Is Neurocrine Biosciences, Inc. (NBIX) a Good Stock to Buy?

Since Neurocrine Biosciences, Inc. (NASDAQ:NBIX) has experienced no change in sentiment from the entirety of the hedge funds we track, we think it is important to take a look at the funds that cut their full holdings by the end of the third quarter. At the top of the heap, Arthur B Cohen and Joseph Healey’s Healthcor Management LP sold off the largest position of the 700 funds tracked by Insider Monkey, worth about $20.5 million worth of shares about $14.1 million in call options. These transactions are intriguing to say the least, as aggregate hedge fund interest stayed the same (this is a bearish signal in our experience).

Let’s now take a look at hedge fund activity in other stocks similar to Neurocrine Biosciences, Inc. (NASDAQ:NBIX). These stocks are USG Corporation (NYSE:USG), FNFV Group (NYSE:FNFV), Portland General Electric Company (NYSE:POR), and Gulfport Energy Corporation (NASDAQ:GPOR). All of these stocks’ market caps resemble NBIX’s market cap.

As you can see these stocks had an average of 23 hedge funds with bullish positions and the average amount invested in these stocks was $625 million. That figure was $636 million in NBIX’s case. Gulfport Energy Corporation (NASDAQ:GPOR) is the most popular stock in this table. On the other hand Portland General Electric Company (NYSE:POR) is the least popular one with only 13 bullish hedge fund positions. Compared to these stocks Neurocrine Biosciences, Inc. (NASDAQ:NBIX) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: none