A needle biopsy device is disclosed. The biopsy device includes a housing, a needle set and an actuator assembly. The needle set includes a needle having a tissue receiving opening and a cutting element adapted to pass over or through the tissue receiving opening to sever tissue extending therein. The actuator assembly includes a first magnetic member fixed in a stationary position in the housing and a second magnetic member arranged in the housing so that the second magnetic member is either magnetically attracted toward or repelled from the first magnetic member. The second member is coupled to a respective one of the needle and cutting member so that movement of the second magnetic member effectuates movement of one of the needle and cutting element.