Few things give pharmaceutical companies like TG Therapeutics (NASDAQ:TGTX) a boost like a drug approved by the FDA. That’s just what happened today, even if investors took profits as the day went on.
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TG Therapeutics landed approval for ublituximab, to be sold under its much less cumbersome name Briumvi. Briumvi, a directed-antibody treatment, will prove useful for at least some adults with multiple sclerosis. More specifically, for adults with a relapsing form of the disease. The stakes were certainly high for this treatment to land; one source suggested that Briumvi could be worth as much as $1 billion in annual sales within the next two years.
The sheer potential got plenty of investors interested; TG Therapeutics lost ground in the three sessions before announcing the FDA approval of Briumvi. Today it was up as much as 47% in afternoon trading before ultimately closing the session up 8%. Reports note that TG Therapeutics is looking for a big win, particularly after having to pull out its lymphatic cancer drug earlier this year.
Interestingly, while investors were turning up their noses at the company, hedge funds have been piling on. Hedge funds added 956,600 shares last quarter, and the current opinion on the stock is Positive. Moreover, this is the third consecutive quarter that hedge funds added to their TG Therapeutics holdings.
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