HUTCHMED (NASDAQ:HCM) Shares Gap Up to $10.05

HUTCHMED (China) Limited (NASDAQ:HCMGet Rating) shares gapped up prior to trading on Wednesday . The stock had previously closed at $10.05, but opened at $10.65. HUTCHMED shares last traded at $10.38, with a volume of 410 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on HCM. StockNews.com began coverage on HUTCHMED in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. The Goldman Sachs Group boosted their price objective on HUTCHMED from $14.00 to $16.00 and gave the company a “neutral” rating in a research note on Tuesday, August 9th.

HUTCHMED Stock Performance

The business has a 50 day moving average of $9.31 and a 200-day moving average of $11.09.

Hedge Funds Weigh In On HUTCHMED

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HCM. Quantbot Technologies LP purchased a new position in HUTCHMED during the first quarter worth about $44,000. US Bancorp DE grew its position in HUTCHMED by 270.9% during the first quarter. US Bancorp DE now owns 3,687 shares of the company’s stock worth $70,000 after buying an additional 2,693 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in HUTCHMED during the third quarter worth about $91,000. National Pension Service boosted its holdings in shares of HUTCHMED by 429.1% in the 2nd quarter. National Pension Service now owns 9,101 shares of the company’s stock worth $115,000 after purchasing an additional 7,381 shares in the last quarter. Finally, abrdn plc purchased a new position in shares of HUTCHMED in the 2nd quarter worth about $133,000. 27.37% of the stock is currently owned by hedge funds and other institutional investors.

HUTCHMED Company Profile

(Get Rating)

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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