Exploring Legend Biotech Corporation (LEGN) Investor Profile: Who’s Buying and Why?

You're looking at Legend Biotech Corporation and wondering why the stock price is trading around $30.29 as of mid-November 2025, especially when their flagship therapy, CARVYKTI, drove Q3 2025 net trade sales to a massive $524 million. Honestly, understanding who's buying-and why they're holding despite a Q3 net loss of $40 million-is the only way to defintely map the near-term risk. The institutional investor base, which owns roughly 70.89% of the company, is the key signal; firms like BlackRock, Inc., holding over 4.49 million shares as of September 30, 2025, are clearly betting on the long-term runway, supported by nearly $1.0 billion in cash and equivalents. So, are these sophisticated players focused on the company's TTM (trailing twelve months) revenue climbing to $0.90 billion, or are they quietly factoring in the competitive pressures and manufacturing scale-up risks? Let's break down the major holders and their core investment theses to see if their conviction should be yours.

Who Invests in Legend Biotech Corporation (LEGN) and Why?

If you are looking at Legend Biotech Corporation (LEGN), you are defintely looking at a high-conviction, high-growth story, and the investor profile reflects that risk-on appetite. The core takeaway is that institutional money, particularly specialized healthcare and growth funds, dominates the shareholder base, drawn by the blockbuster potential of their lead cell therapy, CARVYKTI. These investors are betting on commercial execution and pipeline expansion, not dividends.

As of late 2025, the ownership structure is a clear split between professional and public investors. Institutional investors-the big players like mutual funds, hedge funds, and pension funds-hold the majority of the stock. For a high-growth biotech without consistent profitability yet, this level of professional backing is a strong vote of confidence.

Here is a snapshot of the primary investor types, based on Q3 2025 filings:

• Institutional Investors: Own approximately 70.89% of the outstanding shares. This group includes major asset managers and specialized biotech funds.
• Public Companies & Retail Investors: Hold the remaining stake, a significant portion of which is held by individual retail investors who are often drawn to the large potential upside of a successful biotech.
• Insiders: Direct ownership by executives and directors is typically small for a company of this size, meaning management's incentives are largely aligned with the institutional and public shareholders through equity compensation.

The Institutional Heavyweights: Who's Buying and Selling?

When you peel back the institutional layer, you see a mix of passive index funds and highly active managers. Firms like BlackRock, Inc. are major shareholders, often holding shares for index-tracking purposes. But the real story is in the active managers who are making large, directional bets.

The largest institutional holder is FMR LLC (Fidelity), which reported holding over 27.66 million shares as of September 30, 2025, with a massive addition of over 12.47 million shares in Q2 2025 alone. This signals a strong conviction in the company's near-term trajectory. Conversely, Q2 2025 also saw large removals, such as PRICE T ROWE ASSOCIATES INC /MD/ selling over 5.93 million shares, showing that not all institutional money is in lockstep. This is a classic biotech dynamic: high conviction balanced by tactical profit-taking and risk management.

Here is a look at the top institutional holders and their Q3 2025 positions:

Investment Motivations: Why the High Conviction?

Investors are not buying Legend Biotech Corporation (LEGN) for cash flow or dividends-they are buying a growth engine. The company's primary asset is CARVYKTI (ciltacabtagene autoleucel), a chimeric antigen receptor T-cell (CAR-T) therapy for multiple myeloma, which is a massive market. The motivation is pure, unadulterated growth in a specialized, high-margin field.

The numbers from 2025 tell the story best. In the third quarter of 2025, Collaboration Revenue-driven primarily by CARVYKTI sales through its partnership with Janssen-hit $261.8 million, a substantial increase from $142.8 million in the same period in 2024. The trailing twelve months (TTM) revenue as of Q3 2025 reached $909.05 million, up 74.75% year-over-year. This exceptional revenue growth, coupled with a shrinking net loss (down to $39.7 million in Q3 2025 from $125.3 million in Q3 2024), is the core catalyst.

The investment thesis is simple: CARVYKTI is a best-in-class therapy, and the company is moving toward company-wide profitability, which they expect to achieve by next year (2026). The clinical data, including five-year progression-free survival data from the CARTITUDE-1 study, provides a strong, long-term competitive moat in the cell therapy space. The investment is a bet on the continued commercial ramp-up and the expansion of its manufacturing capacity in places like the new Philadelphia R&D facility.

Strategies: Growth Investing and Long-Term Horizon

The dominant strategy here is Growth Investing, specifically focusing on a company with a negative P/E ratio but explosive revenue growth. Investors are willing to tolerate the net loss-which was $39.7 million in Q3 2025-because the R&D spending, which was $113.1 million in the same quarter, is seen as an investment in future revenue streams. They are buying future cash flows, not current earnings.

The strategies break down into two main camps:

• Long-Term Growth Holders: These are the large mutual funds and asset managers (like FMR LLC and BlackRock, Inc.) who are holding for the multi-year commercialization cycle of CARVYKTI and the pipeline development. Their goal is to capture the stock's appreciation as the company transitions from a clinical-stage biotech to a profitable commercial entity.
• Active/Hedge Fund Trading: These funds, such as Suvretta Capital Management, LLC, engage in more tactical buying and selling based on clinical trial milestones, FDA decisions (like the recent boxed warning update), and quarterly sales figures. They are managing the volatility inherent in the biotech sector.

The average analyst price target of around $72.10 (as of late 2025) is a clear signal that the professional consensus is for significant upside from the current stock price, reinforcing the growth-oriented strategies. This is a classic 'buy the future' scenario. For a deeper dive into the company's foundation, you can check out Legend Biotech Corporation (LEGN): History, Ownership, Mission, How It Works & Makes Money.

Institutional Ownership and Major Shareholders of Legend Biotech Corporation (LEGN)

You're looking at Legend Biotech Corporation (LEGN), and the first thing you need to know is that this is defintely an institutionally-driven stock. About 70.89% of the company's stock is held by institutional investors, a massive figure that tells you the smart money is heavily invested in its cell therapy pipeline, especially the multiple myeloma drug, cilta-cel.

This high level of institutional ownership-over two-thirds of the float-means their collective buying and selling dictates the stock's near-term price action. Their conviction is the bedrock of LEGN's valuation, which currently carries a market capitalization of $5.87 billion as of November 2025.

Top Institutional Investors: Who Holds the Keys?

The shareholder roster for Legend Biotech Corporation reads like a who's who of global asset management and specialized biotech funds. These aren't passive index trackers; they are active managers making a strategic bet on the company's oncology focus. As of the Q3 2025 filings (September 30, 2025), the largest holders are clear leaders.

Here's the quick math on the top institutional positions, which anchor the stock's stability:

Note: Approximate value calculated using the November 14, 2025 share price of $30.29.

BlackRock, Inc. and Fmr Llc (Fidelity) are the big names you'd expect, but the presence of firms like Hhlr Advisors, Ltd. and Suvretta Capital Management, Llc-often focused on high-growth, high-risk sectors-shows a strong conviction in the biotech story. They see the long-term potential in the company's Mission Statement, Vision, & Core Values of Legend Biotech Corporation (LEGN).

Recent Shifts: Are Institutions Buying or Selling?

The institutional landscape isn't static; it's a constant battle of conviction. In the most recent quarters of 2025, we've seen some significant, multi-million-share moves, indicating a divergence of opinion on the near-term outlook.

In Q2 2025, for instance, there was a flurry of activity, with 105 institutions adding shares and 113 decreasing their positions. That's a lot of churn, but the size of the trades matters more than the count.

• Major Buying: FMR LLC was a huge buyer in Q2 2025, adding an astonishing 12,466,098 shares, an increase of over 94.4% in their position, valued at an estimated $442.4 million.
• Major Selling: Conversely, PRICE T ROWE ASSOCIATES INC /MD/ removed 5,929,559 shares (-88.1%), a divestiture valued at over $210.4 million in Q2 2025. Wellington Management Group LLP also removed a large block of shares.
• Q3 2025 Update: The buying continued for Fmr Llc, adding another 2,032,531 shares (a 7.918% increase) in Q3 2025, while Westfield Capital Management Co Lp trimmed its stake by 378,061 shares (-5.841%).

What this tells you is that while some funds are taking profits or reallocating capital due to the stock's recent decline of 19.05% from November 2024 to November 2025, others are doubling down, seeing the dip as a buying opportunity. It's a classic biotech story: high risk, high reward, and funds are taking sides.

Impact on Stock Price and Strategy

The role of these large institutional investors is crucial; they do more than just trade the stock. Their sheer size means their buying and selling patterns can directly affect the stock price, but their influence extends into the boardroom.

For a company like Legend Biotech Corporation, which has a negative free cash flow and a negative return on equity of -29.65% due to intense Research and Development (R&D) activities, institutional capital is essential. These investors provide the financial runway that allows the company to continue its costly clinical trials and commercialization efforts for products like cilta-cel. Without that institutional backing, the company's ability to sustain its operations and growth trajectory would be severely limited.

Furthermore, their presence validates the company's long-term strategy. The fact that analysts maintain a strong consensus, with 17 buy ratings and an average target price of $75.06 as of November 2025, is a reflection of the confidence institutional holders place in the company's core assets and management. These large investors often exert influence on management decisions, pushing for clear milestones and efficient capital allocation to maximize the return on their significant investment.

Key Investors and Their Impact on Legend Biotech Corporation (LEGN)

You want to know who is betting big on Legend Biotech Corporation (LEGN) and what their moves mean for your portfolio. The direct takeaway is that institutional investors hold the vast majority of the stock, providing a significant anchor of stability, but their recent activity shows a clear divergence: some large funds are aggressively increasing their positions, while others are taking profits.

As of the most recent filings from the third quarter of 2025, institutional investors-the big money like mutual funds and hedge funds-own about 70.89% of Legend Biotech Corporation's stock. That's a huge concentration, which means their collective buying and selling dictates the stock's short-term movements. This is a biotech company with a blockbuster product, CARVYKTI®, so these investors are essentially validating the long-term commercial story of a cell therapy pioneer.

The Anchor Investors: Who Holds the Largest Stakes?

When you look at the top holders, you see a mix of massive index funds and specialized biotech hedge funds. This blend signals that the company is seen as both a core holding for diversified portfolios and a high-conviction play for sector experts. The biggest players are names you defintely recognize, which is a good sign for liquidity and stability.

• FMR LLC (Fidelity): Holds the largest position, valued at approximately $779,205,000 as of September 29, 2025.
• Westfield Capital Management Co. LP: A major holder with a September 2025 position valued around $171,682,000.
• BlackRock, Inc.: One of the world's largest asset managers, holding a stake valued at roughly $126,601,000.
• Hillhouse Investment Management, Ltd.: A significant player in the Asia-Pacific market, which is notable given Legend Biotech Corporation's origins.

Here's the quick math: these top three institutional holders alone represent over $1.07 billion in holding value, based on Q3 2025 data. That's serious capital backing the company's trajectory, especially as their Trailing Twelve Months (TTM) revenue as of November 2025 hit $0.90 Billion USD.

Recent Moves: The Tug-of-War Between Buyers and Sellers

The recent filings show a clear split in sentiment during the second quarter of 2025. This divergence is exactly what creates volatility and opportunity in a growth stock like this. You have funds piling in, seeing the Q2 adjusted net income of $10.1 million as a turning point, while others are trimming their exposure after a strong run.

• Aggressive Buyers: Artisan Partners Limited Partnership was a notable buyer, raising its stake by a substantial 87.5% in Q2 2025, purchasing an additional 990,500 shares. Also, Mitsubishi UFJ Asset Management Co. Ltd. raised its position by 34.4%. These moves signal high conviction in the commercial ramp-up of CARVYKTI®.
• Strategic Sellers: Westfield Capital Management Co. LP, despite remaining a top holder, reduced its stake by 6.4% in Q2 2025, selling 445,020 shares. Similarly, KBC Group NV cut its position by 36.8%. This isn't necessarily a bearish signal; it's often portfolio rebalancing or profit-taking after the stock's run.

The fact that the institutional ownership percentage remains high at 70.89% tells you the net-net is still positive, but you need to watch those major block trades. One clean one-liner: Large funds are both validating and rebalancing their high-conviction bets.

Investor Influence: Stability Over Activism

The influence of these investors is less about activist campaigns (like demanding a board seat or a sale) and more about providing capital market validation and stability. The largest holders, like FMR and BlackRock, are mostly passive, but their sheer size acts as a floor for the stock price. Their continued holding signals confidence in the management team and the collaboration with Johnson & Johnson on CARVYKTI®.

What this estimate hides is the potential for a large, coordinated sale to spook the market, especially in a biotech stock where the narrative is everything. The company's ability to beat Q3 2025 EPS estimates (reporting a loss of -$0.11 versus the consensus of -$0.13) is what keeps these large funds invested. They are focused on the long-term profitability goal, which management expects to reach next year.

If you want to dive deeper into the financial health that is fueling this investor interest, you should check out Breaking Down Legend Biotech Corporation (LEGN) Financial Health: Key Insights for Investors.

Next Step: Track the Q4 2025 13F filings closely in early 2026 to see if the net buying trend continues among the top 10 institutional holders.

Market Impact and Investor Sentiment

You're looking at Legend Biotech Corporation (LEGN) and seeing a biotech stock with a positive analyst consensus but some near-term volatility. The direct takeaway is that major institutional investors remain largely committed, holding a significant 70.89% of the company's stock, which signals long-term faith in its core asset, Carvykti.

This high institutional ownership is a strong foundation, but it doesn't mean the ride is smooth. We've seen a clear, recent market reaction tied to the third-quarter 2025 earnings. The stock dropped 2.7% on November 13, 2025, after the company reported revenue of $272.3 million, which just missed the consensus estimate of $276.9 million. Honestly, the market is hypersensitive to growth in commercial-stage biotechs, so even a slight revenue miss can trigger a pullback, even when the reported Earnings Per Share (EPS) of ($0.11) beat the expected loss of ($0.13).

The Institutional Commitment: Who's Buying and Why

The investor profile for Legend Biotech Corporation is dominated by large, sophisticated funds, which is typical for a high-growth, high-risk cell therapy company. These aren't retail traders making quick moves; they are long-view players. For instance, BlackRock, Inc. is a major holder, with 4,494,623 shares as of the September 30, 2025 filing date.

The reason for this commitment is simple: they're buying into the potential of Carvykti in the multiple myeloma market. Still, the recent activity is mixed, which is what you'd expect in a volatile sector. Artisan Partners Limited Partnership, for example, boosted its stake by a massive 87.5% in the second quarter of 2025, adding 990,500 shares. But to be fair, others are trimming, like Westfield Capital Management Co Lp, which cut its position by 6.4% in the same quarter.

• Fmr Llc: Largest holder, focused on long-term growth.
• BlackRock, Inc.: A cornerstone institutional investor.
• Artisan Partners Limited Partnership: Recent aggressive accumulator.

Analyst Perspectives and Near-Term Risks

The analyst community is defintely leaning positive, with a consensus rating of 'Moderate Buy' or 'Buy' across the board. The average price target sits between $72.10 and $75.06 as of November 2025, representing a significant upside from the current price. Here's the quick math: that average target implies a potential upside of over 130% from the stock's recent trading levels around $31.42 per share.

What this estimate hides is the competitive risk. Analysts are flagging the upcoming competition from therapies like anito-cel (from Arcellx/Gilead) expected in 2026, which could erode Carvykti's market share, especially in the second-line treatment setting. This is the core risk that makes some analysts slightly adjust their numbers.

For the full fiscal year 2025, the consensus EPS estimate is a loss of ($1.31) per share. You can see the caution in the recent analyst moves, like Cantor Fitzgerald lowering their FY2025 EPS estimate to a loss of ($1.54) per share from their prior ($1.48) estimate, even while maintaining an 'Overweight' rating. They are still bullish on the long-term value, but they're realistic about the costs of scaling up a cell therapy business.

The institutional confidence is a vote on the company's ability to execute on its Mission Statement, Vision, & Core Values of Legend Biotech Corporation (LEGN)., particularly its manufacturing and clinical pipeline. The company is anticipating achieving profitability for Carvykti by the end of 2025, which is a key milestone investors are watching closely.

Your next step should be to monitor the utilization rates of their manufacturing capacity, as high demand is currently running at nearly 100% at all four nodes, which is a good problem to have, but one that needs careful capacity management.