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Graham Griffin
Articles (137) 

Andreas Halvorsen Pulls Back Zentalis Pharmaceuticals Holding

Guru's first change in biotechnology holding

Andreas Halvorsen (Trades, Portfolio) has revealed a reduction in his holding of Zentalis Pharmaceuticals Inc. (NASDAQ:ZNTL), according to GuruFocus' Real-Time Picks, a Premium feature.

Halvorsen, a "Tiger Cub," learned under Julian Robertson (Trades, Portfolio) of Tiger Management prior to founding Viking Global Investors in 1999. The firm considers fundamentals and management to be some of the most important aspects when identifying investment opportunities, but it also considers cyclical and industry trends.

On Dec. 1, Halvorsen made his first change to the holding since he purchased it in the second quarter of this year. The guru sold 500,000 shares, which traded at an average price of $50.50 on the day of the sale. The sale reduced the holding by 11.25%. Overall, the sale had an impact of -0.09% on Halvorsen's portfolio, and GuruFocus estimates he has gained 35.04% on the holding since it was established.

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Zentalis Pharmaceuticals is a clinical-stage biopharmaceutical company focused on discovering and developing small molecule therapeutics targeting fundamental biological pathways of cancers. The company has several product candidates in the works, including ZN-c5, an oral treatment for advanced or metastatic breast cancer.

On Dec. 4, the stock was trading at $51.27 per share with a market cap of $2.08 billion. The company completed its initial public offering in April with 10.55 million shares at a price of $18 per share. In recent months, the stock price has recovered after it dropped to $27.03 in early September.

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Halvorsen is currently the top shareholder with 9.71% of shares outstanding. Other top shareholders include Matrix Capital Management Company, LLC (Trades, Portfolio), FMR LLC (Trades, Portfolio), Tybourne Capital Management HK LTD (Trades, Portfolio), Redmile Group, LLC (Trades, Portfolio) and Citadel Advisors LLC (Trades, Portfolio).

Portfolio overview

At the end of the third quarter, Halvorsen's portfolio contained 87 stocks, with 32 new holdings. It was valued at $27.68 billion and has seen a turnover rate of 33%. Top holdings include Microsoft Corp. (NASDAQ:MSFT), Adaptive Biotechnologies Corp. (NASDAQ:ADPT), Fidelity National Information Services Inc. (NYSE:FIS), American Express Co. (NYSE:AXP) and Centene Corp. (NYSE:CNC).

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By weight, the top three sectors represented are healthcare (30.30%), technology (25.00%) and financial services (16.07%).

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Disclosure: Author owns no stocks mentioned.

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