SEC 13F Intelligence

Managers / Q4 2022 · view latest →

Ghost Tree Capital, LLC

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

Reported Value
$234M
Q4 2022
Positions
35
Filings on Record
32
2019–present window
Filed
Feb 14, 2023
original filing

Summary

Ghost Tree Capital, LLC reported $234M in U.S.-listed holdings across 35 positions for Q4 2022.

Its largest position, RETAEUR, represents 8.1% of the portfolio.

Compared with Q3 2022, the fund opened 8 new positions and exited 11.

Portfolio Metrics

Turnover
+19.5%
vs prior filed quarter
Top-10 Concentration
+57.9%
share of reported value
Largest Position
+8.1%
Reata Pharmaceuticals
New / Exited
8 / 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: 79.9%Other: 14.4%ETP: 5.7%
  • Common Stock · 79.9% · $187M
  • Other · 14.4% · $34M
  • ETP · 5.7% · $13M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
NDQINVESCO QQQ TRNEW+50.0K50.0K+$13M$13M
IOVAIOVANCE BIOTHERAPEUTICS INCNEW+1.30M1.30M+$8M$8M
AKROAKERO THERAPEUTICS INCNEW+85.0K85.0K+$5M$5M
PRVBUSDPROVENTION BIO INCNEW+400.0K400.0K+$4M$4M
VKTXVIKING THERAPEUTICS INCNEW+300.0K300.0K+$3M$3M
RNAGBPAVIDITY BIOSCIENCES INCNEW+100.0K100.0K+$2M$2M
PROMETHEUS BIOSCIENCES INCNEW+9.9K9.9K+$1M$1M
ASNSUSDX4 PHARMACEUTICALS INCNEW+1.00M1.00M+$993,000$993,000

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

Holdings — Q4 2022

35 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1RETAEURREATA PHARMACEUTICALS INChistory →CL A8.11%$19M500.0K
2AXSMAXSOME THERAPEUTICS INChistory →COM7.74%$18M235.0K
3ASCENDIS PHARMA A/SSPONSORED ADR6.78%$16M130.0K
4APLSUSDAPELLIS PHARMACEUTICALS INChistory →COM6.62%$16M300.0K
5NDQINVESCO QQQ TRhistory →UNIT SER 15.68%$13M50.0K
6AMLXAMYLYX PHARMACEUTICALS INChistory →COM5.52%$13M350.0K
7CTIC1USDCTI BIOPHARMA CORPhistory →COM4.75%$11M1.85M
8SGENUSDSEAGEN INChistory →COM4.66%$11M85.0K
9OPHTEURIVERIC BIO INChistory →COM4.11%$10M450.0K
10COGTCOGENT BIOSCIENCES INChistory →COM3.95%$9M800.0K
11MRTXEURMIRATI THERAPEUTICS INChistory →COM3.87%$9M200.0K
12IOVAIOVANCE BIOTHERAPEUTICS INChistory →COM3.55%$8M1.30M
13KARUNA THERAPEUTICS INCCOM3.36%$8M40.0K
14PCVXVAXCYTE INChistory →COM3.28%$8M160.0K
15SRPTSAREPTA THERAPEUTICS INChistory →COM3.04%$7M55.0K
16CATBUSDASTRIA THERAPEUTICS INChistory →COM2.86%$7M450.0K
17MDGLMADRIGAL PHARMACEUTICALS INChistory →COM2.48%$6M20.0K
18RVNCEURREVANCE THERAPEUTICS INChistory →COM2.36%$6M300.0K
19VRDNVIRIDIAN THERAPEUTICS INChistory →COM2.06%$5M165.0K
20AKROAKERO THERAPEUTICS INChistory →COM1.99%$5M85.0K
21PRVBUSDPROVENTION BIO INChistory →COM1.81%$4M400.0K
22AEROVATE THERAPEUTICS INCCOM1.69%$4M135.0K
23SNDXSYNDAX PHARMACEUTICALS INChistory →COM1.63%$4M150.0K
24VKTXVIKING THERAPEUTICS INChistory →COM1.20%$3M300.0K
25BCRXBIOCRYST PHARMACEUTICALS INChistory →COM1.10%$3M225.0K
26RAPT THERAPEUTICS INCCOM1.06%$2M125.0K
27KEZAR LIFE SCIENCES INCCOM1.02%$2M339.9K
28RNAGBPAVIDITY BIOSCIENCES INCCOM0.95%$2M100.0K
29TARSTARSUS PHARMACEUTICALS INCCOM0.50%$1M80.0K
30WHWKAADI BIOSCIENCE INCCOM0.49%$1M90.0K
31PROMETHEUS BIOSCIENCES INCCOM0.46%$1M9.9K
32ASNSUSDX4 PHARMACEUTICALS INCCOM0.42%$993,0001.00M
332655787DBLUEPRINT MEDICINES CORPCOM0.37%$876,00020.0K
34DSGNDESIGN THERAPEUTICS INCCOM0.36%$850,00082.9K
35AGLEUSDAEGLEA BIOTHERAPEUTICS INCCOM0.15%$360,000800.0K

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 ↗.