TG Therapeutics stock crashed Monday after the drugmaker reported in-line sales of its bread-and-butter med, Briumvi, but missed second-quarter profit expectations.
During the June quarter, the multiple sclerosis treatment generated $138.8 million in U.S. revenue. That was narrowly above analysts' call for $137.6 million, Evercore ISI analyst Michael DiFiore said in a report to clients.
But adjusted earnings of 17 cents per share missed forecasts by 4 cents due to higher-than-expected operating expenses.
TG Therapeutics stock tumbled 18%, closing at 28.72. Shares fell to their lowest point since February, undercutting the lower boundary of a consolidation with a buy point at 46.48, according to MarketSurge. The move also put TG shares below their 200-day line.
TG Therapeutics Stock Falls Despite Guidance Hike
On a promising note, TG Therapeutics raised its Briumvi guidance for the year. The company now expects $570 million to $575 million in U.S. sales, up from its previous call for $560 million.
Briumvi involves two loading-dose infusions followed by hourlong infusions every six months. Rival products require longer infusions. Now, TG is focusing on adding an under-the-skin shot.
Evercore's DiFiore says investors largely expected TG to raise its outlook "based on mgmt. having raised guidance 3x in 2024, along with bullish commentary back in 1Q regarding April being the highest month of scripts in the hub, ahead of the (direct-to-consumer) campaign," he said.
DiFiore kept his outperform rating on TG Therapeutics stock.
Shares have a Composite Rating of 97, according to IBD Digital. This means TG stock ranks in the top 3% of all stocks when it comes to fundamental and technical measures.
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