Meridian Funds, managed by ArrowMark Partners, released its “Meridian Contrarian Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -16.52%, compared to a -16.98% return for its benchmark index the Russell 2500 Index. However, it underperformed the Russell 2500 Value Index, the fund’s secondary benchmark, which returned -15.39% in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Meridian Funds discussed stocks like Legend Biotech Corporation (NASDAQ:LEGN) in the second quarter investor letter. Based in Somerset, New Jersey, Legend Biotech Corporation (NASDAQ:LEGN) is a biopharmaceutical company. On September 14, 2022, Legend Biotech Corporation (NASDAQ:LEGN) stock closed at $43.49 per share. One-month return of Legend Biotech Corporation (NASDAQ:LEGN) was -3.48% and its shares gained 4.32% of their value over the last 52 weeks. Legend Biotech Corporation (NASDAQ:LEGN) has a market capitalization of $7.083 billion.
Here is what Meridian Funds specifically said about Legend Biotech Corporation (NASDAQ:LEGN) in its Q2 2022 investor letter:
“Legend Biotech Corporation (NASDAQ:LEGN) is a commercial-stage biotechnology company focused on cell therapies for oncology and other indications. The catalyst for our investment in Legend was Carvykti, a treatment for Multiple Myeloma (MM) that, since being approved by the FDA in February 2022, has shown impressive efficacy in treating patients with advanced MM. The stock advanced during the quarter on news that Legend, in partnership with Johnson & Johnson, plans to conduct additional clinical trials aimed at moving Carvykti into earlier lines of treatment for MM. We believe this has the potential to expand the addressable patient population more than tenfold. Based on a best-in-class profile, combined with Johnson & Johnson’s manufacturing and commercial expertise, we think Carvykti has the potential to become a backbone of MM treatment.”
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Legend Biotech Corporation (NASDAQ:LEGN) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Legend Biotech Corporation (NASDAQ:LEGN) at the end of the second quarter which was 27 in the previous quarter.
We discussed Legend Biotech Corporation (NASDAQ:LEGN) in another article and shared the biotech stocks to buy according to Chinese billionaire Lei Zhang. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
