SEC 13F Intelligence

Managers / Q4 2023 · view latest →

Ghost Tree Capital, LLC

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

Reported Value
$306M
Q4 2023
Positions
52
Filings on Record
32
2019–present window
Filed
Feb 14, 2024
original filing

Summary

Ghost Tree Capital, LLC reported $306M in U.S.-listed holdings across 52 positions for Q4 2023.

Its largest position, AXSM, represents 4.3% of the portfolio.

Compared with Q3 2023, the fund opened 13 new positions and exited 27.

Portfolio Metrics

Turnover
+50.7%
vs prior filed quarter
Top-10 Concentration
+25.7%
share of reported value
Largest Position
+4.3%
Axsome Therapeutics
New / Exited
13 / 27
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: 52.3%ETP: 32.5%Other: 11.2%ADR: 4.1%
  • Common Stock · 52.3% · $160M
  • ETP · 32.5% · $99M
  • Other · 11.2% · $34M
  • ADR · 4.1% · $12M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ISHARES TRNEW+250.0K250.0K+$50M$50M
BIOHAVEN LTDNEW+275.0K275.0K+$12M$12M
AMBRX BIOPHARMA INCNEW+475.0K475.0K+$7M$7M
ALNYALNYLAM PHARMACEUTICALS INCNEW+27.5K27.5K+$5M$5M
SLNOEURSOLENO THERAPEUTICS INCNEW+112.4K112.4K+$5M$5M
YB4PSAVARA INCNEW+750.0K750.0K+$4M$4M
CABACABALETTA BIO INCNEW+150.0K150.0K+$3M$3M
ARVNARVINAS INCNEW+59.3K59.3K+$2M$2M

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

Holdings — Q4 2023

42 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AXSMAXSOME THERAPEUTICS INChistory →COM4.29%$13M165.0K
2BIOHAVEN LTDCOM3.85%$12M275.0K
3SRPTSAREPTA THERAPEUTICS INChistory →COM3.15%$10M100.0K
4AMBRX BIOPHARMA INCCOM2.21%$7M475.0K
5ROIVANT SCIENCES LTDSHS2.20%$7M600.0K
6VRDNVIRIDIAN THERAPEUTICS INChistory →COM2.14%$7M300.0K
7KRYSKRYSTAL BIOTECH INChistory →COM2.03%$6M50.0K
8GPCRSTRUCTURE THERAPEUTICS INChistory →SPONSORED ADS2.00%$6M150.0K
9TARSTARSUS PHARMACEUTICALS INChistory →COM1.99%$6M300.0K
10ARGXARGENX SEhistory →SPONSORED ADR1.87%$6M15.0K
11ALNYALNYLAM PHARMACEUTICALS INChistory →COM1.72%$5M27.5K
12BBIOBRIDGEBIO PHARMA INChistory →COM1.65%$5M125.0K
13MLTXMOONLAKE IMMUNOTHERAPEUTICShistory →CLASS A ORD1.58%$5M80.0K
14AEROVATE THERAPEUTICS INCCOM1.55%$5M210.0K
15SLNOEURSOLENO THERAPEUTICS INChistory →COM1.48%$5M112.4K
16PCVXVAXCYTE INChistory →COM1.44%$4M70.0K
17TGTXTG THERAPEUTICS INChistory →COM1.40%$4M250.0K
18EYPTEYEPOINT PHARMACEUTICALS INChistory →COM NEW1.25%$4M165.0K
19TSHATAYSHA GENE THERAPIES INChistory →COM SHS1.22%$4M2.10M
20DCPHEURDECIPHERA PHARMACEUTICALS INhistory →COM1.19%$4M225.0K
21YB4PSAVARA INChistory →COM1.15%$4M750.0K
22PHATPHATHOM PHARMACEUTICALS INChistory →COM1.15%$4M385.2K
23MDGLMADRIGAL PHARMACEUTICALS INChistory →COM1.13%$3M15.0K
24CABACABALETTA BIO INChistory →COM1.11%$3M150.0K
25REPLREPLIMUNE GROUP INChistory →COM1.10%$3M400.0K
26RVNCEURREVANCE THERAPEUTICS INChistory →COM1.08%$3M375.0K
27PTGXPROTAGONIST THERAPEUTICS INCCOM0.94%$3M125.0K
28CATBUSDASTRIA THERAPEUTICS INCCOM0.84%$3M335.0K
29ASCENDIS PHARMA A/SSPONSORED ADR0.82%$3M20.0K
30ARVNARVINAS INCCOM0.80%$2M59.3K
31CRNXCRINETICS PHARMACEUTICALS INCOM0.76%$2M65.0K
32PMVPPMV PHARMACEUTICALS INCCOM0.73%$2M725.0K
33NTRANATERA INCCOM0.72%$2M35.0K
34CYMABAY THERAPEUTICS INCCOM0.70%$2M90.0K
354XC1KALVISTA PHARMACEUTICALS INCCOM0.52%$2M130.0K
36ACADACADIA PHARMACEUTICALS INCCOM0.51%$2M50.0K
37MARINUS PHARMACEUTICALS INCCOM NEW0.48%$1M135.0K
38INBXUSDINHIBRX INCCOM0.43%$1M35.0K
39COGTCOGENT BIOSCIENCES INCCOM0.37%$1M195.0K
40UNIQURE NVSHS0.37%$1M165.0K
41CYTKCYTOKINETICS INCCOM NEW0.27%$834,90010.0K
42ISREURPERSPECTIVE THERAPEUTICS INCCOM0.21%$643,2001.60M

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 ↗.