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TG Therapeutics (NASDAQ:TGTX) added ~22% On Monday, after Cantor Fitzgerald cited strong sales data for his recently approved multiple sclerosis therapy Briumvi, arguing that biotech would likely meet or exceed the current consensus for the monoclonal antibody.
In December, the FDA approved Briumvi for certain adults with relapsing forms of multiple sclerosis (MRD). The company launched the anti-CD20 monoclonal antibody in an annualized maintenance $59K price in January.
Citing data from Symphony Health, Cantor analyst Prakhar Agrawal notes $3.3m of Briumvi sales in March and highlights strong growth momentum since February, when sales stood at ~$0.5m.
“We estimate that Briumvi is likely to meet or exceed current consensus revenue estimates for 1Q23,” Agrawal wrote with an Overweight rating and a target of $24 per share on the stock.
The analyst expects a strong reaction in TGTX shares after February sales data raised concerns about a possible loss of revenue in the first quarter. He argues that given the “jump in March sales, this should no longer be a concern.”
However, with an Underperform rating on TGTX, Bank of America said Monday’s rally was overblown. Even assuming a consensus of surpassing sales of $1 million to $2 million by the first quarter of 2023, analyst Alec Stranahan argues that the numbers were small compared to rival MS therapy Ocrevus from Roche (OTCQX: RHHBY). .
Read: Seeking Alpha Contributor LB Research Highlights Challenges TG Therapeutics (TGTX) Faces In Launching Briumvi At Lower Cost But To A Saturated Market.