Deutsche Bank analyst Cyrus Ng upgraded Hutchmed to Buy from Hold with a price target of $22.10, up from $20. The analyst says approval of Fruquintinib in the U.S. validates Hutchmed’s capabilities. With Fruquintinib being approved by the FDA for the treatment of metastatic colorectal cancer, just months after the overseas rights were out-licensed to Takeda, Hutchmed can “rapidly unleash” its overseas market potential, the analyst tells investors in a research note. The firm says that supported by Takeda, the first prescription has been given just 48 hours after the official approval.
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