Citigroup has raised its price target for HUTCHMED (HKEX: 00013) to HK$39, up from HK$36, while keeping a “Buy” and “High Risk” rating on the stock. The brokerage also increased its revenue forecasts for the company’s oncology and immunology segments for 2026 through 2028 by 27%, 26%, and 14%, respectively, and lifted its earnings per share estimates to US$0.08, US$0.09, and US$0.13 for those years.

The move follows the licensing agreement between HUTCHMED and GSK for HMPL-A830 (KRAS-EGFR ATTC). Citigroup believes that GSK’s endorsement validates the ATTC platform concept, and notes the deal was struck earlier than the bank had anticipated.

Additionally, Citigroup projects that HMPL-A251 and HMPL-A580 will see their first patient dosing between the end of this year and early next year. At that stage, more human clinical data is expected to further substantiate the ATTC platform's potential.