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

HUTCHMED (China) Limited (NASDAQ:HCM) gapped down before the market opened on Friday . The stock had previously closed at $18.43, but opened at $17.02. HUTCHMED shares last traded at $16.93, with a volume of 25,371 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of HUTCHMED from a “buy” rating to a “hold” rating in a research report on Monday, November 18th.

HUTCHMED Stock Performance

The firm’s 50 day moving average price is $18.86 and its 200-day moving average price is $18.46. The company has a quick ratio of 2.68, a current ratio of 2.81 and a debt-to-equity ratio of 0.07.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in HCM. Public Employees Retirement System of Ohio bought a new position in HUTCHMED during the third quarter valued at approximately $35,000. Jane Street Group LLC lifted its position in HUTCHMED by 362.2% during the third quarter. Jane Street Group LLC now owns 62,997 shares of the company’s stock valued at $1,305,000 after purchasing an additional 49,366 shares during the period. State Street Corp lifted its position in HUTCHMED by 0.9% during the third quarter. State Street Corp now owns 349,524 shares of the company’s stock valued at $6,826,000 after purchasing an additional 3,078 shares during the period. Point72 Hong Kong Ltd bought a new position in HUTCHMED during the third quarter valued at approximately $421,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in HUTCHMED by 99.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 48,724 shares of the company’s stock valued at $952,000 after purchasing an additional 24,245 shares during the period. Institutional investors 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.