GT
Ghost Tree Capital, LLC Historical SEC 13F Holdings & Archive (Q3 2024)
Ghost Tree Capital, LLCCIK: 0001595851
Diversified strategySector-focusedQuality / disciplined sizing
Total reported value
$331.0M
Reporting period: 2024-09-30 · Number of holdings: 54
Ghost Tree Capital, LLC disclosed 54 holdings in its latest 13F filing for the period ending 2024-09-30, with total reported value of $331.0M and a quarterly turnover rate of 0.0%.
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Personality snowflake
- Concentration
- 12.6
- Portfolio Stability
- 0
- Momentum
- 50
- Sector conviction
- 100
- Diversification
- 100
- Sizing Uniformity
- 91.94
Ghost Tree Capital, LLC's disclosed holdings carry a Herfindahl concentration index of 0.031 — mathematically equivalent to about 32 equally-sized positions, well below its 54 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.81), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 24% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNo holding changes this quarter
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 52 holdings (of 54 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | XBI | Ss Spdr S&p Biotech ETF | ETF-Tech | 8.95% | — | — | |
| 2 | ✓ | Biohaven LTD | Stock-Other | 5.26% | — | — | |
| 3 | SRPT | Sarepta Therapeutics Inc | Stock-Healthcare | 4.53% | — | +118.18% | |
| 4 | NVO | Novo-nordisk A/s-spons Adr | Stock-Healthcare | 3.96% | — | — | |
| 5 | 2655787D | Blueprint Medicines CORP | Stock-Other | 3.91% | — | +250.00% | |
| 6 | AXSM | Axsome Therapeutics Inc | Stock-Healthcare | 3.66% | — | -10.00% | |
| 7 | TARS | Tarsus Pharmaceuticals Inc | Stock-Other | 3.48% | — | +48.94% | |
| 8 | CATX | Perspective Therapeutics Inc | Stock-Other | 3.02% | — | -18.92% | |
| 9 | CGON | Cg Oncology Inc | Stock-Other | 2.85% | — | -3.85% | |
| 10 | ROIV | Roivant Sciences Ltd. | Stock-Healthcare | 2.79% | — | -20.00% | |
| 11 | PCVX | Vaxcyte Inc | Stock-Other | 2.76% | — | -46.67% | |
| 12 | INSM | Insmed Inc | Stock-Healthcare | 2.76% | — | -52.83% | |
| 13 | VKTX | Viking Therapeutics Inc | Stock-Healthcare | 2.68% | — | +47.37% | |
| 14 | SNDX | Syndax Pharmaceuticals Inc | Stock-Other | 2.62% | — | +28.57% | |
| 15 | JANX | Janux Therapeutics Inc | Stock-Other | 2.61% | — | +280.00% | |
| 16 | CRBP | Corbus Pharmaceuticals Holdi | Stock-Other | 2.37% | — | +117.14% | |
| 17 | ASND | Ascendis Pharma A/S | Stock-Other | 2.37% | — | -39.46% | |
| 18 | CRNX | Crinetics Pharmaceuticals In | Stock-Other | 2.32% | — | -37.50% | |
| 19 | SLNOEUR | Soleno Therapeutics Inc | Stock-Other | 2.29% | — | -50.00% | |
| 20 | TGTX | Tg Therapeutics Inc | Stock-Healthcare | 2.19% | — | -38.00% | |
| 21 | RZLT | Rezolute Inc | Stock-Other | 2.16% | — | +3.76% | |
| 22 | PHAT | Phathom Pharmaceuticals Inc | Stock-Other | 2.05% | — | -37.50% | |
| 23 | MLTX | Moonlake Immunotherapeutics | Stock-Other | 1.96% | — | -57.20% | |
| 24 | OLMA | Olema Pharmaceuticals Inc | Stock-Other | 1.93% | — | -2.73% | |
| 25 | IMVT | Immunovant Inc | Stock-Other | 1.85% | — | -17.31% | |
| 26 | EWTX | Edgewise Therapeutics Inc | Stock-Other | 1.57% | — | — | |
| 27 | REPL | Replimune Group Inc | Stock-Other | 1.49% | — | — | |
| 28 | BBIO | Bridgebio Pharma Inc | Stock-Healthcare | 1.35% | — | +25.00% | |
| 29 | TSHA | Taysha Gene Therapies Inc | Stock-Other | 1.31% | — | +72.00% | |
| 30 | RYTM | Rhythm Pharmaceuticals Inc | Stock-Other | 1.25% | — | -32.84% | |
| 31 | ANNX | Annexon Inc | Stock-Other | 1.16% | — | +23.93% | |
| 32 | KRRO | Korro Bio Inc | Stock-Other | 1.11% | — | +10.00% | |
| 33 | DYN | Dyne Therapeutics Inc | Stock-Other | 1.09% | — | — | |
| 34 | ARVN | Arvinas Inc | Stock-Other | 1.08% | — | +93.33% | |
| 35 | ✓ | Helix Acquisition CORP Ii | Stock-Other | 0.95% | — | — | |
| 36 | NUVB | Nuvation Bio Inc | Stock-Other | 0.93% | — | +17.39% | |
| 37 | SVRA | Savara Inc | Stock-Other | 0.93% | — | -31.01% | |
| 38 | TNYA | Tenaya Therapeutics Inc | Stock-Other | 0.87% | — | +11.11% | |
| 39 | RGNX | Regenxbio Inc | Stock-Other | 0.84% | — | +55.88% | |
| 40 | CRVS | Corvus Pharmaceuticals Inc | Stock-Other | 0.80% | — | — | |
| 41 | ABSI | Absci CORP | Stock-Other | 0.63% | — | — | |
| 42 | NGNE | Neurogene Inc | Stock-Other | 0.63% | — | -28.57% | |
| 43 | CAPR | Capricor Therapeutics Inc | Stock-Other | 0.57% | — | — | |
| 44 | APLSUSD | Apellis Pharmaceuticals Inc | Stock-Other | 0.57% | — | -51.85% | |
| 45 | SMMT | Summit Therapeutics Inc | Stock-Other | 0.56% | — | — | |
| 46 | SYRE | Spyre Therapeutics Inc | Stock-Other | 0.53% | — | -76.02% | |
| 47 | VRDN | Viridian Therapeutics Inc | Stock-Other | 0.52% | — | -87.24% | |
| 48 | ✓ | Proqr Therapeutics N.v. | Stock-Other | 0.49% | — | -1.37% | |
| 49 | ATYR | Atyr Pharma Inc | Stock-Other | 0.43% | — | — | |
| 50 | LRMR | Larimar Therapeutics Inc | Stock-Other | 0.40% | — | — |
1–50 of 52
Portfolio Performance
Performance for Q3 2026
+16%
Performance Last 4 Quarters
+53.8%
Based on 86% of reported portfolio value with available pricing
- Stdev
- +30.5%
- Beta
- +1.13
- Alpha
- -1.2%
- Max Drawdown
- -31.2%
- Annualized Perf
- +18.4%
- Batting Avg vs S&P
- +47.2%
- Sortino
- +1.24
- Stutzer
- +0.21
- Treynor
- +0.19
- Sterling
- +0.69
- Calmar
- +0.59
- Information Ratio
- +0.05
- Tracking Error
- +26.8%
- Stdev Down
- +17.3%
- Winning Months %
- +55.6%
- Losing Months %
- +44.4%
- Best 12 Months
- +77.6%
- Worst 12 Months
- -24.5%
- Efficiency Ratio
- +0.27
- Sharpe
- +0.7
- Stdev Sectors
- 0%
- Skewness
- +0.24
- Kurtosis
- -0.08
- Upside Potential
- +3
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2024 Q3 | 54 | $331.0M | 0 | ||
| 2024 Q2 | 63 | $319.3M | 0 | ||
| 2024 Q1 | 72 | $361.3M | 0 | ||
| 2023 Q4 | 52 | $305.9M | 0 | ||
| 2023 Q3 | 70 | $304.1M | 0 | ||
| 2023 Q2 | 57 | $302.9M | 0 | ||
| 2023 Q1 | 58 | $338.3M | 0 | ||
| 2022 Q4 | 35 | $234.2M | 0 | ||
| 2022 Q3 | 44 | $356.3M | 0 | ||
| 2022 Q2 | 34 | $192.0M | 0 | ||
| 2022 Q1 | 42 | $460.8M | 0 | ||
| 2021 Q4 | 47 | $279.0M | 0 | ||
| 2021 Q3 | 60 | $342.0M | 0 | ||
| 2021 Q2 | 52 | $363.8M | 0 | ||
| 2021 Q1 | 50 | $425.5M | 100 | ||
| 2020 Q4 | 43 | $448.8M | 89 | ||
| 2020 Q3 | 47 | $346.0M | 78 | ||
| 2020 Q2 | 43 | $379.0M | 67 | ||
| 2020 Q1 | 49 | $377.0M | 83 | ||
| 2019 Q4 | 52 | $525.1M | 96 | ||
| 2019 Q3 | 44 | $392.5M | 82 | ||
| 2019 Q2 | 43 | $482.1M | 93 | ||
| 2019 Q1 | 39 | $382.8M | 97 | ||
| 2018 Q4 | 40 | $275.5M | 89 | ||
| 2018 Q3 | 55 | $470.5M | 79 | ||
| 2018 Q2 | 46 | $339.8M | 100 | ||
| 2018 Q1 | 53 | $494.3M | 100 | ||
| 2017 Q4 | 49 | $426.4M | 100 | ||
| 2017 Q3 | 63 | $470.9M | 99 | ||
| 2017 Q2 | 66 | $481.1M | 97 | ||
| 2017 Q1 | 64 | $536.5M | 99 | ||
| 2016 Q4 | 70 | $415.5M | 91 | ||
| 2016 Q3 | 88 | $616.6M | 99 | ||
| 2016 Q2 | 63 | $346.3M | 100 | ||
| 2016 Q1 | 51 | $176.7M | 100 | ||
| 2015 Q4 | 47 | $244.2M | 100 | ||
| 2015 Q3 | 74 | $222.2M | 100 | ||
| 2015 Q2 | 69 | $308.6M | 100 | ||
| 2015 Q1 | 64 | $278.1M | 100 | ||
| 2014 Q4 | 59 | $208.4M | 100 | ||
| 2014 Q3 | 70 | $184.2M | 100 | ||
| 2014 Q2 | 54 | $141.8M | 100 | 178462F26285303G0083B | |
| 2014 Q1 | 65 | $168.4M | 100 | ||
| 2013 Q4 | 62 | $162.5M | 0 |
Holding changes this quarter
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|
Filing History
FAQ
What is Ghost Tree Capital, LLC and what type of investor is it?
Ghost Tree Capital, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2024-09-30), the firm manages a tracked equity portfolio valued at approximately $331.0M, spread across 54 disclosed positions.
What are Ghost Tree Capital, LLC's largest equity positions?
Based on the latest 13F filing, Ghost Tree Capital, LLC's top holdings by market value are:
1. Ss Spdr S&p Biotech ETF (XBI) — $29.6M (8.9%)
2. Biohaven LTD — $17.4M (5.3%)
3. Sarepta Therapeutics Inc (SRPT) — $15.0M (4.5%)
4. Novo-nordisk A/s-spons Adr (NVO) — $13.1M (4.0%)
5. Blueprint Medicines CORP (2655787D) — $13.0M (3.9%)
What changes did Ghost Tree Capital, LLC make in its most recent portfolio filing?
No notable portfolio changes were recorded for Ghost Tree Capital, LLC in the most recent quarter. Holdings appear to have remained relatively stable.
What sectors does Ghost Tree Capital, LLC focus on?
Ghost Tree Capital, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Health Care: 100.0%
Investment Profile
Ghost Tree Capital, LLC returned an annualized 18.4% over the trailing 36 months — underperforming the S&P 500 by 1.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.13 (more volatile than the market) and a 47% quarterly batting average against the index.
Its portfolio is broadly diversified and long-term-holding, with 100.0% of the portfolio concentrated in Health Care.
It has added to its CGON position over the past two quarters (+$6.1M, now $9.4M), while trimming VRDN over the same stretch (-$9.2M, still holding $1.7M).
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Developer Access
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