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

Shares of HUTCHMED (China) Limited (NASDAQ:HCM) gapped up before the market opened on Friday . The stock had previously closed at $19.95, but opened at $21.10. HUTCHMED shares last traded at $20.94, with a volume of 128,273 shares traded.

Analyst Ratings Changes

A number of brokerages have issued reports on HCM. StockNews.com lowered shares of HUTCHMED from a “buy” rating to a “hold” rating in a research note on Thursday, July 18th. The Goldman Sachs Group lifted their price target on HUTCHMED from $17.00 to $19.00 and gave the company a “neutral” rating in a report on Thursday, August 1st.

HUTCHMED Price Performance

The company has a quick ratio of 2.68, a current ratio of 2.81 and a debt-to-equity ratio of 0.07. The stock’s fifty day moving average is $18.19 and its 200-day moving average is $18.24.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of HCM. China Universal Asset Management Co. Ltd. boosted its position in shares of HUTCHMED by 65.1% in the first quarter. China Universal Asset Management Co. Ltd. now owns 5,933 shares of the company’s stock valued at $100,000 after acquiring an additional 2,340 shares during the period. Rhumbline Advisers lifted its stake in shares of HUTCHMED by 8.1% in the second quarter. Rhumbline Advisers now owns 7,553 shares of the company’s stock valued at $129,000 after buying an additional 564 shares during the period. Cubist Systematic Strategies LLC bought a new position in HUTCHMED during the second quarter valued at about $213,000. Vanguard Personalized Indexing Management LLC raised its holdings in HUTCHMED by 9.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 13,216 shares of the company’s stock valued at $226,000 after acquiring an additional 1,168 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of HUTCHMED in the 2nd quarter worth approximately $279,000. 8.82% of the stock is currently owned by institutional investors and hedge funds.

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.