Newfield Exploration Co. (NFX), ACADIA Pharmaceuticals Inc. (ACAD): How Did Andreas Halvorsen’s Small-Cap Picks Perform in Q3?

ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) is next in line. Viking Global reported ownership of 4.32 million shares of the company, down by 10% over the quarter, the value of the stake amounting to $107.08 million. The position in the $3.20 billion biotech company has been initiated during the last quarter of 2013, and during the first two quarters of the current year, Viking Global was raising its position from 2.63 million shares reported initially. Meanwhile, the stock of the company appreciated by over 29% since the beginning of the year, slightly above the biotech industry jump of 28%.

 ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) is focused on the development and sale of innovative drugs to address medical needs in the neurological and other related central nervous system disorders. The company plans to submit a New Drug Application submission for NUPLAZID, a drug developed for Parkinson’s disease pshychosis, during the first three months of 2015. The company’s stock mainly appreciated on the back of the new drug, as the company’s financial results have been below the estimates for the last several quarters. Analysts, however, are optimistic about  ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD)’s future, as the company has a consensus ‘Buy’ rating and an average price target of $39.00, while in November, Cowen and Company set an ‘Outperform’ rating for the stock, with a price target of $46.00.

In addition to Viking Global, several healthcare-focused funds are bullish on  ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD). At the end of September, Julian Baker and Felix Baker’s Baker Bros. Advisors held 20.48 million shares of the company, being the largest shareholder among the funds that we track. Overall, 22 funds from our database reported holding shares of the company as of the end of September, down by two funds over the quarter; the total value of these funds’ positions decreased to $912.48 million from $923.48 million.

Molina Healthcare, Inc. (NYSE:MOH) and Kite Pharma Inc (NASDAQ:KITE) are two other small-cap picks in Viking’s equity portfolio. At the end of September, the fund held around 1.18 million shares of Molina Healthcare and 200,000 shares of Kite Pharma, both positions being added during the third quarter.

Disclosure: none