TG Therapeutics shares soared Wednesday after sales of the company's new multiple sclerosis treatment met expectations. TGTX stock bounded off its 200-day line.
The drug, known as Briumvi, generated $39.9 million in U.S. sales. That was in line with the company's preannouncement for $40 million in sales.
On today's stock market, TGTX stock rocketed 26.7% to 17.63. Shares bounced off their 200-day moving average and hit their highest point since Jan. 10, the day TG Therapeutics unveiled its preliminary look at fourth-quarter sales. On that day, however, shares collapsed 15.4%, MarketSmith.com shows.
TG Therapeutics: An Easier MS Treatment
TG Therapeutics is marketing Briumvi as an easier option for multiple sclerosis treatment. After initially receiving two loading doses, patients switch to Briumvi's maintenance schedule. That requires a one-hour infusion every six months. Other MS drugs require more frequent infusions.
But on Wednesday, TG reiterated its outlook for $220 million to $260 million in U.S. sales of Briumvi. That missed expectations in January. TGTX stock analysts currently forecast $262.6 million in global sales this year. That includes license, milestone and other sources of revenue.
Is The Biotech Rally Buoying TGTX Stock?
Overall, the biotech segment is experiencing something of a resurgence. The move by TGTX stock is likely part of that. On Tuesday, the SPDR S&P Biotech exchange traded fund closed above 100 for the first time in two years. That was helped by triple-digit moves for Viking Therapeutics and Janux Therapeutics.
On Wednesday, the XBI fund pulled back 1.3%. Numerous stocks notched double-digit gains, led by vTv Therapeutics. That gain was due to a $51 million private placement in vTv shares.
TGTX stock was the second biggest biotech gainer — not including dollar and penny stocks — ahead of Editas Medicine. The latter also issued its fourth-quarter report, though it doesn't yet have a commercial product available.
Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
