2025-06-05-Jefferies-和记黄埔医药（HCM）_辛达克斯制药公司（SNDX）_杰富瑞全球医疗会议第二天_Syndax_Pharmaceuticals（SNDX）和和记黄埔医药（HCM）_8页_121kb

Hutchmed (ticker: HCM) is a biopharmaceutical company developing treatments for oncology and autoimmune diseases. It is rated "Buy" with a price target of $39, based on a DCF model. The company has a strong balance sheet with over $1 billion in cash, enabling potential business development deals. Key developments include the global launch of its partnered drug Fruzaqla (vequintinib) for mCRC, with ongoing studies in Harvati fusions and partnerships. It has received NDA acceptance in China for combination therapy, and its MET inhibitor is showing significant efficacy in post-EGFR TKI patients, with planned expansion. Risks include regulatory approvals, competitive pressures, and manufacturing challenges.

Syndax Pharmaceuticals (ticker: SNDX) is a clinical-stage biopharmaceutical company focusing on cancer therapies. It is rated "Buy" with a $43 price target, driven by sales from its products revumenib and axatilimab. Management highlighted 2025 as transformative, with two commercial products launched, including SNDA submission for r/r mNPM1 AML, expected approval by YE 2025, and plans to report updated AML data at EHA'25 and initial Phase 1 combo data in Q4 2025. Key products like revumenib are achieving high market penetration and formulary coverage. Risks include clinical trial outcomes, regulatory delays, and competition.

Both companies are viewed positively by Jefferies for 2025, with emphasis on commercial milestones, data readouts, and growth potential.