TG Therapeutics Inc . (NASDAQ:TGTX) stock soared to a 52-week high, reaching a price level of $28.43. This milestone underscores a period of robust performance for the biopharmaceutical company, which has seen its stock value surge by an impressive 178.4% over the past year. Investors have rallied behind TG Therapeutics, buoyed by promising developments in the company's pipeline and favorable market conditions that have propelled the stock to new heights. The 52-week high represents a significant turnaround and a period of strong investor confidence in the company's growth prospects and strategic direction.
In other recent news, TG Therapeutics has seen a significant increase in its third-quarter revenues, reaching $83.9 million, surpassing H.C. Wainwright's estimate and the consensus. However, the GAAP earnings per share (EPS) for the quarter were $0.02, below the estimated $0.04, while the non-GAAP EPS was $0.10, in line with predictions. In a recent update, H.C. Wainwright raised its target for TG Therapeutics from $49.00 to $55.00, maintaining a Buy rating based on these results.
Research and development (R&D) expenses rose to $17.1 million, and Selling, general, and administrative (SG&A) expenses increased to $33.2 million. The firm's full-year 2024 revenues are estimated to be $317.1 million with a GAAP EPS of $0.07 and a non-GAAP EPS of $0.34.
In other recent developments, the company reported substantial growth in its third-quarter earnings call, with BRIUMVI, their flagship product, achieving US net sales of $83.3 million. This resulted in a 230% year-over-year growth and a 15% increase from the previous quarter. The company has therefore raised its full-year sales guidance for BRIUMVI to between $300 million and $305 million.
Furthermore, TG Therapeutics is exploring a 30-minute infusion method and developing a subcutaneous version of BRIUMVI. Lastly, new label indications for BRIUMVI are in development, with trials expected to initiate in 2024.
InvestingPro Insights
TG Therapeutics' recent stock performance aligns with several key metrics and insights from InvestingPro. The company's stock has demonstrated remarkable strength, with InvestingPro data showing a 158.57% price total return over the past year, corroborating the article's mention of a 178.4% surge. This impressive gain is further supported by strong returns of 27.75% and 39.22% over the last month and three months, respectively.
InvestingPro Tips highlight that TGTX is trading near its 52-week high, which is consistent with the article's main focus. The stock's current price is 99.96% of its 52-week high, indicating sustained investor enthusiasm. Additionally, the company boasts impressive gross profit margins, with InvestingPro data revealing a gross profit margin of 88.31% for the last twelve months as of Q3 2024. This strong profitability at the gross level could be a contributing factor to investor confidence.
While the stock's performance has been stellar, it's worth noting that TGTX operates with a moderate level of debt and was not profitable over the last twelve months. However, analysts predict the company will be profitable this year, which could further fuel investor optimism.
For readers interested in a more comprehensive analysis, InvestingPro offers 12 additional tips for TGTX, providing a deeper understanding of the company's financial health and market position.
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