Roche unveiled positive results Thursday for a rival to TG Therapeutics' one-hour infusion for multiple sclerosis patients, and TGTX stock crashed.
Swiss pharma Roche tested an under-the-skin injection of its blockbuster multiple sclerosis treatment, Ocrevus. The twice annual, 10-minute injection proved it wasn't inferior to the first iteration of Ocrevus, a twice-yearly infusion that takes two-and-a-half hours each time to administer.
Roche says it wants to expand Ocrevus to countries where there are fewer infusion centers. But investors hammered TGTX stock. TG Therapeutics gained approval in December for a twice-annual, one-hour infusion to treat multiple sclerosis called Briumvi.
On today's stock market, TGTX stock plunged 14.6% to close at 21.75. Roche stock jumped 1.5%, ending the day at 38.87.
TGTX Stock Under Pressure From Next-Gen Ocrevus
Roche tested the injection in patients with relapsing forms of multiple sclerosis or primary progressive multiple sclerosis.
After 12 weeks, patients who received the shot had similar levels of the drug in their blood as recipients of the infusion. MRI imaging also showed similar levels of brain lesions between the two patient groups. Brain lesions are common with multiple sclerosis.
The injection had similar side effects as the original Ocrevus, Roche said. According to Ocrevus' label, the most common side effects are respiratory tract infections and skin infections.
"These results give people living with MS the possibility to receive the transformational benefits of Ocrevus in the way best suited to their lives while freeing up time and health care resources," Roche's chief medical officer Levi Garraway said in a written statement.
The news sent TG Therapeutics stock to its lowest point since April. TG Therapeutics stock has a best-possible Relative Strength Rating of 99. This means TGTX stock ranks in the top 1% of all stocks when it comes to 12-month performance, according to IBD Digital.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
