In a report released today, Paul Choi from Goldman Sachs maintained a Hold rating on HUTCHMED (HCM – Research Report), with a price target of $17.00.
Paul Choi has given his Hold rating due to a combination of factors surrounding HUTCHMED’s recent performance and future outlook. The company’s second half of 2023 sales figures slightly surpassed the Visible Alpha consensus but did not meet Goldman Sachs’ expectations. Despite this, Choi believes that HUTCHMED’s projected revenue for the next fiscal year in the oncology and immunology sectors is within reach, which suggests a stable financial trajectory for the company.
Furthermore, Choi’s perspective hinges on the potential of HUTCHMED’s international growth, particularly with their drugs like sovleplenib for immune thrombocytopenia and savolitnib for non-small cell lung cancer outside China. The focus on clinical and regulatory progress in these areas could help reinforce the company’s expansion beyond its main domestic market. Despite these prospects, Choi maintains a Neutral stance with a 12-month price target for HUTCHMED, indicating a cautious optimism about the company’s ability to capitalize on these opportunities.
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HUTCHMED (HCM) Company Description:
Hutchison China MediTech Ltd. is a holding company, which engages in the research and development, manufactures, and sells pharmaceuticals and health oriented consumer products. It operates through the Innovation Platform and Commercial Platform segments. The Innovation Platform segment relates to research and development of innovative therapeutics in oncology and autoimmune diseases. The Commercial Platform segment relates to prescription drugs which develops, manufacture, markets, and sale of prescription pharmaceuticals; and consumer health which comprised of development, manufacture, distribution, and marketing of over-the-counter pharmaceuticals, and consumer health products. The company was founded in June 2000 and is headquartered in Hong Kong.
Read More on HCM:
- HUTCHMED Reports 2023 Full Year Results and Provides Business Updates
- HUTCHMED Highlights Presentation of Phase III Data on Fruquintinib in Second-Line Gastric Cancer at ASCO Plenary Series Session
- Hutchmed licenses IMG-007 and IMG-004 to Inmagene
- Hutchmed announces Inmagene licenses two drug candidates from the company
- HUTCHMED Announces that Inmagene Exercises Option to License Two Drug Candidates as Part of Strategic Partnership
