Ghost Tree Capital, LLC

CIK

1595851

Location

New York, NY

Portfolio Value

Small $267,890,704

Diversification

Diversified

Filing Date

Global Rank

#3,254 / 7,303 ▼ 306

Top Industry

Biotechnology 91.0%

3Y Alpha vs SPY

-15.2%

Period ended 1 year ago

Filed Nov 14, 2024 · 1y

19 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+18.7%

SPY

+76.5%

Annualised alpha

-15.0%

Max drawdown

−46.0%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

48 positions · as of Sep 30, 2024 · Δ vs Jun 30, 2024

Top Position

5.6%

−1.6 pts

Top 5

23.0%

−3.7 pts

Top 10

40.1%

−4.9 pts

HHI

291

Diversified−26

Portfolio Trend

19 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2024

Sector	% Portfolio	Value	Positions
Healthcare	100.0%	$267,890,704	48

Last Quarter's Activity

Export CSV

Sep 30, 2024 vs Jun 30, 2024

Added To

Positions the filer increased

15 positions

Ticker	Company	Δ Shares	Shares	Value
TSHA	Taysha Gene Therapies, Inc.	+900,000	2,150,000	$4,321,500
CRBP	Corbus Pharmaceuticals Holdings, Inc.	+205,000	380,000	$7,839,400
NUVB	Nuvation Bio Inc.	+200,000	1,350,000	$3,091,500
TNYA	Tenaya Therapeutics, Inc.	+150,000	1,500,000	$2,895,000
JANX	Janux Therapeutics, Inc.	+140,000	190,000	$8,631,700
ANNX	Annexon, Inc.	+125,500	650,000	$3,848,000
TARS	Tarsus Pharmaceuticals, Inc.	+115,000	350,000	$11,511,500
SNDX	Syndax Pharmaceuticals Inc	+100,000	450,000	$8,662,500
RGNX	REGENXBIO Inc.	+95,000	265,000	$2,779,850
ARVN	Arvinas, Inc.	+70,000	145,000	$3,571,350
SRPT	Sarepta Therapeutics, Inc.	+65,000	120,000	$14,986,800
RZLT	Rezolute, Inc.	+53,494	1,474,995	$7,153,725
VKTX	Viking Therapeutics, Inc.	+45,000	140,000	$8,863,400
BBIO	BridgeBio Pharma, Inc.	+35,000	175,000	$4,455,500
KRRO	Korro Bio, Inc.	+10,000	110,000	$3,676,200
No positions match the current search.

Trimmed

Positions the filer reduced

22 positions

Ticker	Company	Δ Shares	Shares	Value
VRDN	Viridian Therapeutics, Inc.DE	−512,708	75,000	$1,706,250
SVRA	Savara Inc	−325,876	725,000	$3,074,000
ENGN	enGene Therapeutics Inc.	−259,433	160,898	$1,061,926
PHAT	Phathom Pharmaceuticals, Inc.	−225,000	375,000	$6,780,000
ROIV	Roivant Sciences Ltd.	−200,000	800,000	$9,232,000
SYRE	Spyre Therapeutics, Inc.	−190,237	60,000	$1,764,600
TGTX	Tg Therapeutics, Inc.	−190,000	310,000	$7,250,900
CATX	Perspective Therapeutics, Inc.	−175,000	750,000	$10,012,500
MLTX	MoonLake Immunotherapeutics	−171,589	128,411	$6,474,482
SLNO	Soleno Therapeutics Inc	−150,000	150,000	$7,573,500
INSM	INSMED Inc	−140,000	125,000	$9,125,000
CRNX	Crinetics Pharmaceuticals, Inc.	−90,000	150,000	$7,665,000
PCVX	Vaxcyte, Inc.	−70,000	80,000	$9,141,600
APLS	Apellis Pharmaceuticals, Inc.	−70,000	65,000	$1,874,600
IMVT	Immunovant, Inc.	−45,000	215,000	$6,129,650
RYTM	Rhythm Pharmaceuticals, Inc.	−38,546	78,842	$4,130,532
ASND	Ascendis Pharma A/S	−34,221	52,500	$7,838,775
NGNE	Neurogene Inc.	−20,000	50,000	$2,098,000
OLMA	Olema Pharmaceuticals, Inc.	−15,000	535,000	$6,387,900
AXSM	Axsome Therapeutics, Inc.	−15,000	135,000	$12,132,450
PRQR	ProQR Therapeutics N.V.	−12,300	887,700	$1,615,614
CGON	CG Oncology, Inc.	−10,000	250,000	$9,432,500
No positions match the current search.

New Positions

Positions the filer opened this quarter

9 positions

Ticker	Company	Shares	Value
NVO	Novo Nordisk A S	110,000	$13,097,700
EWTX	Edgewise Therapeutics, Inc.	195,000	$5,204,550
DYN	Dyne Therapeutics, Inc.	100,000	$3,592,000
CRVS	Corvus Pharmaceuticals, Inc.	500,000	$2,640,000
ABSI	Absci Corp	550,000	$2,101,000
CAPR	Capricor Therapeutics, Inc.	125,000	$1,901,250
SMMT	Summit Therapeutics Inc.	85,000	$1,861,500
LRMR	Larimar Therapeutics, Inc.	200,000	$1,310,000
AMLX	Amylyx Pharmaceuticals, Inc.	325,000	$1,053,000
No positions match the current search.

Sold Out

Positions the filer fully exited

15 positions

Ticker	Company	Shares	Value
ALNY	Alnylam Pharmaceuticals, Inc.	90,900	$22,088,700
BHVN	Biohaven Ltd.	490,000	$17,007,900
ACAD	Acadia Pharmaceuticals Inc	225,000	$3,656,250
CABA	Cabaletta Bio, Inc.	370,899	$2,774,324
CYTK	Cytokinetics Inc	33,200	$1,798,776
KRYS	Krystal Biotech, Inc.	8,500	$1,560,940
WVE	Wave Life Sciences Ltd.	200,000	$998,000
ARWR	Arrowhead Pharmaceuticals, Inc.	35,000	$909,650
SGMT	Sagimet Biosciences Inc.	225,000	$769,500
MGNX	Macrogenics Inc	150,000	$637,500
PMVP	PMV Pharmaceuticals, Inc.	375,000	$607,500
PTCT	Ptc Therapeutics, Inc.	19,000	$581,020
NTLA	Intellia Therapeutics, Inc.	25,000	$559,500
ANTX	AN2 Therapeutics, Inc.	219,331	$471,561
CTMX	CytomX Therapeutics, Inc.	300,000	$366,000
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

48 positions · $267,890,704 total · as of Sep 30, 2024

All sectors Healthcare

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
SRPT	Sarepta Therapeutics, Inc. Healthcare	Added	120,000	+65,000	$14,986,800	+72.5%	5.59%
NVO	Novo Nordisk A S Healthcare	NEW	110,000	NEW	$13,097,700	NEW	4.89%
AXSM	Axsome Therapeutics, Inc. Healthcare	Reduced	135,000	-15,000	$12,132,450	+0.5%	4.53%
TARS	Tarsus Pharmaceuticals, Inc. Healthcare	Added	350,000	+115,000	$11,511,500	+80.2%	4.30%
CATX	Perspective Therapeutics, Inc. Healthcare	Reduced	750,000	-175,000	$10,012,500	+8.6%	3.74%
CGON	CG Oncology, Inc. Healthcare	Reduced	250,000	-10,000	$9,432,500	+14.9%	3.52%
ROIV	Roivant Sciences Ltd. Healthcare	Reduced	800,000	-200,000	$9,232,000	−12.7%	3.45%
PCVX	Vaxcyte, Inc. Healthcare	Reduced	80,000	-70,000	$9,141,600	−19.3%	3.41%
INSM	INSMED Inc Healthcare	Reduced	125,000	-140,000	$9,125,000	−48.6%	3.41%
VKTX	Viking Therapeutics, Inc. Healthcare	Added	140,000	+45,000	$8,863,400	+76.0%	3.31%
SNDX	Syndax Pharmaceuticals Inc Healthcare	Added	450,000	+100,000	$8,662,500	+20.6%	3.23%
JANX	Janux Therapeutics, Inc. Healthcare	Added	190,000	+140,000	$8,631,700	+312.1%	3.22%
CRBP	Corbus Pharmaceuticals Holdings, Inc. Healthcare	Added	380,000	+205,000	$7,839,400	−1.0%	2.93%
ASND	Ascendis Pharma A/S Healthcare	Reduced	52,500	-34,221	$7,838,775	−33.7%	2.93%
CRNX	Crinetics Pharmaceuticals, Inc. Healthcare	Reduced	150,000	-90,000	$7,665,000	−28.7%	2.86%
SLNO	Soleno Therapeutics Inc Healthcare	Reduced	150,000	-150,000	$7,573,500	−38.1%	2.83%
TGTX	Tg Therapeutics, Inc. Healthcare	Reduced	310,000	-190,000	$7,250,900	−18.5%	2.71%
RZLT	Rezolute, Inc. Healthcare	Added	1,474,995	+53,494	$7,153,725	+17.0%	2.67%
PHAT	Phathom Pharmaceuticals, Inc. Healthcare	Reduced	375,000	-225,000	$6,780,000	+9.7%	2.53%
MLTX	MoonLake Immunotherapeutics Healthcare	Reduced	128,411	-171,589	$6,474,482	−50.9%	2.42%
OLMA	Olema Pharmaceuticals, Inc. Healthcare	Reduced	535,000	-15,000	$6,387,900	+7.3%	2.38%
IMVT	Immunovant, Inc. Healthcare	Reduced	215,000	-45,000	$6,129,650	−10.7%	2.29%
EWTX	Edgewise Therapeutics, Inc. Healthcare	NEW	195,000	NEW	$5,204,550	NEW	1.94%
REPL	Replimune Group, Inc. Healthcare	Held	450,000	0	$4,932,000	+21.8%	1.84%
BBIO	BridgeBio Pharma, Inc. Healthcare	Added	175,000	+35,000	$4,455,500	+25.6%	1.66%
TSHA	Taysha Gene Therapies, Inc. Healthcare	Added	2,150,000	+900,000	$4,321,500	+54.3%	1.61%
RYTM	Rhythm Pharmaceuticals, Inc. Healthcare	Reduced	78,842	-38,546	$4,130,532	−14.3%	1.54%
ANNX	Annexon, Inc. Healthcare	Added	650,000	+125,500	$3,848,000	+49.7%	1.44%
KRRO	Korro Bio, Inc. Healthcare	Added	110,000	+10,000	$3,676,200	+8.5%	1.37%
DYN	Dyne Therapeutics, Inc. Healthcare	NEW	100,000	NEW	$3,592,000	NEW	1.34%
ARVN	Arvinas, Inc. Healthcare	Added	145,000	+70,000	$3,571,350	+78.9%	1.33%
NUVB	Nuvation Bio Inc. Healthcare	Added	1,350,000	+200,000	$3,091,500	−7.9%	1.15%
SVRA	Savara Inc Healthcare	Reduced	725,000	-325,876	$3,074,000	−27.4%	1.15%
TNYA	Tenaya Therapeutics, Inc. Healthcare	Added	1,500,000	+150,000	$2,895,000	−30.8%	1.08%
RGNX	REGENXBIO Inc. Healthcare	Added	265,000	+95,000	$2,779,850	+39.8%	1.04%
CRVS	Corvus Pharmaceuticals, Inc. Healthcare	NEW	500,000	NEW	$2,640,000	NEW	0.99%
ABSI	Absci Corp Healthcare	NEW	550,000	NEW	$2,101,000	NEW	0.78%
NGNE	Neurogene Inc. Healthcare	Reduced	50,000	-20,000	$2,098,000	−17.6%	0.78%
CAPR	Capricor Therapeutics, Inc. Healthcare	NEW	125,000	NEW	$1,901,250	NEW	0.71%
APLS	Apellis Pharmaceuticals, Inc. Healthcare	Reduced	65,000	-70,000	$1,874,600	−63.8%	0.70%
SMMT	Summit Therapeutics Inc. Healthcare	NEW	85,000	NEW	$1,861,500	NEW	0.69%
SYRE	Spyre Therapeutics, Inc. Healthcare	Reduced	60,000	-190,237	$1,764,600	−70.0%	0.66%
VRDN	Viridian Therapeutics, Inc.DE Healthcare	Reduced	75,000	-512,708	$1,706,250	−77.7%	0.64%
PRQR	ProQR Therapeutics N.V. Healthcare	Reduced	887,700	-12,300	$1,615,614	+8.1%	0.60%
ATYR	aTYR PHARMA INC Healthcare	Held	800,000	0	$1,408,000	+12.8%	0.53%
LRMR	Larimar Therapeutics, Inc. Healthcare	NEW	200,000	NEW	$1,310,000	NEW	0.49%
ENGN	enGene Therapeutics Inc. Healthcare	Reduced	160,898	-259,433	$1,061,926	−73.2%	0.40%
AMLX	Amylyx Pharmaceuticals, Inc. Healthcare	NEW	325,000	NEW	$1,053,000	NEW	0.39%