12 Most Oversold Healthcare Stocks to Buy Now

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3. Legend Biotech Corporation (NASDAQ:LEGN)

Year Perf: -35.32%

Analyst Upside: 113.39%

Number of Hedge Fund Holders: 31

Legend Biotech Corporation (NASDAQ:LEGN) is a clinical-stage company that develops, discovers, manufactures, and commercializes novel therapies for oncology and other indications. It develops advanced cell therapies across an elaborate range of technology platforms. The company operates in the US, China, and other geographical segments.

The company is rapidly building a strong product portfolio with 11 pipeline programs in hematologic malignancies, solid tumors, and autoimmune diseases. The CARVYKTI therapy for multiple myeloma proved the most successful CAR-T launch to date, drawing $334 million in net trade sales in fiscal Q4 2024.

Legend Biotech Corporation (NASDAQ:LEGN) anticipates CARVYKTI’s potential to be $5.0 billion, potentially supporting the company’s growth initiatives. It is partnering with industry leaders, such as Johnson & Johnson and Novartis, to materialize this potential and expedite the development and commercialization of its therapies. The company takes the third spot on our list of the 12 most oversold healthcare stocks to buy now.

TimesSquare Capital U.S. Focus Growth Strategy stated the following regarding Legend Biotech Corporation (NASDAQ:LEGN) in its first quarter 2024 investor letter:

“We began buying shares in Legend Biotech Corporation (NASDAQ:LEGN), a biotechnology developer of cell therapies to treat blood cancers such as multiple myeloma and leukemia. The European Union approved using Legend’s Carvykti treatment of multiple myeloma and later the FDA followed suit. Some investors may have been concerned about possible delays as Legend ramps up production, and its price declined. Though with a long-standing agreement with Johnson & Johnson and a new partnership with Novartis, we see a long runway of growth ahead, so we initiated a position.”

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