SEC 13F Intelligence

Managers / Q3 2023 · view latest →

Ghost Tree Capital, LLC

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

Reported Value
$304M
Q3 2023
Positions
70
Filings on Record
32
2019–present window
Filed
Nov 14, 2023
original filing

Summary

Ghost Tree Capital, LLC reported $304M in U.S.-listed holdings across 70 positions for Q3 2023.

Its largest position, MLTX, represents 6.2% of the portfolio.

Compared with Q2 2023, the fund opened 18 new positions and exited 12.

Portfolio Metrics

Turnover
+36.3%
vs prior filed quarter
Top-10 Concentration
+29.3%
share of reported value
Largest Position
+6.2%
Moonlake Immunotherapeutics
New / Exited
18 / 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: 81.3%Other: 8.6%ETP: 7.2%ADR: 2.9%
  • Common Stock · 81.3% · $247M
  • Other · 8.6% · $26M
  • ETP · 7.2% · $22M
  • ADR · 2.9% · $9M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
IMVTIMMUNOVANT INCNEW+215.0K215.0K+$8M$8M
TSHATAYSHA GENE THERAPIES INCNEW+1.32M1.32M+$4M$4M
DCPHEURDECIPHERA PHARMACEUTICALS INNEW+325.0K325.0K+$4M$4M
ACELYRIN INCNEW+400.0K400.0K+$4M$4M
CYMABAY THERAPEUTICS INCNEW+237.9K237.9K+$4M$4M
CRNXCRINETICS PHARMACEUTICALS INNEW+101.4K101.4K+$3M$3M
GPCRSTRUCTURE THERAPEUTICS INCNEW+55.0K55.0K+$3M$3M
MOR2MORPHOSYS AGNEW+400.0K400.0K+$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 2023

38 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1MLTXMOONLAKE IMMUNOTHERAPEUTICShistory →CLASS A ORD6.19%$19M330.0K
2KRYSKRYSTAL BIOTECH INChistory →COM3.05%$9M80.0K
3MDGLMADRIGAL PHARMACEUTICALS INChistory →COM2.76%$8M57.5K
4TGTXTG THERAPEUTICS INChistory →COM2.75%$8M1.00M
5ASCENDIS PHARMA A/SSPONSORED ADR2.62%$8M85.0K
6AXSMAXSOME THERAPEUTICS INChistory →COM2.53%$8M110.0K
7NVLSEURALPINE IMMUNE SCIENCES INChistory →COM2.50%$8M664.1K
8PCVXVAXCYTE INChistory →COM2.35%$7M140.0K
9TARSTARSUS PHARMACEUTICALS INChistory →COM2.34%$7M400.0K
10PTGXPROTAGONIST THERAPEUTICS INChistory →COM2.19%$7M400.0K
11COGTCOGENT BIOSCIENCES INChistory →COM2.08%$6M650.0K
12AMBRX BIOPHARMA INCSPONSORED ADS1.99%$6M525.0K
13AKROAKERO THERAPEUTICS INChistory →COM1.91%$6M115.0K
14IMVTIMMUNOVANT INChistory →COM1.64%$5M130.0K
15SRPTSAREPTA THERAPEUTICS INChistory →COM1.59%$5M40.0K
16PMVPPMV PHARMACEUTICALS INChistory →COM1.43%$4M705.9K
17VRDNVIRIDIAN THERAPEUTICS INChistory →COM1.39%$4M275.0K
18TSHATAYSHA GENE THERAPIES INChistory →COM SHS1.38%$4M1.32M
19DCPHEURDECIPHERA PHARMACEUTICALS INhistory →COM1.36%$4M325.0K
20PHATPHATHOM PHARMACEUTICALS INChistory →COM1.35%$4M395.0K
21RVNCEURREVANCE THERAPEUTICS INChistory →COM1.32%$4M350.0K
22AMLXAMYLYX PHARMACEUTICALS INChistory →COM1.29%$4M215.0K
23XENEXENON PHARMACEUTICALS INChistory →COM1.11%$3M99.0K
24CRNXCRINETICS PHARMACEUTICALS INCOM0.99%$3M101.4K
25SNDXSYNDAX PHARMACEUTICALS INCCOM0.96%$3M200.0K
26IMGNEURIMMUNOGEN INCCOM0.91%$3M175.0K
27GPCRSTRUCTURE THERAPEUTICS INCSPONSORED ADS0.91%$3M55.0K
28AEROVATE THERAPEUTICS INCCOM0.90%$3M201.2K
29MOR2MORPHOSYS AGSPONSORED ADS0.88%$3M400.0K
30CYTKCYTOKINETICS INCCOM NEW0.87%$3M90.0K
31MRTXEURMIRATI THERAPEUTICS INCCOM0.86%$3M60.0K
32EYPTEYEPOINT PHARMACEUTICALS INCCOM NEW0.85%$3M325.0K
33VKTXVIKING THERAPEUTICS INCCOM0.82%$2M225.0K
34CATBUSDASTRIA THERAPEUTICS INCCOM0.74%$2M300.0K
35AM6AMICUS THERAPEUTICS INCCOM0.70%$2M175.0K
36KARUNA THERAPEUTICS INCCOM0.70%$2M12.5K
37ACELYRIN INCCOM0.67%$2M200.0K
38ZNTLZENTALIS PHARMACEUTICALS INCCOM0.66%$2M100.0K

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 ↗.