HK Stock Market Move | HUTCHMED (00013) rises over 3%; Citi is bullish on the commercialization prospects of savolitinib, with further upside potential in the drug's first-line opportunity.

HUTCHMED (00013) rose over 3%, up 4.11% as of press time at HK$22.78, with turnover of HK$39.7005 million. On the news front, Citi released a research report stating that the bank held an expert meeting with the principal investigator of SANOVO on November 5, further reinforcing its positive view on the potential of savolitinib in first-line and post-osimertinib EGFR-mutant non-small cell lung cancer, maintaining a "Buy/High Risk" rating and listing HUTCHMED as a new top pick, with the target price raised from HK$40.1 to HK$43.2. The bank believes that, based on strong SAFFRON data, the new drug application for savolitinib has already been submitted in the United States and accepted in Japan and Europe, and HUTCHMED management expects overseas approval possibly in fiscal year 2027; the bank is bullish on the commercialization prospects and believes savolitinib can become a blockbuster drug with billion-dollar-level sales, with further upside potential in the first-line opportunity. The bank raised its FY2027/FY2028 revenue forecasts by 4% and 2%, and raised its earnings per share forecasts by 15% and 5%, mainly reflecting the potential overseas approval of savolitinib and adjustments to epidemiological models.