BofA analyst Alec Stranahan lowered the firm’s price target on Hutchmed (HCM) to $26 from $30 and keeps a Buy rating on the shares. While political and rate uncertainty continues to be an overhang, the firm views the health of the Biopharma sector as “markedly improved from 2022 lows.” For stocks in its coverage, the firm continues to like late-stage clinical or early launch stories, although it sees Phase 1 clinical programs with derisking data and near-term catalysts as “increasingly areas of investor focus,” the analyst tells investors in a sector outlook note.
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Read More on HCM:
- Morning Movers: Neumora Therapeutics plummets after KOASTAL-1 misses endpoint
- Hutchmed announces NDA acceptance in China, payment from AstraZeneca
- Hutchmed divests 45% interest in Shanghai Hutchison for $608M
- Hutchmed to receive milestone payment from Takeda
- Hutchmed announces BTD in China for Orpathys, Tagrisso combination
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