Ghost Tree Capital, LLC Q3 2022 vs. Q4 2022: 13F Holdings Comparison

Investment managers and portfolio managers regularly submit their SEC Form 13F, which captures the stocks they hold in their portfolio. These reports give investors insights into the stock ownership composition and strategies of these investment firms. Ghost Tree Capital, LLC is among the investment management firms that file and publish their Form 13F reports every quarter to provide investors with greater visibility into their holdings.

In Q3 and Q4 of 2022, Ghost Tree Capital, LLC made significant changes in its holdings, as evidenced by its most recent Form 13F filing with the Securities and Exchange Commission (SEC). In this article, we'll look at the most significant changes Ghost Tree made to its investment portfolio in Q4 and what it means for the company's future.

Ascendis Pharma (ASND)

Ascendis Pharma, a Danish biopharmaceutical firm that develops innovative therapies for patients with rare diseases, seemed to be Ghost Tree's favorite stock in Q4, as the firm increased their holdings by 38%. Ascendis' market cap increased by over 84% in 2021, and the stock hit a new 52-week high several times throughout the year. Ghost Tree's $15.9M investment in Ascendis is a clear indicator of its bullish outlook on the innovative biopharmaceutical company.

Reata Pharmaceuticals (RETA)

Reata Pharmaceuticals is a clinical-stage biopharmaceutical company that focuses on developing oral small molecule therapies for metabolic and cardiovascular diseases. In Q4, Ghost Tree reduced its stake in Reata Pharmaceuticals by 31%, selling 225,000 shares. This reduction indicates a bearish outlook on the biopharmaceutical company.

AXSOME Therapeutics (AXSM)

AXSOME Therapeutics saw an increase in Ghost Tree's stake, with the firm increasing their holdings by 21%. AXSOME has shown to be a strong performer over the past year, with its share price more than doubling since January 2021. AXSOME's success is due to its innovative approach to the treatment of serious central nervous system (CNS) disorders. As part of its CNS franchise, AXSOME has a robust pipeline of product candidates targeting different indications.

Seagen Inc. (SGEN)

Seattle Genetics, Inc. (Seagen) is a global biotechnology company that produces cancer-fighting antibody-based therapies. Ghost Tree cut its holdings by 100% in the biotech firm in Q4, selling their entire stake. This Sell-off may suggest that Ghost Tree no longer sees significant upside potential in the company.

Viking Therapeutics (VKTX)

Viking Therapeutics is a clinical-stage biopharmaceutical company that develops treatments for metabolic and endocrine disorders. Ghost Tree increased its stake in Viking Therapeutics by 100%. This increase in stake may stem from the company's strong clinical pipeline and the potential gains it can offer investors.

Conclusion

Ghost Tree Capital, LLC's recently released SEC Form 13F filing has shown some interesting changes in their holdings, with the firm increasing its stake in some companies and selling off completely on others. From their investment in Ascendis to their sell-off in Seagen, it is clear that the investment firm has a bullish outlook on biopharmaceutical companies with forward-looking potential. Investors can keep an eye on Ghost Tree's next 13F filing to see how these changes in holdings have played out for the investment firm.