10 Best Aggressive Growth Stocks to Buy According to Hedge Funds

7. Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Revenue Growth: 30.40%

Number of Hedge Fund Investors In Q2 2024: 56

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) is a specialty pharmaceutical company headquartered in San Diego, California. It has products in the market as well as those under development. Key to Neurocrine Biosciences, Inc. (NASDAQ:NBIX) being an aggressive growth stock is the firm’s INGREZZA drug. INGREZZA is a medicine for a disease involving involuntary body movements, and Neurocrine Biosciences, Inc. (NASDAQ:NBIX)’s second quarter saw it grow sales by 30% annually. The firm is also currently targeting a disease that creates abnormality in the adrenal glands’ cortisol production. This disease has had no new treatments for seventy years, and Neurocrine Biosciences, Inc. (NASDAQ:NBIX) has already submitted a new drug application to the FDA for the treatment. Another major drug that is currently under development is NBI-568, through which Neurocrine Biosciences, Inc. (NASDAQ:NBIX) aims to target patients with schizophrenia. Any positive developments for this drug could create additional catalysts for the stock. However, this was not the case in late August, as Neurocrine Biosciences, Inc. (NASDAQ:NBIX)’s shares dropped by 19% when phase two trial results revealed that one out of four doses achieved a positive result.

Neurocrine Biosciences, Inc. (NASDAQ:NBIX)’s management shared details for its drugs under development during the Q2 2024 earnings call:

“This quarter, we remain on track to deliver data from NBI-‘568, our orthosteric selective muscarinic M4 Agonist study as a potential treatment for schizophrenia.

We plan to communicate the Phase II study results via press release and a conference call, where you should expect to see total PANNS score change, placebo-adjusted PANNS score change, effect size as well as safety and tolerability measures. In Q3, we also remain on track to deliver data for luvadaxistat as a potential treatment for cognitive impairment associated with schizophrenia. All other clinical programs continue to make progress, including our expanding Phase I portfolio. In the last quarter, 2 new Phase I molecules entered the clinic, NBI-‘986, a selective M4 Antagonist, for the potential treatment of movement disorders and NBI-‘567, an M1 preferring muscarinic agonist from our muscarinic agonist portfolio, which now totals 4 early-stage compounds in development.

We’ll provide more color on these programs and the remainder of the Phase I portfolio as they advance towards Phase 2.”