HUTCHMED (NASDAQ:HCM) Shares Gap Up to $16.94

HUTCHMED (China) Limited (NASDAQ:HCM) shares gapped up prior to trading on Tuesday . The stock had previously closed at $16.94, but opened at $17.64. HUTCHMED shares last traded at $17.88, with a volume of 17,482 shares trading hands.

Analysts Set New Price Targets

HCM has been the subject of a number of research analyst reports. StockNews.com raised HUTCHMED from a “hold” rating to a “buy” rating in a research note on Wednesday, March 27th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of HUTCHMED in a research note on Friday, January 12th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $29.70.

HUTCHMED Price Performance

The company has a quick ratio of 2.60, a current ratio of 2.72 and a debt-to-equity ratio of 0.06. The company’s 50 day moving average is $16.14 and its 200-day moving average is $16.75.

Institutional Investors Weigh In On HUTCHMED

A number of large investors have recently added to or reduced their stakes in HCM. Acadian Asset Management LLC acquired a new position in shares of HUTCHMED during the third quarter worth $3,268,000. China Universal Asset Management Co. Ltd. boosted its position in shares of HUTCHMED by 353.7% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 3,593 shares of the company’s stock valued at $65,000 after purchasing an additional 2,801 shares in the last quarter. Baillie Gifford & Co. increased its stake in shares of HUTCHMED by 7.2% in the 4th quarter. Baillie Gifford & Co. now owns 144,969 shares of the company’s stock valued at $2,625,000 after acquiring an additional 9,694 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in HUTCHMED in the third quarter valued at $444,000. Finally, Hsbc Holdings PLC acquired a new position in HUTCHMED during the 3rd quarter worth approximately $380,000. Institutional investors and hedge funds own 8.82% of the company’s stock.

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.