It’s been a huge few days for TG Therapeutics (NASDAQ:TGTX). The revelation of its new multiple sclerosis drug Briumvi is giving it some substantial tailwinds in trading, and Thursday’s trading proved no different.
TG Therapeutics reached a 10-month high in trading on Thursday as it offered new insight on pricing for the treatment. TG Therapeutics’ Chief Commercialization Officer, Adam Waldman, noted that the drug’s price tag would be around $59,000 for the year or approximately $9,800 per vial.
That sounds like a lot on the outside. However, insurance will likely have a lot to do in covering much of that price. This also comes in at a significantly lower price than analysts were looking for. Originally, analysts expected Briumvi to sell at $71,000 annually. That price is actually the market value for similar treatments already available.
TG Therapeutics sorely needed a win like this. Just six months ago, the FDA pulled its approval on Ukoniq, which was a lymphoma treatment and one that was reportedly the first in its class. While Briumvi won’t be first to the market—reports note it will face competition from two drugs: Ocrevus and Kesimpta—it will be among the first, and that’s a positive sign.
The market has been reacting accordingly. Looking at the last five trading days for TG Therapeutics, the stock is up substantially. As of today’s close, it’s up 24.58% just in that time frame. It spiked in trading yesterday and continued its upward momentum into today.
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