Ghost Tree Capital, LLC

CIK

1595851

Location

New York, NY

Portfolio Value

Small $313,615,692

Diversification

Diversified

Filing Date

Global Rank

#4,121 / 7,447 ▼ 171 · as of Sep 2024

Top Industry

Biotechnology 91.1%

Period ended 2 years ago

Filed Nov 14, 2024 · 1y

19 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Unknown

Portfolio style

Measured from the filed 13F common-share book for Sep 30, 2024, never from the firm's own description.

Style

Diversified active

Top 10 weight 40.4%, 35.1 effective positions, active share 97.2% against the Russell 2000 as of 2024-09-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

High turnover

109.8% over the last four quarters (100%+)

Horizon

Medium horizon

Value-weighted holding period 5.0 quarters (4 to under 12)

Closest benchmark: the Russell 2000 as of 2024-09-30, active share 97.2%; sector active share 84.1% against the combined 13F book's sector weights.

Over time 19 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

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Portfolio Concentration

51 tracked positions · as of Sep 30, 2024 · Δ vs Jun 30, 2024

Top Position

9.5%

+2.5 pts

Top 5

26.4%

+0.6 pts

Top 10

42.1%

−1.5 pts

HHI

320

Diversified+19

Portfolio Trend

19 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2024

Sector	% Portfolio	Value	Positions
Healthcare	86.4%	$271,025,692	49
Unclassified	13.6%	$42,590,000	2

Last Quarter's Activity

Export CSV

Sep 30, 2024 vs Jun 30, 2024

Added To

Positions the filer increased

16 positions

Ticker	Company	Δ Shares	Shares	Value
TSHA	Taysha Gene Therapies, Inc.	+900,000	2,150,000	$4,321,500
ANNX	Annexon, Inc.	+340,000	650,000	$3,848,000
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
TARS	Tarsus Pharmaceuticals, Inc.	+115,000	350,000	$11,511,500
—		+100,000	140,000	$12,950,000
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
INSM	INSMED Inc	+10,000	75,000	$5,475,000
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
—		−150,000	150,000	$7,573,500
—		−90,000	150,000	$7,665,000
PCVX	Vaxcyte, Inc.	−70,000	80,000	$9,141,600
—		−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
CRBP	Corbus Pharmaceuticals Holdings, Inc.	−15,000	160,000	$3,300,800
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

18 positions

Ticker	Company	Shares	Value
BHVN	Biohaven Ltd.	490,000	$17,007,900
ALNY	Alnylam Pharmaceuticals, Inc.	22,500	$5,467,500
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
—		600,000	$1,620,000
KRYS	Krystal Biotech, Inc.	8,500	$1,560,940
WVE	Wave Life Sciences, Inc.	200,000	$998,000
ARWR	Arrowhead Pharmaceuticals, Inc.	35,000	$909,650
SGMT	Sagimet Biosciences Inc.	225,000	$769,500
—		10,000	$684,900
MGNX	Macrogenics Inc	150,000	$637,500
PMVP	PMV Pharmaceuticals, Inc.	375,000	$607,500
PTCT	Ptc Therapeutics, Inc.	19,000	$581,020
—		225,000	$578,250
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

51 tracked positions · $313,615,692 total · filing declares 54 positions · $331,044,132 · as of Sep 30, 2024

All sectors Healthcare

Showing 1–50 of 51 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
XBI	State Street(R) SPDR(R) S&P(R) Biotech ETF PUT	NEW	300,000	NEW	$29,640,000	NEW	—	—	9.45%
SRPT	Sarepta Therapeutics, Inc. Healthcare	Added	120,000	+65,000	$14,986,800	+72.5%	12	$121.31	4.78%
NVO	Novo Nordisk A S Healthcare	NEW	110,000	NEW	$13,097,700	NEW	1	$133.36	4.18%
		Added	140,000	+100,000	$12,950,000	+200.4%	3	unpriced	4.13%
AXSM	Axsome Therapeutics, Inc. Healthcare	Reduced	135,000	-15,000	$12,132,450	+0.5%	11	$54.36	3.87%
TARS	Tarsus Pharmaceuticals, Inc. Healthcare	Added	350,000	+115,000	$11,511,500	+80.2%	14	$22.72	3.67%
CATX	Perspective Therapeutics, Inc. Healthcare	Reduced	750,000	-175,000	$10,012,500	+8.6%	4	unpriced	3.19%
CGON	CG Oncology, Inc. Healthcare	Reduced	250,000	-10,000	$9,432,500	+14.9%	3	$36.44	3.01%
ROIV	Roivant Sciences Ltd. Healthcare	Reduced	800,000	-200,000	$9,232,000	−12.7%	6	$10.26	2.94%
PCVX	Vaxcyte, Inc. Healthcare	Reduced	80,000	-70,000	$9,141,600	−19.3%	14	$51.35	2.91%
INSM	INSMED Inc CALL + SHARES Healthcare	Reduced	125,000	-140,000	$9,125,000	−48.6%	3	$34.09	2.91%
VKTX	Viking Therapeutics, Inc. Healthcare	Added	140,000	+45,000	$8,863,400	+76.0%	3	$52.36	2.83%
SNDX	Syndax Pharmaceuticals Inc Healthcare	Added	450,000	+100,000	$8,662,500	+20.6%	3	$21.33	2.76%
JANX	Janux Therapeutics, Inc. Healthcare	Added	190,000	+140,000	$8,631,700	+312.1%	2	$44.41	2.75%
CRBP	Corbus Pharmaceuticals Holdings, Inc. PUT + SHARES Healthcare	Added	380,000	+205,000	$7,839,400	−1.0%	3	$36.40	2.50%
ASND	Ascendis Pharma A/S Healthcare	Reduced	52,500	-34,221	$7,838,775	−33.7%	2	$136.06	2.50%
		Reduced	150,000	-90,000	$7,665,000	−28.7%	5	$35.29	2.44%
		Reduced	150,000	-150,000	$7,573,500	−38.1%	4	unpriced	2.41%
TGTX	Tg Therapeutics, Inc. Healthcare	Reduced	310,000	-190,000	$7,250,900	−18.5%	7	$15.64	2.31%
RZLT	Rezolute, Inc. Healthcare	Added	1,474,995	+53,494	$7,153,725	+17.0%	2	$3.48	2.28%
PHAT	Phathom Pharmaceuticals, Inc. Healthcare	Reduced	375,000	-225,000	$6,780,000	+9.7%	6	$11.64	2.16%
MLTX	MoonLake Immunotherapeutics Healthcare	Reduced	128,411	-171,589	$6,474,482	−50.9%	7	$45.36	2.06%
OLMA	Olema Pharmaceuticals, Inc. Healthcare	Reduced	535,000	-15,000	$6,387,900	+7.3%	3	$11.59	2.04%
IMVT	Immunovant, Inc. Healthcare	Reduced	215,000	-45,000	$6,129,650	−10.7%	3	$32.31	1.95%
EWTX	Edgewise Therapeutics, Inc. Healthcare	NEW	195,000	NEW	$5,204,550	NEW	1	$19.89	1.66%
REPL	Replimune Group, Inc. Healthcare	Held	450,000	0	$4,932,000	+21.8%	4	$10.29	1.57%
BBIO	BridgeBio Pharma, Inc. Healthcare	Added	175,000	+35,000	$4,455,500	+25.6%	7	$26.67	1.42%
TSHA	Taysha Gene Therapies, Inc. Healthcare	Added	2,150,000	+900,000	$4,321,500	+54.3%	5	$2.17	1.38%
RYTM	Rhythm Pharmaceuticals, Inc. Healthcare	Reduced	78,842	-38,546	$4,130,532	−14.3%	3	$43.76	1.32%
ANNX	Annexon, Inc. Healthcare	Added	650,000	+125,500	$3,848,000	+49.7%	2	$5.57	1.23%
KRRO	Korro Bio, Inc. Healthcare	Added	110,000	+10,000	$3,676,200	+8.5%	2	$54.05	1.17%
DYN	Dyne Therapeutics, Inc. Healthcare	NEW	100,000	NEW	$3,592,000	NEW	1	$39.80	1.15%
ARVN	Arvinas, Inc. Healthcare	Added	145,000	+70,000	$3,571,350	+78.9%	4	$26.75	1.14%
HLXB	BridgeBio Oncology Therapeutics, Inc. Healthcare	Held	300,000	0	$3,134,988	+2.3%	3	unpriced	1.00%
NUVB	Nuvation Bio Inc. Healthcare	Added	1,350,000	+200,000	$3,091,500	−7.9%	2	$3.05	0.99%
SVRA	Savara Inc Healthcare	Reduced	725,000	-325,876	$3,074,000	−27.4%	4	$4.36	0.98%
TNYA	Tenaya Therapeutics, Inc. Healthcare	Added	1,500,000	+150,000	$2,895,000	−30.8%	3	$4.34	0.92%
RGNX	REGENXBIO Inc. Healthcare	Added	265,000	+95,000	$2,779,850	+39.8%	3	$15.36	0.89%
CRVS	Corvus Pharmaceuticals, Inc. Healthcare	NEW	500,000	NEW	$2,640,000	NEW	1	$3.59	0.84%
ABSI	Absci Corp Healthcare	NEW	550,000	NEW	$2,101,000	NEW	1	$3.98	0.67%
NGNE	Neurogene Inc. Healthcare	Reduced	50,000	-20,000	$2,098,000	−17.6%	3	$34.60	0.67%
CAPR	Capricor Therapeutics, Inc. Healthcare	NEW	125,000	NEW	$1,901,250	NEW	1	$4.95	0.61%
		Reduced	65,000	-70,000	$1,874,600	−63.8%	3	unpriced	0.60%
SMMT	Summit Therapeutics Inc. Healthcare	NEW	85,000	NEW	$1,861,500	NEW	1	$13.98	0.59%
SYRE	Spyre Therapeutics, Inc. Healthcare	Reduced	60,000	-190,237	$1,764,600	−70.0%	3	$31.83	0.56%
VRDN	Viridian Therapeutics, Inc.\DE Healthcare	Reduced	75,000	-512,708	$1,706,250	−77.7%	15	$19.55	0.54%
PRQR	ProQR Therapeutics N.V. Healthcare	Reduced	887,700	-12,300	$1,615,614	+8.1%	2	$1.94	0.52%
ATYR	aTYR PHARMA INC Healthcare	Held	800,000	0	$1,408,000	+12.8%	3	$1.74	0.45%
LRMR	Larimar Therapeutics, Inc. Healthcare	NEW	200,000	NEW	$1,310,000	NEW	1	$8.04	0.42%
ENGN	enGene Therapeutics Inc. Healthcare	Reduced	160,898	-259,433	$1,061,926	−73.2%	3	$12.55	0.34%

Showing the top 50 of 51 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.