Sometimes, particularly where biotech stocks are involved, a little positive word from analysts is all the trigger they need to explode to the upside. That’s what happened after Cantor Fitzgerald analysts dropped a little love into TG Therapeutics (NASDAQ:TGTX) and sent it surging over 22% in Monday’s trading.
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Cantor Fitzgerald analyst Prakhar Agrawal offered up the catalytic commentary on this one, noting that TG had one big winner in the form of Briumvi. Sales are already brisk, even though Briumvi was only recently approved. In fact, Agrawal notes, sales are already sufficiently brisk that they’re likely to break consensus estimates before too much longer. And the price tag on Briumvi certainly doesn’t hurt, at least, not for TG Therapeutics; the treatment—an “anti-CD20 monoclonal antibody”—is available for $59,000 on an annualized basis.
Already, $3.3 million worth of Briumvi sales emerged in March. Given that February’s totals were only around half a million, that’s a significant uptick and one that represents strong growth potential. Not everyone is so sure about Briumvi’s chances, though; Bank of America analyst Alec Stranahan notes that TG Therapeutics’ numbers are pretty slim when matched against rival Roche (OTC:RHHBY) and its Ocrevus treatment. Back in December, Stranahan noted that Briumvi was launching into a “bearish setup,” and he seems to be holding to that point.
Despite this, TG Therapeutics enjoys overwhelming analyst support. With six Buy recommendations and one Sell, TGTX stock is considered a Moderate Buy. Further, with an average price target of $22.14, TG Therapeutics stock enjoys 16.47% upside potential.
