TG Therapeutics contact with VA ‘unequivocal win,’ says JPMorgan

JPMorgan views the Department of Veterans Affairs awarding TG Therapeutics an anti-CD20 antibody contract for Briumvi as an “unequivocal win for TGTX on two fronts.” The first being Briumvi securing a durable revenue stream and the second being the benefit to brand awareness as the preferred agent by a large institution, the analyst tells investors in a research note. The firm anticipates a near-term sentiment boost to the shares. However, with the Street “narrowly focusing on forward quarter performance,” it may take the setup of Q1 beat and/or raise to fiscal 2204 guidance for TG shares to resume an upward momentum, says JPMorgan. It has an Overweight rating on the shares with a $25 price target.