SEC 13F Intelligence

Managers / Q4 2021 · view latest →

Ghost Tree Capital, LLC

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

Reported Value
$279M
Q4 2021
Positions
47
Filings on Record
32
2019–present window
Filed
Feb 16, 2022
original filing

Summary

Ghost Tree Capital, LLC reported $279M in U.S.-listed holdings across 47 positions for Q4 2021.

Its largest position, Ascendis Pharma A S, represents 9.2% of the portfolio.

Compared with Q3 2021, the fund opened 9 new positions and exited 22.

Portfolio Metrics

Turnover
+27.1%
vs prior filed quarter
Top-10 Concentration
+47.2%
share of reported value
Largest Position
+9.2%
Ascendis Pharma A S
New / Exited
9 / 22
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: 73.1%Other: 23.5%ADR: 3.5%
  • Common Stock · 73.1% · $204M
  • Other · 23.5% · $65M
  • ADR · 3.5% · $10M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SRPTSAREPTA THERAPEUTICS INCNEW+100.0K100.0K+$9M$9M
ALNYALNYLAM PHARMACEUTICALS INCNEW+30.0K30.0K+$5M$5M
WHWKAADI BIOSCIENCE INCNEW+200.0K200.0K+$5M$5M
KEZAR LIFE SCIENCES INCNEW+250.0K250.0K+$4M$4M
PYXSPYXIS ONCOLOGY INCNEW+295.0K295.0K+$3M$3M
DSGNDESIGN THERAPEUTICS INCNEW+135.0K135.0K+$3M$3M
GBTUSDGLOBAL BLOOD THERAPEUTICS INNEW+60.0K60.0K+$2M$2M
RETAEURREATA PHARMACEUTICALS INCNEW+55.0K55.0K+$1M$1M

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

Holdings — Q4 2021

43 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ASCENDIS PHARMA A/SSPONSORED ADR9.16%$26M190.0K
2APLSUSDAPELLIS PHARMACEUTICALS INChistory →COM5.51%$15M325.0K
3COGTCOGENT BIOSCIENCES INChistory →COM5.23%$15M1.70M
4TCE2CELLDEX THERAPEUTICS INC NEWhistory →COM NEW4.85%$14M350.0K
5RAPT THERAPEUTICS INCCOM4.61%$13M350.0K
6MERUS N VCOM3.99%$11M350.0K
7OPHTEURIVERIC BIO INChistory →COM3.74%$10M625.0K
8VRDNVIRIDIAN THERAPEUTICS INChistory →COM3.54%$10M500.0K
9RCKTROCKET PHARMACEUTICALS INChistory →COM3.32%$9M425.0K
10ARVNARVINAS INChistory →COM3.24%$9M110.0K
11SRPTSAREPTA THERAPEUTICS INChistory →COM3.23%$9M100.0K
12ZNTLZENTALIS PHARMACEUTICALS INChistory →COM2.41%$7M80.0K
13SNDXSYNDAX PHARMACEUTICALS INChistory →COM2.35%$7M300.0K
14PCVXVAXCYTE INChistory →COM2.13%$6M250.0K
15AM6AMICUS THERAPEUTICS INChistory →COM2.07%$6M500.0K
16SIERRA ONCOLOGY INCCOM NEW1.95%$5M250.0K
17ALNYALNYLAM PHARMACEUTICALS INChistory →COM1.82%$5M30.0K
18VRNAVERONA PHARMA PLChistory →SPONSORED ADS1.81%$5M750.0K
19WHWKAADI BIOSCIENCE INChistory →COM1.73%$5M200.0K
20ACRSACLARIS THERAPEUTICS INChistory →COM1.69%$5M325.0K
21CMPSCOMPASS PATHWAYS PLChistory →SPONSORED ADS1.66%$5M210.0K
22RLMDRELMADA THERAPEUTICS INChistory →COM1.61%$5M200.0K
23MRTXEURMIRATI THERAPEUTICS INChistory →COM1.58%$4M30.0K
24LEAP THERAPEUTICS INCCOM1.57%$4M1.35M
25KEZAR LIFE SCIENCES INCCOM1.50%$4M250.0K
26STSAUSDSATSUMA PHARMACEUTICALS INChistory →COM1.46%$4M904.2K
27VTGNUSDVISTAGEN THERAPEUTICS INChistory →COM NEW1.40%$4M2.00M
28TARSTARSUS PHARMACEUTICALS INChistory →COM1.37%$4M170.0K
29BLUBELLUS HEALTH INC NEWhistory →COM NEW1.30%$4M450.0K
30CRNXCRINETICS PHARMACEUTICALS INhistory →COM1.20%$3M118.3K
31PYXSPYXIS ONCOLOGY INChistory →COMMON STOCK1.16%$3M295.0K
329 METERS BIOPHARMA INCCOM1.14%$3M3.25M
33KURAKURA ONCOLOGY INChistory →COM1.13%$3M225.0K
34XENEXENON PHARMACEUTICALS INChistory →COM1.12%$3M100.0K
35CTIC1USDCTI BIOPHARMA CORPhistory →COM1.07%$3M1.20M
36DSGNDESIGN THERAPEUTICS INChistory →COM1.04%$3M135.0K
37LRMRLARIMAR THERAPEUTICS INCCOM0.87%$2M225.0K
38GH RESEARCH PLCORDINARY SHARES0.84%$2M100.0K
39GBTUSDGLOBAL BLOOD THERAPEUTICS INCOM0.63%$2M60.0K
40VTLUSDIMMUNIC INCCOM0.57%$2M165.0K
41RETAEURREATA PHARMACEUTICALS INCCL A0.52%$1M55.0K
42PARDES BIOSCIENCES INCCOM0.29%$819,00050.0K
43CABACABALETTA BIO INCCOM0.18%$512,000135.0K

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 ↗.