Ghost Tree Capital, LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Ghost Tree Capital, LLC reported 65 stock positions worth $311.1 million. Its top holding was Axsome Therapeutics (AXSM) at 5.4% of the portfolio, followed by Sarepta Therapeutics (SRPT, 5.2%) and Biohaven (BHVN, 5.0%). Compared with Q4 2023, it opened 28 new positions, sold out of 7, added to 24 and reduced 11. The biggest buy was a new position in Apellis Pharmaceuticals (APLS) and the biggest sale an exit from New Ambrx Biopharma (AMAM).
- Most Recent 13F
- Q3 2024
- Location
- NEW YORK, NY
- CIK
- 0001595851
- Portfolio Value
- $311.1M (Q1 2024)
- SEC Filing
- 0001420506-24-000902 ↗ filed May 15, 2024
Holdings Value
Holdings 65 stocks · $311.1M
| AXSM Axsome Therapeutics Inc. | 5.39% | 210,000 | $16.8M | Add +27.3% |
| SRPT Sarepta Therapeutics Inc. | 5.20% | 125,000 | $16.2M | Add +25.0% |
| BHVN Biohaven Ltd. | 5.01% | 285,000 | $15.6M | Add +3.6% |
| MLTX Moonlake Immunotherapeutics | 4.84% | 300,000 | $15.1M | Add +275.0% |
| ROIV Roivant Sciences Ltd. | 4.41% | 1,300,000 | $13.7M | Add +116.7% |
| TGTX TG Therapeutics Inc. | 4.03% | 825,000 | $12.5M | Add +230.0% |
| VRDN Viridian Therapeutics Inc. | 3.52% | 625,000 | $10.9M | Add +108.3% |
| TARS Tarsus Pharmaceuticals Inc. | 3.51% | 300,000 | $10.9M | No change |
| CRNX Crinetics Pharmaceuticals Inc. | 3.01% | 200,000 | $9.4M | Add +207.7% |
| ALNY Alnylam Pharmaceuticals Inc. | 2.88% | 60,000 | $9.0M | Add +118.2% |
| SLNO Soleno Therapeutics Inc. | 2.75% | 200,000 | $8.6M | Add +78.0% |
| SVRA Savara Inc. | 2.56% | 1,600,000 | $8.0M | Add +113.3% |
| APLS Apellis Pharmaceuticals Inc. | 2.46% | 130,000 | $7.6M | New |
| CATX Perspective Therapeutics Inc. | 2.30% | 6,000,000 | $7.1M | Add +275.0% |
| BPMC Blueprint Medicines Corp. | 2.22% | 72,761 | $6.9M | New |
| AEROVATE THERAPEUTICS INC | 2.14% | 225,000 | $6.7M | Add +7.1% |
| PCVX Vaxcyte Inc. | 2.09% | 95,000 | $6.5M | Add +35.7% |
| CABA Cabaletta Bio Inc. | 2.06% | 375,000 | $6.4M | Add +150.0% |
| VKTX Viking Therapeutics Inc. | 1.92% | 73,002 | $6.0M | New |
| RYTM Rhythm Pharmaceuticals Inc. | 1.74% | 125,000 | $5.4M | New |
| BBIO Bridgebio Pharma Inc. | 1.74% | 175,000 | $5.4M | Add +40.0% |
| REPL Replimune Group Inc. | 1.71% | 650,000 | $5.3M | Add +62.5% |
| PHAT Phathom Pharmaceuticals Inc. | 1.66% | 485,000 | $5.2M | Add +25.9% |
| ACAD Acadia Pharmaceuticals Inc. | 1.34% | 225,000 | $4.2M | Add +350.0% |
| INSM Insmed Inc. | 1.31% | 150,000 | $4.1M | New |
| TNYA Tenaya Therapeutics Inc. | 1.30% | 775,000 | $4.1M | New |
| IMVT Immunovant Inc. | 1.30% | 125,000 | $4.0M | New |
| SYRE Spyre Therapeutics Inc. | 1.22% | 100,000 | $3.8M | New |
| SNDX Syndax Pharmaceuticals Inc. | 1.15% | 150,000 | $3.6M | New |
| ENGN Engene Holdings Inc. | 1.09% | 200,000 | $3.4M | New |
| CGON CG Oncology Inc. | 1.06% | 75,000 | $3.3M | New |
| GPCR Structure Therapeutics Inc. | 1.03% | 75,000 | $3.2M | Reduce -50.0% |
| BBOT Bridgebio Oncology Therapeut filed as HELIX ACQUISITION CORP II | 1.00% | 300,000 | $3.1M | New |
| COGT Cogent Biosciences Inc. | 0.97% | 450,000 | $3.0M | Add +130.8% |
| AQST Aquestive Therapeutics Inc. | 0.96% | 702,941 | $3.0M | New |
| DCPH Deciphera Pharmaceuticals Inc. | 0.89% | 176,513 | $2.8M | Reduce -21.6% |
| TSHA Taysha Gene Therapies Inc. | 0.88% | 950,000 | $2.7M | Reduce -54.8% |
| GERN Geron Corp. | 0.85% | 800,000 | $2.6M | New |
| MRNS Marinus Pharmaceuticals Inc. | 0.83% | 285,000 | $2.6M | Add +111.1% |
| ALT Altimmune Inc. | 0.82% | 250,000 | $2.5M | New |
| RGNX Regenxbio Inc. | 0.81% | 120,000 | $2.5M | New |
| KRYS Krystal Biotech Inc. | 0.80% | 14,000 | $2.5M | Reduce -72.0% |
| KALV Kalvista Pharmaceuticals Inc. | 0.76% | 200,000 | $2.4M | Add +53.8% |
| NTRA Natera Inc. | 0.74% | 25,000 | $2.3M | Reduce -28.6% |
| OLMA Olema Pharmaceuticals Inc. | 0.73% | 200,000 | $2.3M | New |
| CRBP Corbus Pharmaceuticals Holdi | 0.72% | 56,941 | $2.2M | New |
| RVNC Revance Therapeutics Inc. | 0.71% | 450,000 | $2.2M | Add +20.0% |
| PTGX Protagonist Therapeutics Inc. | 0.70% | 75,000 | $2.2M | Reduce -40.0% |
| EYPT Eyepoint Inc. | 0.60% | 90,000 | $1.9M | Reduce -45.5% |
| MDGL Madrigal Pharmaceuticals Inc. | 0.56% | 6,500 | $1.7M | Reduce -56.7% |
| ARVN Arvinas Inc. | 0.53% | 40,000 | $1.7M | Reduce -32.5% |
| ATXS Astria Therapeutics Inc. | 0.52% | 115,000 | $1.6M | Reduce -65.7% |
| LRMR Larimar Therapeutics Inc. | 0.51% | 210,603 | $1.6M | New |
| CYTK Cytokinetics Inc. | 0.45% | 20,000 | $1.4M | Add +100.0% |
| CTMX Cytomx Therapeutics Inc. | 0.42% | 600,000 | $1.3M | New |
| ELEV Elevation Oncology Inc. | 0.41% | 250,000 | $1.3M | New |
| NGNE Neurogene Inc. | 0.41% | 25,000 | $1.3M | New |
| SGMT Sagimet Biosciences Inc. Class A | 0.39% | 225,000 | $1.2M | New |
| ATYR Atyr Pharma Inc. | 0.38% | 600,000 | $1.2M | New |
| PMVP PMV Pharmaceuticals Inc. | 0.37% | 675,000 | $1.1M | Reduce -6.9% |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.32% | 35,000 | $1.0M | New |
| RARE Ultragenyx Pharmaceutical Inc. | 0.30% | 20,000 | $934K | New |
| QURE Uniqure NV | 0.28% | 165,000 | $858K | No change |
| ANTX AN2 Therapeutics Inc. | 0.23% | 219,331 | $713K | New |
| NTLA Intellia Therapeutics Inc. | 0.22% | 25,000 | $688K | New |
Options reported separately and not counted above: XBI puts ($23.7M), VKTX calls ($6.6M), CYTK calls ($5.3M), IMVT calls ($4.8M), ACAD calls ($3.7M), ITCI calls ($3.5M), RAPT THERAPEUTICS INC calls ($2.7M).
Portfolio Sells Q4 2023 → Q1 2024
| AMAM New Ambrx Biopharma Inc. | Sold out | 0.00% | −3.89 |
| ARGX Argenx SE - ADR | Sold out | 0.00% | −3.28 |
| KRYS Krystal Biotech Inc. | Reduce -72.0% | 0.80% | −2.77 |
| GPCR Structure Therapeutics Inc. | Reduce -50.0% | 1.03% | −2.49 |
| EYPT Eyepoint Inc. | Reduce -45.5% | 0.60% | −1.60 |
| ASND Ascendis Pharma A/S | Sold out | 0.00% | −1.45 |
| MDGL Madrigal Pharmaceuticals Inc. | Reduce -56.7% | 0.56% | −1.44 |
| TSHA Taysha Gene Therapies Inc. | Reduce -54.8% | 0.88% | −1.26 |
| CBAY Cymabay Therapeutics Inc. | Sold out | 0.00% | −1.22 |
| DCPH Deciphera Pharmaceuticals Inc. | Reduce -21.6% | 0.89% | −1.20 |
| ATXS Astria Therapeutics Inc. | Reduce -65.7% | 0.52% | −0.96 |
| PTGX Protagonist Therapeutics Inc. | Reduce -40.0% | 0.70% | −0.95 |
| PMVP PMV Pharmaceuticals Inc. | Reduce -6.9% | 0.37% | −0.92 |
| ARVN Arvinas Inc. | Reduce -32.5% | 0.53% | −0.87 |
| INHIBRX INC | Sold out | 0.00% | −0.77 |
| NTRA Natera Inc. | Reduce -28.6% | 0.74% | −0.53 |
| BLUEBIRD BIO INC | Sold out | 0.00% | −0.37 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −0.34 |
Portfolio Buys Q4 2023 → Q1 2024
| APLS Apellis Pharmaceuticals Inc. | New | 2.46% | +2.46 |
| BPMC Blueprint Medicines Corp. | New | 2.22% | +2.22 |
| MLTX Moonlake Immunotherapeutics | Add +275.0% | 4.84% | +2.06 |
| CATX Perspective Therapeutics Inc. | Add +275.0% | 2.30% | +1.93 |
| VKTX Viking Therapeutics Inc. | New | 1.92% | +1.92 |
| RYTM Rhythm Pharmaceuticals Inc. | New | 1.74% | +1.74 |
| CRNX Crinetics Pharmaceuticals Inc. | Add +207.7% | 3.01% | +1.68 |
| TGTX TG Therapeutics Inc. | Add +230.0% | 4.03% | +1.58 |
| INSM Insmed Inc. | New | 1.31% | +1.31 |
| TNYA Tenaya Therapeutics Inc. | New | 1.30% | +1.30 |
| IMVT Immunovant Inc. | New | 1.30% | +1.30 |
| SYRE Spyre Therapeutics Inc. | New | 1.22% | +1.22 |
| SNDX Syndax Pharmaceuticals Inc. | New | 1.15% | +1.15 |
| ENGN Engene Holdings Inc. | New | 1.09% | +1.09 |
| CGON CG Oncology Inc. | New | 1.06% | +1.06 |
| BBOT Bridgebio Oncology Therapeut | New | 1.00% | +1.00 |
| AQST Aquestive Therapeutics Inc. | New | 0.96% | +0.96 |
| GERN Geron Corp. | New | 0.85% | +0.85 |
| ALT Altimmune Inc. | New | 0.82% | +0.82 |
| RGNX Regenxbio Inc. | New | 0.81% | +0.81 |
| OLMA Olema Pharmaceuticals Inc. | New | 0.73% | +0.73 |
| CRBP Corbus Pharmaceuticals Holdi | New | 0.72% | +0.72 |
| SVRA Savara Inc. | Add +113.3% | 2.56% | +0.53 |
| ROIV Roivant Sciences Ltd. | Add +116.7% | 4.41% | +0.53 |
| LRMR Larimar Therapeutics Inc. | New | 0.51% | +0.51 |
| ACAD Acadia Pharmaceuticals Inc. | Add +350.0% | 1.34% | +0.44 |
| CTMX Cytomx Therapeutics Inc. | New | 0.42% | +0.42 |
| ELEV Elevation Oncology Inc. | New | 0.41% | +0.41 |
| NGNE Neurogene Inc. | New | 0.41% | +0.41 |
| SGMT Sagimet Biosciences Inc. Class A | New | 0.39% | +0.39 |
| ATYR Atyr Pharma Inc. | New | 0.38% | +0.38 |
| ARWR Arrowhead Pharmaceuticals Inc. | New | 0.32% | +0.32 |
| COGT Cogent Biosciences Inc. | Add +130.8% | 0.97% | +0.31 |
| RARE Ultragenyx Pharmaceutical Inc. | New | 0.30% | +0.30 |
| ANTX AN2 Therapeutics Inc. | New | 0.23% | +0.23 |
| NTLA Intellia Therapeutics Inc. | New | 0.22% | +0.22 |
| SLNO Soleno Therapeutics Inc. | Add +78.0% | 2.75% | +0.15 |
| CABA Cabaletta Bio Inc. | Add +150.0% | 2.06% | +0.10 |
| MRNS Marinus Pharmaceuticals Inc. | Add +111.1% | 0.83% | −0.02 |
| CYTK Cytokinetics Inc. | Add +100.0% | 0.45% | −0.03 |
| ALNY Alnylam Pharmaceuticals Inc. | Add +118.2% | 2.88% | −0.15 |
| KALV Kalvista Pharmaceuticals Inc. | Add +53.8% | 0.76% | −0.15 |
| REPL Replimune Group Inc. | Add +62.5% | 1.71% | −0.23 |
| VRDN Viridian Therapeutics Inc. | Add +108.3% | 3.52% | −0.24 |
| SRPT Sarepta Therapeutics Inc. | Add +25.0% | 5.20% | −0.35 |
| PHAT Phathom Pharmaceuticals Inc. | Add +25.9% | 1.66% | −0.37 |
| PCVX Vaxcyte Inc. | Add +35.7% | 2.09% | −0.44 |
| AEROVATE THERAPEUTICS INC | Add +7.1% | 2.14% | −0.60 |
| BBIO Bridgebio Pharma Inc. | Add +40.0% | 1.74% | −1.17 |
| RVNC Revance Therapeutics Inc. | Add +20.0% | 0.71% | −1.19 |
Options Activity Q4 2023 → Q1 2024
| IWM iShares Russell 2000 ETF | call | Sold out | 250,000 | $50.2Mbefore exit |
| XBI SS SPDR S&P Biotech ETF | put | Reduce -16.7% | 250,000 | $23.7M |
| XBI SS SPDR S&P Biotech ETF | call | Sold out | 250,000 | $22.3Mbefore exit |
| MLTX Moonlake Immunotherapeutics | call | Sold out | 250,000 | $15.1Mbefore exit |
| VKTX Viking Therapeutics Inc. | call | New | 80,000 | $6.6M |
| APLS Apellis Pharmaceuticals Inc. | call | Sold out | 100,000 | $6.0Mbefore exit |
| CYTK Cytokinetics Inc. | call | Reduce -6.3% | 75,000 | $5.3M |
| IMVT Immunovant Inc. | call | New | 150,000 | $4.8M |
| ACAD Acadia Pharmaceuticals Inc. | call | New | 200,000 | $3.7M |
| ITCI Intra-Cellular Therapies Inc. | call | New | 50,000 | $3.5M |
| AMLX Amylyx Pharmaceuticals Inc. | call | Sold out | 200,000 | $2.9Mbefore exit |
| RAPT THERAPEUTICS INC | call | New | 300,000 | $2.7M |
| RVMD Revolution Medicines Inc. | put | Sold out | 75,000 | $2.2Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.