Shares of HUTCHMED (China) Limited (NASDAQ:HCM – Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $18.42, but opened at $19.13. HUTCHMED shares last traded at $19.12, with a volume of 13,237 shares.
Analyst Upgrades and Downgrades
A number of equities analysts have recently weighed in on HCM shares. The Goldman Sachs Group increased their target price on HUTCHMED from $17.00 to $19.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. StockNews.com downgraded HUTCHMED from a “buy” rating to a “hold” rating in a research report on Thursday, July 18th.
View Our Latest Research Report on HCM
HUTCHMED Stock Up 3.4 %
Institutional Trading of HUTCHMED
Several institutional investors and hedge funds have recently modified their holdings of HCM. M&G Plc bought a new position in HUTCHMED during the 1st quarter valued at $4,458,000. Hsbc Holdings PLC boosted its holdings in HUTCHMED by 821.2% during the fourth quarter. Hsbc Holdings PLC now owns 206,544 shares of the company’s stock worth $3,720,000 after purchasing an additional 184,123 shares during the last quarter. Renaissance Technologies LLC grew its position in HUTCHMED by 74.8% in the 2nd quarter. Renaissance Technologies LLC now owns 131,300 shares of the company’s stock worth $2,248,000 after purchasing an additional 56,200 shares in the last quarter. Bellevue Group AG increased its stake in HUTCHMED by 2.1% in the 1st quarter. Bellevue Group AG now owns 1,154,632 shares of the company’s stock valued at $19,398,000 after buying an additional 23,521 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in shares of HUTCHMED in the 2nd quarter worth approximately $279,000. 8.82% of the stock is owned by hedge funds and other institutional investors.
About HUTCHMED
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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