Here's Why TG Therapeutics Jumped 58.6% in May
Shares of TG Therapeutics (NASDAQ: TGTX) rose over 58% last month, according to data from S&P Global Market Intelligence. Most of the gains were spurred by a single update in the beginning of May, but there were a number of developments propelling shares higher.
The rally began when TG Therapeutics reported positive top-line results from a phase 3 trial for its combination therapy in chronic lymphocytic leukemia (CLL). The company took advantage of the soaring stock price to raise roughly $75 million in gross proceeds from an at-the-market facility that allowed it to sell shares directly to investors. A public offering of common stock later in the month raised gross proceeds of up to $175 million.
Despite the dilution, the pharma stock has held on to its gains through the first week of June. Shares of TG Therapeutics have gained 64% since the beginning of 2020.
Source Fool.com
