TG Therapeutics stock broke out Monday — topping two buy points — less than two weeks after the biotech company reported a surprise profit for the June quarter.
On the stock market today, TG stock surged 14.1% to 25.19. Shares jumped over a buy point at 23.12 out of a new base and a recent high of 22.15, achieved Aug. 7 after the company's second-quarter report. TG Therapeutics stock hit its highest point since July 2023 in intraday trading Monday, according to MarketSurge.
The "solid" second-quarter report featured a 10% beat for TG Therapeutics' multiple sclerosis drug Briumvi, Evercore ISI analyst Michael DiFiore said in a report. The company also raised its sales outlook by $15 million at the midpoint. Even that looks "easily achievable," DiFiore said.
TG Faces Off With Roche
Briumvi is going up against a giant in multiple sclerosis treatment. Roche sells its drug, Ocrevus, as an intravenous infusion every six months. The treatment takes at least two hours. In comparison, Briumvi's every-six-months infusion requires only an hour.
That could be why sales are on a quick upward trajectory. In the second quarter, sales surged 44% sequentially, following 17% growth in the first. Third-quarter sales are expected to decelerate slightly, but analysts expect Q4 sales to reaccelerate with 24% growth.
It's important to note that Roche is expected to gain approval for an under-the-skin shot version — also called subcutaneous — of Ocrevus in September. TG Therapeutics just started an early-stage study of a subcutaneous version of Briumvi.
TG Therapeutics Stock Is Highly Rated
TG Therapeutics stock ranks fourth on the IBD 50 list of elite growth stocks. Shares also land on the Tech Leaders list.
Shares have strong IBD Digital Relative Strength and Composite ratings of 97. This means TG Therapeutics stock ranks in the top 3% of all stocks in terms of 12-month performance and fundamental and technical measures.
Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
