SEC 13F Intelligence

Managers / Q2 2023 · view latest →

Ghost Tree Capital, LLC

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

Reported Value
$303M
Q2 2023
Positions
57
Filings on Record
32
2019–present window
Filed
Aug 14, 2023
original filing

Summary

Ghost Tree Capital, LLC reported $303M in U.S.-listed holdings across 57 positions for Q2 2023.

Its largest position, TGTX, represents 6.8% of the portfolio.

Compared with Q1 2023, the fund opened 15 new positions and exited 12.

Portfolio Metrics

Turnover
+26.2%
vs prior filed quarter
Top-10 Concentration
+47.1%
share of reported value
Largest Position
+6.8%
Tg Therapeutics
New / Exited
15 / 12
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: 81.5%ETP: 8.2%Other: 8.1%ADR: 2.1%
  • Common Stock · 81.5% · $247M
  • ETP · 8.2% · $25M
  • Other · 8.1% · $25M
  • ADR · 2.1% · $6M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ONCBEIGENE LTDNEW+22.5K22.5K+$4M$4M
VIRVIR BIOTECHNOLOGY INCNEW+150.0K150.0K+$4M$4M
ZNTLZENTALIS PHARMACEUTICALS INCNEW+100.0K100.0K+$3M$3M
KRYSKRYSTAL BIOTECH INCNEW+20.0K20.0K+$2M$2M
VRNAVERONA PHARMA PLCNEW+110.0K110.0K+$2M$2M
PHATPHATHOM PHARMACEUTICALS INCNEW+154.3K154.3K+$2M$2M
PMVPPMV PHARMACEUTICALS INCNEW+281.0K281.0K+$2M$2M
RCKTROCKET PHARMACEUTICALS INCNEW+75.0K75.0K+$1M$1M

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

Holdings — Q2 2023

48 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TGTXTG THERAPEUTICS INChistory →COM6.77%$20M825.0K
2MLTXMOONLAKE IMMUNOTHERAPEUTICShistory →CLASS A ORD5.56%$17M330.0K
3AKROAKERO THERAPEUTICS INChistory →COM5.55%$17M360.0K
4APLSUSDAPELLIS PHARMACEUTICALS INChistory →COM5.41%$16M180.0K
5PCVXVAXCYTE INChistory →COM4.62%$14M280.0K
6RVNCEURREVANCE THERAPEUTICS INChistory →COM4.39%$13M525.0K
7MDGLMADRIGAL PHARMACEUTICALS INChistory →COM4.19%$13M55.0K
8AMLXAMYLYX PHARMACEUTICALS INChistory →COM3.92%$12M550.0K
9VKTXVIKING THERAPEUTICS INChistory →COM3.48%$11M650.0K
10SRPTSAREPTA THERAPEUTICS INChistory →COM3.21%$10M85.0K
11ASCENDIS PHARMA A/SSPONSORED ADR2.95%$9M100.0K
12RETAEURREATA PHARMACEUTICALS INChistory →CL A2.86%$9M85.0K
13AXSMAXSOME THERAPEUTICS INChistory →COM2.61%$8M110.0K
14SNDXSYNDAX PHARMACEUTICALS INChistory →COM2.42%$7M350.0K
15MRTXEURMIRATI THERAPEUTICS INChistory →COM2.39%$7M200.0K
16XENEXENON PHARMACEUTICALS INChistory →COM2.35%$7M185.0K
17COGTCOGENT BIOSCIENCES INChistory →COM2.25%$7M575.0K
18PTGXPROTAGONIST THERAPEUTICS INChistory →COM2.05%$6M225.0K
19VRDNVIRIDIAN THERAPEUTICS INChistory →COM1.88%$6M240.0K
20BMEABIOMEA FUSION INChistory →COM1.38%$4M190.0K
21INCYINCYTE CORPhistory →COM1.34%$4M65.0K
22ONCBEIGENE LTDhistory →SPONSORED ADR1.32%$4M22.5K
23AMBRX BIOPHARMA INCSPONSORED ADS1.29%$4M238.2K
24VIRVIR BIOTECHNOLOGY INChistory →COM1.21%$4M150.0K
25NVLSEURALPINE IMMUNE SCIENCES INChistory →COM1.18%$4M347.4K
26AEROVATE THERAPEUTICS INCCOM1.14%$3M201.2K
27ZNTLZENTALIS PHARMACEUTICALS INCCOM0.93%$3M100.0K
28KARUNA THERAPEUTICS INCCOM0.89%$3M12.5K
29TARSTARSUS PHARMACEUTICALS INCCOM0.89%$3M150.0K
30AM6AMICUS THERAPEUTICS INCCOM0.83%$3M200.0K
31CATBUSDASTRIA THERAPEUTICS INCCOM0.83%$3M300.2K
32UNIQURE NVSHS0.81%$2M215.0K
33KRYSKRYSTAL BIOTECH INCCOM0.78%$2M20.0K
34VRNAVERONA PHARMA PLCSPONSORED ADS0.77%$2M110.0K
35PHATPHATHOM PHARMACEUTICALS INCCOM0.73%$2M154.3K
36FUSION PHARMACEUTICALS INCCOM0.64%$2M412.7K
37IMGNEURIMMUNOGEN INCCOM0.62%$2M100.0K
38PMVPPMV PHARMACEUTICALS INCCOM0.58%$2M281.0K
39WHWKAADI BIOSCIENCE INCCOM0.56%$2M250.0K
40RCUSARCUS BIOSCIENCES INCCOM0.50%$2M75.0K
41RCKTROCKET PHARMACEUTICALS INCCOM0.49%$1M75.0K
42BCRXBIOCRYST PHARMACEUTICALS INCCOM0.46%$1M200.0K
43MORFUSDMORPHIC HLDG INCCOM0.38%$1M20.0K
44INBXUSDINHIBRX INCCOM0.30%$908,60035.0K
45SWTXUSDSPRINGWORKS THERAPEUTICS INCCOM0.24%$723,09527.6K
46BBIOBRIDGEBIO PHARMA INCCOM0.24%$722,40042.0K
47RNAGBPAVIDITY BIOSCIENCES INCCOM0.24%$720,85065.0K
48IOVAIOVANCE BIOTHERAPEUTICS INCCOM0.23%$704,000100.0K

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 ↗.