|Hutchison China Meditech
||EPS - Basic
||Market Cap (m)
|Pharmaceuticals & Biotechnology
Hutchison China Meditech Share Discussion Threads
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|Seller cleared, but sector down in last few days and the election announcement caused a currency re-alignment which knocked off a few percent
Lots of news due
I look forward to the AGM again, on Thursday in London, where there will be a great opportunity to meet a number of key new Non Execs|
|1. Big rise in sterling in the UK as a result of election announcement means UK shares were out of sync with US ADR price and were adjusted downwards
2. Biotech sector drop in the U.S yesterday
Great opportunity to buy more shares at a cheaper price IMO|
|Look at the charts for clues, turning down.
Hopefully rounded top, after a few days.|
|No news to support this. Only 1.72k shares traded so far today but the share price is down £1.75 = 5.76% on the FT website. Someone mentioned Tesaro and Genmab as comparators but they are down 0.09% and up 1.1% respectively so it's not a sector problem. Mm's playing games?|
|Any reason behind today's big drop?|
|Big Pharma is expensive but I think they will deploy any newly raised funds wisely.
They have a clear vision and a strategy they are executing against.
One aspect they are not too happy about is giving away rights to Savolitinib and Frquintinib a few years ago in order to raise cash for further development.
If I had to guess I would say any new cash could be used to buy out Eli Lilly on Frquintinib if Lilly choose not to exercise their right to take it global. That decision has to be made any day now, or they can defer for a year and pay a higher milestone fee.
Whatever happens we have a lot of news due on numerous fronts very soon and the AGM on the 27th of course. Always an interesting meeting.|
HCM have always made it clear they will raise more cash as they progress to more phase 3 trials. They are certainly not an ordinary aim outfit. No alarms have been rung by that filing.|
|All this still to come in the next few weeks and months
Savolitinib Phase III in c-Met-driven PRCC - will include large up-front Milestone payment
Epitinib Phase II/III in first-line patients with EGFR-mutant NSCLC with brain metastasis
Savolitinib Phase III in combination with Tagrisso® (osimertinib) in second-line NSCLC (T790M-/c-Met+
Fruquintinib NDA in China by mid 2017 - Milestone due
$40m dividend due from Commercial JV by end June
Savolitinib PRCC Possible U.S. NDA under BT designation in 2017
Lilly decision by end May on whether to commercialise Fruquintinib outside of China (decision can be delayed for a further year if they wish, but will have to pay more)|
|But they have a great track record of using cash and funds to create value, they won't be raising funds to just keep the lights on. Pharma is a very expensive long term business but the potential rewards for late stage companies are large - look at Genmab and Tesaro as examples of where we will be in the next 2 or 3 years|
I agree; however the way they have handled it does make them look like an ordinary little AIM company , and will certainly ring alarm bells where none is needed.
One week emphasisiing that they have two years cash to analyst briefings and the next issuing an SEC filing authorising a placing will put a large dent in the confidence that analysts place in the management and question future statements.
They need to ensure that they differentiate themselves by having clear , consistent and timely information to both US and UK investors.
Poorly handled listing , inconsistent communication of fund raising intention = two strikes. Three and I'm out.|
|HCM today issued an SEC filing that authorises them to place more ADS .
Given that they spent a lot of time explaining that they have enough cash for two years, its difficult to understand the timing of this. An RNS for UK shareholders would also have been nice.
Can't help feeling that their IR department is out of its depth in the US.|
|R & D briefings from London and NYC are now available via the Company website
Towards the end our CEO gives a great overview of the manufacturing and commercialisation and compliance functions that are built and ready to start producing and marketing Fruquintinib once the CFDA give approval|
|Many thanks Nerd, keep up the top class service here,
you are doing an outstanding job.
Quiet bb's are often the best, I have been amazed that this has not attracted moere attention on here.
My final decision after years to join for once was a triumph of timing.... so far !
|yes, clearly the NASDAQ ADR's are in charge of valuing the Business now, higher volumes too. But there's no chance the prices can get too far out of step, they may on a daily basis but they do adjust over a period of a few days.
I really enjoyed the R&D session yesterday and was interested in the info we were given about the manufacturing, marketing and regulatory back office functions. Everything is in place for us to manufacture and market our first drug Fruquintinib.|
|London out of sync again.....Closed at £33 equivalent in New York|
|Everything in place and our fantastically talented CSO Dr Su now on the Board, excellent..........
We have a fantastic Board with a great mix of commercial and scientific talent
The Company is in great shape for the big push forward to become a large Biopharma over the next few years
Brilliant long term investment opportunity|
|All these to come soon (well, during FY17) and many are very material
Target to publish data on 4 drug candidates in 5 Phase II-III studies:
1. Phase II median overall survival data in PRCC patients;
2. Phase IIb data in second-line NSCLC combinations with Tagrisso® & Iressa®;
3. Phase II dose finding data in ccRCC combination with durvalumab (PD-L1).
4. Phase III FRESCO study full data set publication in CRC patients.
5. Preliminary Phase II proof-of-concept data in medullary and differentiated thyroid cancer patients.
6. Preliminary Phase Ib proof-of-concept data in hematological cancer patients.
Target to achieve multiple late-stage/global clinical & regulatory milestones by end of 2017:
1. Initiate global Phase III study in PRCC patients;
2. Initiate global Phase III study in second-line NSCLC in combination with Tagrisso®;
3. Submit New Drug Application (“NDA”) in China in third-line CRC;
4. Initiate China Phase III study in second-line gastric cancer patients;
5. Complete enrollment of Phase III FALUCA study in third-line NSCLC;
6. Initiate U.S. Phase I bridging study in Caucasian patients.
7. Initiate China Phase III study in first-line EGFR-mutant NSCLC patients with brain metastasis;
8. Initiate China Phase II study in glioblastoma (primary brain cancer).
9. Initiate U.S. Phase II study in NET patients.
Initiate Australian Phase Ib/II expansion study in hematological cancer patients.
11. Initiate Phase I studies in China in hematological cancer patients.
12. Initiate Phase I studies in Australia/China in solid tumor patients.|
|New York closes at £31 equivalent,London decides to push the price down on limited volume,offering stock at a £29-75,4% lower.Time will tell who wins the day.|
|Yes, co-ordinate buying by the Board including the new Non Execs - they know what the company will be worth in a few years time for sure.........
I look forward to meeting the new Non Execs at the AGM on the 27th April|
|BOD. buying en masse, tasty. Just what we need on a Monday am.|
|Yes,market makers will deal in either quote.The other day,when they were bidding well below the closing price in New York,it's more than likely that they had gone short on the Nasdaq with the intention of trying to square their position by potentially buying back cheap stock in London.They will arbitrage the position quite happily especially when they benefit from a wide spread.You have to check both markets and bear in mind that brokers will be trading away on both sides of the Atlantic.|
Also I notice that when you buy ADR's your Broker may end up sourcing AIM shares and when you buy AIM shares the Broker may end up sourcing ADR's in the background.
In other words there is a way in which both exchanges can interchange or internally trade the two types of securities. There is some information on HCM's website about it.|
|The arrival of sustained US interest will dictate the price here.Recently,the value of dealings on the NASDAQ market has been near double the value of trades on the London market.The London market likes to use a wide spread to manoeuvre during the hours when it is the only exchange making a quote but has to fall into line when New York opens.Back in the 1980s,London dealings in Glaxo became subordinated to those in ADRs in New York and,writ small,this will happen here.Presentations in the US is all part and parcel of wooing US investors and any future financing is likely to be concentrated there.Currency considerations are also paramount.The ADS's offer a dollar exposure,preferable to purchasing a sterling denominated AIM listed stock .I don't know whether a UK domiciled broker like Panmure is going to be that influential going forward.The US will determine whether the stock is to be considered cheap or dear and the weight of money looking to buy will be key.|
|I think the current valuation is right, I never understood the lack of enthusiasm by U.S. Institutional Investors until but big volumes since the FY16 results
The Company has done a brilliant job in quantifying the types of numbers we will see from drug candidates
This is another Genmab IMO
$10bn mcap by 2020, $15bn by 2025 IMO
And we have some very material developments that could occur shortly as our CEO said on the video last week - something is brewing|