Is it a Great Move to Buy Neurocrine Biosciences (NBIX) Shares?

ClearBridge Investments, an investment management firm, published its “SMID Cap Growth Strategy” first quarter 2022 investor letter – a copy of which can be downloaded here. During the first quarter, the ClearBridge SMID Cap Growth Strategy underperformed its Russell 2500 Growth benchmark. On an absolute basis, the Strategy had losses across eight of the 10 sectors in which it was invested during the quarter (out of 11 sectors total), with the IT, industrials, consumer discretionary and health care sectors the primary detractors, while the consumer staples and energy sectors were contributors. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, ClearBridge Investments  SMID Cap Growth Strategy mentioned Neurocrine Biosciences, Inc. (NASDAQ:NBIX) and explained its insights for the company. Founded in 1992, Neurocrine Biosciences, Inc. (NASDAQ:NBIX)  is a San Diego, California-based biopharmaceutical company with a $8.1 billion market capitalization. Neurocrine Biosciences, Inc. (NASDAQ:NBIX)  delivered a 0.13% return since the beginning of the year, while its 12-month returns are down by -4.64%. The stock closed at $85.28 per share on May 05, 2022.

Here is what ClearBridge Investments  SMID Cap Growth Strategy has to say about Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in its Q1 2022 investor letter:

“The Strategy also saw solid contributions from a handful of innovative health care companies. Neurocrine Biosciences (NASDAQ:NBIX) performed well relative to lackluster biotech/specialty pharmaceutical industry performance on the back of lead compound Ingrezza achieving over $1 billion in revenues in 2021 despite reduced in-person psychiatric visits from COVID-19 limitations.”

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Our calculations show that Neurocrine Biosciences, Inc. (NASDAQ:NBIX) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Neurocrine Biosciences, Inc. (NASDAQ:NBIX) was in 41 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 31 funds in the previous quarter. Neurocrine Biosciences, Inc. (NASDAQ:NBIX) delivered a 7.20% return in the past 3 months.

In December 2021, we published an article that includes Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in 15 Best Stocks to Buy for 2022 According to Analysts. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.