Goldman Sachs upgraded TG Therapeutics to Neutral from Sell with a price target of $12, down from $16. The shares closed down 50% following the Q2 report and now better reflect the outlook for Briumvi, the analyst tells investors in a research note. The “disappointing quarter” shows that Briumvi will struggle to gain share in a relatively mature market for CD20-directed therapies in multiple sclerosis, the analyst tells investors in a research note. However, the firm believes TG’s valuation now more appropriately reflects the commercial outlook for Briumvi, including its 65% below consensus estimates for peak sales of $800M.
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