Is Biogen Idec Inc. (BIIB) a Good Stock to Buy?

As aggregate interest increased, specific money managers were breaking ground themselves. Highline Capital Management, led by Jacob Doft, initiated the most valuable call position in Biogen Idec Inc. (NASDAQ:BIIB). Highline Capital Management had $76.3 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also made a $71.7 million investment in the stock during the quarter. The other funds with new positions in the stock are James Dondero’s Highland Capital Management, Zach Schreiber’s Point State Capital, and Anand Parekh’s Alyeska Investment Group.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Biogen Idec Inc. (NASDAQ:BIIB) but similarly valued. These stocks are Mitsubishi UFJ Financial Group Inc (ADR) (NYSE:MTU), Avago Technologies Ltd (NASDAQ:AVGO), Mondelez International Inc (NASDAQ:MDLZ), and Reynolds American, Inc. (NYSE:RAI). This group of stocks’ market caps resemble BIIB’s market cap.

As you can see these stocks had an average of 46 hedge funds with bullish positions and the average amount invested in these stocks was $3.83 billion. That figure was $4.86 billion in BIIB’s case. Avago Technologies Ltd (NASDAQ:AVGO) is the most popular stock in this table. On the other hand Mitsubishi UFJ Financial Group Inc (ADR) (NYSE:MTU) is the least popular one with only 16 bullish hedge fund positions. Compared to these stocks Biogen Idec Inc. (NASDAQ:BIIB) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None