market folly

Andreas Halvorsen's hedge fund firm Viking Global has just filed a 13G with the SEC regarding shares of ACADIA Pharmaceuticals (ACAD).  Per the filing, Viking has disclosed a 5% ownership stake in ACAD with over 4.95 million shares.

This means they've almost doubled their stake since the end of 2013 when they only owned 2.6 million shares.  The filing was required due to portfolio activity on April 24th.  Thus far this year, Shares traded as high as $32 before sliding down to as low as $15.64.  It currently trades around $20.

Per Google Finance, ACADIA Pharmaceuticals is "biopharmaceutical company focused on small molecule drugs that address unmet medical needs in neurological and related central nervous system disorders. The Company has four product candidates in clinical development led by pimavanserin, which is in Phase III development as a first-in-class treatment for Parkinson's disease psychosis. It holds worldwide commercialization rights to pimavanserin. In addition, the Company has a product candidate in Phase II development for chronic pains and a product candidate in Phase I development for glaucoma, both in collaboration with Allergan, Inc., and a product candidate in Phase I development for schizophrenia in collaboration with Meiji Seika Pharma Co., Ltd. The Company's clinical-stage product candidates include Pimavanserin, Alpha Adrenergic Agonists, Muscarinic Agonist and AM-831."

For more on this hedge fund, check out a rare interview with Andreas Halvorsen on investment process.