Elite Investors Disagree With Saudi Prince On Twitter, Like This Trending Biotech

Biogen Inc (NASDAQ:BIIB) shares are up as investors anticipate the company will present positive data on TECFIDERA. Sales of the multi-billion dollar drug have been slowing in recent quarters, as safety concerns prompt doctors to prescribe other drugs. Some analysts are projecting a 1% sequential decline in sales for the third quarter. Biogen hopes to dispel any safety concerns and win back its doubters by presenting positive safety data at the conference.

Hedge funds were more optimistic on Biogen Inc (NASDAQ:BIIB) in the second quarter. Although the number of funds decreased to 63 from 64, the total value of their holdings in the stock increased to $3.62 billion (representing 3.80% of the float) from $3.41 billion. Many of top shareholders of Biogen in our database increased their stakes during the quarter. Samuel Isaly‘s Orbimed Advisors increased its position by 6% to 1.28 million shares, while Cliff Asness’ AQR Capital Management raised its stake by 20% to 996,444 shares. Israel Englander’s Millennium Management also upped its holding, by 92% to 920,090 shares.

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