TG Therapeutics (TGTX) stock crashed Monday — reversing a breakout — after missing third-quarter profit expectations, though sales of its multiple sclerosis treatment beat forecasts.
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. Analysts projected $77.4 million. But Evercore ISI analyst Michael DiFiore says TG Therapeutics stock took a hit due to Briumvi missing "whisper" expectations for $85 million.
"We think that this morning's negative reaction is perhaps misplaced, however, as TG Therapeutics had signaled second quarter to third quarter growth to be muted due to typical summer seasonality, and that growth would pick up again in the fourth quarter," DiFiore said in a report.
In early trades on today's stock market, TG Therapeutics stock tumbled more than 7% to 24.80. Shares look likely to undercut a buy point at 26.41 out of a cup base, according to MarketSurge.
https://www.investors.com/news/technology/tg-therapeutics-stock-tg-therapeutics-earnings-q3-2024/
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