Citi: HUTCHMED (00013) Innovation, Clinical, and Sales Recovery Inflection Point Approaching; Reiterates "Buy" Rating

Citi issued a research report stating that HUTCHMED (00013) business operations have reached an inflection point driven by innovation, clinical progress, and sales recovery. The bank reiterates its "Buy/High Risk" rating with a target price of HK$40.1. The bank noted the scalability of the antibody-targeted conjugate drug (ATTC) deal potential, as its design is modular across antibodies, customized linkers, and differentiated payloads. The company expects new ATTC and other IND filings in the second half of 2026 to 2027. The bank believes that as data is disclosed or deals continue to be reached, the value of the ATTC platform will become more concrete; it also expects positive readout data from SAFFRON and SANOVO.