Robert Atchinson and Phillip Gross have signaled their bullishness for Acorda Therapeutics Inc (NASDAQ:ACOR), having more than doubled their stake in the company. According to a recent filing, Adage Capital now holds 2.2 million shares, 5.13% of the company’s common stock, up from 1 million shares reported as of the end of June. Christopher Medlock James is also betting on the stock, with his fund, Partner Fund Management having reported ownership of 817,396 shares of Acorda as of June 30, up by 76% during the second quarter. At the end of June, 16 elite hedge funds held roughly 8.9% of the company’s common stock.
On October 22, Acorda Therapeutics Inc (NASDAQ:ACOR) released its third quarter results, beating market expectations. Revenues came in at $148 million, up by nearly 40% year-over-year, while earnings adjusted for stock option expense and non-recurring costs stood at $0.31 per share, beating expectations of $0.18 per share. The stock is traded at a massive trailing Price to Earnings (P/E) ratio of 715.xx, more than triple the industry average P/E ratio of 201.90.
Andreas Halvorsen, in the mean time, has concentrated his attention on Pioneer Natural Resources (NYSE:PXD), having upped his investment in the company by more than 40%. As reported in a filing with the SEC, Viking Global now holds 8.96 million shares of the oil and gas exploration company, which account for roughly 6% of Pioneer’s outstanding stock. Hedge funds seem to like Pioneer Natural Resources (NYSE:PXD), as 58 of the funds we follow held stakes in the company at the end of June, with their aggregate positions representing approximately 20% of the company’s common stock. Scully’s SPO Advisory Corp is the largest holder of the stock among the funds we follow, owning a stake that amassed 7.35 million shares at the end of the second quarter.
Pioneer Natural Resources (NYSE:PXD) is set to release its third quarter results today after the market close. Wall Street is looking for revenues of $784 million and a loss of $0.03 per share. Like the majority of oil companies, Pioneer has been affected by the slump in oil prices, which is also reflected in its stock price. So far this year, the stock has lost 7.8% of its value and is currently trading at a trailing P/E ratio of 40.xx, higher than a big portion of its competitors. The company has a market cap of $20.3 billion and pays an annual dividend of $0.08, which represents a yield of 0.1%.