SEC 13F Intelligence

Managers / Q1 2022 · view latest →

Ghost Tree Capital, LLC

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

Reported Value
$461M
Q1 2022
Positions
42
Filings on Record
32
2019–present window
Filed
May 16, 2022
original filing

Summary

Ghost Tree Capital, LLC reported $461M in U.S.-listed holdings across 42 positions for Q1 2022.

Its largest position, Ascendis Pharma A S, represents 3.6% of the portfolio.

Compared with Q4 2021, the fund opened 7 new positions and exited 11.

Portfolio Metrics

Turnover
+31.7%
vs prior filed quarter
Top-10 Concentration
+23.3%
share of reported value
Largest Position
+3.6%
Ascendis Pharma A S
New / Exited
7 / 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
ETP: 54.9%Common Stock: 30.4%Other: 13.0%ADR: 1.8%
  • ETP · 54.9% · $253M
  • Common Stock · 30.4% · $140M
  • Other · 13.0% · $60M
  • ADR · 1.8% · $8M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SPDR S&P 500 ETF TRNEW+500.0K500.0K+$226M$226M
SPDR SER TRNEW+300.0K300.0K+$27M$27M
AXSMAXSOME THERAPEUTICS INCNEW+244.5K244.5K+$10M$10M
KARUNA THERAPEUTICS INCNEW+60.0K60.0K+$8M$8M
BCRXBIOCRYST PHARMACEUTICALS INCNEW+350.0K350.0K+$6M$6M
BCYCBICYCLE THERAPEUTICS PLCNEW+100.0K100.0K+$4M$4M
AGLEUSDAEGLEA BIOTHERAPEUTICS INCNEW+686.6K686.6K+$2M$2M
AM6AMICUS THERAPEUTICS INCADDED+600.0K1.10M+$5M$10M

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

Holdings — Q1 2022

39 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ASCENDIS PHARMA A/SSPONSORED ADR3.57%$16M140.0K
2COGTCOGENT BIOSCIENCES INChistory →COM2.76%$13M1.70M
3APLSUSDAPELLIS PHARMACEUTICALS INChistory →COM2.76%$13M250.0K
4MERUS N VCOM2.30%$11M400.0K
5AM6AMICUS THERAPEUTICS INChistory →COM2.26%$10M1.10M
6SIERRA ONCOLOGY INCCOM NEW2.26%$10M325.0K
7TCE2CELLDEX THERAPEUTICS INC NEWhistory →COM NEW2.22%$10M300.0K
8VRDNVIRIDIAN THERAPEUTICS INChistory →COM1.87%$9M466.4K
9KARUNA THERAPEUTICS INCCOM1.65%$8M60.0K
10OPHTEURIVERIC BIO INChistory →COM1.64%$8M450.0K
11ARVNARVINAS INChistory →COM1.61%$7M110.0K
12PCVXVAXCYTE INChistory →COM1.57%$7M300.0K
13KEZAR LIFE SCIENCES INCCOM1.44%$7M400.0K
14CTIC1USDCTI BIOPHARMA CORPhistory →COM1.32%$6M1.30M
15BCRXBIOCRYST PHARMACEUTICALS INChistory →COM1.24%$6M350.0K
16RAPT THERAPEUTICS INCCOM1.19%$5M250.0K
17BCYCBICYCLE THERAPEUTICS PLCSPONSORED ADS0.95%$4M100.0K
18AXSMAXSOME THERAPEUTICS INCCOM0.85%$4M94.5K
19SNDXSYNDAX PHARMACEUTICALS INCCOM0.85%$4M225.0K
20SRPTSAREPTA THERAPEUTICS INCCOM0.85%$4M50.0K
21VRNAVERONA PHARMA PLCSPONSORED ADS0.81%$4M750.0K
22ZNTLZENTALIS PHARMACEUTICALS INCCOM0.80%$4M80.0K
23DSGNDESIGN THERAPEUTICS INCCOM0.70%$3M200.0K
24RCKTROCKET PHARMACEUTICALS INCCOM0.69%$3M200.0K
25XENEXENON PHARMACEUTICALS INCCOM0.66%$3M100.0K
26RLMDRELMADA THERAPEUTICS INCCOM0.59%$3M100.0K
27WHWKAADI BIOSCIENCE INCCOM0.55%$3M150.0K
28ACRSACLARIS THERAPEUTICS INCCOM0.47%$2M125.0K
29TARSTARSUS PHARMACEUTICALS INCCOM0.44%$2M120.0K
309 METERS BIOPHARMA INCCOM0.42%$2M3.25M
31CRNXCRINETICS PHARMACEUTICALS INCOM0.40%$2M85.0K
32STSAUSDSATSUMA PHARMACEUTICALS INCCOM0.39%$2M473.6K
33LEAP THERAPEUTICS INCCOM0.38%$2M993.7K
34MRTXEURMIRATI THERAPEUTICS INCCOM0.36%$2M20.0K
35VTGNUSDVISTAGEN THERAPEUTICS INCCOM NEW0.35%$2M1.32M
36AGLEUSDAEGLEA BIOTHERAPEUTICS INCCOM0.34%$2M686.6K
37PARDES BIOSCIENCES INCCOM0.13%$614,00085.0K
38LRMRLARIMAR THERAPEUTICS INCCOM0.09%$405,000100.0K
39PYXSPYXIS ONCOLOGY INCCOMMON STOCK0.07%$303,00075.0K

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 ↗.