Is Biogen Idec Inc. (NASDAQ:BIIB) an attractive investment right now? The best stock pickers are becoming less hopeful. The number of long hedge fund bets decreased by 6 recently.
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Now, it's important to take a peek at the latest action surrounding Biogen Idec Inc. (NASDAQ:BIIB).
In preparation for this year, a total of 31 of the hedge funds we track were long in this stock, a change of -16% from one quarter earlier. With hedge funds' positions undergoing their usual ebb and flow, there exists a few noteworthy hedge fund managers who were increasing their stakes meaningfully.
According to our comprehensive database, Andreas Halvorsen's Viking Global had the most valuable position in Biogen Idec Inc. (NASDAQ:BIIB), worth close to $399 million billion, accounting for 2.8% of its total 13F portfolio. Sitting at the No. 2 spot is Jim Simons of Renaissance Technologies, with a $245 million position; the fund has 0.7% of its 13F portfolio invested in the stock. Remaining hedge funds that are bullish include Jérôme Pfund and Michael Sjöström's Sectoral Asset Management, D. E. Shaw's D E Shaw and Donald Chiboucis's Columbus Circle Investors.
Since Biogen Idec Inc. (NASDAQ:BIIB) has faced falling interest from the aggregate hedge fund industry, it's safe to say that there is a sect of money managers who sold off their full holdings heading into 2013. At the top of the heap, Louis Navellier's Navellier & Associates dropped the biggest investment of the "upper crust" of funds we track, valued at about $64 million in stock.. Stanley Druckenmiller's fund, Duquesne Capital, also said goodbye to its stock, about $30 million worth. These bearish behaviors are intriguing to say the least, as aggregate hedge fund interest dropped by 6 funds heading into 2013.
Insider trading activity, especially when it's bullish, is at its handiest when the company we're looking at has seen transactions within the past six months. Over the last six-month time period, Biogen Idec Inc. (NASDAQ:BIIB) has seen zero unique insiders purchasing, and 6 insider sales (see the details of insider trades here).
With the returns exhibited by the aforementioned research, everyday investors should always watch hedge fund and insider trading activity, and Biogen Idec Inc. (NASDAQ:BIIB) is no exception.
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