Hutchmed HCM stock formed a downtrend channelUptrend and downtrend channel patterns are technical analysis tools used to identify potential future price movements. They are formed by two parallel lines on a chart and can be u... breakout on August 3, 2023, after Citi gave the stock a buy rating.
Hutchmed initiated with a Buy at Citi
Hutchmed was given a Buy rating and a 321.75GBp price target by Citi analyst John Yung when he started covering the company on August 2, 2023. The Asia biotechnology sector is at a pivotal point, the analyst writes in a research note, after nearly two years of selloffs and downgradings brought on by weak product sales as well as problems with product globalization. According to Citi, sustainable innovation was supported by domestic policy changes as of 2023, and some companies’ globalization pipelines showed growth.
HUTCHMED Reports 2023 Interim Results and Provides Business Updates
On July 31, 2023, Hutchmed reported its unaudited financial results for the six months ended June 30, 2023. Hutchmed reports 1H EPS 19c versus the consensus estimate of (19c) last year. The company reported 1H revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... $532.9M versus the $202M last year. Revenue grew 164% (173% CER) to US$533 million, with net income to HUTCHMED of US$169 million (which include US$259 million of the upfront recognized from Takeda).
Simon To, Executive Chairman of HUTCHMED, said, “The first half of 2023 has been successful for HUTCHMED. In late 2022, we announced our pipeline prioritization plan and intention to seek global partners to bring our medicines to help patients outside of China. Six months later, this strategy is already delivering significant results to our operations. We are successfully navigating the current challenging capital markets, while making significant progress towards our goal of becoming a self-sustaining, truly global biopharma company. Crucially, it means that we are well positioned to reach more patients than ever with our medicines. In March, we closed a licensing deal for fruquintinib with Takeda and we are confident that they have the commitment, expertise, and commercial infrastructure to successfully roll out this innovative medicine to patients across the globe. The FDA Priority Review PDUFA date for fruquintinib is now set for November 30 this year, reflecting its potential to deliver significant improvement over currently available treatments.”
Biopharmaceutical company says it expects to reach profitability in 2025
Hutchison MediPharma, known as HutchMed, is a biopharmaceutical company focused on the discovery, development, and commercialization of targeted therapies for the treatment of cancer and immune diseases. The company combines research and development capabilities with a commercial infrastructure to bring innovative medicines to patients in need. HutchMed’s pipeline includes both small molecule drugs and biologics, and they aim to address unmet medical needs and improve the lives of patients worldwide.
