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Top Analyst Weighs in on TG Therapeutics (TGTX) Following Encouraging ASCO Update

H.C.


TG Therapeutics (NASDAQ:TGTX) shares are surging close to 12% on back of stellar updated clinical data from the biotech firm’s ongoing Phase 2 trial, which has put oral PI3K delta inhibitor umbralisib (TGR-1202) in today’s spotlight. Specifically, the trial is investigating umbralisib in patients with relapsed or refractory Chronic Lymphocytic Leukemia (CLL) with an intolerance to past BTK as well as PI3K delta inhibitor treatment. The data read-out was presented at the 54th annual American Society of Clinical Oncology (ASCO) meeting held in Chicago and has left one bull impressed with the “incrementally positive” update.

Top analyst Edward White at H.C. Wainwright sees an oral PI3K delta inhibitor that is set apart from the competition and takes today’s ASCO data in stride as more evidence bolstering his confident perspective.

As such, the analyst reiterates a Buy rating on TGTX stock with a $38 price target, which implies a 153% upside from current levels.

“Umbralisib demonstrated a favorable safety profile in patients intolerant to prior KI therapy as only 13% discontinued due to an AE due to the drug, of which only one patient discontinued due to a recurrent AE also experienced with prior KI therapy while 6% of patients had dose reductions. As of the cut-off date, 47% of patients have been on umbralisib for a longer duration than their prior KI. These data show that umbralisib is safe and effective, so far, in KI intolerant CLL patients, in our opinion. Nodal reductions were seen in nearly all patients evaluable for response with three patients achieving complete resolution of nodal disease, of which one patient with 17p del achieved a bone marrow confirmed CR. Median progression free survival (PFS) has not been reached with a median follow-up of 9.5 months. Two studies have shown that outcomes for CLL patients after the discontinuation of ibrutinib is poor with mOS in one study 3.1 months and another 3.5 months,” asserts White.

Up next, the analyst has an eye on overall response rate data come this summer from the company’s Phase 3 UNITY-CLL study. Additionally, a filing decision should follow suit for the Phase 3 GENUINE study on back of the outcome of the UNITY-CLL trial as well as outreach to key opinion leaders in the field.

Edward White has a very good TipRanks score with a 55% success rate and a high ranking of #118 out of 4,817 analysts. White yields 26.7% in his annual returns. When recommending TGTX, White garners 30.1% in average profits on the stock.

TipRanks indicates a strong bullish consensus circling TGTX shares, with all 3 analysts polled in the last 3 months rating a Buy on the biotech player. With a monster return potential of nearly 119%, the stock’s consensus target price stands tall at $32.50.