US Stock Market Move | HUTCHMED (HCM.US) falls 7%, Hong Kong stocks fall 6.13% today.

On Tuesday, HUTCHMED (HCM.US) stock price fell, as of the time of writing, the stock dropped by 7% to $16.08. Hong Kong stocks fell by 6.13% today. In terms of news, HUTCHMED announced at the end of last month that it had voluntarily withdrawn its New Drug Application for the combination of fruquintinib and paclitaxel for the second-line treatment of advanced gastric cancer and gastroesophageal junction adenocarcinoma in China, and will evaluate a new registration pathway. Based on recent discussions with the National Medical Products Administration, HUTCHMED believes that the submitted data may not currently support approval in China. Citigroup released a research report stating that the impact of the above events on HUTCHMED is slight, and that market pessimism may already be reflected in its weak stock performance. The bank believes that investors should pay attention to the ongoing overseas sales trends of fruquintinib, the submission of the New Drug Application for savolitinib to the FDA this year, and the approval of surufatinib, among other factors.