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
↓ -6
Streak
1Q ▼
Buyers last Q
54%

Smart Money Signals — LEGN

Based on 193 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 — 92% of 3.0Y peak

92% of all-time peak
193 funds currently hold this stock — 92% 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 — 4% fewer funds vs a year ago

fund count last 6Q
9 fewer hedge funds hold LEGN compared to a year ago (-4% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡

Slight buying edge — 54% buying

116 buying97 selling
Last quarter: 116 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 — ~36 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 38 → 23 → 37 → 36. 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
100 out of 193 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 → 36 new funds/Q
New funds entering each quarter: 38 → 23 → 37 → 36. A growing number of institutions are discovering LEGN each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Veteran-anchored — 64% veterans vs 22% newcomers

■ 64% veterans ■ 14% 1-2yr ■ 22% new
Entry-cohort mix of 209 holders: 133 (64%) are 2+ year veterans, 30 entered 1–2 years ago, and 46 (22%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆

Elite ownership — 44% AUM from top-100 funds

44% from top-100 AUM funds
40 of 191 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in LEGN. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
3.1
out of 10
Low Exit Risk
Exit risk score 3.1/10 — 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, 116 hedge funds were net buyers of LEGN (36 opened a new position, 80 added to an existing one), while 97 reduced or exited (55 trimmed, 42 sold completely) — a 54% buyer ratio, indicating a slight buying edge. 44% of total institutional value in LEGN is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: -6 funds (more exits than new entries). Total institutional holders: 193.

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 Q2 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 June 30, 2026 · 47d ago
LEGN
-29.5%
XLV
+5.5%

LEGN outperformed XLV by -35.0% since June 30, 2026.

Since 13F Filing Date August 14, 2026 · 2d ago
LEGN
+0.0%
XLV
+0.0%

Since the filing became public, LEGN outperformed XLV by +0.0% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near 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
2026 Q2 Stats Unlock in 3 days 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 --
Return on Assets (ttm) --
Return on Equity (ttm) --
Income Statement & Cash Flow
Revenue (ttm) --
Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
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Institutional Holders (2026 Q2)

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:
2026 Q2 filings are still coming in. Only funds that have filed so far are shown — top holders may not have reported yet. Full 13F data typically settles by ~50 days after quarter-end.
Top 25 LEGN holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Hhlr Advisors, LTD. 20.77% 5,984,550 $172.8M
2 IvyRock Asset Management (HK) Ltd 13.08% 801,000 $23.1M
3 Matthews International Capital Management LLC 9.08% 917,266 $26.5M
4 Davern Capital Partners, LP 5.87% 1,191,522 $34.4M
5 Kynam Capital Management, LP 4.79% 3,001,205 $86.7M
6 Elmind Capital, LP 4.14% 570,569 $16.5M
7 Monashee Investment Management LLC 4.14% 85,385 $2.5M
8 Montanova Capital, LLC 3.73% 7,070,000 $204.2M
9 Resolute Capital Asset Partners LLC 3.22% 260,871 $7.5M
10 Triata Capital Ltd 3.09% 629,914 $18.2M
11 Johnson & Johnson 2.95% 814,586 $23.5M
12 Deerfield Management Company, L.P. 2.45% 8,137,638 $235.0M
13 Soleus Capital Management, L.P. 1.20% 1,205,000 $34.8M
14 EcoR1 Capital, LLC 1.12% 800,000 $23.1M
15 CenterBook Partners LP 0.64% 452,907 $13.1M
16 Ghisallo Capital Management LLC 0.57% 1,000,000 $28.9M
17 Empire Life Investments Inc. 0.48% 296,586 $8.6M
18 ArrowMark Colorado Holdings LLC 0.44% 362,781 $10.5M
19 Westfield Capital Management Co LP 0.42% 4,430,063 $127.9M
20 Forefront Analytics, LLC 0.33% 10,568 $305K
21 E Fund Management (Hong Kong) Co., Ltd. 0.27% 28,209 $815K
22 Burkehill Global Management, LP 0.26% 250,000 $7.2M
23 Yorktown Management & Research Co Inc 0.25% 14,250 $412K
24 Polymer Capital Management (HK) LTD 0.24% 165,209 $4.8M
25 Virtus Investment Advisers, LLC 0.22% 32,419 $936K
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: 116 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?

Elite ownership — 44% AUM from top-100 funds: 40 of 191 holders are among the 100 largest funds by AUM, controlling 44% of total institutional value in LEGN. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held LEGN?

52% of holders stayed for 2+ years: 100 out of 193 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 Q2 hedge fund 13F filings?

As of today, LEGN has moved +0.0% since the 2026 Q2 13F filing date (August 14, 2026), compared to +0.0% for the XLV sector ETF — an outperformance of +0.0%. Since the quarter end (June 30, 2026), LEGN has gained -29.5% vs +5.5% for XLV. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near 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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