Is Biogen Idec Inc. (NASDAQ:BIIB) a bargain? Investors who are in the know are reducing their bets on the stock. The number of bullish hedge fund bets retreated by 10 lately. BIIB was in 39 hedge funds’ portfolio at the end of September. There were 49 hedge funds in hedge fund experts Insider Monkey’s database with BIIB holdings at the end of the previous quarter.
Mention something original about this stock in the first paragraph. It could be about some recent news, a regulatory filing, etc. (just quickly search Yahoo Finance to find what is going on with this stock)
The second paragraph should mention the list of 10 most popular stocks among hedge funds and link to Insider Monkey. We should also talk about this stock’s relative ranking (whether it is popular among hedge funds or not) in this paragraph.
Now, we’re going to take a gander at the recent action surrounding Biogen Idec Inc. (NASDAQ:BIIB).
Hedge fund activity in Biogen Idec Inc. (NASDAQ:BIIB)
At Q3′s end, a total of 39 of the hedge funds we track were long in this stock, a change of -20% from the second quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists a select group of key hedge fund managers who were upping their holdings substantially.
When looking at the hedgies followed by Insider Monkey, Columbus Circle Investors, managed by Donald Chiboucis, holds the number one position in Biogen Idec Inc. (NASDAQ:BIIB). Columbus Circle Investors has a $288.8 million position in the stock, comprising 2% of its 13F portfolio. Coming in second is Samuel Isaly of OrbiMed Advisors, with a $247.1 million position; the fund has 4.4% of its 13F portfolio invested in the stock. Remaining hedgies that hold long positions consist of Phill Gross and Robert Atchinson’s Adage Capital Management, Jim Simons’s Renaissance Technologies and Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital.
Seeing as Biogen Idec Inc. (NASDAQ:BIIB) has experienced a declination in interest from the aggregate hedge fund industry, it’s safe to say that there exists a select few money managers who sold off their positions entirely at the end of the third quarter. It’s worth mentioning that Arthur B Cohen and Joseph Healey’s Healthcor Management LP dropped the largest investment of the “upper crust” of funds tracked by Insider Monkey, worth about $64.6 million in stock. Joseph Edelman’s fund, Perceptive Advisors, also cut its stock, about $49.8 million worth. These moves are important to note, as total hedge fund interest dropped by 10 funds at the end of the third quarter.
How have insiders been trading Biogen Idec Inc. (NASDAQ:BIIB)?
Insider purchases made by high-level executives is best served when the company in question has experienced transactions within the past six months. Over the latest six-month time frame, Biogen Idec Inc. (NASDAQ:BIIB) has experienced zero unique insiders purchasing, and 12 insider sales (see the details of insider trades here).
Let’s also take a look at hedge fund and insider activity in other stocks similar to Biogen Idec Inc. (NASDAQ:BIIB). These stocks are Regeneron Pharmaceuticals Inc (NASDAQ:REGN), Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN), Amgen, Inc. (NASDAQ:AMGN), Gilead Sciences, Inc. (NASDAQ:GILD), and Celgene Corporation (NASDAQ:CELG). This group of stocks are in the biotechnology industry and their market caps are closest to BIIB’s market cap.
|Company Name||# of Hedge Funds||# of Insiders Buying||# of Insiders Selling|
|Regeneron Pharmaceuticals Inc (NASDAQ:REGN)||28||0||9|
|Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN)||31||0||6|
|Amgen, Inc. (NASDAQ:AMGN)||49||0||2|
|Gilead Sciences, Inc. (NASDAQ:GILD)||66||0||10|
|Celgene Corporation (NASDAQ:CELG)||49||0||5|
Biogen Idec Inc. is not as popular as other biotechnology industry stocks, such as Gilead Sciences, Inc. and Celgene Corporation.