Roche (RHHBY) unveiled positive results Thursday for a rival to TG Therapeutics‘ (TGTX) one-hour infusion for multiple sclerosis patients, and TGTX stock crashed.
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Swiss pharma Roche tested an under-the-skin injection of its blockbuster multiple sclerosis treatment, Ocrevus. The twice annual, 10-minute injection proved it wasn’t inferior to the first iteration of Ocrevus, a twice-yearly infusion that takes two-and-a-half hours each time to administer.
Roche says it wants to expand Ocrevus to countries where there are fewer infusion centers. But investors hammered TGTX stock. TG Therapeutics gained approval in December for a twice-annual, one-hour infusion to treat multiple sclerosis called Briumvi.
In premarket trading on today’s stock market, TGTX stock plunged 8.5% near 23.30. Roche stock was unmoved.
TG Therapeutics stock has a best-possible Relative Strength Rating of 99. This means TGTX stock ranks in the top 1% of all stocks when it comes to 12-month performance, according to IBD Digital.
More to follow.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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