On May 2, 2022, before trading hours, HUTCHMED announced that the U.S. Food and Drug Administration (FDA) rejected HUTCHMED’s application seeking approval of surufatinib to treat certain neuroendocrine tumors, noting that the data submitted did not support an approval and a multi-regional clinical trial is required.
On this news, HUTCHMED’s American depositary share (ADS) price fell $2.86 per share, or 18%, to close at $12.23 per share on May 2, 2022.