Baron Funds, an investment management company, released its “Baron Health Care Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund advanced 7.69% (Institutional Shares) in the quarter compared to a 6.96% gain for the Russell 3000 Health Care Index and an 11.69% increase for the S&P 500 Index. For the full year, the fund increased 6.42%, compared to 2.87% and 26.29% returns for the indexes, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Health Care Fund featured stocks such as 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 January 19, 2024, Legend Biotech Corporation (NASDAQ:LEGN) stock closed at $56.68 per share. One-month return of Legend Biotech Corporation (NASDAQ:LEGN) was -5.25%, and its shares gained 5.00% of their value over the last 52 weeks. Legend Biotech Corporation (NASDAQ:LEGN) has a market capitalization of $10.332 billion.
Baron Health Care Fund stated the following regarding Legend Biotech Corporation (NASDAQ:LEGN) in its fourth quarter 2023 investor letter:
“Legend Biotech Corporation (NASDAQ:LEGN) is dedicated to researching, manufacturing, and distributing cellular therapies for cancers. Its lead product, Carvykti is in the midst of a commercial launch for the treatment of multiple myeloma patients who have second line or more advanced disease. Demand wildly outstrips supply in this 60,000 patient opportunity, as Carvykti has shown best-in-class clinical response rates and offers patients a potential curative-like one and done treatment approach to the cancer. Partner Johnson & Johnson has already invested $1 billion in this cellular therapy, and we expect additional investments as the therapy is scaled in what will likely be a $10 billion to $20 billion revenue opportunity. As a niche market with limited competition, we expect continued strong financial growth. Recent share weakness was due to Arcellx’s data disclosures at the American Society of Hematology conference and FDA updates on safety investigations, neither of which we deem overly concerning.”
A researcher in a laboratory working on a cellular level with a petri dish.
Legend Biotech Corporation (NASDAQ:LEGN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Legend Biotech Corporation (NASDAQ:LEGN) at the end of third quarter which was 28 in the previous quarter.
We discussed Legend Biotech Corporation (NASDAQ:LEGN) in another article and shared the list of high growth healthcare stocks to buy. 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.
