SEC 13F Intelligence

Managers / Q3 2021 · view latest →

Ghost Tree Capital, LLC

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

Reported Value
$342M
Q3 2021
Positions
60
Filings on Record
32
2019–present window
Filed
Nov 15, 2021
original filing

Summary

Ghost Tree Capital, LLC reported $342M in U.S.-listed holdings across 60 positions for Q3 2021.

Its largest position, Ascendis Pharma A S, represents 5.6% of the portfolio.

Compared with Q2 2021, the fund opened 18 new positions and exited 11.

Portfolio Metrics

Turnover
+37.6%
vs prior filed quarter
Top-10 Concentration
+38.3%
share of reported value
Largest Position
+5.6%
Ascendis Pharma A S
New / Exited
18 / 11
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: 70.9%Other: 19.2%ETP: 6.4%ADR: 3.5%
  • Common Stock · 70.9% · $243M
  • Other · 19.2% · $66M
  • ETP · 6.4% · $22M
  • ADR · 3.5% · $12M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ISHARES TRNEW+100.0K100.0K+$22M$22M
APLSUSDAPELLIS PHARMACEUTICALS INCNEW+350.0K350.0K+$12M$12M
ALLKGUSDALLAKOS INCNEW+85.0K85.0K+$9M$9M
GH RESEARCH PLCNEW+400.0K400.0K+$9M$9M
LEAP THERAPEUTICS INCNEW+1.65M1.65M+$7M$7M
BEYONDSPRING INCNEW+400.0K400.0K+$6M$6M
AVIRATEA PHARMACEUTICALS INCNEW+150.0K150.0K+$5M$5M
RLMDRELMADA THERAPEUTICS INCNEW+200.0K200.0K+$5M$5M

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

Holdings — Q3 2021

46 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ASCENDIS PHARMA A/SSPONSORED ADR5.59%$19M120.0K
2IOVAIOVANCE BIOTHERAPEUTICS INChistory →COM5.05%$17M700.0K
3TCE2CELLDEX THERAPEUTICS INC NEWhistory →COM NEW4.03%$14M255.0K
4COGTCOGENT BIOSCIENCES INChistory →COM3.69%$13M1.50M
5ARVNARVINAS INChistory →COM3.60%$12M150.0K
6XENEXENON PHARMACEUTICALS INChistory →COM3.53%$12M790.0K
7OPHTEURIVERIC BIO INChistory →COM3.44%$12M725.0K
8SNDXSYNDAX PHARMACEUTICALS INChistory →COM3.21%$11M575.0K
9MRTXEURMIRATI THERAPEUTICS INChistory →COM3.10%$11M60.0K
10RCKTROCKET PHARMACEUTICALS INChistory →COM3.06%$10M350.0K
11ALLKGUSDALLAKOS INChistory →COM2.63%$9M85.0K
12GH RESEARCH PLCORDINARY SHARES2.58%$9M400.0K
13KURAKURA ONCOLOGY INChistory →COM2.33%$8M425.0K
14RAPT THERAPEUTICS INCCOM2.27%$8M250.0K
15LEAP THERAPEUTICS INCCOM1.93%$7M1.65M
16APLSUSDAPELLIS PHARMACEUTICALS INChistory →COM1.93%$7M200.0K
17ALDXALDEYRA THERAPEUTICS INChistory →COM1.80%$6M700.0K
18VRDNVIRIDIAN THERAPEUTICS INChistory →COM1.68%$6M350.0K
19VTGNUSDVISTAGEN THERAPEUTICS INChistory →COM NEW1.60%$5M2.00M
20AVIRATEA PHARMACEUTICALS INChistory →COM1.54%$5M150.0K
21RLMDRELMADA THERAPEUTICS INChistory →COM1.53%$5M200.0K
22ACRSACLARIS THERAPEUTICS INChistory →COM1.45%$5M275.0K
23HELIX ACQUISITION CORPCOM CL A1.45%$5M500.0K
24CTIC1USDCTI BIOPHARMA CORPhistory →COM1.38%$5M1.60M
25PRAXIS PRECISION MEDICINES ICOM1.35%$5M250.0K
26SIERRA ONCOLOGY INCCOM NEW1.28%$4M200.0K
27ZNTLZENTALIS PHARMACEUTICALS INChistory →COM1.27%$4M65.0K
28STSAUSDSATSUMA PHARMACEUTICALS INChistory →COM1.23%$4M904.2K
29BCYCBICYCLE THERAPEUTICS PLChistory →SPONSORED ADS1.22%$4M100.0K
30VRNAVERONA PHARMA PLChistory →SPONSORED ADS1.20%$4M750.0K
31CATALYST BIOSCIENCES INCCOM NEW1.20%$4M1.00M
32TCRRUSDTCR2 THERAPEUTICS INChistory →COM1.19%$4M477.3K
33PCVXVAXCYTE INChistory →COM1.19%$4M160.0K
34ALLOALLOGENE THERAPEUTICS INChistory →COM1.13%$4M150.0K
35TARSTARSUS PHARMACEUTICALS INChistory →COM1.07%$4M170.0K
369 METERS BIOPHARMA INCCOM1.05%$4M2.75M
37CRNXCRINETICS PHARMACEUTICALS INCOM0.92%$3M150.0K
38CMPSCOMPASS PATHWAYS PLCSPONSORED ADS0.87%$3M100.0K
39FATEFATE THERAPEUTICS INCCOM0.87%$3M50.0K
40HRMYHARMONY BIOSCIENCES HLDGS INCOM0.84%$3M75.0K
41AM6AMICUS THERAPEUTICS INCCOM0.74%$3M265.0K
42BLUBELLUS HEALTH INC NEWCOM NEW0.72%$2M400.0K
43VTLUSDIMMUNIC INCCOM0.69%$2M265.0K
44LRMRLARIMAR THERAPEUTICS INCCOM0.67%$2M200.0K
45MRNAMODERNA INCCOM0.60%$2M5.3K
46ALECALECTOR INCCOM0.53%$2M80.0K

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 ↗.