Why TG Therapeutics Stock Is Crushing It Today
TG Therapeutics' (NASDAQ: TGTX) stock was crushing it on Wednesday. Shares of the biopharmaceutical company were soaring 36.4% higher as of 11:32 a.m. ET. The big gain came after TG Therapeutics announced its third-quarter results.
The company reported Q3 revenue of $165.8 million, up from $94 million in the prior-year period. This amount was much higher than the average Wall Street estimate of $46.6 million. TG Therapeutics also generated net income of $113.9 million, or $0.73 per diluted share, compared to a net loss of $35.8 million, or $0.26 per share, in the third quarter of 2022. The average analysts' estimate was for earnings of $0.12 per share.
Much of TG Therapeutics' huge year-over-year revenue increase stemmed from a $140 million up-front payment from Neuraxpharm. The two companies announced an agreement on Aug. 1 for Neuraxpharm to obtain the commercialization rights for multiple sclerosis drug Briumvi outside the U.S.
Source Fool.com
