Hutchmed downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded Hutchmed (HCM) to Underweight from Equal Weight with a price target of $13.75, down from $18. The company reduced its commercial guidance amid a restructuring and its “lackluster” near-term growth could drive a valuation de-rating, the analyst tells investors in a research note. The firm says Hutchmed’s approved assets could be entering a period of declining product life cycles and patent expirations.