Canaccord Genuity analyst John Newman maintained a Buy rating on Hutchison China MediTech Ltd (NASDAQ: HCM) today and set a price target of $45. The company’s shares opened today at $30.
Newman said:
“We remind investors that the Phase 3 FRESCO study reported 9.3 months Overall Survival vs 6.57 months placebo. We also note that fruquintinib showed a strong safety profile, with no off-target liver toxicity in the Chinese patients vs regorafenib, which showed significantly higher rates of off-target liver toxicity, thus placing fruquintinib as the best-in-class therapy for 3L CRC. Reiterate focus on savolitinib development in NSCLC, which is a key US entry point We reiterate key focus on savolitinib’s development in NSCLC, which should give HCM access to the US market in collaboration with AZN. Per 2Q18 update, AZN is proceeding with a global pivotal Phase 2/3 trial for savolitinib + Tagrisso in 2L first-generation EGFR- TKI refractory, c-Met+, T790M- NSCLC, with trial initiation expected by 1H19.”
According to TipRanks.com, Newman is a 5-star analyst with an average return of 18.3% and a 48.8% success rate. Newman covers the Healthcare sector, focusing on stocks such as Gemphire Therapeutics, Atara Biotherapeutics, and Aldeyra Therapeutics.
Hutchison China MediTech Ltd has an analyst consensus of Moderate Buy, with a price target consensus of $45.
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The company has a one-year high of $42.25 and a one-year low of $24.95. Currently, Hutchison China MediTech Ltd has an average volume of 94.91K.
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Hutchison China MediTech Ltd. is a holding company, which engages in the research and development, manufactures, and sells pharmaceuticals and health oriented consumer products. It operates through the Innovation Platform and Commercial Platform segments.
