TG Therapeutics stock just rallied 30%: what happened?

TG Therapeutics Inc (NASDAQ: TGTX) 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.

The biotech firm secured a national contract for BRIUMVI with the Department of Veteran Affairs in Q1 and launched the monoclonal antibody in Germany as well. CEO Weiss also said in the earnings report on Wednesday:

Our clinical goals for the year include enhancing convenient dosing of IV BRIUMVI, developing a subcutaneous form of BRIUMVI, moving BRIUMVI into additional indications beyond MS.

In January, $TGTX acquire a worldwide license for Azer-cel as Invezz reported here. Wall Street currently has a consensus “overweight” rating on TG Therapeutics shares that do not pay a dividend at writing.