SEC 13F Intelligence

Managers / Q3 2022 · view latest →

Ghost Tree Capital, LLC

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

Reported Value
$356M
Q3 2022
Positions
44
Filings on Record
32
2019–present window
Filed
Nov 14, 2022
original filing

Summary

Ghost Tree Capital, LLC reported $356M in U.S.-listed holdings across 44 positions for Q3 2022.

Its largest position, APLSUSD, represents 5.3% of the portfolio.

Compared with Q2 2022, the fund opened 12 new positions and exited 5.

Portfolio Metrics

Turnover
+12.3%
vs prior filed quarter
Top-10 Concentration
+39.1%
share of reported value
Largest Position
+5.3%
Apellis Pharmaceuticals
New / Exited
12 / 5
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: 76.4%Other: 12.5%ETP: 11.1%
  • Common Stock · 76.4% · $272M
  • Other · 12.5% · $45M
  • ETP · 11.1% · $40M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AMLXAMYLYX PHARMACEUTICALS INCNEW+1.05M1.05M+$30M$30M
RETAEURREATA PHARMACEUTICALS INCNEW+925.0K925.0K+$23M$23M
RVNCEURREVANCE THERAPEUTICS INCNEW+390.0K390.0K+$11M$11M
1T7TRICIDA INCNEW+700.0K700.0K+$7M$7M
ALTALTIMMUNE INCNEW+435.0K435.0K+$6M$6M
CATBUSDASTRIA THERAPEUTICS INCNEW+500.0K500.0K+$5M$5M
2655787DBLUEPRINT MEDICINES CORPNEW+65.0K65.0K+$4M$4M
ITCIEURINTRA-CELLULAR THERAPIES INCNEW+60.0K60.0K+$3M$3M

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

Holdings — Q3 2022

35 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1APLSUSDAPELLIS PHARMACEUTICALS INChistory →COM5.27%$19M275.0K
2RETAEURREATA PHARMACEUTICALS INChistory →CL A5.11%$18M725.0K
3RLMDRELMADA THERAPEUTICS INChistory →COM4.42%$16M425.0K
4AMLXAMYLYX PHARMACEUTICALS INChistory →COM4.35%$15M550.0K
5AXSMAXSOME THERAPEUTICS INChistory →COM3.76%$13M300.0K
6MRTXEURMIRATI THERAPEUTICS INChistory →COM3.43%$12M175.0K
7SRPTSAREPTA THERAPEUTICS INChistory →COM3.41%$12M110.0K
8CTIC1USDCTI BIOPHARMA CORPhistory →COM3.27%$12M2.00M
9VRDNVIRIDIAN THERAPEUTICS INChistory →COM3.08%$11M535.0K
10RVNCEURREVANCE THERAPEUTICS INChistory →COM2.96%$11M390.0K
11ASCENDIS PHARMA A/SSPONSORED ADR2.75%$10M95.0K
12COGTCOGENT BIOSCIENCES INChistory →COM2.51%$9M600.0K
13PCVXVAXCYTE INChistory →COM2.43%$9M360.0K
14OPHTEURIVERIC BIO INChistory →COM2.34%$8M463.7K
15KARUNA THERAPEUTICS INCCOM1.89%$7M30.0K
16BCRXBIOCRYST PHARMACEUTICALS INChistory →COM1.86%$7M525.0K
17ALTALTIMMUNE INChistory →COM NEW1.56%$6M435.0K
18AM6AMICUS THERAPEUTICS INChistory →COM1.47%$5M500.0K
19SNDXSYNDAX PHARMACEUTICALS INChistory →COM1.35%$5M200.0K
20HORIZON THERAPEUTICS PUB LSHS1.30%$5M75.0K
21KEZAR LIFE SCIENCES INCCOM1.27%$5M525.0K
22CATBUSDASTRIA THERAPEUTICS INChistory →COM1.27%$5M500.0K
232655787DBLUEPRINT MEDICINES CORPhistory →COM1.20%$4M65.0K
24WHWKAADI BIOSCIENCE INCCOM0.79%$3M200.0K
25ITCIEURINTRA-CELLULAR THERAPIES INCCOM0.78%$3M60.0K
26AEROVATE THERAPEUTICS INCCOM0.70%$2M150.0K
27MLTXMOONLAKE IMMUNOTHERAPEUTICSCLASS A ORD0.65%$2M300.0K
28RAPT THERAPEUTICS INCCOM0.61%$2M90.0K
291T7TRICIDA INCCOM0.59%$2M200.0K
30TARSTARSUS PHARMACEUTICALS INCCOM0.58%$2M120.0K
31DSGNDESIGN THERAPEUTICS INCCOM0.47%$2M100.0K
32MDGLMADRIGAL PHARMACEUTICALS INCCOM0.46%$2M25.0K
33RYTMRHYTHM PHARMACEUTICALS INCCOM0.45%$2M65.0K
34BIIBBIOGEN INCCOM0.28%$1M3.8K
35AGLEUSDAEGLEA BIOTHERAPEUTICS INCCOM0.15%$526,0001.00M

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 ↗.