20 Takeover Rumors Hedge Funds Are Buying

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16. Legend Biotech Corporation (NASDAQ:LEGN)

No. of Hedge Funds: 36

Legend Biotech Corporation (NASDAQ:LEGN) is a global, commercial-stage biopharmaceutical company. With a focus on the development and manufacturing of novel cell therapies, the New Jersey-based company treats intractable diseases, particularly hematologic malignancies and solid tumors, using innovative technologies like autologous and allogeneic chimeric antigen receptor (CAR) T-cell and natural killer (NK) cell-based immunotherapies. The company has a global presence with facilities in the US, China, and Belgium. In the highly competitive market, Legend Biotech Corporation (NASDAQ:LEGN) attempts to advance using its effective research and development capabilities.

In the second quarter of 2024, some reports have indicated that the company has taken a bid and is exploring its options, with one of the options being the sale of the company. Legend Biotech Corporation (NASDAQ:LEGN) hired Centerview Partners as a financial advisor to evaluate the bid and other strategic alternatives. Johnson & Johnson stood out as a likely contender for the takeover because of the long-standing partnership on Carvykti, a CAR-T therapy for multiple myeloma. Neither deal nor discussion was announced by either company, leaving the potential takeover rumor looming in the market.

Legend Biotech Corporation (NASDAQ:LEGN) has garnered ownership of its stocks from 36 hedge funds, as per Insider Monkey’s Q4 2024 database. With moderate institutional confidence in the takeover rumor, the company attracts interested investors.

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