SEC 13F Intelligence

Managers / Q1 2021 · view latest →

Ghost Tree Capital, LLC

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

Reported Value
$425M
Q1 2021
Positions
50
Filings on Record
32
2019–present window
Filed
May 14, 2021
original filing

Summary

Ghost Tree Capital, LLC reported $425M in U.S.-listed holdings across 50 positions for Q1 2021.

Its largest position, SNDX, represents 6.2% of the portfolio.

Compared with Q4 2020, the fund opened 16 new positions and exited 9.

Portfolio Metrics

Turnover
+31.0%
vs prior filed quarter
Top-10 Concentration
+40.3%
share of reported value
Largest Position
+6.2%
Syndax Pharmaceuticals
New / Exited
16 / 9
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: 69.3%ETP: 17.0%Other: 10.8%ADR: 2.9%
  • Common Stock · 69.3% · $295M
  • ETP · 17.0% · $72M
  • Other · 10.8% · $46M
  • ADR · 2.9% · $12M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2020 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ARK ETF TRNEW+200.0K200.0K+$18M$18M
TCE2CELLDEX THERAPEUTICS INC NEWNEW+350.0K350.0K+$7M$7M
ISHARES TRNEW+30.0K30.0K+$7M$7M
EPIEURESSA PHARMA INCNEW+175.0K175.0K+$5M$5M
CATALYST BIOSCIENCES INCNEW+1.00M1.00M+$5M$5M
VRDNVIRIDIAN THERAPEUTICS INCNEW+300.0K300.0K+$5M$5M
NUVBNUVATION BIO INCNEW+500.0K500.0K+$5M$5M
BCYCBICYCLE THERAPEUTICS PLCNEW+150.0K150.0K+$4M$4M

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

Holdings — Q1 2021

46 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SNDXSYNDAX PHARMACEUTICALS INChistory →COM6.17%$26M1.18M
2TREURTRILLIUM THERAPEUTICS INChistory →COM NEW4.92%$21M1.95M
3ASCENDIS PHARMA A/SSPONSORED ADR4.09%$17M135.0K
4KURAKURA ONCOLOGY INChistory →COM3.99%$17M600.0K
5IOVAIOVANCE BIOTHERAPEUTICS INChistory →COM3.72%$16M500.0K
6FATEFATE THERAPEUTICS INChistory →COM3.58%$15M185.0K
7XENEXENON PHARMACEUTICALS INChistory →COM3.58%$15M850.0K
8ACRSACLARIS THERAPEUTICS INChistory →COM3.55%$15M600.0K
9RCKTROCKET PHARMACEUTICALS INChistory →COM3.39%$14M325.0K
10COGTCOGENT BIOSCIENCES INChistory →COM3.30%$14M1.60M
11ARVNARVINAS INChistory →COM3.18%$14M205.0K
12APLSUSDAPELLIS PHARMACEUTICALS INChistory →COM2.27%$10M225.0K
13TGTXTG THERAPEUTICS INChistory →COM2.27%$10M200.0K
14VTGNUSDVISTAGEN THERAPEUTICS INChistory →COM NEW2.07%$9M4.14M
15MRTXEURMIRATI THERAPEUTICS INChistory →COM2.01%$9M50.0K
16VRNAVERONA PHARMA PLChistory →SPONSORED ADS1.85%$8M939.0K
17ALDXALDEYRA THERAPEUTICS INChistory →COM1.81%$8M650.0K
18MERSANA THERAPEUTICS INCCOM1.71%$7M450.0K
19OPHTEURIVERIC BIO INChistory →COM1.63%$7M1.13M
20ISHARES TRRUSSELL 2000 ETF1.56%$7M30.0K
21CNSTCONSTELLATION PHARMCETICLS Ihistory →COM1.51%$6M275.0K
22BIIBBIOGEN INChistory →COM1.32%$6M20.0K
23TCE2CELLDEX THERAPEUTICS INC NEWhistory →COM NEW1.21%$5M250.0K
24STSAUSDSATSUMA PHARMACEUTICALS INChistory →COM1.21%$5M904.2K
25HELIX ACQUISITION CORPCOM CL A1.20%$5M500.0K
26BCRXBIOCRYST PHARMACEUTICALS INChistory →COM1.20%$5M500.0K
27EPIEURESSA PHARMA INChistory →COM NEW1.19%$5M175.0K
28CATALYST BIOSCIENCES INCCOM NEW1.18%$5M1.00M
29VRDNVIRIDIAN THERAPEUTICS INChistory →COM1.18%$5M300.0K
30NUVBNUVATION BIO INChistory →COM CL A1.17%$5M500.0K
31CURIS INCCOM NEW1.13%$5M425.0K
32BCYCBICYCLE THERAPEUTICS PLChistory →SPONSORED ADS1.05%$4M150.0K
33FGENEURFIBROGEN INChistory →COM1.02%$4M125.0K
34VTLUSDIMMUNIC INCCOM0.99%$4M265.0K
35IMVTIMMUNOVANT INCCOM0.94%$4M250.0K
36SIERRA ONCOLOGY INCCOM NEW0.81%$3M200.0K
37NVV1NOVAVAX INCCOM NEW0.75%$3M17.5K
38AM6AMICUS THERAPEUTICS INCCOM0.62%$3M265.0K
39KDMNKADMON HLDGS INCCOM0.55%$2M600.0K
40SG7SAGE THERAPEUTICS INCCOM0.53%$2M30.0K
41CTIC1USDCTI BIOPHARMA CORPCOM0.51%$2M750.0K
42PRECISION BIOSCIENCES INCCOM0.49%$2M200.0K
43CMRXEURCHIMERIX INCCOM0.45%$2M200.0K
44CASIEURCASI PHARMACEUTICALS INCCOM0.37%$2M650.0K
45APVOEURAPTEVO THERAPEUTICS INCCOM NEW0.36%$2M50.0K
46OTICEUROTONOMY INCCOM0.27%$1M450.0K

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 ↗.