TG Therapeutics jumps 22% as Cantor cites strong Briumvi sales

TG Therapeutics (NASDAQ:TGTX) added ~22% Monday after Cantor Fitzgerald cited strong sales data for its newly approved multiple sclerosis therapy Briumvi and argued that the biotech would likely meet or exceed the current consensus for the monoclonal antibody.

In December, the FDA approved Briumvi for certain adults with relapsing forms of multiple sclerosis (RMS). The company launched the anti-CD20 monoclonal antibody at an annualized maintenance price of $59K in January.

Quoting Symphony Health data, Cantor analyst Prakhar Agrawal notes $3.3M of Briumvi sales in March and highlights a strong growth momentum from February when sales stood at ~$0.5M.

“We estimate that Briumvi is likely to meet/exceed the current 1Q23 consensus revenue estimates,” Agrawal wrote with an Overweight rating and a $24 per share target on the stock.

The analyst expects a strong reaction in TGTX shares after February sales data sparked concerns over a potential miss in Q1 revenues. He argues that given the “jump in March sales, this should no longer be a concern.”

However, with an Underperform rating on TGTX, Bank of America said that Monday’s rally was overdone. Even assuming a consensus beating $1M – $2M sales for Q1 2023, the analyst Alec Stranahan argues that the numbers were small compared to rival MS therapy Ocrevus from Roche (OTCQX:RHHBY).

Read: Seeking Alpha contributor LB Research highlights the challenges TG Therapeutics (TGTX) faces in launching Briumvi at a lower cost but for a crowded market.