TG Therapeutics' stock rockets after blowout earnings
By Tomi Kilgore
Biotech's stock sees biggest gain in a year on heavy volume
Shares of TG Therapeutics Inc. blasted off in very active trading Wednesday, after the biopharmaceutical company reported third-quarter results that were multiples above what was expected, as adoption of its multiple sclerosis treatment Briumvi "continues to grow."
The stock (TGTX) shot up 26.7% in morning trading, which puts it on track for the biggest one-day gain since it ran up 63.4% on Nov. 10, 2022. Trading volume swelled to 24 million shares, compared with the full-day average over the past 30 days of about 4.3 million shares.
For the quarter to Sept. 30, TG swung to net income of $113.9 million, or 73 cents a share, from a loss of $35.8 million, or 26 cents a share, in the same period a year ago. That beat the average analyst estimate compiled by FactSet of 11 cents a share.
Revenue shot up to $165.8 million from $94,000 a year ago, well above the FactSet consensus of $23.2 million. Total revenue included $140.7 million in license, milestone and other revenue and $25.1 million in product revenue.
"The adoption of Briumvi from both healthcare providers and centers continues to grow, which I believe positions us to close out the year on a positive note and I am excited for 2024 and for the future of Briumvi and TG," said Chief Executive Michael Weiss.
Cash and cash equivalents totaled $229.2 million as of Sept. 30, which combined with expected product revenue from Briumvi, will be sufficient to fund planned operations until cash flow turns positive.
The stock has still lost 6.7% over the past three months, while the iShares Biotechnology ETF IBB has dropped 11.3% and the S&P 500 index SPX has declined 8%.
-Tomi Kilgore
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
11-01-23 1028ET
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