TG Therapeutics (NASDAQ:TGTX), the manufacturer of the newly approved MS therapy Briumvi, experienced a 47% collapse at the time of writing, following a disappointing Q2 2023 report that didn’t live up to Wall Street’s expectations. Sales fell short, reporting $16M in net sales for Briumvi since its launch in January after FDA approval for relapsing forms of MS.
In addition, TG Therapeutics’ R&D and SG&A expenses spiked, increasing around 5% and 144% year-over-year, respectively. Consequently, its net loss grew approximately 18% year-over-year to -$47.6M, and cash on hand took a 17% dip compared to the end of 2022. On a brighter note, TG Therapeutics revealed a lucrative agreement with European pharma firm Neuraxpharm, which could yield up to $645M for the non-U.S. commercial rights of Briumvi. The agreement promises TG Therapeutics over $150M upfront, near-term milestones, and tiered double-digit royalties, including a buy-back clause in case of a potential acquisition.
Is TGTX Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on TGTX stock based on six Buys and two Sells assigned in the past three months, as indicated by the graphic above. In addition, the average price target of $30.94 per share implies 177.24% upside potential. However, it’ll be interesting to see if expectations change following today’s results.