Why Is HUTCHMED Stock Trading Higher Today?

HUTCHMED (China) Limited HCM shares are trading higher on Tuesday after the company initiated enrollment registration for its ongoing Phase 2 trial of HMPL-453 for intrahepatic cholangiocarcinoma patients with fibroblast growth factor receptors 2 fusion.

HMPL-453 is a novel, highly selective and potent inhibitor targeting FGFR 1, 2 and 3. Aberrant FGFR signaling has been found to be a driving force in tumor growth (through tissue growth and repair), promotion of angiogenesis and resistance to anti-tumor therapies.

According to the announcement, If the result is positive, the data from the registration phase may be used to support a future New Drug Application (NDA) filing. The first patient received their first dose in March 2023.

Besides, HUTCHMED reached an agreement to begin the registration phase of the ongoing Phase II trial of savolitinib for gastric cancer patients with MET amplification after consulting with the National Medical Products Administration (NMPA).

HUTCHMED Ltd is an innovative, commercial-stage, biopharmaceutical company.

HCM Price Action: HUTCHMED has a 52-week high of $21.28 and a 52-week low of $7.44.

HUTCHMED shares are up 8.83% at $13.56 at the time of writing, according to Benzinga Pro.