Biogen Inc (BIIB) Faces Biggest Intraday Drop in 7 Years After Missing Earnings Expectations

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How have hedgies been trading Biogen Idec Inc. (NASDAQ:BIIB)?

At the end of the first quarter, a total of 64 of the hedge funds tracked by Insider Monkey were long in this stock, an increase of seven from the end of the fourth quarter. With hedge funds’ positions undergoing their usual ebb and flow, there exists a select group of noteworthy hedge fund managers who were upping their holdings substantially.

According to hedge fund experts at Insider Monkey, Samuel Isaly’s OrbiMed Advisors had the most valuable position in Biogen Idec Inc. (NASDAQ:BIIB), worth close to $509.6 million with 1.20 million shares, accounting for 4.3% of its total 13F portfolio. Sitting in the second spot was D E Shaw, managed by David E. Shaw, which held a $385.5 million position of 912,933 shares; 0.6% of its 13F portfolio was allocated to the company. Other hedgies that were bullish included Cliff Asness’ AQR Capital Management, Jerome Pfund and Michael Sjostrom’s Sectoral Asset Management, and Israel Englander’s Millennium Management.

Now, specific money managers were leading the bulls’ herd. Healthcor Management LP, managed by Arthur B Cohen and Joseph Healey, assembled the most valuable position in Biogen Idec Inc. (NASDAQ:BIIB). Healthcor Management LP had $80.5 million invested in the company at the end of the quarter. Jacob Doft’s Highline Capital Management also made a $66.4 million investment in the stock during the quarter. The other funds with brand new Biogen positions were Pasco Alfaro and Richard Tumure’s Miura Global Management, and John Burbank’s Passport Capital.

Despite slightly negative market sentiment and weaker than anticipated results, we would go with the hedge fund outlook and recommend a buy during the stock’s current weakness.

Disclosure: None

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