TimesSquare Capital Management, an equity investment management company, released its “U.S. Small/Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy outperformed the Russell 2500 Growth Index and returned 6.03% (gross), and the index return was 4.72%. For the full year, the strategy return was -25.06% (gross) compared to a -26.21% return for the benchmark. The relative weakness in the Information Technology and Energy sectors in the quarter was offset by strength in the Financials, Consumer Discretionary, Health Care, and Industrials sectors. In addition, please check the fund’s top five holdings to know its best picks in 2022.
TimesSquare U.S. Small/Mid Cap Growth Strategy highlighted stocks like Legend Biotech Corporation (NASDAQ:LEGN) in its Q4 2022 investor letter. Based in Somerset, New Jersey, Legend Biotech Corporation (NASDAQ:LEGN) is a biopharmaceutical company. On March 23, 2023, Legend Biotech Corporation (NASDAQ:LEGN) stock closed at $43.82 per share. One-month return of Legend Biotech Corporation (NASDAQ:LEGN) was -3.25%, and its shares gained 18.82% of their value over the last 52 weeks. Legend Biotech Corporation (NASDAQ:LEGN) has a market capitalization of $7.557 billion.
TimesSquare U.S. Small/Mid Cap Growth Strategy made the following comment about Legend Biotech Corporation (NASDAQ:LEGN) in its Q4 2022 investor letter:
“The strategy was better served by Legend Biotech Corporation (NASDAQ:LEGN), a biotechnology developer of cell therapies to treat blood cancers such as multiple myeloma and leukemia. Early in the quarter, Legend announced that the preliminary sales rates of Carvykti— co-developed with Johnson & Johnson—were progressing as expected in the U.S. That bodes well for the treatment’s launch early next year in Japan and Europe. In the near term, Legend’s shares gained 23%.”
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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 the fourth quarter which was 29 in the previous quarter.
We discussed Legend Biotech Corporation (NASDAQ:LEGN) in another article and shared the list of most promising biotech stocks according to analysts. In addition, please check out our hedge fund investor letters Q4 2022 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.
