Neurocrine Biosciences (NBIX) Failed to Impress the Market in Q1

Harding Loevner, an asset management company, released its “Global Small Companies Equity Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. Global small-cap stocks rose in the quarter despite failures in the banking sector.  In the first quarter, the strategy returned 4.64% net of fees compared to a 4.37% return for the MSCI All Country World Small Cap Index. The strategy benefitted from positive stock selection and sector and regional allocation. In addition, please check the fund’s top five holdings to know its best picks in 2023.

HL Global Small Companies Equity Strategy highlighted stocks like Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in the first quarter 2023 investor letter. Headquartered in San Diego, California, Neurocrine Biosciences, Inc. (NASDAQ:NBIX) is a neuroscience-focused, biopharmaceutical company. On June 12, 2023, Neurocrine Biosciences, Inc. (NASDAQ:NBIX) stock closed at $93.49 per share. One-month return of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) was -0.89%, and its shares gained 2.49% of their value over the last 52 weeks. Neurocrine Biosciences, Inc. (NASDAQ:NBIX) has a market capitalization of $9.122 billion.

HL Global Small Companies Equity Strategy made the following comment about Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in its first quarter 2023 investor letter:

“We underperformed in Health Care, in which Neurocrine Biosciences, Inc. (NASDAQ:NBIX) was our biggest relative detractor. The drugmaker’s quarterly results failed to impress the market even as the outlook for its Ingrezza product-the only treatment for tardive dyskinesia, a nervous-system disorder resulting from psychiatric medicines-remains solid.”

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Neurocrine Biosciences, Inc. (NASDAQ:NBIX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held Neurocrine Biosciences, Inc. (NASDAQ:NBIX) at the end of first quarter 2023 which was 46 in the previous quarter.

We discussed Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in another article and shared the list of high growth healthcare stocks to buy. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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