Insiders Were Buying Up Shares Of Biogen Inc (BIIB) And These Other Companies Yesterday

Smart money was slightly bearish on FS Investment Corporation during the first quarter of the year, with fund ownership dipping to five from six during the quarter, and the value of their holdings sliding by over 20% to $8.24 million, despite the stock actually appreciating slightly during the period. ClearBridge Investments, managed by Sam Peters, which now contains the former Legg Mason Capital Management, had the largest stake in the company among those funds on March 31, holding just under 4.54 million shares. Israel Englander’s Millennium Management and Peter Muller’s PDT Partners also held positions in the company. Springbok Capital and Two Sigma Advisors sold off their positions in the company during the quarter.

Lastly is Del Frisco’s Restaurant Group Inc (NASDAQ:DFRG), in which four different insiders made purchases at varying prices yesterday. Director Ian Carter purchased 13,750 shares at $14.49 per share, CEO Mark Mednansky purchased 5,000 shares at an average sticker price of $14.40, CFO Thomas Pennison purchased 6,850 shares at a $14.47 average selling price, and Director David Barr bought 3,500 shares at $14.13 each. In total, the insiders’ share purchases totaled $419,812. The sign of strength from management and the decision to invest back in their company comes shortly after shares fell heavily on July 23 following the restaurant holding company’s second quarter financial results. The company missed consensus estimates on both its revenue and earnings fronts, and same-store sales fell notably at two of the holding company’s three restaurants, including by 6.3% at Del Frisco’s Grille. Nonetheless, management expects overall same-store sales across the three brands to increase slightly this fiscal year.

The smart money was in alignment with insiders, as it was bullish on the company and its eateries in the first quarter. Hedge funds with positions in the company rose by seven to 21, while their aggregate holdings jumped to $96.50 million from $66.33 million, and that during a time in which the stock lost about 15% of its value, so the smart money was clearly behind the company. Leading the pack was Gabriel Plotkin‘s Melvin Capital Management, which held just under 1.18 million shares. Their faith has been incorrectly placed in this instance, as shares traded steadily downwards after April passed and are down by 25% since the end of the first quarter.

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