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

HUTCHMED (China) Limited (NASDAQ:HCM) shares 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 changing hands.

Analyst Upgrades and Downgrades

HCM has been the topic of several recent analyst reports. The Goldman Sachs Group increased their target price on shares of HUTCHMED from $17.00 to $19.00 and gave the stock a “neutral” rating in a research note 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 Price Performance

The firm’s 50-day moving average is $18.87 and its two-hundred day moving average is $18.52. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.68 and a current ratio of 2.81.

Hedge Funds Weigh In On HUTCHMED

A number of hedge funds have recently made changes to their positions in the company. Public Employees Retirement System of Ohio acquired a new stake in shares of HUTCHMED in the third quarter valued at about $35,000. Blue Trust Inc. raised its holdings in HUTCHMED by 638.2% in the 3rd quarter. Blue Trust Inc. now owns 3,536 shares of the company’s stock valued at $69,000 after acquiring an additional 3,057 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in HUTCHMED by 63.7% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 5,966 shares of the company’s stock worth $117,000 after purchasing an additional 2,321 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of HUTCHMED by 8.1% during the 2nd quarter. Rhumbline Advisers now owns 7,553 shares of the company’s stock worth $129,000 after purchasing an additional 564 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in HUTCHMED during the second quarter worth approximately $213,000. 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.