SEC 13F Intelligence

Managers / Q4 2020 · view latest →

Ghost Tree Capital, LLC

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

Reported Value
$449M
Q4 2020
Positions
43
Filings on Record
32
2019–present window
Filed
Feb 18, 2021
amendment (RESTATEMENT)

Summary

Ghost Tree Capital, LLC reported $449M in U.S.-listed holdings across 43 positions for Q4 2020.

Its largest position, SNDX, represents 6.7% of the portfolio.

Compared with Q3 2020, the fund opened 13 new positions and exited 17.

Portfolio Metrics

Turnover
+31.7%
vs prior filed quarter
Top-10 Concentration
+47.2%
share of reported value
Largest Position
+6.7%
Syndax Pharmaceuticals
New / Exited
13 / 17
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: 80.3%Other: 11.4%ETP: 7.0%ADR: 1.3%
  • Common Stock · 80.3% · $360M
  • Other · 11.4% · $51M
  • ETP · 7.0% · $31M
  • ADR · 1.3% · $6M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
NDQINVESCO QQQ TRNEW+100.0K100.0K+$31M$31M
APLSUSDAPELLIS PHARMACEUTICALS INCNEW+325.0K325.0K+$19M$19M
TVTXTRAVERE THERAPEUTICS INCNEW+475.0K475.0K+$13M$13M
COGTCOGENT BIOSCIENCES INCNEW+1.10M1.10M+$12M$12M
FPRXFIVE PRIME THERAPEUTICS INCNEW+500.0K500.0K+$9M$9M
HELIX ACQUISITION CORPNEW+500.0K500.0K+$6M$6M
VTGNUSDVISTAGEN THERAPEUTICS INCNEW+2.44M2.44M+$5M$5M
ACRSACLARIS THERAPEUTICS INCNEW+650.0K650.0K+$4M$4M

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

Holdings — Q4 2020

40 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SNDXSYNDAX PHARMACEUTICALS INChistory →COM6.69%$30M1.35M
2TREURTRILLIUM THERAPEUTICS INChistory →COM NEW6.39%$29M1.95M
3RCKTROCKET PHARMACEUTICALS INChistory →COM6.11%$27M500.0K
4IOVAIOVANCE BIOTHERAPEUTICS INChistory →COM5.17%$23M500.0K
5APLSUSDAPELLIS PHARMACEUTICALS INChistory →COM4.14%$19M325.0K
6CNSTCONSTELLATION PHARMCETICLS Ihistory →COM4.01%$18M625.0K
7ASCENDIS PHARMA A/SSPONSORED ADR3.90%$18M105.0K
8ARVNARVINAS INChistory →COM3.88%$17M205.0K
9MERSANA THERAPEUTICS INCCOM3.56%$16M600.0K
10FATEFATE THERAPEUTICS INChistory →COM3.34%$15M165.0K
11IMVTIMMUNOVANT INChistory →COM3.09%$14M300.0K
12AM6AMICUS THERAPEUTICS INChistory →COM3.09%$14M600.0K
13TGTXTG THERAPEUTICS INChistory →COM2.90%$13M250.0K
14TVTXTRAVERE THERAPEUTICS INChistory →COM2.88%$13M475.0K
15COGTCOGENT BIOSCIENCES INChistory →COM2.75%$12M1.10M
16MRTXEURMIRATI THERAPEUTICS INChistory →COM2.45%$11M50.0K
17XENEXENON PHARMACEUTICALS INChistory →COM2.40%$11M700.0K
18KURAKURA ONCOLOGY INChistory →COM2.37%$11M325.0K
19OPHTEURIVERIC BIO INChistory →COM2.12%$10M1.38M
20SURFUSDSURFACE ONCOLOGY INChistory →COM2.06%$9M1.00M
21FPRXFIVE PRIME THERAPEUTICS INChistory →COM1.90%$9M500.0K
22SRPTSAREPTA THERAPEUTICS INChistory →COM1.52%$7M40.0K
23BCRXBIOCRYST PHARMACEUTICALS INChistory →COM1.49%$7M900.0K
24HELIX ACQUISITION CORPCOM CL A1.27%$6M500.0K
25VRNAVERONA PHARMA PLChistory →SPONSORED ADS1.26%$6M810.0K
26VTGNUSDVISTAGEN THERAPEUTICS INChistory →COM NEW1.05%$5M2.44M
27ALDXALDEYRA THERAPEUTICS INCCOM0.99%$4M650.0K
28ACRSACLARIS THERAPEUTICS INCCOM0.94%$4M650.0K
29VTLUSDIMMUNIC INCCOM0.90%$4M265.0K
304XC1KALVISTA PHARMACEUTICALS INCCOM0.85%$4M200.0K
31CURIS INCCOM NEW0.78%$3M425.0K
32SIERRA ONCOLOGY INCCOM NEW0.71%$3M200.0K
33CTIC1USDCTI BIOPHARMA CORPCOM0.54%$2M750.0K
34MILLENDO THERAPEUTICS INCCOM0.44%$2M925.0K
35AMARIN CORP PLCSPONS ADR NEW0.44%$2M400.0K
36APVOEURAPTEVO THERAPEUTICS INCCOM NEW0.41%$2M50.0K
37WAVE LIFE SCIENCES LTDSHS0.35%$2M200.0K
38OTICEUROTONOMY INCCOM0.29%$1M200.0K
39STSAUSDSATSUMA PHARMACEUTICALS INCCOM0.21%$922,000200.0K
40BIIBBIOGEN INCCOM0.12%$539,0002.2K

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 ↗.