Commercial-stage biopharmaceutical company TG Therapeutics (Nasdaq: TGTX) in pre-market trading after announcing its preliminary results for Q4 and FY23. The company expects net U.S. product revenues for its new monoclonal antibody BRIUMVI to reach $40 million and $89 million in Q4 and FY23, respectively. Analysts had expected the company to report fourth-quarter revenue of $36.8 million.
TG Therapeutics is targeting net U.S. BRIUMVI product revenues in the range of $41 million to $46 million and $220 million to $260 million for Q1 and FY24, respectively.
In FY24, TGTX looks to begin clinical development of subcutaneous BRIUMVI and will investigate BRIUMVI in additional autoimmune diseases outside of multiple sclerosis (MS).
Is TGTX a good stock to buy?
Analysts remain cautiously optimistic on TGTX stock with a Moderate Buy consensus rating based on three Buys, one Hold and a Sell each. TGTX stock is up more than 70% over the past year, and TGTX’s $23.50 average price target suggests 11.85% upside potential at current levels.