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TG Therapeutics (NASDAQ:TGTX) added ~22% Monday after Cantor Fitzgerald cited robust gross sales information for its newly authorized a number of sclerosis remedy Briumvi and argued that the biotech would probably meet or exceed the present consensus for the monoclonal antibody.
In December, the FDA authorized Briumvi for sure adults with relapsing types of a number of sclerosis (RMS). The corporate launched the anti-CD20 monoclonal antibody at an annualized upkeep value of $59K in January.
Quoting Symphony Well being information, Cantor analyst Prakhar Agrawal notes $3.3M of Briumvi gross sales in March and highlights a robust progress momentum from February when gross sales stood at ~$0.5M.
“We estimate that Briumvi is prone to meet/exceed the present 1Q23 consensus income estimates,” Agrawal wrote with an Obese ranking and a $24 per share goal on the inventory.
The analyst expects a robust response in TGTX shares after February gross sales information sparked issues over a possible miss in Q1 revenues. He argues that given the “soar in March gross sales, this could now not be a priority.”
Nonetheless, with an Underperform ranking on TGTX, Financial institution of America stated that Monday’s rally was overdone. Even assuming a consensus beating $1M – $2M gross sales for Q1 2023, the analyst Alec Stranahan argues that the numbers have been small in comparison with rival MS remedy Ocrevus from Roche (OTCQX:RHHBY).
Learn: In search of Alpha contributor LB Analysis highlights the challenges TG Therapeutics (TGTX) faces in launching Briumvi at a decrease price however for a crowded market.
