Why TG Therapeutics Stock Was Rocketing Higher This Week

Motley Fool05-03

Bolstered by sales of its one commercialized product, the biotech's revenue rose sharply in the first quarter. TG Therapeutics missed on the bottom line, but investors were more cheered by the ...

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It unveiled its first-quarter fundamentals on Wednesday, and was quite the hot item in subsequent days. According to data compiled by S&P Global Market Intelligence, as of early Friday morning its share price was up by almost 22% week to date.A convincing first-quarter revenue beatTG Therapeutics' nearly $50.5 million in first-quarter product revenue derived entirely from sales of its drug Briumvi, which treats relapsing multiple sclerosis (RMS). Combining that with license, milestone, and royalty revenue, the biotech company's top line totaled just under $63.5 million.Briumvi won its first Food and Drug Administration (FDA) approval at the end of 2022, so it hasn't been on the market long -- hence the dramatic increase in company revenue over the first-quarter 2023 tally of $7.8 million.As for the bottom line: With that ballooning revenue, TG Therapeutics managed to narrow its net loss. This was $10.7 million, or $0.07 per share, versus the year-ago deficit of $39.2 million.The company notched a convincing beat on revenue, accompanied by a fairly minor miss on net loss. On average, analysts tracking the stock were estimating $54.6 million on the top line, and a $0.04-per-share net loss.Bullish on BriumviThose Briumvi sales were higher than TG Therapeutics management expected, so it raised its guidance for the drug's full-year performance. 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