US Stock Market News | Hutchmed China fell 7% Hong Kong stocks fell 6.13% today
On Tuesday, HUTCHMED's stock price fell, with the stock down 7% to $16.08 as of the time of publication. Hong Kong stocks fell by 6.13% today. In terms of news, HUTCHMED announced at the end of last month that it had voluntarily withdrawn the new indication application for the combination of fruquintinib and paclitaxel for second-line treatment of advanced gastric cancer and gastroesophageal junction adenocarcinoma in China, and will evaluate a new registration pathway. Based on recent discussions with the National Medical Products Administration, HUTCHMED conducted an internal reassessment of the existing data and believes that the submitted data may not currently support approval in China. Citigroup released a research report stating that the impact of the above events on HUTCHMED is minor, and that the market's pessimism may already be reflected in its weak stock performance. The bank believes that investors should pay attention to factors such as the continued overseas sales trend of fruquintinib, the submission of surufatinib to the U.S. Food and Drug Administration this year, and the approval of savolitinib
According to the information from Zhitong Finance and Economics APP, on Tuesday, HUTCHMED (HCM.US) saw a decline in stock price, with the stock falling by 7% to $16.08 as of the time of publication. The Hong Kong stock market also dropped by 6.13% today. In terms of news, HUTCHMED announced at the end of last month that it had voluntarily withdrawn the new indication application for the combination of fruquintinib and paclitaxel for the second-line treatment of advanced gastric cancer and gastroesophageal junction adenocarcinoma in China, and will evaluate a new registration pathway. Based on recent discussions with the National Medical Products Administration, HUTCHMED believes that the existing data may not currently support approval in China after re-evaluating the data package. Citigroup released a research report stating that the impact of the above events on HUTCHMED is minor, and that the market's pessimism may have already been reflected in its weak stock performance. The bank believes that investors should pay attention to the continued overseas sales trend of fruquintinib, the submission of the savolitinib application to the U.S. Food and Drug Administration later this year, and the approval of surufatinib, among other factors