Core Insights - PGIM Jennison Health Sciences Fund's second-quarter 2025 investor letter highlights significant volatility in equities, with the S&P 1500 Health Care Index declining 6.9% while the S&P 500 returned 10.9% [1] - The fund's top holdings include Neurocrine Biosciences, Inc., which has shown a one-month return of 5.56% and a 52-week gain of 26.52% [2] Market Performance - The S&P 1500 Health Care Index underperformed the S&P 500 in June, gaining only 1.9% compared to the S&P 500's 5.1% [1] - Health care providers & services, life sciences tools & services, biotechnology, and pharmaceuticals underperformed the Index, while healthcare technology and medtech sectors gained [1] Company Focus: Neurocrine Biosciences, Inc. - Neurocrine Biosciences, Inc. reported stronger than expected first-quarter results and remains optimistic about its second-quarter performance, indicating a recovery from previous guidance issues [3] - As of September 24, 2025, Neurocrine's stock closed at $146.67 with a market capitalization of $14.547 billion [2] - The number of hedge funds holding Neurocrine decreased from 63 to 59 in the second quarter, suggesting a shift in investment interest [3]