SEC 13F Intelligence

Managers / Q3 2020 · view latest →

Ghost Tree Capital, LLC

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

Reported Value
$346M
Q3 2020
Positions
47
Filings on Record
32
2019–present window
Filed
Nov 16, 2020
original filing

Summary

Ghost Tree Capital, LLC reported $346M in U.S.-listed holdings across 47 positions for Q3 2020.

Its largest position, TREUR, represents 8.0% of the portfolio.

Compared with Q2 2020, the fund opened 16 new positions and exited 12.

Portfolio Metrics

Turnover
+34.3%
vs prior filed quarter
Top-10 Concentration
+46.2%
share of reported value
Largest Position
+8.0%
Trillium Therapeutics
New / Exited
16 / 12
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: 67.3%Other: 16.6%ETP: 14.5%ADR: 1.5%Right: 0.1%
  • Common Stock · 67.3% · $233M
  • Other · 16.6% · $57M
  • ETP · 14.5% · $50M
  • ADR · 1.5% · $5M
  • Right · 0.1% · $281,000

Quarter-over-Quarter Changes full breakdown →

vs Q2 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SRPTSAREPTA THERAPEUTICS INCNEW+65.0K65.0K+$9M$9M
AM6AMICUS THERAPEUTICS INCNEW+600.0K600.0K+$8M$8M
KURAKURA ONCOLOGY INCNEW+225.0K225.0K+$7M$7M
VRNAVERONA PHARMA PLCNEW+805.6K805.6K+$5M$5M
VTLUSDIMMUNIC INCNEW+265.0K265.0K+$5M$5M
RAPT THERAPEUTICS INCNEW+115.0K115.0K+$4M$4M
NXTCEURNEXTCURE INCNEW+400.0K400.0K+$4M$4M
RGNXREGENXBIO INCNEW+75.0K75.0K+$2M$2M

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

Holdings — Q3 2020

45 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TREURTRILLIUM THERAPEUTICS INChistory →COM NEW8.01%$28M1.95M
2ASCENDIS PHARMA A/SSPONSORED ADR5.80%$20M130.0K
3MERSANA THERAPEUTICS INCCOM5.65%$20M1.05M
4IOVAIOVANCE BIOTHERAPEUTICS INChistory →COM5.47%$19M575.0K
5IMVTIMMUNOVANT INChistory →COM5.34%$18M525.0K
6CNSTCONSTELLATION PHARMCETICLS Ihistory →COM4.25%$15M725.0K
7ADVMCHFADVERUM BIOTECHNOLOGIES INChistory →COM3.46%$12M1.16M
8MRTXEURMIRATI THERAPEUTICS INChistory →COM2.88%$10M60.0K
9ALDXALDEYRA THERAPEUTICS INChistory →COM2.68%$9M1.25M
10RCKTROCKET PHARMACEUTICALS INChistory →COM2.64%$9M400.0K
11SRPTSAREPTA THERAPEUTICS INChistory →COM2.64%$9M65.0K
12AM6AMICUS THERAPEUTICS INChistory →COM2.45%$8M600.0K
13AUPHAURINIA PHARMACEUTICALS INChistory →COM2.34%$8M550.0K
14FATEFATE THERAPEUTICS INChistory →COM2.31%$8M200.0K
15SURFUSDSURFACE ONCOLOGY INChistory →COM1.99%$7M1.00M
16KURAKURA ONCOLOGY INChistory →COM1.99%$7M225.0K
17BCRXBIOCRYST PHARMACEUTICALS INChistory →COM1.94%$7M1.95M
18SNDXSYNDAX PHARMACEUTICALS INChistory →COM1.81%$6M425.0K
19AGIOAGIOS PHARMACEUTICALS INChistory →COM1.77%$6M175.0K
20OPHTEURIVERIC BIO INChistory →COM1.63%$6M1.00M
21TGTXTG THERAPEUTICS INChistory →COM1.55%$5M200.0K
22VRNAVERONA PHARMA PLChistory →SPONSORED ADS1.45%$5M805.6K
23VTLUSDIMMUNIC INChistory →COM1.42%$5M265.0K
24ARVNARVINAS INChistory →COM1.36%$5M200.0K
254XC1KALVISTA PHARMACEUTICALS INChistory →COM1.27%$4M350.0K
26AVADEL PHARMACEUTICALS PLCSPONSORED ADR1.20%$4M825.0K
27RAPT THERAPEUTICS INCCOM1.07%$4M115.0K
28WAVE LIFE SCIENCES LTDSHS1.04%$4M425.0K
29XENEXENON PHARMACEUTICALS INChistory →COM1.04%$4M325.0K
30NXTCEURNEXTCURE INChistory →COM1.02%$4M400.0K
31MYOVANT SCIENCES LTDCOM1.02%$4M250.0K
32RETAEURREATA PHARMACEUTICALS INCCL A0.84%$3M30.0K
33ALTALTIMMUNE INCCOM NEW0.76%$3M200.0K
34RGNXREGENXBIO INCCOM0.60%$2M75.0K
35MILLENDO THERAPEUTICS INCCOM0.44%$2M925.0K
36HOMOLOGY MEDICINES INCCOM0.42%$1M135.0K
37IMV1EURIMV INCCOM0.42%$1M325.0K
38BIIBBIOGEN INCCOM0.34%$1M4.2K
39GRAYBUG VISION INCCOM SHS0.28%$953,00075.0K
40STSAUSDSATSUMA PHARMACEUTICALS INCCOM0.22%$778,000200.0K
41MRNAMODERNA INCCOM0.20%$708,00010.0K
42AKBAAKEBIA THERAPEUTICS INCCOM0.18%$628,000250.0K
43AMARIN CORP PLCSPONS ADR NEW0.12%$421,000100.0K
44BMY-RBRISTOL-MYERS SQUIBB CORIGHT 99/99/99990.08%$281,000125.0K
45CCXIEURCHEMOCENTRYX INCCOM0.07%$247,0004.5K

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 ↗.