Baron Funds, an investment management company, released its “Baron Opportunity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund fell 5.03% (Institutional Shares) underperforming the broader markets, compared to the Russell 3000 Growth Index’s 3.34% decline and the S&P 500 Index’s 3.27% decline. Over the year-to-date period, the Fund has shown a growth of 30.3%, outperforming both the indexes. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Opportunity Fund highlighted stocks like Legend Biotech Corporation (NASDAQ:LEGN) in its Q3 2023 investor letter. Based in Somerset, New Jersey, Legend Biotech Corporation (NASDAQ:LEGN) is a clinical-stage biopharmaceutical company. On October 27, 2023, Legend Biotech Corporation (NASDAQ:LEGN) stock closed at $63.67 per share. One-month return of Legend Biotech Corporation (NASDAQ:LEGN) was 0.14%, and its shares gained 30.27% of their value over the last 52 weeks. Legend Biotech Corporation (NASDAQ:LEGN) has a market capitalization of $11.83 billion.
Baron Opportunity Fund made the following comment about Legend Biotech Corporation (NASDAQ:LEGN) in its Q3 2023 investor letter:
“During the quarter, we also initiated an investment in Legend Biotech Corporation (NASDAQ:LEGN), a biotechnology company dedicated to researching, manufacturing, and distributing cellular therapies for cancers. Legend’s lead product is called Carvykti, which is now in the midst of a commercial launch for the treatment of multiple myeloma patients who have second line or more advanced disease. Demand significantly outstrips supply in this approximately 60,000 patient opportunity, as Carvykti has shown best-in-class clinical response rates and offers patients a potential curative one-and-done treatment for their cancer. Partner Johnson & Johnson has already invested about $1 billion into making this cellular therapy possible and investments are expected to continue as the therapy is scaled to what could be a $10 billion to $20 billion revenue opportunity. Given this is a niche market with limited competition, we expect continued strong financial growth from Legend.”
A researcher examining a microscope in a laboratory to further their clinical-stage discovery.
Legend Biotech Corporation (NASDAQ:LEGN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 238dge fund portfolios held Legend Biotech Corporation (NASDAQ:LEGN) at the end of second quarter which was 28 in the previous quarter.
We discussed Legend Biotech Corporation (NASDAQ:LEGN) in another article and shared TimesSquare U.S. Mid Cap Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.
