Allergan had a huge sell off today with many funds in common with NBIX. A lot of groups dropped. I think it's portfolio realignment. Earnings are not going to show anything...we know they plan to end 2013 with roughly $130M and then in 2014 the AbbVie milestones start to come in.
Your analysis of the tiny insider activity at the end of March is completely incorrect. A few execs had options that were soon to be expiring. I believe all execs actually added to their share count after borrowing funds and then paying them back to exercise the options. Just keepin' it real.