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:

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.