TG Therapeutics (TGTX) Stock: More Than Doubles On Positive Data

TG Therapeutics Inc (NASDAQ: TGTX)

TG Therapeutics is having an incredibly strong day in the market today. After starting the trading session off well into the green, the stock has only continued with impressive gains since the opening bell rang. Below, we’ll talk about what we’re seeing from TGTX, why, and what we’ll be watching for with regard to the stock ahead.

What We’re Seeing From TGTX

As mentioned above, TG Therapeutics is having an overwhelmingly strong day in the market today. In fact, at the opening bell, the stock was already trading with impressive gains. However, that wasn’t enough for investors. Within the first 20 minutes of the open, the stock more than doubled. At the moment (9:51), TGTX is trading at $10.95 per share after a gain of $5.60 per share or 104.67% thus far today.

Why The Stock Is Headed Up

As is generally how things play out, our friends at Trade Ideas were the first to alert us about the gains on TGTX. As soon as we received the notification, the CNA Finance team started working to see why the stock was making its way to the top. It didn’t take long to dig up the dirt on this one. Ultimately, the gains are the result of incredibly positive data released surrounding a Phase 3 clinical trial.

Early this morning, TG Therapeutics released data from a combination trial, which combined their own cancer drug, ublituximab with Abbvie Inc’s (ABBV), Imbruvica. According to the data, the combination treatment proved to outperform results from Imbruvica alone in high-risk leukemia patients.

During the Phase 3 clinical study, adult patients with high-risk chronic lymphocytic leukemia (CLL, who had undergone at least one prior therapy were provided with the combination treatment. The goal was to show that there was a statistic improvement in overall response rate by at least 20%. That primary endpoint was reached with TGTX announcing an approximately 30% increase in response rates. As a result, the company will be working with the FDA in an attempt to chart a path toward accelerated approval.

What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will be keeping a close eye on TGTX. In particular, we’ll be watching the company’s dealings with the FDA surrounding the combination treatment and hoping for the best! Nonetheless, we’ll keep a close eye on the story and continue to bring you the updates as they break!

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[Image Courtesy of Pixabay]

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