TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy underperformed the Russell Midcap Growth Index and returned 13.66% (gross) and 13.44% (net) while the index return was -14.55%. 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 featured stocks like Legend Biotech Corporation (NASDAQ:LEGN) in its Q4 2023 investor letter. Based in Somerset, New Jersey, Legend Biotech Corporation (NASDAQ:LEGN) is a clinical-stage biopharmaceutical company. On March 28, 2024, Legend Biotech Corporation (NASDAQ:LEGN) stock closed at $56.09 per share. One-month return of Legend Biotech Corporation (NASDAQ:LEGN) was -13.92%, and its shares gained 16.85% of their value over the last 52 weeks. Legend Biotech Corporation (NASDAQ:LEGN) has a market capitalization of $10.203 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Legend Biotech Corporation (NASDAQ:LEGN) in its fourth quarter 2023 investor letter:
“Our preference within Health Care is for novel therapies to address unmet medical needs, specialized providers, and innovators. Legend Biotech Corporation (NASDAQ:LEGN) is a clinical-stage biopharmaceutical company focused on the development of novel cell therapies for oncology and other indications. Third quarter results included an upside to revenue estimates for Carvykti in the treatment of multiple myeloma patients. Additional manufacturing capacity will come on stream during the first quarter of 2024 to address increasing demand. The stock’s -11% decline appears tied to management’s conservative guidance. We added to the position on this weakness.”
A laboratory with workers in masks and lab coats focused on analyzing cell therapies.
Legend Biotech Corporation (NASDAQ:LEGN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Legend Biotech Corporation (NASDAQ:LEGN) was held by 34 hedge fund portfolios, compared to 34 in the previous quarter, according to our database.
We discussed Legend Biotech Corporation (NASDAQ:LEGN) in another article and shared the list of biggest biotechnology companies in the world. In addition, please check out our hedge fund investor letters Q4 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.
