HUTCHMED (00013) Surges Over 6% Intraday; Citi Says Business Operations Have Reached an Inflection Point, ATTC Platform Value Set to Emerge

Stock News15:58

HUTCHMED (00013) rose more than 6% intraday. As of press time, the stock was up 3.92% at HK$22.28, with a turnover of HK$128 million.

On the news front, HUTCHMED announced in late September that AstraZeneca has submitted a New Drug Application to the U.S. FDA for the combination therapy of Orpathys and Tagrisso, for the treatment of patients with locally advanced or metastatic non-small cell lung cancer with MET overexpression or amplification who have experienced disease progression during or after treatment with an EGFR TKI. The SAFFRON global Phase III study showed that the combination therapy demonstrated improvements in both progression-free survival and overall survival.

Citi issued a research report stating that HUTCHMED's business operations have reached an inflection point driven by innovation, clinical progress, and sales recovery. The bank believes that with the disclosure of data or continued deal-making, the value of the ATTC platform will become more concrete. It also expects positive readout data from SAFFRON and SANOVO.

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