Hutchmed price target lowered to $20 from $21 at BofA

BofA lowered the firm’s price target on Hutchmed (HCM) to $20 from $21 and keeps a Buy rating on the shares following the news that Ipsen (IPSEY) is initiating a withdrawal and product recall for TAZVERIK after a review of emerging data from the Phase 1b/3 SYMPHONY-1 trial in follicular lymphoma. HUTCHMED and Ipsen are also discontinuing all active clinical trials with tazemetostat, notes the analyst, who removed contribution from tazemetostat from the firm’s model but adds that tazemetostat was “not a significant driver of value” for Hutchmed.