SEC 13F Intelligence

Managers / Q1 2023 · view latest →

Ghost Tree Capital, LLC

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

Reported Value
$338M
Q1 2023
Positions
58
Filings on Record
32
2019–present window
Filed
May 15, 2023
original filing

Summary

Ghost Tree Capital, LLC reported $338M in U.S.-listed holdings across 58 positions for Q1 2023.

Its largest position, TGTX, represents 4.9% of the portfolio.

Compared with Q4 2022, the fund opened 26 new positions and exited 7.

Portfolio Metrics

Turnover
+24.0%
vs prior filed quarter
Top-10 Concentration
+33.3%
share of reported value
Largest Position
+4.9%
Tg Therapeutics
New / Exited
26 / 7
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: 83.1%Other: 10.2%ETP: 6.8%
  • Common Stock · 83.1% · $281M
  • Other · 10.2% · $34M
  • ETP · 6.8% · $23M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SPDR SER TRNEW+300.0K300.0K+$23M$23M
TGTXTG THERAPEUTICS INCNEW+1.10M1.10M+$17M$17M
PFEPFIZER INCNEW+200.0K200.0K+$8M$8M
JNJJOHNSON & JOHNSONNEW+50.0K50.0K+$8M$8M
UNIQURE NVNEW+375.0K375.0K+$8M$8M
XENEXENON PHARMACEUTICALS INCNEW+200.0K200.0K+$7M$7M
INCYINCYTE CORPNEW+75.0K75.0K+$5M$5M
AM6AMICUS THERAPEUTICS INCNEW+475.0K475.0K+$5M$5M

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

Holdings — Q1 2023

44 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TGTXTG THERAPEUTICS INChistory →COM4.89%$17M1.10M
2AMLXAMYLYX PHARMACEUTICALS INChistory →COM4.12%$14M475.0K
3AXSMAXSOME THERAPEUTICS INChistory →COM4.10%$14M225.0K
4ASCENDIS PHARMA A/SSPONSORED ADR3.49%$12M110.0K
5APLSUSDAPELLIS PHARMACEUTICALS INChistory →COM3.21%$11M164.6K
6AKROAKERO THERAPEUTICS INChistory →COM3.11%$11M275.0K
7VKTXVIKING THERAPEUTICS INChistory →COM2.95%$10M600.0K
8PCVXVAXCYTE INChistory →COM2.49%$8M225.0K
9CTIC1USDCTI BIOPHARMA CORPhistory →COM2.48%$8M2.00M
10SRPTSAREPTA THERAPEUTICS INChistory →COM2.44%$8M60.0K
11PFEPFIZER INChistory →COM2.41%$8M200.0K
12RVNCEURREVANCE THERAPEUTICS INChistory →COM2.38%$8M250.0K
13JNJJOHNSON & JOHNSONhistory →COM2.29%$8M50.0K
14UNIQURE NVSHS2.23%$8M375.0K
15MDGLMADRIGAL PHARMACEUTICALS INChistory →COM2.15%$7M30.0K
16XENEXENON PHARMACEUTICALS INChistory →COM2.12%$7M200.0K
17SNDXSYNDAX PHARMACEUTICALS INChistory →COM2.03%$7M325.0K
18RETAEURREATA PHARMACEUTICALS INChistory →CL A1.88%$6M70.0K
19IOVAIOVANCE BIOTHERAPEUTICS INChistory →COM1.81%$6M1.00M
20CATBUSDASTRIA THERAPEUTICS INChistory →COM1.77%$6M450.0K
21COGTCOGENT BIOSCIENCES INChistory →COM1.75%$6M550.0K
22INCYINCYTE CORPhistory →COM1.60%$5M75.0K
23AM6AMICUS THERAPEUTICS INChistory →COM1.56%$5M475.0K
24MRTXEURMIRATI THERAPEUTICS INChistory →COM1.54%$5M140.0K
25PTGXPROTAGONIST THERAPEUTICS INChistory →COM1.53%$5M225.0K
26VRDNVIRIDIAN THERAPEUTICS INChistory →COM1.32%$4M175.0K
27OPHTEURIVERIC BIO INChistory →COM1.26%$4M175.0K
28MLTXMOONLAKE IMMUNOTHERAPEUTICShistory →CLASS A ORD1.23%$4M195.0K
29AEROVATE THERAPEUTICS INCCOM1.19%$4M200.0K
30BMEABIOMEA FUSION INChistory →COM1.10%$4M120.0K
31ACRSACLARIS THERAPEUTICS INChistory →COM1.02%$3M425.0K
32KARUNA THERAPEUTICS INCCOM0.94%$3M17.5K
33ETNBGBP89BIO INCCOM0.90%$3M200.0K
34BCRXBIOCRYST PHARMACEUTICALS INCCOM0.68%$2M275.0K
35AMBRX BIOPHARMA INCSPONSORED ADS0.66%$2M250.0K
36RAIN ONCOLOGY INCCOM0.65%$2M250.0K
37IRONDISC MEDICINE INCCOM0.63%$2M100.0K
38RNAGBPAVIDITY BIOSCIENCES INCCOM0.57%$2M125.0K
39PROMETHEUS BIOSCIENCES INCCOM0.48%$2M15.0K
40NVLSEURALPINE IMMUNE SCIENCES INCCOM0.46%$2M200.0K
41RCUSARCUS BIOSCIENCES INCCOM0.40%$1M75.0K
42FUSION PHARMACEUTICALS INCCOM0.39%$1M350.0K
43WHWKAADI BIOSCIENCE INCCOM0.32%$1M150.0K
44TARSTARSUS PHARMACEUTICALS INCCOM0.30%$1M80.0K

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 ↗.