Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Legend Biotech Corp (LEGN)

191 + Investors. Track Smart Money conviction in LEGN. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -8
Streak
1Q ▼
Buyers last Q
54%

Smart Money Signals — LEGN

Based on 191 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their LEGN positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊

High ownership — 91% of 3.0Y peak

91% of all-time peak
191 funds currently hold this stock — 91% of the 3.0-year high of 209 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉

Outflows — 5% fewer funds vs a year ago

fund count last 6Q
11 fewer hedge funds hold LEGN compared to a year ago (-5% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡

Slight buying edge — 54% buying

115 buying97 selling
Last quarter: 115 funds bought or added vs 97 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️

Steady new buyers — ~35 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 38 → 23 → 37 → 35. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

52% of holders stayed for 2+ years

■ 52% conviction (2yr+) ■ 28% medium ■ 20% new
99 out of 191 hedge funds have held LEGN for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎

Buying through price weakness — shares +10%, value -11%

Value
-10%
Shares
+9%
Last quarter: funds added +10% more shares while total portfolio value only changed -11%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈

Growing discovery — still being found

27 → 38 → 23 → 37 → 35 new funds/Q
New funds entering each quarter: 38 → 23 → 37 → 35. A growing number of institutions are discovering LEGN each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Deep conviction — 64% of holders stayed 2+ years

■ 64% veterans ■ 14% 1-2yr ■ 22% new
Of 207 current holders: 132 (64%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
✅

Strong quality — 37% AUM from major funds

37% from top-100 AUM funds
37 of 191 holders rank in the top 100 by AUM, accounting for 37% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
3.0
out of 10
Low Exit Risk
Exit risk score 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — LEGN

In 2026 Q1, 115 hedge funds were net buyers of LEGN (35 opened a new position, 80 added to an existing one), while 97 reduced or exited (54 trimmed, 43 sold completely) — a 54% buyer ratio, indicating a slight buying edge. 37% of total institutional value in LEGN is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: -8 funds (more exits than new entries). Total institutional holders: 191.

Hedge Fund Ownership: LEGN

How many hedge funds hold LEGN — quarterly history vs. share price
Quarterly hedge fund ownership of LEGN vs. share price

Market Analysis: LEGN

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: LEGN

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Legend Biotech Corp (LEGN) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much LEGN has moved relative to its sector benchmark (XLV) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 74d ago
LEGN
+98.3%
XLV
+4.9%

LEGN outperformed XLV by +93.4% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 29d ago
LEGN
+30.2%
XLV
+6.0%

Since the filing became public, LEGN outperformed XLV by +24.2% .

Interpretation: The stock has meaningfully outrun its sector. The trade has partially played out; entry is at a premium to the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

22 top-rated funds 4 high-conviction
Consensus
5.9
/ 10
breadth
×
Elite
3.8
/ 10
conviction
Hedge Fund Positioning: LEGN
191 + Investors

Track Smart Money conviction in LEGN. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 191 199 -4.02%
13F Shares 97M 89M 9.93%
Total Value $1.72B $1.93B -10.67%
New Positions 35 37 -2
Increased Positions 75 69 +6
Closed Positions 43 35 +8
Reduced Positions 51 65 -14
Total Calls 10 10 -
Total Puts 8 8 -
PUT/CALL Ratio 0.8 0.8 Neutral

Statistics: LEGN

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Valuation Measures Data as of: --

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PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
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Diluted EPS (ttm) --
Total Cash (mrq) --
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Institutional Holders (2026 Q1)

191 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in LEGN. Verified SEC 13F-HR filings.

QUARTER:
Top 25 LEGN holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 IvyRock Asset Management (HK) Ltd 8.17% 804,000 $14.5M
2 Matthews International Capital Management LLC 6.80% 925,920 $16.7M
3 Davern Capital Partners, LP 6.52% 1,314,748 $23.8M
4 Hhlr Advisors, LTD. 6.47% 5,984,550 $108.3M
5 Suvretta Capital Management, LLC 3.50% 7,581,029 $137.1M
6 Patient Square Capital LP 3.18% 990,000 $17.9M
7 Johnson & Johnson 2.26% 814,586 $14.7M
8 Triata Capital Ltd 2.07% 629,914 $11.4M
9 First Beijing Investment Ltd 1.79% 2,296,335 $41.5M
10 Kynam Capital Management, LP 1.76% 1,576,295 $28.5M
11 Deerfield Management Company, L.P. 1.64% 7,687,638 $139.1M
12 Westfield Capital Management Co LP 0.44% 5,763,475 $104.3M
13 ArrowMark Colorado Holdings LLC 0.35% 727,144 $13.2M
14 Empire Life Investments Inc. 0.35% 300,958 $5.7M
15 Ikarian Capital, LLC 0.33% 226,888 $4.1M
16 Forefront Analytics, LLC 0.26% 15,659 $283K
17 E Fund Management (Hong Kong) Co., Ltd. 0.25% 29,922 $541K
18 CenterBook Partners LP 0.20% 204,603 $3.7M
19 Virtus Investment Advisers, LLC 0.19% 37,824 $684K
20 PSP Research LLC 0.15% 12,000 $217K
21 Jump Financial, LLC 0.12% 516,633 $9.3M
22 Headlands Technologies LLC 0.10% 49,428 $894K
23 Point72 Asset Management, L.P. 0.09% 3,886,017 $70.3M
24 Cinctive Capital Management LP 0.08% 69,586 $1.3M
25 Avidity Partners Management LP 0.08% 15,000 $353K
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Legend Biotech Corp (LEGN)

What does the Smart Money Trend signal show for LEGN?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their LEGN positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for LEGN?

Slight buying edge — 54% buying: Last quarter: 115 funds bought or added vs 97 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for LEGN holders?

Strong quality — 37% AUM from major funds: 37 of 191 holders rank in the top 100 by AUM, accounting for 37% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held LEGN?

52% of holders stayed for 2+ years: 99 out of 191 hedge funds have held LEGN for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Is it too late to buy Legend Biotech Corp (LEGN) following the 2026 Q1 hedge fund 13F filings?

As of today, LEGN has moved +30.2% since the 2026 Q1 13F filing date (May 15, 2026), compared to +6.0% for the XLV sector ETF — an outperformance of +24.2%. Since the quarter end (March 31, 2026), LEGN has gained +98.3% vs +4.9% for XLV. The stock has meaningfully outrun its sector. The trade has partially played out; entry is at a premium to the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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