HUTCHMED (NASDAQ:HCM) Shares Gap Up – Here’s What Happened

by · The Markets Daily

HUTCHMED (China) Limited (NASDAQ:HCM – Get Free Report)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $17.38, but opened at $18.29. HUTCHMED shares last traded at $18.47, with a volume of 22,661 shares.

Wall Street Analyst Weigh In

Several brokerages have recently commented on HCM. The Goldman Sachs Group boosted their target price on shares of HUTCHMED from $17.00 to $19.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. StockNews.com downgraded HUTCHMED from a “buy” rating to a “hold” rating in a report on Monday, November 18th.

View Our Latest Stock Report on HUTCHMED

HUTCHMED Price Performance

The company has a current ratio of 2.81, a quick ratio of 2.68 and a debt-to-equity ratio of 0.07. The company’s 50-day simple moving average is $18.80 and its two-hundred day simple moving average is $18.52.

Hedge Funds Weigh In On HUTCHMED

Institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio purchased a new position in HUTCHMED in the third quarter valued at about $35,000. Jane Street Group LLC raised its stake in HUTCHMED by 362.2% in the 3rd quarter. Jane Street Group LLC now owns 62,997 shares of the company’s stock valued at $1,305,000 after purchasing an additional 49,366 shares during the last quarter. State Street Corp raised its stake in HUTCHMED by 0.9% during the third quarter. State Street Corp now owns 349,524 shares of the company’s stock worth $6,826,000 after purchasing an additional 3,078 shares during the period. Point72 Hong Kong Ltd purchased a new position in HUTCHMED in the third quarter valued at $421,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of HUTCHMED by 99.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 48,724 shares of the company’s stock worth $952,000 after buying an additional 24,245 shares during the last quarter. Hedge funds and other institutional investors own 8.82% of the company’s stock.

HUTCHMED Company Profile

(Get Free Report)

HUTCHMED (China) Limited, together with its subsidiaries, discovers, develops, and commercializes targeted therapeutics and immunotherapies for cancer and immunological diseases in Hong Kong and internationally. The company develops Savolitinib for the treatment of non-small cell lung cancer (NSCLC), papillary renal cell carcinoma (RCC), and gastric cancer (GC); and Fruquintinib, an inhibitor for colorectal cancer (CRC), breast cancer, gastric cancer, microsatellite stable-CRC endometrial cancer (EMC), NSCLC, RCC, gastrointestinal, cervical, and solid tumors.

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