TG Therapeutics stock just rallied 30%: what happened?
TG Therapeutics Inc is up 30% on Wednesday even though it reported a wider-than-expected per-share loss for its fiscal first quarter.
Why is TG Therapeutics stock up today?
The biotech stock is being rewarded primarily because the revenue printed at $63.47 million versus analysts at $54.61 million. Michael S. Weiss – the chief executive of TG Therapeutics said in a press release today:
We believe this strong momentum will continue to build throughout 2024 and are pleased to update our yearly guidance to $270 million to $290 million in BRIUMVI U.S. net revenue in 2024.
The Nasdaq-listed firm recorded just over $50 million in BRIUMVI net revenue in the United States – also ahead of the management’s guidance.
TG Therapeutics stock is still down 15% versus its year-to-date high.
What else was noteworthy in $TGTX Q1 report
Note that TG Therapeutics lost 7 cents a share in its first financial quarter which was worse than 4 cents a share that experts had forecast.
This is a developing story. Check back in a few minutes for more updates!
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