TG Therapeutics stock popped 11% on Wednesday: here’s why

Shares of TG Therapeutics Inc (NASDAQ: TGTX) opened 11% up on Wednesday after the biopharmaceutical firm said it sees a meaningful increase in its revenue from Briumvi this year.

TG Therapeutics issues outlook for 2024

The Nasdaq-listed firm is expected to have concluded 2023 with about $89 million in U.S. net product revenue from its treatment for multiple sclerosis.

And an anticipated increase in Briumvi sales will see it bring in another $220 million to $260 million this year, as per a press release this morning in which Michael S. Weiss – the chief executive of TG Therapeutics said:

We have our sights set on achieving revenue and expense targets and have built an ambitious plan to expand the utility Briumvi into new indications and for use as subcutaneous injection.

TG Therapeutics stock has rallied close to 250% in less than three months.

Why else is TG Therapeutics stock up today?

TG Therapeutics Inc is trending up today also because the biotech announced to have acquired a worldwide license for Azercabtagene Zapreleucel of Precision BioSciences Inc.

Azer-cel is a CAR T cell therapy that CEO Weiss is convinced “has the potential to become a meaningful therapy to treat various autoimmune disorders”. It is effective for other non-oncology indications as well.

Note that the biopharmaceutical company is now targeting about $250 million of operating expenses in full year 2024.  

Wall Street currently has a consensus “overweight” rating on TG Therapeutics stock that does not pay a dividend yield at writing.

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