TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy outperformed the Russell Midcap Growth Index and returned 7.16% (gross) while the index return was 6.23%. Consumer Discretionary, Financials, and Consumer Staples sector showed relative weakness. However, the strength in Industrials, Information Technology, and Health Care sectors offset the setbacks. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like Legend Biotech Corporation (NASDAQ:LEGN) in its Q2 2023 investor letter. Based in Somerset, New Jersey, Legend Biotech Corporation (NASDAQ:LEGN) is a clinical-stage biopharmaceutical company. On October 2, 2023, Legend Biotech Corporation (NASDAQ:LEGN) stock closed at $64.90 per share. One-month return of Legend Biotech Corporation (NASDAQ:LEGN) was -5.60%, and its shares gained 57.95% of their value over the last 52 weeks. Legend Biotech Corporation (NASDAQ:LEGN) has a market capitalization of $11.83 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Legend Biotech Corporation (NASDAQ:LEGN) in its Q2 2023 investor letter:
“A final boost to the strategy came from the Health Care sector. Here there was a 43% gain from Legend Biotech Corporation (NASDAQ:LEGN), a biotechnology developer of cell therapies to treat blood cancers such as multiple myeloma and leukemia. The company reported that sales grew faster than expected for its Carvykti treatment of multiple myeloma. More importantly, newly released clinical data supported Carvykti use at earlier treatment stages, which would greatly expand its usage.”
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Legend Biotech Corporation (NASDAQ:LEGN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Legend Biotech Corporation (NASDAQ:LEGN) at the end of second quarter which was 28 in the previous quarter.
We discussed Legend Biotech Corporation (NASDAQ:LEGN) in another article and shared Baron Health Care Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
