Biotech Reverses Breakout As Light Profit Undoes Sales Beat

TG Therapeutics (TGTX) stock crashed Monday — reversing a breakout — after missing third-quarter profit expectations, though sales of its multiple sclerosis treatment beat forecasts.

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During the three months ended Sept. 30, TG Therapeutics earned 2 cents per share. That missed the Street’s view by a penny, according to FactSet. On an adjusted basis, earnings came in at 4 cents per share, meeting expectations. Earnings also tumbled markedly from the year-earlier period.

Sales of Briumvi, the MS drug, topped expectations at $83.3 million.

For the year, TG Therapeutics now expects $300 million to $305 million in sales of Briumvi. That’s up $7.5 million, at the midpoint, from the company’s previous outlook.

But in premarket trades on today’s stock market, TG Therapeutics stock tumbled 14% to 23.14. Shares look likely to undercut a buy point at 26.41 out of a cup base, according to MarketSurge.

More to follow.

Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.

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