THERAPEUTICS INChistory →COM1.13%$4M125.0K
264XC1KALVISTA PHARMACEUTICALS INChistory →COM1.12%$4M350.0K
27ALDXALDEYRA THERAPEUTICS INChistory →COM1.10%$4M1.00M
28XENEXENON PHARMACEUTICALS INChistory →COM1.08%$4M325.0K
29ARVNARVINAS INChistory →COM1.06%$4M120.0K
30HOMOLOGY MEDICINES INCCOM0.94%$4M235.0K
31SELECTA BIOSCIENCES INCCOM0.75%$3M1.00M
32SNDXSYNDAX PHARMACEUTICALS INCCOM0.72%$3M185.0K
33GILDGILEAD SCIENCES INCCOM0.51%$2M25.0K
34POLYPID LTDSHS0.48%$2M100.0K
35ALTALTIMMUNE INCCOM NEW0.42%$2M150.0K
36KINIKSA PHARMACEUTICALS LTDCOM CL A0.34%$1M50.0K
37VRAYQVIEWRAY INCCOM0.18%$672,000300.0K
38MRNAMODERNA INCCOM0.17%$642,00010.0K
39FXEINVESCO CURRENCYSHARES EUROEURO SHS0.06%$212,0002.0K

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 ↗.