HUTCHMED (NASDAQ:HCM) Shares Up 4.3%

HUTCHMED (China) Limited (NASDAQ:HCM – Get Rating) shares shot up 4.3% during mid-day trading on Wednesday . The company traded as high as $18.43 and last traded at $18.43. 142,091 shares changed hands during trading, a decline of 49% from the average session volume of 280,462 shares. The stock had previously closed at $17.67.

Analyst Upgrades and Downgrades

Separately, StockNews.com began coverage on shares of HUTCHMED in a research report on Wednesday, October 12th. They set a “hold” rating for the company.

HUTCHMED Price Performance

The business’s fifty day simple moving average is $14.39 and its two-hundred day simple moving average is $12.32.

Institutional Investors Weigh In On HUTCHMED

Several hedge funds have recently modified their holdings of HCM. Goldman Sachs Group Inc. boosted its stake in shares of HUTCHMED by 1,096.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 3,913,287 shares of the company’s stock worth $49,464,000 after acquiring an additional 3,586,271 shares in the last quarter. M&G Investment Management Ltd. lifted its stake in HUTCHMED by 22.9% in the 3rd quarter. M&G Investment Management Ltd. now owns 8,577,437 shares of the company’s stock valued at $77,197,000 after buying an additional 1,600,209 shares in the last quarter. Bellevue Group AG lifted its stake in HUTCHMED by 62.6% in the 1st quarter. Bellevue Group AG now owns 1,750,690 shares of the company’s stock valued at $33,123,000 after buying an additional 673,820 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in HUTCHMED by 417.8% in the 2nd quarter. Assenagon Asset Management S.A. now owns 638,446 shares of the company’s stock valued at $8,070,000 after buying an additional 515,158 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in HUTCHMED by 38.3% in the 3rd quarter. Allianz Asset Management GmbH now owns 1,761,689 shares of the company’s stock valued at $15,609,000 after buying an additional 488,185 shares in the last quarter. 22.14% of the stock is owned by hedge funds and other institutional investors.

HUTCHMED Company Profile

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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.