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

Shares of HUTCHMED (China) Limited (NASDAQ:HCM) gapped up prior to trading 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 trading hands.

Analyst Ratings Changes

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

HUTCHMED Stock Up 6.2 %

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 moving average price is $18.80 and its 200-day moving average price is $18.52.

Institutional Trading of HUTCHMED

Hedge funds and other institutional investors have recently modified their holdings of the stock. M&G PLC lifted its holdings in HUTCHMED by 98.1% during the 3rd quarter. M&G PLC now owns 267,231 shares of the company’s stock worth $5,345,000 after purchasing an additional 132,333 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of HUTCHMED by 74.8% during 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. Jane Street Group LLC lifted its position 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 acquiring an additional 49,366 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of HUTCHMED by 99.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 48,724 shares of the company’s stock worth $952,000 after purchasing an additional 24,245 shares during the period. Finally, Point72 Hong Kong Ltd purchased a new position in HUTCHMED in the 3rd quarter valued at approximately $421,000. Institutional investors and hedge funds own 8.82% of the company’s stock.

HUTCHMED Company Profile

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.