Here’s Why Neurocrine Biosciences (NBIX) Rose in Q3

Harding Loevner, an asset management company, released its “Global Small Companies Equity Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. Global small caps fell sharply in the third quarter. Japan was the weakest region, although returns in healthcare were good and industrials detracted. The strategy returned -5.36% (net) compared to a -3.29% decline for the MSCI All Country World Small Cap Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Harding Loevner Global Small Companies Equity Strategy highlighted stocks like Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in the third quarter 2023 investor letter. Headquartered in San Diego, California, Neurocrine Biosciences, Inc. (NASDAQ:NBIX) is a neuroscience-focused, biopharmaceutical company. On December 19, 2023, Neurocrine Biosciences, Inc. (NASDAQ:NBIX) stock closed at $121.50 per share. One-month return of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) was 9.48%, and its shares gained 0.96% of their value over the last 52 weeks. Neurocrine Biosciences, Inc. (NASDAQ:NBIX) has a market capitalization of $11.938 billion.

Harding Loevner Global Small Companies Equity Strategy made the following comment about Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in its Q3 2023 investor letter:

“By sector, our returns in Health Care were positive but this was more than offset by poor Industrials stocks. Neurocrine Biosciences, Inc. (NASDAQ:NBIX) reported positive late-stage clinical study data for its treatment of congenital adrenal hyperplasia, a condition which causes the body to not produce enough cortisol, increasing the probability that the company can address a new estimated $1 billion market opportunity.”

A healthcare professional discussing treatment options for a patient with a neurological disorder.

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held Neurocrine Biosciences, Inc. (NASDAQ:NBIX) at the end of third quarter which was 46 in the previous quarter.

We discussed Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in another article and shared the list of best low beta stocks to buy. In addition, please check out our hedge fund investor letters Q3 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.