TG Therapeutics: Subq data support phase 3, but competition still frames debate

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TG Therapeutics: Subq data support phase 3, but competition still frames debate

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TG Therapeutics

Subq data support phase 3, but

competition still frames debate

Maintain Rating: UNDERPERFORM | PO: 17.00 USD | Price: 40.11 USD

Subq data positive, but more needed to maintain growth 04 June 2026

TG provided a phase 1 bioavailability update for subq Briumvi supporting quarterly Equity

dosing, and while we think the update was objectively positive, we see several open

Alec W. Stranahan

questions: 1) translatability to a larger population in the phase 3 and ultimately the real- Research Analyst

world, 2) whether these data will directly transfer to an auto-injector and how FDA will BofAS +1 646 743 2109

view the bridging study for labeling, 3) whether quarterly subq dosing is on par with alec.stranahan@bofa.com

every 6 month IV in terms of durability of ARR and disability progression, 4) whether

subq would cannibalize any Briumvi IV demand, 5) whether TG can navigate a different

payer dynamic, and 6) whether an oral option (assuming a BTKi is approved) would Stock Data

represent a competitive threat for which TG would not have a direct in-house

competitor. Together, while we see the update as encouraging for TG’s ability to Price 40.11 USD

potentially expand its topline through another formulation, we’ll be watching for answers Price Objective 17.00 USD

to these questions as additional data evolves. Maintain Underperform and $17 PO. Date Established 6-May-2026

Investment Opinion C-3-9

Phase 1 AUC raises expectations heading into Phase 3 52-Week Range 25.28 USD - 44.65 USD

Subq Briumvi showed mean bioavailability above 60 percent relative to IV, with the Mrkt Val (mn) / Shares Out 6,141 USD / 153.1