5 Biotech Stocks To Buy According To Chinese Billionaire Lei Zhang

2. Legend Biotech Corporation (NASDAQ:LEGN)

Hillhouse Capital Management’s Stake Value: $558,937,000

Percentage of Hillhouse Capital Management’s 13F Portfolio: 7.38%

Number of Hedge Fund Holders: 14

Another top biotech stock pick of Lei Zhang is Legend Biotech Corporation (NASDAQ:LEGN), with the billionaire increasing his stake in the company by 1601% in the third quarter, acquiring a total of more than 11 million shares in Legend Biotech Corporation (NASDAQ:LEGN), worth $558.9 million. The stock accounts for 7.38% of Zhang’s total Q3 investments. Legend Biotech Corporation (NASDAQ:LEGN) is a company engaged in developing treatment for cancer and other chronic diseases using advanced cell therapy. 

Piper Sandler analyst Edward Tenthoff on December 21 initiated coverage of Legend Biotech Corporation (NASDAQ:LEGN) with an Overweight rating and a $66 price target. The analyst is confident about the FDA approval of the company’s upcoming drugs for multiple myeloma. 

In the third quarter of 2021, 14 hedge funds were bullish on Legend Biotech Corporation (NASDAQ:LEGN), down from 19 funds in the preceding quarter. Baker Bros. Advisors is one of the leading stakeholders of the company, with a $119.5 million position.