HUTCHMED (NASDAQ:HCM) Shares Gap Down to $10.49

HUTCHMED (China) Limited (NASDAQ:HCMGet Rating) gapped down before the market opened on Tuesday . The stock had previously closed at $10.49, but opened at $9.84. HUTCHMED shares last traded at $9.93, with a volume of 1,963 shares.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. StockNews.com assumed coverage on shares of HUTCHMED in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. The Goldman Sachs Group lifted their price objective on shares of HUTCHMED from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 9th.

HUTCHMED Stock Performance

The business’s 50 day simple moving average is $9.34 and its 200-day simple moving average is $11.09.

Institutional Investors Weigh In On HUTCHMED

A number of institutional investors have recently modified their holdings of HCM. Goldman Sachs Group Inc. boosted its stake in shares of HUTCHMED by 1,096.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 3,913,287 shares of the company’s stock valued at $49,464,000 after buying an additional 3,586,271 shares during the period. M&G Investment Management Ltd. boosted its stake in shares of HUTCHMED by 22.9% during the 3rd quarter. M&G Investment Management Ltd. now owns 8,577,437 shares of the company’s stock valued at $77,197,000 after buying an additional 1,600,209 shares during the period. Bellevue Group AG boosted its stake in shares of HUTCHMED by 62.6% during the 1st quarter. Bellevue Group AG now owns 1,750,690 shares of the company’s stock valued at $33,123,000 after buying an additional 673,820 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of HUTCHMED by 417.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 638,446 shares of the company’s stock valued at $8,070,000 after buying an additional 515,158 shares during the period. Finally, Allianz Asset Management GmbH boosted its stake in shares of HUTCHMED by 38.3% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,761,689 shares of the company’s stock valued at $15,609,000 after buying an additional 488,185 shares during the period. Institutional investors and hedge funds own 27.37% of the company’s stock.

About HUTCHMED

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HUTCHMED (China) Limited discovers, develops, and commercializes targeted therapeutics and immunotherapies for cancer and immunological diseases in HongKong and internationally. It operates in Oncology/Immunology and Other Ventures segments. The company develops Savolitinib, an inhibitor for non-small cell lung cancer (NSCLC), papillary and renal cell carcinoma, colorectal cancer (CRC), and gastric cancer (GC); and Fruquintinib, an inhibitor for CRC, breast cancer, GC, endometrial cancer (EMC), NSCLC, hepatocellular carcinoma, and gastrointestinal and solid tumors.

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