rock (RHHBY) unveiled positive results for a rival to Therapeutic TG‘ (TGTX) one-hour infusion for patients with multiple sclerosis, and the stock of TGTX collapsed.
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Swiss pharmaceutical company Roche has tested an injection under the skin of its flagship treatment for multiple sclerosis, Ocrevus. The 10-minute twice-a-year injection has proven to be no inferior to the first iteration of Ocrevus, a six-monthly 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 won approval in December for a one-hour biannual infusion to treat multiple sclerosis called Briumvi.
In premarket trading on the stock market today, TGTX stock plunged 8.5% around 11:30 p.m. The Roche action did not move.
TG Therapeutics stock has the best possible relative strength rating of 99. This means that TGTX stock ranks in the top 1% of all stocks when it comes to 12-month performance, according to IBD Digital.
More soon.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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