TG Therapeutics, Inc. (NASDAQ:TGTX) shares are trading lower Tuesday, though the stock remains up 18% over the past five days. Here’s a look at what’s going on.
What To Know:
TG Therapeutics announced that it has entered into an agreement with Precision BioSciences, Inc. (NASDAQ GS: DTIL) to acquire a worldwide license to Precision’s Azercabtagene Zapreleucel (azer-cel), an allogeneic CD19 CAR T cell therapy program for autoimmune diseases and all other non-oncology indications.
Under the terms of the agreement, TG Therapeutics will receive exclusive worldwide rights to develop and commercialize azer-cel in non-oncology indications and in exchange, Precision will receive upfront and potential near-term payments valued at $17.5 million.
“We are excited to expand our autoimmune portfolio and leverage our robust drug development and commercialization expertise in partnering with Precision on this CAR T program. We look forward to exploring azer-cel’s potential to be a meaningful therapy for patients with various autoimmune disorders with a target IND filing mid-2024,” said Michael S. Weiss, CEO of TG Therapeutics.
According to data from Benzinga Pro, TG Therapeutics shares are trading above the stock’s 50-day moving average of $13.90, and 29.7% of shares are being sold short which may be contributing to the stock’s recent price volatility.
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TGTX Price Action: According to Benzinga Pro, TG Therapeutics shares are down 5.2% at $20.19 at the time of publication.
Image: Arek Socha from Pixabay
